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Elmax Trade

Colombia|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://www.elmaxtrade.com

Website

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Contact

+57 31424 80680
info@elmaxtrade.com
https://www.elmaxtrade.com
Urban Plaza, Office No. 186 (Street) CI, 90 No. 11-13, Bogota, Colombia

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No valid regulatory information, please be aware of the risk!

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+57 31424 80680

Broker Information

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Company Name

Elmax Trade International Inc.

Company Abbreviation

Elmax Trade

Platform registered country and region

Colombia

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Warning: Low score, please stay away!
Previous Detection : 2024-02-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Elmax Trade · Company Summary

Aspect Information
Registered Country/Area Colombia
Founded Year 2019
Company Name Elmax Trade
Regulation Unregulated
Minimum Deposit Varies by account type
Maximum Leverage Up to 1:700
Spreads Vary by account type
Trading Platforms MetaTrader 4 (MT4)
Tradable Assets Forex currency pairs, cryptocurrencies/CFDs, indices
Account Types Cent, Mini, ECN MAX, ECN PRO, VIP, MAM & PAMM
Demo Account Unavailable
Customer Support Phone, email, contact form
Payment Methods Not specified
Website Status Available: https://www.elmaxtrade.com

Overview

Elmax Trade, based in Colombia and founded in 2019, operates as an unregulated brokerage firm. The company offers a variety of account types, including Cent, Mini, ECN MAX, ECN PRO, VIP, and MAM & PAMM accounts, each with varying features and minimum deposit requirements. Traders can access a range of trading products, such as forex currency pairs, cryptocurrencies/CFDs, and indices. Elmax Trade provides the popular MetaTrader 4 (MT4) trading platform and offers high leverage of up to 1:700, with spreads differing based on the chosen account type. While they provide customer support via phone, email, and a contact form, specific details regarding payment methods and demo account availability are not specified on their website. Interested traders should exercise caution and conduct thorough research before considering Elmax Trade as their broker of choice.

Overview

Regulation

Elmax Trade operates without any form of regulation, which raises concerns regarding the transparency and accountability of its activities. In the financial industry, regulatory oversight plays a crucial role in safeguarding the interests of investors and ensuring fair and ethical business practices. The absence of regulation can expose clients to potential risks, as there are no established standards or authorities to monitor and supervise Elmax Trade's operations. Investors should exercise caution and carefully assess the risks associated with unregulated entities like Elmax Trade, as they may lack the necessary safeguards to protect their investments and financial interests. It is advisable to consider regulated alternatives that adhere to industry standards and comply with established regulations to minimize potential risks and uncertainties.

Regulation

Pros and Cons

Pros Cons
  • Wide Range of Trading Products
  • Lack of Regulatory Oversight
  • Multiple Account Types
  • Limited Information on Deposit/Withdrawal Methods
  • High Leverage Options
  • Potentially Higher Spreads for Cryptocurrencies
  • Accessible Minimum Deposits
  • Limited Transparency Regarding Bonuses and Fees
  • MetaTrader 4 (MT4) Platform
  • Lack of Detailed Customer Support Information

Elmax Trade offers traders a diverse range of pros and cons to consider. On the positive side, they provide a wide array of trading products, catering to both forex and cryptocurrency enthusiasts. Multiple account types are available, accommodating traders of different experience levels. High leverage options offer potential for amplified profits, and the minimum deposit requirements are accessible. Additionally, the broker offers the popular MetaTrader 4 (MT4) trading platform. However, there are notable concerns, including the absence of regulatory oversight, limited information about deposit and withdrawal methods, the possibility of higher spreads for cryptocurrencies, and a lack of detailed transparency regarding bonuses and fees. It's crucial for traders to carefully weigh these factors when deciding whether Elmax Trade aligns with their trading goals and risk tolerance.

Trading Products

Elmax Trade offers a wide range of trading products across two main categories:currency pairs and cryptocurrencies/other assets.

In the currency pair category, Elmax Trade provides traders with access to a diverse selection of major and minor forex pairs, each with its own contract specifications. These currency pairs include well-known options like Euro vs US Dollar (EURUSD), Australian Dollar vs US Dollar (AUDUSD), Great Britain Pound vs US Dollar (GBPUSD), and many others. Traders can choose from various pairs, each with different contract sizes, tick sizes, and tick values, depending on their trading preferences and strategies.

