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Formax Time
Rating:
Binary Option Programs Award
Min. Deposit
$500
Min. Investment
0.01 lot
Regulated Broker
No

Formax Time (FMTM) Broker Review

  1. Formax Time (FMTM) is an unlicensed forex and CFD broker with a particularly vague site and features. This is an immediate red flag, which caught out team’s attention and we decided to look into Formax Time even further. So, is this broker a scam or should South African investors trust their expertise?

    Read our full review to find out.

    Account Types

    As mentioned above, the entire Formax Time website is especially vague. They don’t seem to offer even basic information like the types of trading accounts they offer – which is an important feature for every broker. This is particularly problematic, for being transparent is always a sign of a good and professional broker.

    Warning: Never trust brokers that have very little or vague information on their website. It is a classic sign that something’s not right.

    The minimum deposit to open a trading account ay Formax Time is $500. We are still unsure of what type of account this will get you though.

    Demo Account

    The only account type mentioned on the Formax Time website is their free demo account. Having a demo account is very important, especially for complete beginners in trading, as it allows them to practice entirely risk-free before investing any real money.

    Trading Platform & Assets

    Formax Time uses the infamous MetaTrader4 (MT4) trading platform, which requires to be downloaded onto your desktop or mobile device. It is a powerful platform, commonly associated with more advanced trading due to its extra features. It can of course be used by beginners as well, even though it is regrettable that Formax Time does not offer any other simpler platform as well.

    South African investors can trade a variety of assets through Formax Time like CFDs on forex, cryptocurrencies, stocks, commodities and indices. The broker also offers a $100 bonus for accounts that open with a $1,000 deposit.

    The minimum trading volume is 0.01 lot and the maximum trade size available is 100 lots for forex trades and 30 lots for commodities.

    Customer Support

    South African users can reach the Formax Time customer support team through email or the contact form on their website. They also have an extensive FAQ section, which still didn’t seem to answer some of the more basic questions. There is no live chat available.

    Company Info & Payment Methods

    Formax Time is owned and operated by the company Formax Time LTD, based on the offshore jurisdiction St. Vincent and the Grenadines.

    The broker offers the basic payment methods of bank transfer and credit card (Visa, Mastercard).

    Warning: South African investors are in no way advised to make any deposit with this broker.

    Is Formax Time a Scam?

    From our first contact with this broker we could tell something wasn’t right. Now throughout our careful review, we have concluded that Formax Time is a complete scam and South African traders should stay away from this broker at all costs.

    They are completely unlicensed and the vagueness when it came to their website is particularly problematic, as they did not offer any basic information regarding accounts and deposits. We found that the minimum deposit is $500 through their FAQ section, even though this information is non-consistent with other reviews. These are all red flags and signs to stay away from such companies.

    Instead of wasting your time with fraudulent companies, trade directly with reputable, licensed brokers like IQ Option!

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