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The WikiFX Score of this broker is reduced because of too many complaints!

SAFUMAX

New Zealand|5-10 years|
Regulated in Australia|Suspicious Regulatory License|MT4/5 full license|Regional Brokers|New Zealand Financial Service Corporate Revoked|Suspicious Overrun|High potential risk|

http://www.safumax.com/en/index.php

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
SafumaxGroup-Demo MT4
Server Location United States

Contact

85251283808
cs@safumax.com
http://www.safumax.com/en/index.php
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

85251283808

Traditional Chinese(HK)

+852-51283808

Broker Information

More

Company Name

SAFUMAX GROUP LIMITED

Company Abbreviation

SAFUMAX

Platform registered country and region

New Zealand

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 5
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • New ZealandFSPR (license number: 327266) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!

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SAFUMAX · Company Summary

Aspect Information
Company Name SAFUMAX
Registered Country/Area New Zeland
Founded Year 2008
Regulation Revoked
Minimum Deposit $500
Market Instruments Forex Market,Indices,Commodities ,Digital Currencies
Account Types Individual account,joint account
Spreads&commissions Avg.spread 0.1 pips
Trading Platforms MetaTrader 4
Demo Account Available
Customer Support Phone:+852 3543 1017,Email:info@safumaxsol.com
Deposit & Withdrawal Bank transfer,credit/debit card,third party payment

Overview of SAFUMAX

SAFUMAX, founded in 2008 and based in New Zealand, operates as an unregulated financial services company. They offer a minimum deposit of $500 for trading in various market instruments, including the Forex Market, indices, commodities, and digital currencies.

Clients can choose between individual and joint accounts, with the benefit of an average spread of just 0.1 pips. The company provides the popular MetaTrader 4 trading platform and also offers a demo account for practice trading.

For customer support, SAFUMAX can be contacted via phone or email. Deposit and withdrawal options include bank transfers, credit/debit cards, and third-party payment services.

Overview of SAFUMAX

Is SAFUMAX Legit or a Scam?

SAFUMAX is used to be regulated.However,its regulatory status is revoked.It used to be operated under SAFUMAX SOLUTIONS PTY LTD in Australia and SAFUMAX GROUP LIM in New Zealand, which has experienced regulatory issues in both countries. Initially regulated in Australia by the Australia Securities & Investment Commission (ASIC) with license number 001279299 .

Is SAFUMAX Legit or a Scam?

There's another license regulated by the Financial Service Providers Register (FSPR) with license number 327266. Their licenses have since been revoked.

Is SAFUMAX Legit or a Scam?

The revocation dates are 2022-03-28 in Australia and 2019-12-06 in New Zealand. This revocation indicates that SAFUMAX's current regulatory status is abnormal and non-compliant with the stipulated regulatory norms.

Additionally, there have been at least four complaints received about this broker in the past three months, highlighting potential risks associated with their services.

Pros and Cons

Pros Cons
Diverse Market Instruments Unregulated Status
MetaTrader 4 Platform License Revocation History
Demo Account Option Limited Deposit and Withdrawal Methods
Multiple Account Types Lack of Transparency
Low Average Spread Customer Complaints

Pros of SAFUMAX

  1. Diverse Market Instruments: SAFUMAX offers a range of trading options, including Forex, indices, commodities, and digital currencies, catering to various trading preferences.

  2. MetaTrader 4 Platform: The availability of the popular MetaTrader 4 trading platform is a significant advantage, as it is widely recognized for its user-friendly interface and advanced trading features.

  3. Demo Account Option: The provision of a demo account allows new users to practice trading without financial risk, which is beneficial for beginners in forex and commodities trading.

  4. Multiple Account Types: Offering both individual and joint accounts provides flexibility for different types of traders and investors.

  5. Low Average Spread: An average spread of 0.1 pips is competitively low, which can be advantageous for traders looking to minimize trading costs.

Cons of SAFUMAX

  1. Unregulated Status: The most significant downside is its current unregulated status, having had its licenses revoked in both Australia and New Zealand, which raises concerns about the legitimacy and safety of the platform.

  2. License Revocation History: The revocation of its licenses by the Australia Securities & Investment Commission and New Zealand's Financial Service Providers Register suggests potential compliance issues or other operational problems.

