FXOptimax is an Asia-based forex broker that is registered in Saint Vincent and the Grenadines. They offer their clients direct access to trading instruments and state that they provide an excellent online foreign exchange trading environment. We will be using this review to see if they really do offer a competitive service or if they fall short and so you can decide if they are the right broker for you.
There is a choice of three different accounts when joining Optimax. Some of the features remain the same for all three but others are different, so choosing the right account for you is important.
Pro Account: This account has a minimum deposit requirement of $100, it comes with 3 digits for JPY and 5 for other pairs. The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. Hedging is allowed and the spreads on the account are floating from 0 pips but average around 0.2 pips. There is an added commission of $7 per round lot traded and the account can be leveraged up to 1:500. The stop-out level is set at 50% and the execution style is market.
Precision Account: This account has a minimum deposit requirement of $10, it comes with 3 digits for JPY and 5 for other pairs. The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. Hedging is allowed and the spreads on the account are floating from 1.8 pips but average around 2 pips. There is no added commission on the trading and the account can be leveraged up to 1:1000. The stop-out level is set at 20% and the execution style is market.
4-Digits Account: This account has a minimum deposit requirement of $10, it comes with 2 digits for JPY and 4 for other pairs. The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. Hedging is allowed and the spreads on the account are fixed and start from 2 pips. There is no added commission on the trading and the account can be leveraged up to 1:1000. The stop-out level is set at 20% and the execution style is market.
FXOptimax offers both manual trading through a trading platform and also automated/social trading. All modes of trading can be completed via MetaTrader 4, while social trading can be done via myfxbook AutoTrade and ZuluTrade. With all of these options being made available, traders should have no issues when it comes to trading in the exact manner they wish to trade.
The leverage that is available to you depends on the account you use, if you have the Pro account then the account can be leveraged up to 1:500, the Precision and 4-Digit accounts can be leveraged all the way up to 1:1000. We would suggest not using more than 1:500 though. The leverage can be selected when opening up an account and should you wish to change it, you will need to send your request to the customer service team.
Trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is or what the maximum number of open trades/orders is.
There is an added commission on the Pro account, which is set at $7 per lot traded, there is no commission on the other two accounts as they use a spread-based system. There are also swap charges on all accounts which are charged for holding trades overnight.
There just seems to be forex and metals available to trade, we have outlined the available instruments below.
Forex: EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD, NZDUSD, EURGBP, EURCHF, GBPCHF, AUDCHF, EURJPY, GBPJPY, AUDJPY, CHFJPY, CADJPY, NZDJPY, EURCAD, AUDCAD, GBPCAD, EURAUD, GBPAUD, AUDNZD, GBPNZD, EURNZD, CADCHF, EURSEK, USDSEK, EURDKK, EURHUF, EURPLN, EURTRY, USDCNH, USDDKK, USDNOK, USDPLN, USDSGD, USDTRY, USDZAR, ZARJPY.
Metals: Just Gold and Silver are available to trade.
Each account has a different style of spread. The Pro account uses raw spreads which can be as low as 0 pips but will most likely be seen slightly higher. The Precision account uses variable spreads which start from around 1.8 pips, as both of these spreads are variable they will move with the markets. The 4-Digit account has fixed spreads starting at 2 pips, fixed spreads mean they will not change no matter what is happening or how much volatility there is.
Different instruments will also have different spreads. On the Precisions account, EURUSD has a spread of 1.9 pips while USDCAD has a spread of 3.1 pips, each instrument on each account will have a different spread.
The minimum amount required to open up an account is $10 which will allow you to open either a Precision or 4-Digit account. If you want to open up a Pro account you will need at least $100 as the initial deposit amount.
Deposit Methods & Costs
There are a number of different methods available, we have outlined them below along with any fees added to each method.
