FXOptimax – Review

As the business of online Forex trading becomes more and more popular among retail traders, it’s actually nice to see once in awhile that a Forex company is taking the initiative to expand its range of services of to their clients to make Forex trading a more fulfilling endeavour, monetary wise. FXOptimax is one such online Forex company that is taking a more proactive approach towards setting higher standards for others in the industry to follow.

Actually among the players in the Forex market, FXOptimax is regarded as a “new” player as it was just established in 2009. Although FXOptimax was registered in Panama, the company conduct its business from New Zealand (NZ) with its New Zealand trading arm called “FXOptimax NZ Limited” (Reg. No: 3307409). The company is also a member (#123464) of the Financial Dispute Resolution Service in NZ.

Trading Platforms

The mainstay of FXOptimax’s trading platform is the MetaTrader 4 terminal which is highly regarded by many of the leading brokerage companies from around the world.

Nevertheless, since beginning their business operations, FXOptimax have been making headlines in the news with their introduction of several innovations designed to facilitate trading for their clients like FXOptimax Pipsbook, a social trading platform that help to network all of FXOptimax traders together. The company is one of two which uses such a system, the other being eToro, in the Forex industry.

With Pipsbook, new traders especially are able to emulate the footsteps of any experienced traders which they like and duplicate their trades automatically. In addition, the Pipsbook trading platform also helps a trader to analyse his or her trading performance. To further enhance their services to new traders, FXOptimax have also partnered with ZuluTrade to provide more autotrade options for their clients. Traders trading through a FXOptimax ZuluTrade account can now also link to other professional and talented traders all over the world to achieve better profit possibilities.

Traders can also use the FXOptimax Zulutrade platform to “Trade by Knowledge” concept. With this platform, traders will be able to access a comprehensive set of tools like Live signals, sentiments, market charts, oscillators and chart studies to help them formulate a wide range of trading strategies.

Types Of Trading Accounts

At FXOptimax, clients have a choice of several types of trading accounts:

• Micro Forex Trading Account
• Mini Forex Trading Account
• Standard Forex Trading Account
• Swap-free Islamic Forex Trading account (provided upon request)

Opening a trading account takes as little as $10 only although I hardly advise trading with just that minuscule amount. Any small adverse price movements against your trading position can easily result in you stopping out on your trade.

On top of the ease of opening a trading account, FXOptimax offers good bonuses for their clients. For a minimum monthly deposit of $10, traders can now get a $10 bonus as well. There is also currently on offer a 20% deposit bonus up to $5000 (withdrawable after trading 60 lots).

Trading Conditions

According to FXOptimax, they are a “Straight Through Processing” (STP)/ Non Dealing Desk (NDD) broker. This means a trader will not be dealing with a market maker who is more inclined to trade against a trader. There is no conflict of interest and it is in the interest of FXOptimax that they clients profit from their trading with FXOptimax. This is why FXOptimax facilitate the trading environment for their clients by providing ease of access to the market with different types of trading accounts, different trading platforms and tools as well as tight fix spreads.

Spreads

FXOptimax earn from their clients by charging a fixed spread on all trades. Spreads starts from as low as 2 pips for the major currency pairs and go up to 25 pips for the more exotic currency pairs. Trade in commodities are charged at a higher rate starting from 8 pips (silver) and 40 pips (gold). For more details, traders can refer to FXOptimax’s Forex Contract Specification.

Customer Support

One way to judge how much emphasis a company places on their clients is to gauge them through the customer support service they provide. For a company that is dealing with a global market like the Forex market, it is important that the support staffs are multi-lingual. FxOptimax does well here as they currently have support for English, Indonesian, Portuguese, Spanish and Chinese. Due to their rapid growth, the company is currently adding Japanese speaking support staffs to service their Japanese market.

For help, clients can refer to the comprehensive and informative FAQ posted at FXOptimax’s website. If they require more assistance, they can reach the support staffs through live chat or email them at admin@fxoptimax.com.

Pros

• STP/NDD Desk Business Model
• Low Minimum Deposit
• High Leverage Available (Up To 1:500)
• Fixed Tight Spread Starting From 2 Pips
• Autotrading Options Available
• Expert Advisor and Scalping Allowed
• Hedging Also Allowed
• Good Bonuses Offered

Cons

• High Withdrawal Fee ($50) for only bank withdrawal (it is bank fee)
• Bonus Not Available For Margin Trading

Conclusion

Although a relatively new player in the industry, FXOptimax looks impressive with their wide offering of services and setup. Their social trading platform, Pipsbook, is quite an innovation in the Forex retail trading sector as it sort of level the playing field by allowing new traders to learn in real time from the more experienced and successful traders.

In addition, for those who wish to partner with FXOptimax, the recently launched PAMM system (Percentage Allocation Management Module) is quite a useful tool for Forex fund managers to manage their accounts. Overall, I would say FXOptimax is worth to try out.

Awards:

• Best Micro Broker in Asia 2011 – By FX Empire