In the cryptocurrency and other assets category, Elmax Trade offers opportunities to trade various crypto CFDs (Contracts for Difference) and indices. These products include options such as Bitcoin vs US Dollar (BTCUSD), Xetra DAX Index (DAX30), BFX Token vs Bitcoin (BFXBTC), and more. Traders can speculate on the price movements of cryptocurrencies and indices, benefiting from potentially higher volatility and leveraged trading.

It's worth noting that Elmax Trade provides a disclaimer stating that certain pairs were not valid for trade until a specific date, indicating that the availability of trading products may change over time. Additionally, they caution traders that cryptocurrency pairs may have higher spreads and offer leverage up to 1:3, which carries a higher level of risk.

Overall, Elmax Trade offers a comprehensive range of trading products, catering to both forex and cryptocurrency enthusiasts, allowing traders to diversify their portfolios and choose products that align with their risk tolerance and trading strategies. However, potential traders should carefully consider the associated risks and conduct thorough research before engaging in any trading activities with Elmax Trade.

Trading Products

Account Types

Elmax Trade provides a variety of account types to cater to a diverse range of traders with varying experience levels and trading preferences. The Cent Account is specifically designed for beginners who have recently transitioned from demo trading. With a minimum deposit of USD 100 and a minimum withdrawal of USD 50, it offers a low entry point. Traders can leverage up to 700:1, depending on their investment, and enjoy a competitive spread of 0.0 pips with a markup in pips. The minimum lot size is 0.01, and hedging is allowed. A commission of $0.18 per micro lot applies, and although there are no signals or Expert Advisors (EA), live support and training are available. The platform used is MT4, and bonuses are provided upon request.

For traders looking to test Elmax Trade's services with a small amount, the Mini Account is an ideal choice. It requires a minimum deposit of USD 300 and allows withdrawals as low as USD 50. The base currency is USD, and leverage can go up to 500:1, depending on the investment amount. The spread is 0.0 pips with a markup in pips, and the minimum lot size is 0.05. Hedging is permitted, and a commission of $0.15 per micro lot applies. This account type provides signals and allows Expert Advisors (EA). Traders can access live support and training, and the platform used is MT4. Bonuses are available upon request.

For more experienced traders and Introducing Brokers (IBs) interested in ECN trading with a lower investment, the ECN MAX Account is a suitable option. It requires a minimum deposit of USD 1000 and allows minimum withdrawals of USD 100. The base currency is USD, and the leverage goes up to 500:1. The spread is tight at 0.0 pips with a markup in pips, and the minimum lot size is 0.05. Hedging is allowed, and a commission of $0.12 per micro lot applies. Traders receive signals, can use Expert Advisors (EA), and benefit from live support and training. The trading platform used is MT4, and bonuses are available upon request.

For traders and institutions seeking low spreads and exposure in larger lot sizes, the ECN PRO Accountis an appropriate choice. It requires a minimum deposit of USD 2000 and allows minimum withdrawals of USD 100. The base currency is USD, and leverage goes up to 500:1. The spread is exceptionally low at 0.0 pips with a markup in pips, and the minimum lot size is 0.10. Hedging is allowed, and a commission of $0.8 per standard lot applies. Traders can use Expert Advisors (EA), receive signals, and access live support and training. The platform used is MT4, and bonuses are available upon request.

Elmax Trade also offers a VIP Account tailored for fund managers, analysts, and corporations with extensive knowledge and a higher risk capacity. This account type requires a minimum deposit of USD 8000 and allows withdrawals of USD 200 or more. The base currency is USD, and leverage can go up to 200:1. The spread is as low as 0 pips, and the minimum lot size is 1.00. Hedging is permitted, and a commission of $5.0 per standard lot applies. Traders have access to signals, Expert Advisors (EA), live support, and training. The platform used is MT4, and bonuses are available upon request.

Lastly, Elmax Trade offers MAM & PAMM Accounts designed for fund managers, analysts, and corporations interested in managing multiple client accounts. The minimum deposit per client is USD 1500, with withdrawals available. The base currency is USD, and leverage can go up to 300:1. The spread can be as low as 1.2 pips, and the minimum lot size is 0.10. Hedging is allowed, and there is no commission. Traders can receive signals and access live support and training. The platform used is MT4, and bonuses are available upon request.

Account Types

Leverage

Elmax Trade offers a maximum trading leverage of up to 1:700. This means that for every $1 in your trading account, you can control a position worth up to $700 in the financial markets. Leverage is a powerful tool that allows traders to magnify their potential profits, but it also increases the risk of significant losses. It's important for traders to use leverage responsibly and to understand the risks involved. Higher leverage can amplify both gains and losses, so it's crucial to have a solid risk management strategy in place when trading with such high leverage ratios.

