67.5% of retail investor accounts lose money when trading CFDs with this provider.

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Formax Market Review

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Formax Market is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies and commodities.


  • Segregates client funds
  • Established in 2012
  • Regulated by Financial Conduct Authority
  • Min. deposit from $1


To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, Formax Market offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 624225). Formax Market puts all client funds in a segregated bank account and uses tier-1 banks for this. Formax Market has been established since 2012, and have a head office in UK.

Before we dive into some of the more detailed aspects of Formax Market’s spreads, fees, platforms and trading features, you may want to open Formax Market’s website in a new tab by clicking the button below in order to see the latest information directly from Formax Market.

Visit Formax

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Formax Market screenshot Open a demo account

67.5% of retail investor accounts lose money when trading CFDs with this provider.

What are Formax Market's spreads & fees?

Like most brokers, Formax Market takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on Formax Market’s website. The colour bars show how competitive Formax Market's spreads are in comparison to other popular brokers featured on BrokerNotes.

Formax Market
EUR/USD (Average: 0.7 pips) 0.6 pips + $4.00 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 1.0 pips + $4.00 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 0.8 pips + $4.00 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 0.6 pips + $4.00 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 1.2 pips + $4.00 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 0.8 pips + $4.00 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 1.0 pips + $4.00 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 1.0 pips + $4.00 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, Formax Market’s minimum spread for trading EUR/USD is 0.6 pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Formax Market vs. similar brokers.

See all Spreads

How much does Formax Market charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with Formax Market at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $8.51. Here’s a rough breakdown of the fees and how this compares against IG & XTB .

Formax Market IG XTB
Spread from: $ 2.00 $ 6.00 $ 2.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 2.00 $ 6.00 $ 2.00
$4 more $0 more
Visit Formax Visit IG Visit XTB

All fees/prices are for informational purposes and are subject to change.

What can you trade with Formax Market?

Formax Market offers over 79 different instruments to trade, including over 62 currency pairs. We’ve summarised all of the different types of instruments offered by Formax Market below, along with the instruments offered by IG and XTB for comparison.

FX / Currencies Formax IG XTB
# of forex pairs offered 62 90 48
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies* No Yes Yes
Commodity CFDs Formax Market IG XTB
# of commodities offered 0 34 21
Metals Yes Yes
Energies Yes Yes
Agricultural Yes Yes
Index & Stock CFDs Formax Market IG XTB
# of stocks offered 0 8000 1606
UK shares Yes Yes
US shares Yes Yes
German shares Yes Yes
Japanese shares Yes Yes
See Formax's InstrumentsSee IG's InstrumentsSee XTB's Instruments

What’s the Formax Market trading experience like?

1) Platforms and apps

Formax Market offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. Formax Market also offer their custom Formax CopyMaster platform.

Formax Market Screenshot

Formax Market also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See Formax's platforms

2) Executing Trades

With Formax Market, the minimum and maximum trade requirements vary depending on the trader and the instrument. As Formax Market offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.

As a nice bonus, Formax Market are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that Formax Market offers its traders below.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Accounts offered:

  • Mini account
  • Standard account
  • ECN account
  • Islamic account

Funding methods:

  • Credit cards
  • Bank Transfer
  • Neteller

3) Client support

Formax Market support a limited number including .

Formax Market has a BrokerNotes double AA support rating because Formax Market offer live chat, phone, email support and less than three languages.

4) What you’ll need to open an account with Formax Market

As Formax Market is regulated by Financial Conduct Authority , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Formax Market’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Formax Market you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results. *Availability subject to regulation.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.formaxmarket.co.uk/ on 01/10/2021.