Note: Zimax is to operate via the website - https://zimax.online/index.html, 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.
Risk Warning
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
Zimax is allegedly a forex broker registered in the United Kingdom that claims to provide its clients with leverage up to 1:200 and floating spreads from 0.3 pips via four different live account types.
As for regulation, it has been verified that Zimax currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.17/10. Please be aware of the risk.
Market Instruments
Zimax advertises that it is a forex broker that mainly offers forex currency pair trading. However, more specific information about tradable assets cannot be found on the Internet.
Account Types
Zimax claims to offer four types of trading accounts - Basic-Silver, Basic-Gold, Standard-Silver and Standard-Gold, with minimum initial deposit requirements of $250, $5,000, $10,000 and $50,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The defaulted leverage provided by Zimax is 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. However, according to the regulations, British and Australian brokers have to limit their clients to 1:30, while US brokers cant provide more than 1:50.
Spreads
All spreads with Zimax are a floating type and scaled with the accounts offered. For example, the spread starts from 1.5 pips on the Basic-Silver, from 1.2 pips on the Basic-Gold account, from 0.8 pips on the Standard-Silver account and 0.3 pips on the Standard-Gold accounts.
Trading Platform Available
After registering an account, however, we discover that Zimax does not have any trading software. In the client area, there is an imitation trading platform consisting of non-functioning buy/sell buttons and charts with current asset prices taken from the free Trading View website.
Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
Zimax claims to accept multiple payment methods, consisting of credit/debit cards, bank transfers, e-wallets like PayPal, Skrill and Payoneer, and also Bitcoin. But if one of the conventional methods is chosen, a message appears that the request will be considered. So the only available method is Bitcoin.
The minimum initial deposit requirement is said to be $250. The minimum withdrawal amount is stated as $500 when using wire transfers and $100 when using a credit card. The text of the Terms and Conditions states that Zimax does not charge fees for deposits and withdrawals.
Bonuses
Zimax claims to provide bonuses up to 100% of the deposit amount. If an account has received a bonus, however, it cannot withdraw funds until it has traded 25 times the bonus volume plus the deposit. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.
Customer Support
Zimaxs customer support can be reached by telephone: +44 753 717 5629, email: support@zimax.online. Company address: Barnes Wallis Rd, Fareham PO15 5TT.
Pros & Cons
Frequently Asked Questions (FAQs)
2023-02-22 11:34
