Beware! TradeMax.fm is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TradeMax.fm is a suspicious broker with a suspicious name. A leading regulated company is bearing the same title, so the entity we are reviewing may as well be trying to act as a clone. Also, the broker in question is somewhat linked to another suspected scam we already wrote about, but we’ll discuss this in the next sections. TradeMax.fm is dangerous, and we are going to explain why in this review.
TradeMax.fm REGULATION AND SAFETY OF FUNDS
TradeMax.fm claims to be regulated by the Global Financial Authority, which presents us with solid evidence of a scam. Well, there is no such regulator, and GFA is a fictitious authority most probably an idea of scammers trying to facilitate fraud. Nevertheless, we researched diligently but found no authorised companies associated with this broker, so it’s illegally offering its services. The bottom line is that TradeMax.fm is unregulated and very likely a scam scheme, so your funds will be in danger if you deposit.
Avoid it and see the high-rated EU brokers and British brokers by following the links provided. The companies topping both lists are licensed and a part of money protection schemes created to secure clients deposits if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
TradeMax.fm TRADING SOFTWARE
TradeMax.fm delivers a MetaTrader4 distribution provided by some entity called Denarium that’s totally untraceable. MT4 is a top Forex platform, but in this case, its availability is a downside as the broker we are reviewing is so shady. We claim so because many people may believe it’s trustworthy, while precisely the opposite is true- TradeMax.fm is an unreliable suspected scam.
Anyway, the EUR/USD spread is 2.3 pips most of the time, which is still a tolerable Buy/Sell difference, but not the best one traders can find. In contrast, most of the regulated brokers are offering 1 pip or less on average with their starters accounts, so we can label TradeMax.fm as costly. A good reason alone to avoid this otherwise fishy enterprise.
While talking about software, why don’t you see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists? The companies we recommend are licensed and deliver the best platforms available. Both MT4 and MT5 are packed with advanced tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps.
The default leverage is 1:100 but can be increased to 1:500 upon request. Alarmingly, though, we found no indication that lower ratios are possible, so TradeMax.fm creates a dangerous environment where traders can quickly lose their funds. Again, evidence of a scam here.
You’d better be careful with leverage because it’s hazardous and can cause severe losses if mishandled. In fact, many financial authorities already imposed leverage regulations, and EU, British and Australian brokers have to limit their clients to 1:30, while US brokers can’t provide more than 1:50. On the other end, most of the high-leverage brokers are poorly regulated or not at all, and you’d better be careful with their offers.
TradeMax.fm DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, and while we were looking for this particular piece of information, we encountered a flaw that left us dumbfounded. Apparently, those scammers are somewhat linked to WealthMax (a suspicious unregulated broker we reviewed some time ago), and they even missed changing names over. In fact, we noticed the same blunder in numerous other places on the website, which strongly suggests that TradeMax.fm is yet another fraudulent website created by the same careless scammers. Beware.
As for deposits, TradeMax.fm claims various funding methods are accepted, but upon registration, it turned out that only Crypto deposits are possible. Well, yet another inconsistency and evidence of a scam as the broker openly lies to its customers. In addition, though, Bitcoin transactions are final and non-refundable, so TradeMax.fm is obviously afraid of chargebacks. In terms of safety, it’s always better to fund accounts via bank cards because it’s possible to dispute transactions and eventually get a refund. Brokers refusing to accept Credit/Debit cards are highly distrustful and, more often than not, scam schemes.
While talking about funding, we’d like to suggest our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
There is no minimum withdrawal requirement, and the requests are allegedly processed free of charge, but TradeMax.fm is too iffy to take their word for granted. However, the inactivity fees are terrifying: an account becomes dormant after only 90 days of inactivity and will be subject to a 10% monthly deduction. That’s a scam! In contrast, most regulated brokers take 5 to 10 dollars per month, which is fair.
Overall, TradeMax.fm is unregulated, which is more than enough for you to avoid this suspected scam.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud, and it’s actually a process. In the typical scenario, the victim clicked on a fraudulent ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
The first indications of a scam come forth when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!