TradeMax Capital Review
The Australian foreign exchange and CFDs broker TradeMax Capital has three trading account tradable on the MetaTrader trading platform. It claims to be registered under ASIC. The pricing and trading policy of this broker is not transparent. Apart from this, we have several other concerns about TradeMax Capital. In this TradeMax Capital review, we will talk about them one by one. Read the full TradeMax Capital review here.
About TradeMax Capital:
The three provided trading accounts are Standard, Edge, and Pro that needs a minimum deposits of $200, $20000, and $100000 respectively. The macro trade size of 0.1 lots is provided on all the trading accounts. Variable maximum leverages 1:400, 1:200, and 1:100 and average spreads of 3.3 pips and 0.2 pips with the high commission are offered.
The broker TradeMax Capital is managed by the company TradeMax Capital PTY LTD that is a subsidiary of Goldland Capital Group PTY LTD. The broker Goldland Capital Group PTY LTD is regulated by the Australian Securities and Investments Commission. However, the Australian Financial Regulator ASIC does not cover compensation scheme. It means in the time of scam the investments made in TradeMax Capital could not be recovered.
The minimum deposit of $200 is acceptable but several regulated, licensed and legitimate brokers provide brokerage services at very little initial investment. The spreads we have mentioned above and those are quite high. In addition, there is a commission added on it. That raised the value of spreads many times and consequently raises the cost of trading. The leverages of 1:400 are offered. And high leverage levels are banned in the regulated. Because they cause high loses.
The trader offers MetaTrader trading platform that has several advanced features for traders but it is operated and managed by another subsidiary of Goldland Capital Group Company LTD. The method of payments is many including cards, bank wire transfer and electronic wallets but Skrill electronic wallet is not available. It can be linked with the Skrill’s anti-scam policy.
Is TradeMax Capital scam or legit?
The broker is regulated by ASIC that does not cover the compensation scheme. The trading condition is not acceptable and initial funding is high. We can say that the investments at this broker are not secure. That’s why we call TradeMax Capital is a potential Australian trading scam.