Spreads and Commissions

Elmax Trade offers varying spreads and commissions depending on the specific account type. Here's a summary of the spreads and commissions for each account type:

Cent Account:

  • Spread: 0.0 pips (markup in pips)

  • Commission: $0.18 per micro lot

Mini Account:

  • Spread: 0.0 pips (markup in pips)

  • Commission: $0.15 per micro lot

ECN MAX Account:

  • Spread: 0.0 pips (markup in pips)

  • Commission: $0.12 per micro lot

ECN PRO Account:

  • Spread: 0.0 pips (markup in pips)

  • Commission: $0.8 per standard lot

VIP Account:

  • Spread: As low as 0 pips

  • Commission: $5.0 per standard lot

MAM & PAMM Account:

  • Spread: Up to 1.2 pips

  • Commission: No commission mentioned

Notably, spreads for most account types are listed as 0.0 pips with a markup in pips, which means that the broker may apply a variable spread that can change depending on market conditions. The commissions are specified per lot size, with micro lots and standard lots having different commission rates.

Traders should consider these spreads and commissions when choosing an account type, as they can impact the overall cost of trading. It's also essential to be aware of any additional fees that may apply to deposits, withdrawals, or other trading activities, as these can vary among brokers.

Trading Platforms

Elmax Trade offers the widely recognized and popular MetaTrader 4 (MT4) trading platform to its clients. MT4 is renowned for its user-friendly interface, powerful analytical tools, and customizable features that cater to both novice and experienced traders. With MT4 provided by Elmax Trade, traders can access a comprehensive range of trading instruments, execute orders swiftly, analyze market data through advanced charting tools, and implement automated trading strategies with Expert Advisors (EAs). Additionally, MT4's compatibility with various devices and operating systems ensures flexibility and convenience, allowing traders to monitor and manage their portfolios from anywhere with an internet connection. Overall, Elmax Trade's provision of the MT4 platform enhances the trading experience, making it a valuable choice for traders seeking a reliable and efficient trading environment.

Trading Platforms

Customer Support

Elmax Trade appears to maintain a presence in both Bogota, Colombia, and Chicago, Illinois, suggesting a global reach for its customer support services. The availability of multiple contact methods, including phone :+573142480780, and email: info@elmaxtrade.com, support@elmaxtrade.com, demonstrates a commitment to accessible communication.

Customer Support

Summary

Elmax Trade operates as an unregulated broker, raising concerns about transparency and accountability. They offer a range of account types catering to traders of various experience levels, with diverse trading products, including forex currency pairs and cryptocurrency/CFD options. The maximum leverage offered is 1:700, enabling traders to amplify their positions but also increasing risk. Spreads and commissions vary depending on the account type, and the lack of specific information regarding deposit and withdrawal methods on their website may pose challenges for potential clients. Elmax Trade provides the popular MT4 trading platform and offers customer support through various contact methods. Traders are advised to exercise caution due to the absence of regulatory oversight and carefully consider their options when choosing a broker.

FAQs

Q1: Is Elmax Trade a regulated broker?

A1: No, Elmax Trade operates without any form of regulation, which means it lacks oversight from regulatory authorities.

Q2: What is the minimum deposit required to open a Cent Account with Elmax Trade?

A2: The minimum deposit for a Cent Account is USD 100, making it an accessible option for traders who are new to live trading.

Q3: Are there any additional fees for depositing or withdrawing funds with Elmax Trade?

A3: Unfortunately, Elmax Trade's website does not provide specific information about deposit and withdrawal fees, so it is advisable to contact their customer support for accurate details regarding any potential charges.

Q4: What trading platform does Elmax Trade offer?

A4: Elmax Trade provides the MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and robust features for both novice and experienced traders.

Q5: Does Elmax Trade offer any bonuses or promotions to traders?

A5: Elmax Trade mentions the availability of bonuses, but specific details about these bonuses, including terms and conditions, are not provided on their website. Traders interested in bonuses should inquire directly with the broker for more information.

User Reviews

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Comments

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MKOL
more than one year
Despite clearly stating that I manage my own trades, they went ahead and closed all my positions at a loss. Please refund my money.
2024-02-23 14:33
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Zaff Ismail
more than one year
Elmax Trade provides a cent account, but the minimum deposit for this account is actually $100!!! This amount is too high compared to cent accounts offered by other forex brokers.
2023-03-09 09:56
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