FormaxTime or FMTM broker is a CFDs and forex broker which is also focused on the crypto market. The company behind this broker is called Formax Time LTD. With this broker, users can trade up to 20 different cryptocurrencies. Below we provide more detailed information about this broker and together we can find out if this broker is a scam!
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Formax Time is owned and operated by FORMAX TIME LTD – a company base on St. Vincent and the Grenadines. Formax Time also says to have offices in Singapore, Belize, the Philippines, and New Zealand but this broker is not regulated in any of these places.
We, at FairForexBrokers.com advise all traders to have in mind that investing with an unregulated company is associated with huge risks.
Unfortunately, this broker did not have any available information on the types of account, minimum deposit, and options that these accounts provide.
The thing we found interesting is a possibility to use and test all the features via demo account. Also, Formax gives its traders initial cash bonus and a trading competition for demo accounts with cash prize rewards.
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FormaxTime offers the industry standard MetaTrader4. By supporting this platform, we can stay that this broker is keeping the standard with other brokers on the market. MetaTrader4 is a most recognizable and popular platform with different features, charts, and options to trade at the market.
Moreover, there is not an option to download the mobile version of their platform which is not ideal for beginners since they like to trade from anywhere, anytime. As already explained, there is a broad selection of assets to be traded on FormaxTime platform including Commodities, Indices, Stocks, Futures and different cryptocurrencies.
Opening an account at Formax is really simple and there is no minimum deposit required. FormaxTime offers a $100 USD bonus for accounts opened with a minimum deposit of $1,000.
Minimum trading volume on all account types is 0.01 lot, with a maximum available size per trade of 100 lots for Forex trades and 30 lots for commodities.
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Formax customer support is available via email, as well as by using a 24-hour, 5 day a week customer telephone support line.
This company claims that they offer customer support in different languages like English, Estonian, Chinese, French, Japanese and Korean.
Also, FormaxTime broker claims that there Is a live chat, as well as regional customer support telephone numbers in the UK, Indonesia, Malaysia, and Thailand. However, while writing this article, we were not able to contact the customer support team at any time.
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As already explained, there is no minimum deposit for a new trading account which is really strange. As we tried to open a new account, we found that minimum deposit is 250 USD, however, on the page is the information about no minimum deposit required.
Also, on the broker website, traders can find any information that they can double their money in the just few days of trading.
Stay away from FormaxTime since it is obviously a scam broker. People who have already deposited find it hard to get their money back. As always, trading with a regulated and licensed broker means that you get benefits such as a leading trading platform, educational material so that you can improve your skills. Choose wisely broker that can fulfill your search and conditions on which you as a trader want to participate!
We make it our mission to not recommend anything but the best – which, according to industry experts, is FXMasterBot, a trading software that lets YOU choose the broker and also provides fast, reliable and FREE trading signals!
