Promax Review: Promaxtrading.com Unregulated Firm

Promax steals the spotlight by featuring engaging content. The entity tries to convince the world it has a license. Not just in one country but in the entire universe. However, the venture fails to provide evidence to support its claims. Another fat lie is the scheme’s claim to be a reputable broker in the market.

 

The firm is new in the market. The domain name is privately registered. Moreover, this is the first time we have heard about the platform. Even the traffic visiting the site shows this is an unpopular scheme. It shows the murkiness level of the scheme to collect cash from naive investors. 

Promax allegedly has over 60 tradable instruments. The problem is they only mention these products. We are not certain there is trading taking place despite the scheme featuring a superior trading interface. 

There is no transparency on this website. There are many red flags surrounding the platform. Avoid the fat welcome bonus of $50. The terms you have to meet to qualify for a withdrawal are outrageous. The venture’s main aim is to limit clients from cashing out.

Promaxtrading.com Review

The entity is not working with professionals. Promax is asking investors to join them despite not having prior trading experience. The entity does not have learning materials to allow customers to understand how the financial market works.

Choose a broker dedicated to elevating your skills and making you a better trader. Scammers use intriguing adverts to trap more victims. We do not see past trading results of the entity. You should know what you are signing up for. 

Promax proves that you do not need much capital to get started. However, several loopholes and red flags prove this is an untrustworthy venture. Ensure that you choose a genuine and transparent forex trading company. It would help if you enjoyed fund safety and better trading conditions without fear of being compromised. 

Promax Trading Conditions 

Promax offers MT4 and MT5 trading interfaces. The reputable software is adored by many. It has several advanced features. Investors can trade automatically by customizing EAs. You can also use VPS to keep track of your trading orders. The platform allows you to access multiple markets at a go. 

The economic calendars, superior indicators, and fundamental and technical analysis help you on your road to success. Nonetheless, access to the MT4 and MT5 does not prove this is a genuine platform. Sometimes offshore ventures use this trick to trap more victims. 

Promax has four trading accounts. Ironically on their basic account, investors will enjoy the leverage of 1:500, while on the other preceding advance packages, the cap is 1:100. Novice investors should not trade with such high leverage. They lack the skills and market knowledge.

The entity lure clients with such trading conditions to manipulate and steal from them. Moreover, the leverage above 1:30 to 1:50 is hazardous. You will either make huge losses or pleasant returns. It is important you trade with caution. 

The broker is also using false information. It claims to offer a spread of 1.8 pips. However, on the software, we can see 2 pips. The limit is not profitable. You will have to pay $20 to open a trade. The average market standard is 1.5 pips. Yet you can find better ventures with tight spreads. 

Withdrawal and Deposit 

Promax indicates in all accounts that it accepts a minimum deposit of $10. It is an unforgivable mistake to have such errors. Genuine brokers feature different accounts with their separate pricing. The entity leaves out information about the products that customers can trade. 

The company advertises bonuses to customers. The lucrative opportunities are banned in various jurisdictions. Investors can cash in funds via wire transfer, Skrill, WebMoney, Neteller, Credit cards, and Bitcoin. However, the only available option is Perfect Money and crypto payments. 

Scammers tend to feature many deposit methods only to end up disappointing. They choose options that allow them to remain discrete. Additionally, their choice will limit you from issuing a chargeback. Be cautious and refrain from dealing with such ventures. 

Promax’s minimum withdrawable amount is $50. Failure to meet the requirement you must pay a $10 fee. There is also a minimum trading volume of 3.0-1K. Failure to meet the term, a fee of 15% applies. This is all the proof you need that the broker is purely after your funds. 

Contact Details and Customer Support 

Promax features an office address, phone number, and email address. You can use these means to reach the entity when you have a query. Unfortunately, the scheme lacks clients’ testimonials. We do not know the quality of customer support to expect. 

However, the majority of scammers have a poor unethical team. They will only reach you when they need more cash. Once they are done exploiting customers, the ventures blacklist their phone numbers. It becomes impossible to reach the schemes. 

You only get to enjoy quality services in reputable and legitimate investment firms. The staff are experienced and handle issues of clients promptly. You can go back to trade in no time.

Promax Regulatory Status

The broker’s parent company operates from Saint Vincent and the Grenadines. The location is infamous for accommodating fraudulent schemes. Brokers operating from the country do not follow any rules. The local financial watchdog does not supervise the financial market. 

Promax does not have working capital. Therefore, the scheme can face bankruptcy. The regulatory bodies require brokers to have a huge amount of capital to prove they can sustain their activities without misusing customers’ funds. 

Various financial bodies are in the market to ensure the safety of investors. Genuine brokers have no problem meeting the requirements of these bodies. In the USA, we have National Future Authority (NFA) and the Commodities Future Trading Commission (CFTC). The agency in the UK is the Financial Conduct Authority (FCA). 

Other reputable financial watchdogs are; the Cyprus Securities and Exchange Commission (CySEC) Australian Securities and Exchange Commission (ASIC). These are entities that ensure the market is conducive. Legitimate platforms cannot exit the market unceremoniously. They also have excellent trading conditions. Promax is unregulated and dangerous. 

Promax Fund Safety 

The entity does not provide fund safety to customers. The venture ownership information is limited. The parent company is based in an offshore region. We do not know the people responsible for Promax. It creates confidence knowing you can rely on genuine account managers. If the firm disappears from the market, it will be impossible to trace it. 

There is also no proof of payment. The entity lack clients’ feedback. Investors need to know the experience of those who have previously traded with the entity. You will learn from them the quality of customer support and if the brokers pay in time. 

Promax could disappear with all your savings. You also risk losing more money than what you initially deposited. Additionally, the scheme is not working with a reputable bank. Nobody keeps track of what is happening on the website. 

Final Verdict 

Promax is an anonymous and shady Ponzi scheme. The venture targets are the rookie traders. The entity lacks a license, and there is no proof of payment. You are better off without the offshore broker.

If you need a reliable and genuine company, we got you covered. Here is a list of some of the leading forex brokers in the market. You will earn passive income while trading in a conducive environment. Try them today, and let us know your experience!

 

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