Elmax Trade is a contract for difference (CFD) broker established in Jordan, with its headquarters located in Chicago, Illinois, and branches in the United States. It primarily offers CFD trading services for forex, indices, precious metals, and energy commodities. The broker's official website is https://www.elmaxtrade.com/, and it is available in English.
Company Background:
Elmax Trade is a CFD broker registered in Jordan under the entity Elmax Trade International Inc., with a registered address at Zahran Building, Fifth Circle, Amman, Jordan. However, publicly available information about the company's registration and corporate directors is not found online. According to Whois data, the broker's official website domain was registered on March 13,2018.
Regulatory Information:
Elmax Trade is not regulated by any regulatory authority. Traders who choose the services of this broker face extremely high risks.
Trading Products:
Elmax Trade provides various financial instruments for user trading, including:
Forex: It offers opportunities to trade various currency pairs in the forex market. Forex CFDs allow investors to trade based on price fluctuations between one currency and another. Examples of available currency pairs include EUR/USD, GBP/USD, and USD/JPY.
Precious Metals: CFDs on precious metals like gold and silver provide trading opportunities based on price movements. Precious metals CFDs allow investors to profit from price fluctuations without owning the physical assets.
Energy: Energy CFDs are contracts based on the price movements of energy commodities, allowing investors to engage in both long (buy) and short (sell) trades without owning the actual commodities.
Indices: Index CFDs enable investors to trade based on the price performance of market indices without buying or selling individual index component stocks or assets.
These products not only provide opportunities to access different financial markets but also allow investors to manage risk through diversified portfolios.
Account Registration:
The Elmax Trade official website offers account registration links, allowing users to choose between opening a demo account or a live trading account. The registration process is as follows:
Visit the Elmax Trade official website and click on "Open Live Account" or "Register for Training" in the top right corner.
Fill in the required information (such as name, email, password, etc.) as per the instructions on the website to complete the account registration.
Account Types:
Elmax Trade offers six types of accounts, including:
- CENT Account
- MINI Account
- ECN MAX Account
- ECN PRO Account
- VIP Account
- MAM & PAM Account
Except for MAM & PAM accounts, the other account types may involve commission fees. Users can choose the account type that suits their trading needs.
Spreads and Leverage:
Elmax Trade offers different spreads, leverage ratios, and minimum deposits depending on the account type. For example, CENT accounts have spreads starting from 2.2 pips and leverage up to 1:700, with a minimum trade size of 0.01 lots and a minimum deposit of $100. VIP accounts, on the other hand, have leverage up to 1:200, spreads starting from 0.0 pips, a minimum trade size of 1 lot, and a minimum deposit of $8,000. There is conflicting information regarding minimum deposits and leverage for account types, so caution is advised when choosing the broker's services to protect one's financial security.
Trading Platform:
Elmax Trade provides the popular MT4 (MetaTrader 4) platform for users. MT4 is known for its customizable interface with various technical analysis tools, customizable charts, and a range of built-in indicators such as MACD, KDJ, CCI, and more, assisting investors in analyzing market trends and making informed trading decisions.
MT4 is renowned for its fast and reliable trade execution, making it the preferred choice for many investors and financial institutions. The software is compatible with various devices, including PC, mobile devices, and web-based platforms, making it easy for investors to use.
Customer Support:
Investors can contact Elmax Trade's customer service via phone, email, and social media platforms like Facebook and Twitter during weekdays (Monday to Friday). For urgent inquiries, real-time chat or phone support is available for direct communication with Elmax Trade.
Summary:
Elmax Trade offers users opportunities to trade various financial products. However, information about the company's entity is not publicly available, and there are discrepancies in web content. The broker is not regulated by any supervisory authority. Currently, the broker is labeled as "suspected fraud" on TraderKnows. Users should exercise caution when considering the services provided by this company, prioritize their financial security, and avoid falling into potential fraud traps.