- Bank Wire Transfer – Bank fees only
- USD Coin – Transfer fees covered by the client
- Neteller – 2.6% fee
- Skrill – 3.9% fee (Min USD 1.2) + USD 0.5
- Visa/MasterCard – 4.2% fee
- FasaPay – 0.5% fee(Covered by FXOptimax up to IDR 50,000)
- Perfect Money – No fee (Covered by FXOptimax)
- OK Pay – No fee (Covered by FXOptimax)
- Union Pay – No fee
As you can see the fees can be a little high, when using Bank Wire, you should check with your own bank to see if they add any transfer fees of their own.
Withdrawal Methods & Costs
When withdrawing there are the same methods available, however, some are limited and there are fees attached.
- Bank Wire – 0.8% (min $85, max $135) + Intermediary Bank Fee
- USD Coin – Covered by Client
- Neteller – No Fee (Covered by FXOptimax)
- Skrill – 1% (No Fee for USD 10 to USD 5000 withdrawal)
- Visa/MasterCard – Withdrawal to the same Credit Card ($10 fee will be applied) or through Bank Wire – (bank fees will be applied)
- FasaPay – 0.5% (Covered by FXOptimax up to IDR 50,000)
- Perfect Money – No Fee (Covered by FXOptimax)
- OK Pay – No Fee (Covered by FXOptimax)
- Union Pay – Withdrawal through Bank Wire
It is a shame to see so many fees attached to both the deposits and the withdrawals, this is a practice that some brokers are getting rid of so it would be nice to see FXOptimax follow suit.
Withdrawal Processing & Wait Time
FXOptimax will aim to process all withdrawals within 48 hours, the time it takes after that depends on the method used.
- Bank Wire – 2 business days after withdrawal request is confirmed
- Note: Bank transfer may take 1 to 4 days before arriving in your bank account
- USD Coin – 1 business day after withdrawal request is confirmed
- Neteller – 1 business day after withdrawal request is confirmed
- Skrill – 1 business day after withdrawal request is confirmed
- Visa/MasterCard – Withdrawal to the same Credit Card or through Bank Wire
- FasaPay – 1 business day after withdrawal request is confirmed
- Perfect Money – 1 business day after withdrawal request is confirmed
- OK Pay – 1 business day after withdrawal request is confirmed
- Union Pay – Withdrawal through Bank Wire
Bonuses & Promotions
The main promotion on offer is a 25% deposit bonus. Get 20% extra on your deposit and when you trade enough volume it will be converted into real funds. We have outlined the requirements below so you can decide if it is worth taking or not.
Educational & Trading Tools
There are three little tools available, the first is a margin calculator, this simply tells you the margin that you will require and the pip value based on the live markets. There is then a small learning section which details some very basic information about forex and trading, ok for new traders but if you have traded before you will most likely know everything there. The next section is some market analysis, but we can’t really say much about it because it hasn’t been updated since October 2018.
You can send your concerns or questions to the customer service team in a few different ways, there is everyone’s favourite online submission form, fill it in and you should get a reply via email. There is also a postal address available along with a Skype ID, email address, and various phone numbers.
Address: Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines, West Indies.
Skype: fxoptimax.global (Business Development)
Demo accounts allow you to test out new strategies and trades without risking any of your own capital, so it is good to see them available from FXOptimax. You can fill in a short form to get one open, you can select the leverage up to 1:1000 and the account type as well as the deposit amount. There is no mention of an expiration time so we assume they will stay open indefinitely.
The following statement is on the website:
“FXOptimax does not provide services for United States residents.”
If you are still not sure of your eligibility then get in contact with the customer service team to find out.
FXOptimax makes their accounts very accessible with low minimum deposit requirements, there is also a choice of the number of digits the markets have which is nice to see. Leverage can go as high as 1:1000 which offers a lot of possibilities, however, we would suggest sticking to 1:500. The trading costs are ok, the low spread account has an added commission of $7 per lot while the other accounts have spreads starting around 2 pips, which is ok when comparing to the competition. There isn’t a whole lot of tradable assets though, so you may be left with some downtime. Plenty of ways to contact the customer service team which is good, so now you have the decision to decide if they are the right broker for you, or if you need to look elsewhere.