  3. Limited Deposit and Withdrawal Methods: While they offer some standard methods like bank transfers and credit/debit cards, the range of options is somewhat limited compared to other brokers.

  4. Lack of Transparency: The absence of detailed information about the company on its website, such as the email address and the website of the licensed institution, can be a red flag for potential users.

  5. Customer Complaints: The existence of multiple complaints in the past few months indicates dissatisfaction among clients, which can be concerning for potential new users.

Market Instruments

The market instruments offered by SAFUMAX encompass a diverse range of global markets, including:

  1. Forex Market (61 Products):

    1. SAFUMAX provides a broad selection of 61 forex products, encompassing major currency pairs, minor pairs, and possibly exotic pairs.

    2. This extensive range allows traders to engage in the world's largest financial market with a high degree of diversity.

    3. Traders can benefit from the liquidity and 24-hour trading opportunities presented by the global forex market.

    4. The availability of such a wide array of currency pairs caters to both conservative and speculative traders, offering opportunities in various market conditions.

  2. Indices (25 Products):

    1. The platform offers 25 different indices products, likely including major global indices from the US, Europe, Asia, and other regions.

    2. Trading indices allows investors to speculate on the performance of entire sectors or economies without having to select individual stocks.

    3. Indices trading on SAFUMAX may include popular choices like the S&P 500, NASDAQ, FTSE, DAX, and Nikkei, among others.

    4. This diversity in indices provides traders with opportunities to diversify their investment portfolio and hedge against specific market risks.

  3. Commodities (22 Products):

    1. SAFUMAX's commodities trading includes 22 different products, likely covering a range of hard and soft commodities.

    2. Hard commodities might include metals like gold, silver, and copper, and energy commodities like oil and natural gas.

    3. Soft commodities could encompass agricultural products such as coffee, sugar, and wheat.

    4. Trading in commodities offers opportunities to profit from changes in global supply and demand dynamics and is often used for hedging against inflation or currency devaluation.

  4. Digital Currencies (10 Products):

    1. The inclusion of 10 digital currency products shows SAFUMAX's engagement with the burgeoning cryptocurrency market.

    2. This selection possibly includes major cryptocurrencies like Bitcoin, Ethereum, and others, as well as potentially some less well-known altcoins.

    3. Digital currency trading offers high volatility and the potential for significant returns, but it also comes with increased risk.

    4. Traders interested in cutting-edge financial technology and emerging markets might find these options particularly appealing.

Each of these categories represents a unique segment of the global financial market, giving SAFUMAX users a wide array of trading options to suit their investment strategies, risk appetite, and interests.

Market Instruments

Account Types

SAFUMAX offers two primary types of accounts for its clients:

  1. Individual Account:

    1. This account type is designed for single users trading on their own behalf.

    2. It's suitable for solo traders, whether they are beginners or experienced in the financial markets.

    3. The individual account typically offers full access to all trading instruments provided by SAFUMAX, including forex, indices, commodities, and digital currencies.

    4. Features such as leverage, spreads, and margin requirements are likely tailored to individual retail traders.

  2. Joint Account:

    1. The joint account option is intended for two or more individuals who wish to manage a trading account together.

    2. This type is ideal for partners, family members, or business associates who want to combine their resources and trading strategies.

    3. Joint account holders can share the responsibilities and benefits of trading, but they must also agree on trading decisions and manage the account collaboratively.

    4. It offers similar access to trading instruments as the individual account, with the added dimension of shared account management.

Both account types are designed to cater to different trading needs and preferences, providing flexibility and options for clients of SAFUMAX.

How to Open an Account?

Opening an account with SAFUMAX can be a straightforward process, typically involving the following steps:

  1. Visit SAFUMAX Website: Go to the SAFUMAX official website and locate the account opening section.

  2. Select Account Type: Choose between an Individual or Joint account.

  3. Fill in Registration Form: Provide necessary personal and financial details in the online form.

  4. Verify and Fund: Submit identification documents for verification and make a minimum deposit of $500 to start trading.

How to Open an Account?

Spreads & Commissions

SAFUMAX boasts highly competitive spreads in the financial trading market, particularly emphasizing their EURUSD average spread of 0.1 pips, which is among the best globally. The company advertises spreads starting from as low as 0.0 pips, indicating an extremely tight spread offering.

