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Formax Market Review

  • Regulated by: Financial Conduct Authority
  • Safety: segregates client funds
  • Trust Rating: B
Open Formax's Website

Losses can exceed deposits. Your capital is at risk.

Formax Market offer two ways to trade: Forex, Social Trading.

To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, Formax Market offer 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 have 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.

Open a demo account Visit Formax

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Formax Market screenshot


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


What are Formax Market's spreads & fees?

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

The 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.

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 0.82 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 $12.51. Here's a rough breakdown of the fees and how this compares against AvaTrade & Plus500.

Formax Market AvaTrade Plus500
Spread from: $2.00 $7.00 $6.00
Typical overnight fee: $6.51 $5.00 $9.40
Commission: 4 0 0
Total cost of a 100k trade: $12.51 $12 $15.4
$0.51 less $2.89 more
Visit Formax Visit AvaTrade Visit Plus500

All fees/prices are for informational purposes and are subject to change. Last updated: March 21, 2018.

General Fees

  • Formax Market does charge inactivity fees
  • Formax Market doesn't charge withdrawal fees

Overnight fees & swap rates

When you hold a position overnight, it is usually subject to overnight interest which you must pay to your brokerage (sometimes called a rollover fee or swap rate).

  • The rollover fee for long positions on EUR/USD is -$6.51
  • The rollover fee for short positions on EUR/USD is $1.82


  • Formax Market does charge commission on CFD shares

What can you trade with Formax Market?

FX / Currencies Formax AvaTrade Plus500
# of forex pairs offered 62 59 61
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 AvaTrade Plus500
# of commodities offered 0 16 17
Metals Yes Yes
Energies Yes Yes
Agricultural Yes Yes
Indiced & Stock CFDs Formax Market AvaTrade Plus500
# of Stocks offered 0 99 1816
UK Shares Yes Yes
US Shares Yes Yes
German Shares Yes Yes
Japanese Shares Yes Yes
See Formax's Instruments See AvaTrade's Instruments See Plus500's Instruments

What's the Formax Market trading experience like?

1) Platforms and apps

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

Formax Market Screenshot See Formax's Platforms

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

See Formax's platforms

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP

Accounts offered:

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

Still not sure?

Open a practice account & learn to trade

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, but as a guide, Formax Market offer margin up to % on currencies.

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

Funding methods:

  • Credit cards
  • Bank Transfer
  • Neteller

3) Client support

Formax Market support a limited number including

Formax Market have 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.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.formaxmarket.co.uk/ on March 21, 2018.