The number of forex scams is increasing, as trading is becoming a popular trend for earning high profits. As the number of these scams is increasing daily, there is a need for proper research before investing with any forex broker. Reviews must be read regarding the broker before investing. If thorough research is not made, the chances are high that the investors and traders will fall prey to these scammers, resulting in the loss of their funds. To help with this, let us go through the BlueMax Capital Review and understand its working and whether to invest with this broker or not.
About BlueMax Capital Review –
BlueMax Capital is an offshore Forex Broker that claims to be offering the forex trading services such as currencies, indices, and commodities. However, the offerings are limited here. BlueMax Capital is said to be operating from Belize, Hong Kong, UK. The regulation status of BlueMax Capital is not clearly mentioned on their website. Some researchers suggest that it is licensed by the International Financial Services Commission (IFSC) of Belize. However, IFSC has limited control over the broker that clearly states that the chances of getting your funds back become zero. Here, it can be said that it is not regulated by any legal authority.
BlueMax Capital offers its investors the MT4 trading platform. It is considered a user-friendly trading platform to do online trading and also easily accessible for new traders. There is no other trading platform available and no live customer support that creates difficulty for the investors in case they need any kind of help.
Accounts and Payments Method –
BlueMax Capital offers its investors four types of accounts. The explorer account, Lite account, Standard account, and Prime account. The initial minimum deposits of these accounts are $1,000, $1,000, $10,000, and $100,000 respectively. Here, the explorer and standard accounts offer the micro-lots. The payment methods of BlueMax Capital involve bank wire, credit/debit cards, Skrill, Neteller, and some cryptocurrencies. A certain amount of transaction fees is charged at withdrawal, which takes 1 business day.
Spreads and Leverage –
The maximum spread starts from 1.2 pips at the explorer account with no trading commission whereas the same is applicable for the Lite account but with the trading commission of 3.5 USD per lot. For these two accounts, the maximum trading leverage is 1.400. The Standard account spread starts at 0.2 pips (trading commission $3 per lot) with leverage 1:200. The spread on the Prime account starts at 0.2 pips (trading commission is $2 per lot) with a leverage of 1:50. Here, the initial deposits requirement is high as compared to other brokers that act as a red flag while investing with them.
Is BlueMax Capital Scam or legit broker?
By taking into consideration, the above-mentioned points, it can be concluded that BlueMax Capital is not a legit broker and one should avoid investing with them. It consists of a number of red flags, which are enough to understand that the broker is a scam. One should always go ahead with a legally regulated broker. Hence, our BlueMax Capital Review doesn’t recommend trading with them.
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