This is facilitated by their diverse and proprietary liquidity mix, which ensures that these narrow spreads are maintained consistently throughout the trading week. While specific details about their commissions are not provided, the focus on offering low spreads is a central aspect of SAFUMAX's trading cost structure.

How to Open an Account?

Trading Platform

SAFUMAX provides its clients with the MetaTrader 4 (MT4) trading platform, a widely acclaimed platform known for its robustness and versatility in the online trading community.

MT4 is renowned for its user-friendly interface, advanced charting tools, automated trading capabilities through Expert Advisors (EAs), and extensive back-testing environment.

This platform caters to both novice and experienced traders, offering a comprehensive suite of tools and features such as multiple order types, a vast array of technical indicators, and customizable charts. The inclusion of MT4 underscores SAFUMAX's commitment to providing a reliable and efficient trading experience for its users.

Trading Platform

Deposit & Withdrawal

SAFUMAX offers a range of deposit and withdrawal options to cater to the varied needs of its clients, ensuring convenient and secure financial transactions:

Deposit Methods:

  1. Bank Transfer: Clients can deposit funds into their SAFUMAX trading accounts via direct bank transfers, a secure and widely used method.

  2. Credit/Debit Card: The use of major credit and debit cards is supported, offering a fast and convenient way for clients to fund their accounts.

  3. Third-Party Payment: This option allows for deposits through various third-party payment services, providing additional flexibility and choice.

Withdrawal Methods:

Withdrawals at SAFUMAX are generally processed using the same methods as deposits, ensuring a consistent and streamlined financial experience for clients. This includes withdrawals through bank transfers, credit/debit cards, and third-party payment services.

Deposit & Withdrawal

Customer Support

SAFUMAX offers customer support through multiple channels, ensuring accessible and responsive assistance to its clients. The main office is located at Flat C, 6th Floor, Wing Kiu Building, 530 Nathan Road, Yau Ma Tei, Hong Kong, which likely serves as the central point for customer service operations.

Clients can reach out via telephone at +852 3543 1017 for direct verbal communication, allowing for real-time assistance on various queries or issues. Additionally, SAFUMAX provides support through email at info@safumaxsol.com, offering an alternative for clients who prefer digital correspondence.

This blend of contact methods aims to provide efficient and convenient support to address the needs of SAFUMAX's diverse client base.

Customer Support

Conclusion

SAFUMAX is a financial services company offering a wide range of trading options, including forex, indices, commodities, and digital currencies, with competitive spreads and the popular MetaTrader 4 platform.

Despite its diverse offerings and flexible account types, the firm's unregulated status and history of regulatory issues are notable concerns. They provide multiple deposit and withdrawal methods and maintain a physical presence in Hong Kong for customer support.

FAQs

Q:Is SAFUMAX regulated?

A:Currently, SAFUMAX is unregulated, having had its licenses previously revoked in both Australia and New Zealand.

Q:What types of accounts can I open with SAFUMAX?

A:SAFUMAX offers two types of accounts: individual and Joint accounts.

Q:What is the minimum deposit required to trade with SAFUMAX?

A:The minimum deposit required to start trading with SAFUMAX is $500.

Q:How can I deposit and withdraw money from SAFUMAX?

A:Deposits and withdrawals can be made via bank transfer, credit/debit card, and third-party payment services.

Q:Are there any demo accounts available at SAFUMAX?

A:Yes, SAFUMAX provides a demo account option for clients to practice trading without financial risk.

Q:How can I contact SAFUMAX customer support?

A:Customer support can be reached at +852 3543 1017 or via email at info@safumaxsol.com. The office address is Flat C, 6th Floor, Wing Kiu Building, 530 Nathan Road, Yau Ma Tei, Hong Kong.

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dygyduieyh
more than one year
As a user of SAFUMAX, I have mixed feelings. I must acknowledge their trading system is highly intuitive and user-friendly. However, I was left disappointed when my successful trades were revoked the next day on the grounds of being labeled as 'abnormal'. This situation resulted in my account balance going into negative. Though the platform provides all the necessary tools, this incident has raised concerns about its reliability. How can a platform be trusted when it shrinks responsibility like this? I worry about investing more time and resources into SAFUMAX.
2023-12-19 19:53
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