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Note: BitmaX is to operate via the website - https://bitmax4u.com/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
The Cyprus CYSEC regulation (license number: 092/08) claimed by BitmaX is suspected to be a clone. Please be aware of the risk!
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
|Market Instrument||forex, commodities and indices|
|Account Type||Basic, Silver, Gold and VIP|
|Deposit & Withdrawal Method||Bitcoin and credit/debit cards|
BitmaX, a trading name of Safecap Investments Limited, is allegedly a forex broker registered in Cyprus that claims to provide its clients with various tradable financial instruments with leverage up to 1:10 via four different live account types.
As for regulation, it has been verified that BitmaX holds a suspicious clone Cyprus Securities and Exchange Commission (CYSEC) license. That is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and receives a relatively low score of 1.34/10. Please be aware of the risk.
BitmaX advertises that it mainly offers three different kinds of trading instruments in financial markets, including forex, commodities and indices.
There are four live trading accounts offered by BitmaX, namely Basic, Silver, Gold and VIP. Opening a Basic account requires a minimum initial deposit amount of $300, while the other three account types have much higher minimum initial capital requirements of $3,500, $11,500 and $25,000 respectively.
The maximum leverage ratio provided by BitmaX is up to 1:10. Bear in mind that leverage can magnify gains as well as losses, and inexperienced traders are not advised to use too high leverage.
Trading Platform Available
When it comes to trading platforms available,BitmaX claims to give traders an award-winning platform, however, we didn‘t find something more specific on its official site. The world’s most widely-used MetaTrader4 and MetaTrader5 trading platforms are not available.
Deposit & Withdrawal
BitmaX accepts deposits via Bitcoin and credit/debit cards only. The minimum deposit requirement is $300, while the minimum withdrawal amount is $50 with a withdrawal fee of $30.
Apart from withdrawal fees, BitmaX also charges its clients a fixed account maintenance fee of as high as $100 once in three months.
BitmaXs customer support can be reached by telephone: +447520644393. Company address: 148 Strovolos Avenue, 2048, Strovolos, P.O.Box 28132, Nicosia, Cyprus.
Pros & Cons
|• Multiple account type options||• Suspicious clone|
|• Website inaccessible|
|• High minimum initial deposit required|
Frequently Asked Questions (FAQs)
|Q 1:||Is BitmaX regulated？|
|A 1:||No. It has been verified that the Cyprus CYSEC regulation (license number: 092/08) claimed by BitmaX is suspected to be a clone.|
|Q 2:||Does BitmaX offer the industry-standard MT4 & MT5？|
|Q 3:||What is the minimum deposit for BitmaX？|
|A 3:||The minimum initial deposit to open a Basic account is up to $300, while $3,500 for the Silver account, $11,500 for the Gold account and $25,000 for the VIP account.|
|Q 4:||Does BitmaX charge a fee？|
|A 4:||Yes. BitmaX does charges a maintenance fee. While the information on other fees like spreads, commissions, deposit & withdrawal processing fees are missing.|
|Q 5:||Is BitmaX a good broker for beginners？|
|A 5:||No. BitmaX is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and too high initial deposit.|
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