Risk warning: Your capital may be at risk as Spread betting and CFD Trading are High risk and require an experienced mind.
- Company Name: MaxFx.(Trade name of TOPFX LTD)
- Address and Contact Details: 19 Stratigou Timagia, Limassol 3107, Cyprus Foundation
- Year: 2015 as Max Fx -TOPFX Ltd since 2011
- Website: https://maxfx.com/
- Fax No: +357 25352266
- Telephone: +357 25344282
- Emails: Support Team: firstname.lastname@example.org; Backoffice Department: email@example.com; IB/Partners Department: firstname.lastname@example.org
- Demo Account: Yes
- Regulator: Cyprus Security and Exchange Commission (CySEC)
- Website Languages: English, Russian, Japanese, Indonesia, Italiano and Dutch
- Account Currencies: USD, GBP, EUR, CHF, JPY
- Minimum deposit: $500.0
- Minimum Forex Leverage: 1:500
- Minimum Trade Size: 01
- Funding and Withdrawal Methods: Wire Transfer, Credit Card, Debit Card, WebMoney, cashU, Neteller, UnionPay, Skrill
- Deposit Bonus: No
- Other Bonuses: Yes
- Fees and Commission: None, only 2% charge on credit card when depositing fees.
- Customer Service: 24 hours with 4 supporting languages. English, Russian, Japanese and Dutch
- Trades Over The Phone: No
- Restricted Countries: United States of America, the Islamic Republic of Iran and North Korea
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MaxFX Company Background
MAXFX is the trading name of TopFX Ltd founded in 2011, registered as a Cyprus Investment Firm (CIF) and licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). As a regulated Broker, TopFX is required by law to meet stringent European financial regulations, is registered with the regulators of 25 EU member states and is licensed to operate in more than 50 countries. For registration include capital adequacy requirements, submission of financial reports to the regulators, and the undertaking of a detailed annual audit performed by an independent auditor.
MaxFX operates under the agency model, meaning no dealing desk supporting interests of the trader or partners and providing outstanding support and assistance to meet the investment objectives with reliable and good execution of trade.
Open Account to Trade
You can open an account with MaxFx online with your laptop or any Smartphone device be it your iPhone or Android . You will find wide range of markets to access trade include Forex, indices, metals, stocks and oil.
There are two trading account types MT4 and cTrader and you can choose which you like to trade.
Professional MAX has a minimum deposit of $500 with 0.1 raw interbank spread, a contract size of 0.01 leveraged up to 1:500 and $3.5 commissions per lot. The VIP MAX account type serves institutional and high volume traders with a host of provisions.
All you need is to click on the “Open Live Account” link on the top of the website of MaxFx and complete the application form.
You need to select your language, write your first and last name, select your country, fill in your email and select your choice of trading platform.
The company when approves your application form you will receive an email with your login details and password. Also if you already have a demo account, you can convert it into a Live account in company’s secure client area.
Also your proof of identity is required to start trading you like your passport or ID card and proof of address such as utility bill or bank statement. The proof of address cannot be older than 3 months and must show your full name and residential address. Other documents, such as credit card statement may be required depending on your account activity.
Once done you can log in to your secure client area and make your deposits.
Remember your accounts are secure as the client funds are deposited securely and off balance sheet to prevent claims by any creditor. Also MaxFX client accounts never reach a negative balance therefore trader losses are prevented in the event of high-volatility situations where a negative account is likely. According to a statement om MAXFX’s website, client funds are kept in segregated accounts and a limit of $825 million is set on total Net Open Positions at any given time on Prime Brokers’ level as a part of their risk management strategy.
So your personal data are always encrypted and safeguarded on company’s servers and Segregated accounts with tier-1 banks such as Société Générale ensure your capital’s safety with Superior Conditions like Real STP/DMA conditions with no dealing desk interruptions.
