TradeMax Review is Trademax.co Scam or Should I Invest

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TradeMax review revealing the scam behind the brokerage

Minimum deposit

Bonus

Maximum leverage

Year founded

Regulation

Trading platform

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

TradeMax FX brokerage is an Australia-based company that started operating on the Forex market in 2020. The broker has over six years of experience and a license from the Australian Securities and Investments Commission (ASIC). This undoubtedly gives TradeMax legitimacy and makes it a trustworthy broker in the eyes of many traders. Unfortunately, this might be a very positive view of the brokerage, since there are signs of TradeMax scam that should not be ignored.

The broker offers Forex and CFDs to the wide audience. It accepts traders from every country, except the United States, at the same time, the website states that information and offerings available on the website are directed to the Australian residents only. While there is no restriction for any other countries except the US, the broker seems to be targeting the Asian market. The broker has a WeChat account which is the most popular and commonly used social platform in China. This Trademax.com.au review provides detailed information about the broker and states how legit the broker is.

Is TradeMax scam broker?

We all know that the ASIC is in the list of the most reputable and trustworthy regulators. It is not easy to acquire the license in Australia, as the broker should have funds of 1,000,000 USD in separated account all the time and have segregated account for the client funds. Apart from it, the broker should conduct necessary internal training and meet certain criteria. Does not the ASIC license eliminates thoughts about TradeMax fraud? Unfortunately no.

The broker truly has a legitimate license which was granted in 2020 and is valid till the next review date in 2020. The license number is 436416 that can be checked on the ASIC’s webpage. The concerning part about the broker is that the company operating TradeMax has changed its name several times, First time the brokerage was named AsiaPacific Forex PTY Ltd, it was changed to Goldland Capital Group PTY Ltd, then changed again to TradeMax Group PTY Ltd, and now is called TradeMax Australia PTY Ltd. The company had two other domains FXUF.com, and SuperTraderFX.com.au.

While searching for TradeMax reviews on the internet you will find a lot of reviews for TradeMax Capital. As we found out it is the same company. There are two facebook pages of TradeMax. TradeMax Facebook page can be found after clicking the Facebook icon on the website, the other one is TradeMax Capital PH (The Philipines). Both pages have the same logo and both of them link back to the Trademax.com.au.

While there are no opinions on TradeMax itself, there are a lot of opinions made by the customers for TradeMax capital that is also referred to as “TradeMax”, or TradeMax.com.au; All reviews are very negative and are pointing out that the broker is scammer and fraud. So how does the broker is still regulated and at the same time is leading a scam scheme? Since the broker is regulated only by ASIC, it requires to operate legitimately in the borders of Australia. Outside of AU, the broker seems to be scamming traders with the Chinese scams that are well described in the customer reviews. The fact that the broker is scamming traders outside the country should be enough reason not to open an account with TradeMax Forex broker, but the features and service of the broker will make you want to avoid TradeMax even more.

TradeMax features

It has over 100 global currency pairs and CFDs on commodities and indices available for its customers. Unfortunately, it cannot be checked what are these trading instruments. The minimum deposit is very high, traders are required to deposit 1,000 USD to open a standard account with the broker. The spreads are also high as they start from 1.6 pips. There is only one account that has low spreads that start from 0 pip but it comes with the commission of 9 AUD or 7 USD per lot.

TradeMax withdrawal policy

According to the website the broker needs up to three business days to process the withdrawal, good brokers usually take one business day for confirming the withdrawal request. TradeMax withdrawal fee is free for the residents of Australia but costs 25 AUD for foreign customers. The broker charges foreign clients for depositing their funds as well, the fee is 10 AUD or 25 AUD depending on the payment method.

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If you open an account with TradeMax it might be charged for interest charges, conversion fees, corporate action chargers, administration charges, swap, and rollover charges. The broker limits information about the reason why some of these charges might be applied. There is no information about the amount of this fees either that does not help TradeMax rating much.

Account types

TradeMax has four different accounts available for its customers, however, the difference between these accounts is not clear. The broker offers Standard, Premium, Pro, and Raw spread account.

The Standard account – It can be opened with the minimum deposit of 1,000 USD, traders with this account can trade with 1:4oo leverage and have a dedicated account manager.
The Premium account – The minimum deposit for this account is 50,000 USD. The features are exactly the same as for the standard account, there is no information about the difference between these accounts, while there is a huge difference between the required deposits.
The Pro/low spread account – these accounts come with the exact same features. The required minimum deposit for these accounts is 100,000 USD, traders get 1:200 leverage, dedicated account manager, MAMM service, VIP desk, free VPS. The difference between the accounts is that the raw spread account has spread from 0 pip.

Can TradeMax be trusted?

TradeMax review shows that the broker is not trustworthy and has badly designed services. While it has the ASIC license, traders outside Australia are not protected by it and can easily be scammed by the broker. None of the features can convince any experienced traders that the broker offers a good service, the minimum deposit is too high, trading accounts are not described well, the withdrawal policy and information about the commissions and fees are not provided on the website and etc. At the same time, the broker has limited options for customer support, there is only one number available for all customers. The live chat requires email and mobile number that is not a good option as the information can be used for undesired promotion. Overall, there are a lot of signs that TradeMax scam is real and trading with this broker is not adviced.

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

8Max Review – 5 things you should know about 8maxtrading.com

Beware! 8Max is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

8Max is a unregulated, offshore broker which offers two standard accounts and a managed account with a leverage of up to 1000:1 and the MetaTrader4 platform.

Here we should note that the practice of offering managed accounts is highly controversial – 8Max as most other brokers is a market maker, and as a market maker the broker trades against you. In other words when 8Max makes money, you lose and vise versa. That is why if 8Max manages your account, they will be in a conflict of interest, because it will simply be in their interest to lose your money to themselves.

