TradeMax review revealing the scam behind the brokerage
TradeMax FX brokerage is an Australia-based company that started operating on the Forex market in 2013. The broker has over six years of experience and a license from the Australian Securities and Investments Commission (ASIC). This undoubtedly gives TradeMax legitimacy and makes it a trustworthy broker in the eyes of many traders. Unfortunately, this might be a very positive view of the brokerage, since there are signs of TradeMax scam that should not be ignored.
The broker offers Forex and CFDs to the wide audience. It accepts traders from every country, except the United States, at the same time, the website states that information and offerings available on the website are directed to the Australian residents only. While there is no restriction for any other countries except the US, the broker seems to be targeting the Asian market. The broker has a WeChat account which is the most popular and commonly used social platform in China. This Trademax.com.au review provides detailed information about the broker and states how legit the broker is.
Is TradeMax scam broker?
We all know that the ASIC is in the list of the most reputable and trustworthy regulators. It is not easy to acquire the license in Australia, as the broker should have funds of 1,000,000 USD in separated account all the time and have segregated account for the client funds. Apart from it, the broker should conduct necessary internal training and meet certain criteria. Does not the ASIC license eliminates thoughts about TradeMax fraud? Unfortunately no.
The broker truly has a legitimate license which was granted in 2013 and is valid till the next review date in 2020. The license number is 436416 that can be checked on the ASIC’s webpage. The concerning part about the broker is that the company operating TradeMax has changed its name several times, First time the brokerage was named AsiaPacific Forex PTY Ltd, it was changed to Goldland Capital Group PTY Ltd, then changed again to TradeMax Group PTY Ltd, and now is called TradeMax Australia PTY Ltd. The company had two other domains FXUF.com, and SuperTraderFX.com.au.
While searching for TradeMax reviews on the internet you will find a lot of reviews for TradeMax Capital. As we found out it is the same company. There are two facebook pages of TradeMax. TradeMax Facebook page can be found after clicking the Facebook icon on the website, the other one is TradeMax Capital PH (The Philipines). Both pages have the same logo and both of them link back to the Trademax.com.au.
While there are no opinions on TradeMax itself, there are a lot of opinions made by the customers for TradeMax capital that is also referred to as “TradeMax”, or TradeMax.com.au; All reviews are very negative and are pointing out that the broker is scammer and fraud. So how does the broker is still regulated and at the same time is leading a scam scheme? Since the broker is regulated only by ASIC, it requires to operate legitimately in the borders of Australia. Outside of AU, the broker seems to be scamming traders with the Chinese scams that are well described in the customer reviews. The fact that the broker is scamming traders outside the country should be enough reason not to open an account with TradeMax Forex broker, but the features and service of the broker will make you want to avoid TradeMax even more.
It has over 100 global currency pairs and CFDs on commodities and indices available for its customers. Unfortunately, it cannot be checked what are these trading instruments. The minimum deposit is very high, traders are required to deposit 1,000 USD to open a standard account with the broker. The spreads are also high as they start from 1.6 pips. There is only one account that has low spreads that start from 0 pip but it comes with the commission of 9 AUD or 7 USD per lot.
TradeMax withdrawal policy
According to the website the broker needs up to three business days to process the withdrawal, good brokers usually take one business day for confirming the withdrawal request. TradeMax withdrawal fee is free for the residents of Australia but costs 25 AUD for foreign customers. The broker charges foreign clients for depositing their funds as well, the fee is 10 AUD or 25 AUD depending on the payment method.
If you open an account with TradeMax it might be charged for interest charges, conversion fees, corporate action chargers, administration charges, swap, and rollover charges. The broker limits information about the reason why some of these charges might be applied. There is no information about the amount of this fees either that does not help TradeMax rating much.
TradeMax has four different accounts available for its customers, however, the difference between these accounts is not clear. The broker offers Standard, Premium, Pro, and Raw spread account.
The Standard account – It can be opened with the minimum deposit of 1,000 USD, traders with this account can trade with 1:4oo leverage and have a dedicated account manager.
The Premium account – The minimum deposit for this account is 50,000 USD. The features are exactly the same as for the standard account, there is no information about the difference between these accounts, while there is a huge difference between the required deposits.
The Pro/low spread account – these accounts come with the exact same features. The required minimum deposit for these accounts is 100,000 USD, traders get 1:200 leverage, dedicated account manager, MAMM service, VIP desk, free VPS. The difference between the accounts is that the raw spread account has spread from 0 pip.
Can TradeMax be trusted?
TradeMax review shows that the broker is not trustworthy and has badly designed services. While it has the ASIC license, traders outside Australia are not protected by it and can easily be scammed by the broker. None of the features can convince any experienced traders that the broker offers a good service, the minimum deposit is too high, trading accounts are not described well, the withdrawal policy and information about the commissions and fees are not provided on the website and etc. At the same time, the broker has limited options for customer support, there is only one number available for all customers. The live chat requires email and mobile number that is not a good option as the information can be used for undesired promotion. Overall, there are a lot of signs that TradeMax scam is real and trading with this broker is not adviced.