Formax Review

General Information

Company Information

  • Broker's Name : Formax Prime Capital
  • Headquarter : United Kingdom
  • Regulation : FCA

Account Information

  • Type of Broker : ECN/STP
  • U.S. Clients Allowed :
  • Minimum Deposit : £1,000
  • Maximum Leverage : 1:200
  • Commissions / Spreads : Both
  • Account 1 : MetaTrader4
  • Account 2 : ZuluTrade
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, Other
    • Platform Languages :
      • English
      • Spanish
      • Arabic
      • Italian
      • French
      • Turkish
      • German
      • Japanese
      • Chinese
      • Russian
      • Portuguese
      • Dutch
      • Greek
      • Malay
      • Thai
      • Bahasa
      • Swedish
    • OS Compatibility :
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Limit Orders :
  • Guaranteed Execution : fasle
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons

  • Competitive Spreads
  • Deposit Insurance by FSMA
  • No Bonuses
  • No Education Offering

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Formax Prime Capital, founded in 2017 by a parent company with a background in the online brokerage industry, is a spread-betting and CFD broker headquartered and regulated in the United Kingdom. They state that they operate a ECN (electronic communications network) model, using STP (straight through processing) technology, without any dealing desk interference. A wide range of assets for trading are offered, in over 60 Forex currency pairs, 11 major stock indices, and a few major commodities (gold, silver, crude oil, and natural gas).

Formax Prime Capital Broker Review


There are two main account types to choose from with Formax Prime Capital: a MetaTrader4 account, or an account directed through the ZuluTrade platform. Within each branch, the trader is offered two further options: ECN commission free, or ECN raw + commission. ECN commission free account types require a minimum deposit of £1,000 and charge spreads only, which is unusual for an ECN account. ECN raw + commission charge a small spread plus a commission, and a minimum deposit of £5,000. Maximum leverage offered is 200 to 1 (equal to a minimum margin requirement of 5%. The minimum trade size for Forex is 1 microlot (0.01 full lots), and the maximum trade size is 100 lots.

Regarding the MetaTrader4 account, the ECN commission free account charges a minimum spread of 0.6 pips on the benchmark EUR/USD currency pair, while the ECN raw + commission account charges 0.2 pips plus a minimum commission of £3 per lot. Concerning the ZuluTrade account, the ECN raw + commission account charges a minimum commission of £12 per lot.

A demo account is available, as is typical with nearly all spot Forex and CFD brokers.

Formax Prime Capital Review




The most notable features of Formax Prime Capital worth emphasizing is that they offer decent liquidity, competitive spreads, and few restrictions on trading, on a reasonably wide range of markets. Scalping is allowed, and automated trading is possible when using the MetaTrader 4 trading platform.

Formax Prime Capital offers a choice between two trading platforms: the well-known and popular MetaTrader 4 platform, or ZuluTrade. Expert Advisors can be run through the MetaTrader 4 platform. ZuluTrade can be used as a trade copy platform and has garnered some positive reviews from users.

Formax Prime Capital pride themselves on keeping things simple, so you won’t find many of the bells and whistles that are often touted within the industry. Instead, they emphasize their goals modestly as offering total transparency, and a great service. The transparency comes in the form of both honesty and the no dealing desk, straight through processing prices that are offered for trading. We find this a refreshing approach, and consider any broker that has gone through the very onerous process of securing approval from U.K. regulators to be worth taking seriously.

Formax Prime Capital


Formax Prime Capital has no educational offering. We see nothing wrong with this, as a massive range of high-quality trading education can be found for free on the internet, so what is the point in putting together a half-baked educational offering as too many brokers do? It is also worth questioning whether most brokers, generating a majority of their income from their client’s losing trades, are in a strong position to be “educating” their clients.

Bonuses and Promotions

There are no bonuses and promotions on offer at the time of writing, as they are banned by Forex Prime Capital’s regulator, the FCA.


Depositing funds into a Formax Prime Capital account is an easy and secure process. Funding can be done using credit cards, debit cards, or wire transfer, as well as electronic payment methods such as Skrill, Neteller, and China UnionPay. Withdrawals can be made using the same available mechanisms.

Formax Prime Capital do not impose any minimums requirements on deposits or withdrawals, but the channels themselves may do so.

Customer Support

Customer support is based in London, offering 24-hour support while markets are open from Monday morning in Australia to Friday evening in New York.


Formax Prime Capital has a well-rounded and professional offering for traders looking to trade using spot and CFD instrument through a fairly wide range of assets, particularly Forex currency pairs and global equity indices, but notably also a selection of individual major commodities. Fans of no-nonsense trading looking for a confident and no-frills broker may find their offer especially interesting, and quite possibly attractive enough to open an account.

Most importantly of all, the spreads and commissions offered seem to be truly competitive.

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In terms of features, the stand-out strengths of this broker’s offerings are:

  • A choice between ECN commission free, or ECN raw + commission account types.
  • Competitive spreads / commissions / fees.
  • An option to trade with either the most popular trading platform in the industry, MetaTrader4, or one of world’s leading copy trade platforms, ZuluTrade.
  • A wide range of instruments available for trading: all the major and minor Forex currency pairs, as well as several exotics; also, a good range of global equity indices, plus several major commodities.
  • Regulated by a very major industry center (United Kingdom) which includes deposit insurance of up to GBP 50,000 per client.
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The MetaTrader 4 is an independent trading platform, developed for trading FX, commodities and other products and is one of the most advanced and easy platforms to use. It remains the gold standard of trading platforms.

In addition to the wide range of markets available to trade, the MT4 platform provides traders with a multilingual interface, instant execution, built in help guides for MT4 and MetaQuotes Language 4, a complete technical analysis package including a wide range of in-built indicators and charting tools, various custom indicators and time periods and more.

Automated trading is also offered through the MetaTrader 4 platform where traders can create and test their automated trading strategies by using the MetaEditor, Strategy Tester and Compiler tools within the MT4 platform.

With this automated trading system clients may create Expert Advisors, software programs enabling traders to constantly monitor the markets. Custom Indicators help traders to predict future price movements by analyzing past and current price information. And the Scripts feature gives traders the opportunity to set up an automatic repetition of specific operations such as closing all positions with a single keystroke.

MetaTrader Mobile

The MetaTrader 4 and platform apps can be used on iPhones, iPads, Multi-Terminal, and all Android devices.

ZuluTrade Platform & App

The ZuluTrade platform offers trading in Forex, stocks, indices, commodities, and binary options. Respectable mobile apps for all major mobile platforms such as iOS, Android, Windows, Blackberry, and Kindle Fire offer full functionality and the ability to be in control of an account anywhere, anytime.

ZuluTrade offers traders the “Full Pack Complete Trading Platform” which consists of several trading features. The Front Terminal offers a simple and user friendly manual trading interface featuring advanced charting capabilities, unique auto-trading features, Zulu scripts which enable traders to use their own robots, Zulu Trade Trading API that allows traders to connect to their own programming environment directly with their ZuluTrade account.  It is supported in 28 different languages.  

 The Back Office Terminal offers a full backoffice, risk management and administrative tools for account management, risk management rules, reporting and all administrator needs.

Next in line is the Open API where traders are allowed to automate all back-office operations, liquidity and price feeds are available.

The last page, the All-in-One page, offers a fully hosted trading platform with superior execution.

In total, the full pack solution utilizes ZuluTrade’s vast auto-trading experience and its back-end engine is fully integrated to the trading server minimizing execution latency.

More than 70 brokers worldwide use ZuluTrade’s cutting-edge technology.

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