General information and regulations of Promax
Promax is an online forex broker registered in Saint Vincent and the Grenadines with an operating time of 2-5 years.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.
At the end of the article, we will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.
Market instruments
Currency pairs, indices, commodities, metals, energy, stocks.....Promax allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on Promax. cryptocurrencies are currently unavailable.
Spreads and commissions for trading with Promax
In the case of Promax, the spreads and commissions depend on instruments and accounts. For premium and ultimate accounts, the commissions are respectively 8 USD and 5 USD per lot, while for other two accounts types there is no commission. The spreads are variable and will be different for different instruments and accounts.
Account Types for Promax
Demo Account: Promax provides a demo account that allows you to try out the financial markets without the risk of losing money.
Live Account: Promax offers a total of 4 account types: starter, premium, ultimate and pamm. The minimum deposit to open an account is $200, $5,000, $25,000 and $500 respectively. If you are still a beginner and don't want to invest too much money in Forex trading, a starter account will be the most suitable option for you. However, we should also realize that too little capital not only reduces losses, but also reduces profitability. Therefore, you may find it “unexciting” or unprofitable. In addition, accounts with smaller initial deposits tend to have poorer trading conditions.
Trading platforms offered by Promax
The MT5 trading platform features powerful charting capabilities, including over 50 different technical indicators and intraday analysis tools. Access from a variety of devices also makes trading easier for users.
Leverage offered by Promax
Promax offers a maximum leverage of up to 1:500, which is a generous offer and ideal for professional traders and scalpers. However, since leverage can magnify your profits, it can also result in a loss of capital, especially for inexperienced traders. Therefore, traders must choose the right amount according to their risk tolerance.
Deposit and withdrawal methods and fees
In terms of deposit and withdrawal, like many good brokers, Promax provides a detailed form with important information about currency, payment method, minimum amount, arrival date, fees, etc. possible payment methods are: skrill, credit/debit card, webmoney, neteller, bank wire, unionpay, knet, fasapay.
Educational resources
A series of educational resources is available at Promax, such as trading tools, economic calendar, technical analysis, forex news, commodities news, indices and shares news, etcetera.
Customer support of Promax
Below are the details about the customer service.
Language(s): English
Service Hours: 24/5
Email: support@promaxtrading.com
Phone Number: +994 55 839 47 96
WhatsApp: +994 55 839 47 96
Social media: Facebook, Instagram, LinkedIn, YouTube, twitter, telegram, etcetera
Users exposures on WikiFX
We have not received any reports of fraudulent activity at this time. However, this does not necessarily mean that this broker is safe and you should remain vigilant to prevent being scammed.
Advantages and disadvantages of Promax
Advantages:
High leverage
MT5
Sufficient information
Educational resources
Many instruments available
Demo account
Negative balance protection
Disadvantages:
No effective regulation
No MT4
No copy trading
Frequent asked questions about Promax
Is this broker well regulated？
No, it is currently not effectively regulated and you are advised to be aware of its potential risks.
Does this broker offer negative balance protection？
Yes, Promax offers negative balance protection, which means you will never lose more than the money you deposited.
How much leverage does this broker offer？
The maximum leverage of Promax is 1:500. Please note that this leverage may only be available for some accounts and products. Please consult our articles or the dealer's website for specific information.
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