GDMAX Information
GDMAX is an unregulated brokerage company registered in Singapore. This firm focuses on Forex and CFD trading with the popular MT4 trading platform. GDMAX gives one live trading account and a demo account. However, there is limited information about trading fees on its website. Furthermore, no phone support option could be a barrier for some investors.
Pros and Cons
Is GDMAX Legit?
GDMAX operates without regulation from any recognized financial authority. Engaging with an unregulated broker like GDMAX carries substantial risks, and investors should be aware of the potential consequences before depositing funds.
What Can I Trade on GDMAX?
Online brokerages can offer an easy way to start building a portfolio. But they aren't all the same. GDMAX gives you plenty of tradable instruments. Depending on your goals and risk tolerance, you can invest in forex, indices, futures, commodities, and cryptocurrencies.
- Forex: 61 currency pairs
- Indices: 25 Indices to trade from across the globe
- Commodities: Over 22 commodities to trade, including energy, agriculture and metal
- Cryptocurrencies: 10 of the most popular Cryptos
- Futures: 4 Global Futures available to trade
Account Types
Some online brokerages give various account types. These account types can determine what features and benefits you have or what fees you pay.
GDMAX only offers one standard trading account and a demo account. The Standard accounts offer commission-free trading with a spread from 1 pips and leverage up to 1:500. This firm claims to give trading conditions for scalping, EA, and high-frequency trading globally. There are no limits or restrictions on trade sizes, you can place trades as small as one micro lot (0.01).
GDMAX Fees
Investment fees can take a bite out of your returns. With GDMAX, information about trading fees is scarce on its website:
Trading Platform
The popular MT4 platform is available with this firm. You can apply PC and mobile devices to download on its website. Its main features include high-speed trading (up to 50 ms), technical indicators, automated trading, and risk control.
Deposit and Withdrawal
GDMAX offers funding options including credit/debit card, Skrill, wire transfer, Neteller, FasaPay, China Union Pay, Bpay and broker-to-broker transfer, and deposits. GDMAX does not charge any additional fees for deposits or withdrawals. You should, however, be aware that you may incur fees on payments to and from some international banking institutions.
Withdrawal requests cut-off time is 12:00 AEST/AEDT. Credit / Debit Card withdrawals may take 3-5 business days to reach your credit card. Paypal / Neteller / Skrill withdrawals must be made from the same account from where the funds were sent initially. These transactions are instant once processed.
Deposit Options
Withdrawal Options
Customer Support Options
For any questions you might have, help is available 24/7 via email by email (info@gdmaxs.com). There is no online chat feature or customer support phone number listed on the website. Some clients may find that a bit inconvenient.
The Bottom Line
While there are plenty of online brokerages out there, some may fit your needs better than others. GDMAX makes it easier to build a diversified portfolio. Its popular MT4 platform is another selling point for investors. However, the biggest drawbacks are insufficient information about trading fees and regulatory hurdles. As you compare online brokerages, keep cost and risk firmly in mind.
FAQs
Is GDMAX a regulated brokerage?
No, GDMAX is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
What account types does GDMAX offer?
GDMAX offers one live trading account and a free demo account.
Does GDMAX offer leveraged trading?Yes, GDMAX provides a leverage option, which is up to 1:500.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for everyone.
