Paymax is a foreign exchange broker founded in the UK in 2023, mainly providing investors with foreign exchange, metals, energy, commodities, stocks trading services, the company's official website only supports English as the language of use. In addition, the Paymax account registration page also supports English only.
Company background:
According to Paymax's website, the company is incorporated in the UK. A search on the Companies House website showed that the information that the company was registered in the UK was true. In addition, according to the domain name registration information of the website queried by Whois, the domain name of the company's official website was registered on February 9, 2022, and the domain name registration time has been more than 1 year.
Account Registration:
Paymax website provides investors with real account registration link. The way to register a real account is: Click "Register" in the upper right corner of Paymax official website, or "Start Live Trading" on the left of the home page of Paymax official website to enter the registration page, and select or fill in the information such as name, Email, password, country, gender and date of birth as required to complete the real account registration. The Paymax official website account registration page supports English only. However, the Paymax website does not provide a link to sign up for a demo account.
Account Type:
According to Paymax's official website, the company offers three types of accounts for investors: ECN account, ELITE Account and PRO Account. However, the Paymax website only provides the difference in the spread of these three accounts.
Trading Products:
Paymax website information shows that the company provides investors with foreign exchange, metals, energy, commodities, stocks trading services. In addition, Paymax's official website also provides specific trading products covered by foreign exchange, metals, energy, commodities, and stocks, as well as spreads and margin (leverage) ratio information for specific trading products. However, Paymax's official website does not provide information on commissions, minimum trading units, maximum trading units, and overnight interest for specific trading products covered by foreign exchange, metals, energy, commodities, and stocks.
Margin ratio:
Paymax not only shows the margin (leverage) ratio of different account types in the "Account type" on the official website, but also provides the margin (leverage) ratio information of specific trading products covered by foreign exchange, metals, energy, commodities, and stocks in the "Trading products".
Trading Hours:
Paymax provides trading hours information for specific trading products including Forex, metals, energy, commodities, and stocks in the "Trading Products" section of its official website.
Deposits and Withdrawals:
Paymax's official website does not provide the deposit and withdrawal channels and methods it supports, nor does it provide information about the currencies it supports, as well as the deposit and withdrawal fees and time.
Trading Software:
According to Paymax's website, the company provides investors with VertexFX trading software, which supports computer versions (Winodws) and mobile versions (IOS/Android). However, the Android version of VertexFX software cannot be downloaded or installed in some countries or regions, or the download and installation speed is slow.
Other services:
According to Paymax's website, the company provides investors with economic calendar and real-time chart services. Among them, the economic calendar allows investors to keep abreast of financial events that have already happened or are about to happen. The real-time charting service allows investors to perform technical analysis of a wide range of trading products through TradingView, which is an analysis, information and communication tool that provides investors with a wide range of different asset types.
Regulatory information:
The Paymax website does not provide regulatory or licensing information it has obtained. Paymax's official website shows that the results of the website of the UK Financial Conduct Authority (FCA), the regulator where it is registered, show that the website of the UK Financial Conduct Authority (FCA) has not queried any regulatory or authorization information related to the company.
Summary:
Paymax is suspected of fraud. Although a search on the Companies House website showed that the information that the company was registered in the UK was true. And Paymax official website provides more detailed account types and trading product information. The Paymax website does not provide the regulatory or licensing information it has obtained. The Paymax website shows that the website of the UK Financial Conduct Authority (FCA), the regulator where Paymax is registered, did not find any regulatory or authorisation information relating to the company. According to this judgment, Paymax is suspected of fraud, and investors should be careful to choose the services provided by the company. TraderKnows reminds you, please pay attention to your property safety, to avoid falling into the fraud trap.