With MaxFx as said above you can invest in the greatest markets in the world and trade Forex (Trade Forex in 60 currency pairs available), Indices, Metals (Trade Gold and Silver), Stocks and Oil (Invest in Brent crude and WTI Light crude). Max Fx is affiliated with the biggest and best liquidity providers in the world ensuring deep and transparent liquidity for traders. You can discover the benefits of real ECN & STP trading with all the benefits No Dealing Desk model offering features such as Price Improvements and Negative Balance Protection.
No Dealing Desk
When trading with a standard dealing desk the prices you see might not represent the actual prices in the market. This happens because your liquidity provider is a single dealing desk somewhere you probably don’t know much about.
At MaxFX, nobody is going to intervene with your trades and no re-quotes will be ever served to you. Prices are aggregated from several liquidity providers. MaxFX’s liquidity providers are top tier, global banks and financial institutions. This large group of liquidity providers ensures that the prices you see on the platform reflect the broader market and that you receive the best available bid and best available ask prices because each price feed competes against the rest.
This allows you to have access to instantly executable rates. Your orders automatically fill from the no dealing desk price feed at the best available bid and best ask prices from all of our liquidity providers. Additionally, your orders are anonymous to the liquidity providers and your stops limits, or entry orders, are not visible.
Two Trading Platforms
MaxFX provides a single type of trading account – a general STP one. This account has a requirement for a minimum deposit of USD 500, offers tight spreads and a choice of two popular trading platforms. Also micro lots are available for trade to new traders or who are unwilling to trade in large volumes.
MaxFX offers its clients a choice of two trading platforms: cTrader and MetaTrader 4 (MT4).
- cTrader is a market-redefining, award winning ECN multi-asset trading platform, providing fast order entry and execution speeds, direct order entry via charts and Level II pricing. The MaxFX cTrader suite includes a PC, web and mobile versions, as well as cMirror, Spotware’s mirror & social trading application. cMirror works with all cTrader accounts and is Broker agnostic, which means a trader can copy any signal provider, regardless of whether they both reside with different brokers within the cTrader ecosystem.
- In addition, MAXFX supports the popular trading platform MetaTrader 4, desktop and mobile versions available. MT4 is the preferred choice of platform of most experienced traders, because it is equipped with an advanced charting package, a number of technical indicators, Expert Advisors (EA) and extensive back-testing environment.
- Also MaxFX has partnered with Myfxbook to offer Autotrade – a platform that enables you to mirror the trades you find profitable straight to your cTrader or MetaTrader 4 account without difficulty.
Swap Free Accounts
There are swap-free (Islamic) accounts available to Muslim investors. These accounts are designed to give everything the basic ones offer, with the main characteristic of no swap points on overnight positions in order to be Sharia compliant. A handling fee of $5 per lot opened applies, charged from the 2nd day of a position remaining open.
- You can creating a swap-free account with MaxFX by Opening a Live Trading Account
- Send an e-mail to email@example.com your account number and request a swap-free/Islamic account.
- You need to submit some additional documents, such as proof of faith, to complete the process.
- Once your documents are validated, your trading account will receive swap-free status and you will be notified by email accordingly.
- Swap Free Accounts can be only created with EUR or USD Deposit Currencies.
VIP service is available to large-volume traders with higher deposits, providing better trading conditions, Dedicated Account Manager and MaxFX Premium Credit Card.
Like most brokers, MAXFX provides a PAMM (Percentage Allocation Management Module or Percentage Allocation Money Management )account – an investment service that offers investors the opportunity to make money without actually engaging themselves in trading. PAMM account managers, on the other hand, can gain more income for managing investor funds.
MaxFx also has Introducing Broker Program. As an Introducing Broker , all you have to do is refer clients to MaxFX and get rewarded for it. Each time one of the clients on your network makes a trade, you will receive commission. The program is available to all registered clients and is the first step towards expanding your existing network.
MaxFx partnership program is a unique opportunity for clients to earn from their network and is one of the most lucrative partnership programs in the forex industry. As an Introducing Broker , all you have to do is refer clients to MaxFX and get rewarded for it.
Your clients receive all the advantages any investor with MaxFX enjoys. Trading 60 currency pairs, Gold, Silver, Crude oil, Indices and a wide selection of US and EU Stocks such as Facebook, Apple, Adidas, Vodafone and Siemens.