Otherwise the broker offers 48 currency pairs, some of which exotic or minor like USDZAR, USDTRY, USDSGD, USDSEK, USDPLN, USDNOK, USDHKD and USDCNH, but the benchmark EURUSD spread as tested with a demo account was as high as 2,4 pips, which is about a pip higher than the levels trades would usually consider attractive with a standard account.

8Max Trade regulation & safety of funds

8Max is owned and operated by Red Blue Systems Ltd. – a Vanuatu based company, which does not have a license to offer financial services to traders and investors on regulated markets like the EU, the USA, Australia, Canada or Japan.

Bear in mind that trading with unregulated brokers is extremely risky, because too often they are simply involved in scam.

Trading with brokers, holding legit licenses by well respected institutions like the Cyprus Securities and Exchange Commission (CySEC) , the Australian Securities and Investments Commission (ASIC), or the Financial Conduct Authority (FCA) in the UK on the other hand can give you a peace of mind about the safety of your funds, because regulated brokers are subject to a rigorous oversight. Besides, among other benefits, with a FCA broker for example your funds will be insured for up to 50 000 GBP.

8Max Trade deposit/withdrawal methods and fees

The minimum deposit requirement with 8Max is just 5 USD and that is fine. And they accept payments with major credit cards like VISA and MasterCArd, bank wire, bitcoins and some e-wallets like i-Account, WebMoney and UnionPay.

The broker, however, does not accept payments with Skrill and that is worth noting because of the new anti-scam policy adopted by the money transfer company – Skrill requires all brokers, using its services to show a legit license. As we noted, 8Max is note regulated.

Also, be aware of any trading bonuses that 8Max might offer you, because bonuses always come with additional withdraw conditions, which too often prove to be quite challenging.

And besides, 8Max does not offer a negative balance protection, so you can end up owing them more money than you have deposited.

How does the scam work?

Too often nowadays scam scenarios start on the social networks. You will just follow a link with some irresistible offer for fast and easy returns. Probably you will open one of the so called robo scam websites like Crypto Revolt and Bitcoin Evolution where in the beginning all you will be asked for will be your e-mail and phone.

And if you fill the simple registration form immediately you will be transferred to the web page of a unregulated, offshore broker and will be presented with a trading account in exchange of an initial deposit of about 250 USD.

Bear in mind that trading with a scam broker at first might seem like a lot of fun. For example, your trades will be amazingly successful, but that will happen simply because your trading account will be manipulated. The idea here is that you get more susceptible to the suggestion to investing a large sum.

And surely you will be getting phone calls as well. It will be your “senior account manager” with trading signals and advises, but basically he or she will try to explain that if you want to make some real cash, you will definitely have to invest more – like at least 10 000 USD.

And at that point most people do invest that kind of money, without realizing they have been scammed until the very moment they decide to withdraw some of their funds. Then it suddenly turns out they are not allowed to withdraw because of some minimum trade volume requirement that comes with their trading bonus. The excuse, of course, might be different but the result will always be the same – scammers will not give your money back.

What to do if scammed?

The best chance you have to get your deposit back is by filling for a charge back with your credit card company. Luckily both VISA and MasterCard recently extended the maximum period in which you will be allowed to do that to 540 days.

If by any means scammers have succeeded to get to your banking details like credit card numbers or your online banking password, immediately change the password and block your credit card.

Finally, do not take the offers of the so called recovery agencies. Those people will not recover you a single penny but will simply charge you some fees in advance and basically will leave you even deeper in to the red.

Trademax.no Reviews

8,539 • Great

Write a review

Write a review

Reviews 8,539

Great delivery

Great delivery, came when we were at home after we asked them

all perfect

all perfect, timely delivery.

Bad Products

Bad Products, we are sending it back!

Great products

Very quickly response to the order!

Normally the rules is that someone…

Normally the rules is that someone should order carry help just 24 hours after order. People like me who was very busy completely forget about it and there is no option to order it after 24 hours. When I called and send mail they refuse to accept to give me carry help even though I was ready to pay the extra. On this I believe either you should allow the carry help service on all the time or atleast send another mail reminding someone a couple of days before the order leaves the shop. This is really bad business soecially for people who is very busy and forget to order it and we can’t even do it through phone or mail

Veldig bra service og billig men god…

Veldig bra service og billig men god qualiti

rask levering

Good service

Good service! Good quality!Good prices!

good shopping experience

quick and smooth, recommended

Alt topp!

Alt topp! Flott behandling!

Good product with comfort

Very bad quality like a MADE IN CHINA…

Very bad quality like a MADE IN CHINA ��������

Love love love!

Kvalitet bord 0.

Kvalitet bord 0.
For 2000nok . Det kansje for 100nok!!

Quick and fast transaction����

no problems

no problems with the order

Missing all screws and instructions…

Missing all screws and instructions manual.

It’s been over 14 days since I haven’t…

It’s been over 14 days since I haven’t received my order!
Ordrenummer:
E15044391

Their high quality is a scam

They claim they offer high quality products and that they test their products on their own. Our sofa is so uncomfortable after barely a year. Cushions are so thin that you can feel the hard wood construction underneath. I think their quality tests are too poor and so is the quality of their products as a result. I would NOT recommend anyone buying their products, unless you only need their products for an extremely short time.

Even when I sent them a complaint they don’t take it seriously. Saying cushions should degrade with 15% every year, but to our experience it’s more like 50%-70% a year. So we’ll have to buy other cushions to put in to make it somewhat comfortable to sit in. So terrible quality, terrible tests and terrible customer service. It’s a shame.

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