Formax Market two ways: 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.
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Your capital is at risk.
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.
EUR/USD0.6 PIPS $4.00 per lot
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
USD/JPYNot offered $4.00 per lot
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
GBP/USDNot offered $4.00 per lot
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Speads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
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.
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 Plus500 & AvaTrade.
|Typical overnight fee:||$6.51||$9.40||$5.00|
|Total cost of a 100k trade:||$8.51||$15.4||$12|
|$6.89 more||$3.49 more|
|Visit Formax||Visit Plus500||Visit AvaTrade|
All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Your capital is at risk.
What can you trade with Formax Market?
|FX / Currencies||Formax||Plus500||AvaTrade|
|# of forex pairs offered||62||61||59|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|Commodity CFDs||Formax Market||Plus500||AvaTrade|
|# of commodities offered||0||17||16|
|Indiced & Stock CFDs||Formax Market||Plus500||AvaTrade|
|# of Stocks offered||0||1816||99|
|See Formax's Instruments||See Plus500's Instruments||See AvaTrade's Instruments|
What’s the Formax Market trading experience like?
1) Platforms and apps
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 Your capital is at risk.
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 on the right.
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.