As mentioned above you can trade MaxFx with your smartphone devices like iPhone. You will find MaxFx Trading apps at the App stores
MaxFx cTrading App
This free app can be downloaded from iTunes for Apple devices and at Google Play Store for Android phones. This app is loaded full of features to help you succeed using your winning Forex and CFD trading strategies. As well as being notably responsive and intuitive, you have over 60 of the best indicators and objects, standard and unique chart types and a variety of options to manipulate your charts to meet your preferences.
With cTrader you can monitor and trade on a variety of markets including Spot Forex, Indices, Stocks and a variety of commodities including Oil & Precious Metals while accessing a pure Straight Through Processing, No Dealing Desk environment. You can use this app with iOS 6.0 or later compatible with iPhone, iPad, and iPod touch.
MaxFx Meta Trader 4 App
Meta Trader 4 App can be had from iTunes store free of cost. You can choose from hundreds of brokers and thousands of servers to trade with your MetaTrader 4 iOS app. Control your account, trade and analyze the Forex market using technical indicators and graphical objects. You can use this app with iOS7.0 or later compatible iPhone, iPad and iPod Touch devices.
Placing and closing a Trade
MaxFx provides a variety of products to trade. You can make your trades directly on the platform or via the mobile apps You can also watch their in-depth learn to trade videos in their Education section which are quite beneficial for the first time traders.
If you wish to have any of your doubts cleared you can call at +357 25344282 or email their support team at firstname.lastname@example.org
Remember that when you opened your account you confirmed that you would not place any trades from the USA., the Islamic Republic of Iran and North Korea. When trading from other jurisdictions, please note that local laws may apply. From any system worldwide that has access to the internet, simply use your username and password to log into the dealing platform and start trading.
If you do not have any open positions and/or cash in your account, you can send an email to email@example.com requesting the account closure. Please ensure that your request is sent from your registered email address.
Minimum Initial Deposit
The minimum initial deposit for MAXFX’ clients is $500, which is a comparatively high initial amount, given that that leading Cyprus-based brokerages, such as XM and FXTM, both require just $5 from traders to open an account.
Average Spreads & Commissions
As a NDD broker, MAXFX offers tight variable spreads, starting from 0.1 pips on EUR/USD, the average value being around 0.7 pips. In addition, a commission of $3.5 per lot (per side) applies. So, include the commission, average trading costs with this broker amounts to around 1.4 pips, which is average for the forex market.
The maximum leverage level provided by this broker is 1:500, which is a comparatively high ratio. Nonetheless, many other Cyprus-based brokers offer similar or even higher leverage levels:
You can have Reduced Commissions with Raw Spreads from 0.1 pips and $2 per lot Commission with MaxFX MT4 and cTrader
Deposits and Withdrawals
For deposits MaxFx supports the following mode of payment for funding your live account:
NETELLER, SKRILL, UNIONPAY, WEBMONEY, DEBIT/CREDIT CARD – VISA or MASTERCARD and BANK TRANSFER. You can make deposits in currencies that are available like EUR, GBP, USD, CHF and JPY.
There is no deposit fees on any size of deposit. All your private data such as credit card numbers and other sensitive information is being safeguarded and processed through an encrypted service for maximum security.
For withdrawal of funds to take place, all the required documentation must have been already supplied. A withdrawal to a bank account where initial deposits have been performed by credit card will be executed back to the credit card or to the bank account at the company’s discretion and policies and with regard to Anti-Money Laundering (AML) regulations. In order to withdraw funds, log in to your secure client area by navigating to secure.maxfx.com. In the Finance section on the website click “Withdraw Funds”.
Customer support is available at MaxFx 24/7 and you can use either telephone or email or fill the form given at the contact page. If you wish for a quick response you can talk with them on phone and call at +357 25344282 or use their email service support@maxfx. However some questions and answers are already given in their FAQ page for you to go through to solve many of the common queries you have in your mind.
— MaxFX Broker (@MaxFX_ECN) September 28, 2015