BlueMax Capital is a Forex broker that was established in 2014 and is based out of St. Vincent & the Grenadines, with offices in Hong Kong, the UK, and Belize. The company is regulated by the IFSC, which requires them to keep all client funds in segregated accounts. This broker offers four different account types, each of which comes with it’s own specific requirements and advantages. If you’re currently in the market for a new broker, keep reading to find out everything you’ll need to know about this potential choice.
BlueMax Capital offers four different account types: Explorer, Lite, Standard, and Prime. The accounts share the same maximum trade sizes but differ in regard to all other categories. Those differences come in the form of a range of deposit minimums, different commission fees, or lack of them, minimum trade sizes, leverage options, and spreads. Regardless of which account you choose; you’ll have access to the same trading platform. Below, you can view some quick information for each account type.
- Minimum Deposit: $1,000
- Commissions: Zero
- Leverage: 1:400
- Spreads: From 1.5 pips
- Minimum Deposit: $1,000
- Commissions: $3.50 (per side)
- Leverage: 1:400
- Spreads: From 0.4 pips
- Minimum Deposit: $10,000
- Commissions: $3 USD (per side)
- Leverage: 1:200
- Spreads: From 0.9 pips
- Minimum Deposit: $100,000
- Commissions: $2 USD (per side)
- Leverage: 1:50
- Spreads: From 0 pips
One of the most noteworthy things about the account types are the deposit minimums. While one may be able to come up with $1,000, it may be much more difficult to provide the deposit for the other account types. This may actually limit your options to two, maybe three account types. Moving on, you’ll find the Explorer account to be the only commission free account. Spreads are best on the accounts that charge commission fees, which is to be expected. In addition to the four main account types, PAMM, IB, and demo accounts are also offered. In accordance with regulation laws, you will have to submit a valid ID and address document in order to verify your account with this broker.
BlueMax Capital offers the award winning MetaTrader 4 platform, which is available for download via PC, Android, and IPhone. The program can also be accessed via WebTrader, which is perfect for Mac users. If you haven’t heard of this popular platform, you should know that it is the most commonly offered trading platform among Forex brokers. MT4 provides everything one would need for effective management of their trades. One of the best advantages to using MT4 is the user-friendly interface, in addition to multiple analysis tools, the ability to use Expert Advisors, and live monitoring of currencies and other instruments.
The highest leverage option of 1:400 is available for the Lite and Explorer accounts. You may occasionally find higher options of around 1:500 offered elsewhere, but this broker offers one of the better choices we’ve seen for these account types. If you choose the Standard account, the highest leverage option is 1:200. Meanwhile, you won’t be able to go higher than 1:50 on the Prime account. These options seem much more limited but there is a purpose to these limits. Since both of these account types require much larger deposits, the broker sets lower leverage options in an attempt to stop one from blowing their account. This makes perfect sense, since higher leverage goes hand in hand with higher risk. Still, the option for the Prime account could be set a bit higher to compete with other similar account types.
The minimum trade sizes differ for all of the account types, but the accounts do share the same maximum trade size of 50 lots. Micro lots, which are listed as 0.01, are allowed on the Lite and Explorer accounts. Meanwhile, the minimum trade size for the Standard account is 0.10 lots. If you’ve chosen the Prime account, you’ll be required to make trades that are at least 1 lot in size. The broker was not forthcoming with information about their margin call or stop loss levels on their website.
The only commission free account type with this broker is the Explorer account. The second-best option would be the Prime account, which has commission fees of $2 USD per side. In third place, the Standard account, with a commission of $3 USD per side. Finally, the account with the highest commissions would be the Lite account, which charges commissions of $3.50 per side. You’ll also want to keep swap fees in mind if you often leave positions open overnight. Finally, spreads, or the difference between the bid and ask price, are applicable as well. The spreads differ for each account type, so be sure to take a look at that section of this review.
BlueMax Capital offers more than ten currency pairs, metals, energies, indices, and cryptocurrencies. CFD options include gold, silver, oil, and more. The available cryptocurrencies include Bitcoin, Litecoin, and Ethereum. Since the website does not offer much information on their product portfolio, it could be helpful to open a demo account in order to check out all of the available instruments for this broker.
All accounts offer floating spread, but the averages vary by account type. The best spread is exclusive to the Prime account, starting at 0 pips. You truly can’t find anything lower than this, so this account type is definitely attractive in that regard. Still, the high deposit minimum may make this account inaccessible. The second-lowest spread would come with the Lite account, which requires a $1,000 deposit and charges commission fees. This account also allows for the higher leverage option. If you choose the Standard account, the spreads are listed as staring at 0.9 pips, which is still a good offer, although commission fees are involved. Finally, spreads on the Explorer account start at 1.5 pips. This isn’t a horrible offer, but it is slightly above average.
The lowest deposit minimum is set at $1,000 for the Lite and Explorer accounts. It may be hard to make such a significant deposit for some traders and this amount could be too high for beginners. If you choose the Standard account, you’ll have to deposit at least $10,000 in order to meet requirements. Once again, this is possible for some, but this deposit minimum is more suited for professionals. The largest deposit requirement comes with the Prime account, in which one must deposit $100,000. This account is meant for experienced traders with a large amount of funds, so we weren’t entirely surprised by the large deposit amount. Although other brokers often offer an account or two with very large deposit requirements, the requirements with this broker are still too high. If BlueMax Capital would offer at least one account with a minimum of around $100, we’d feel a lot better about these options.
Deposit Methods & Costs
Available deposit methods are Bank Wire Transfer, Visa/MasterCard, Neteller, Skrill, Bitcoin, and Ethereum. It can take 3 to 5 days for bank wire to be deposited and the fees for this method depend on your bank. Deposits by Visa/MasterCard can take 1 to 2 days to be processed. There is a 3% fee per transaction. Options are better with Neteller, which charges a lower transaction fee of 2.5% with a one-day processing time. Skrill comes with a one-day deposit time, in addition to a transaction fee of 2.8%. Bitcoin and Ethereum come with the lowest transaction fee of 0.1 to 1% and are deposited within one day as well. Like many others, this broker will not allow a third party to fund your account. If someone else tries to do so, the funds will be returned to them and it can cause you delays in actually funding your account, so make sure that you are the one directly funding your account.
Withdrawal Methods & Costs
If you fund with credit, debit, or any of the e-wallets, your payment must be returned to the method you used. This means that you’ll only be able to choose your withdrawal method if you’ve funded with bank wire. You’ll find that Bitcoin and Ethereum come with the lowest withdrawal fees of 0.1 to 1% of the withdrawal. The method that charges the highest withdrawal fee is Visa/MasterCard, which charges 3% per transaction. Bank wire also charges fees, but these differ based on your personal bank. Below, you can compare the fees for each method.
- Bitcoin & Ethereum: 0.1 to 1%
- Neteller: 2.5%
- Skrill: 2.8%
- Card: 3%
- Bank Wire: Check with your bank
Withdrawal Processing & Wait Time
You can expect to receive Visa/MasterCard withdrawals within 1 to 2 days. Neteller, Skrill, Bitcoin, and Ethereum withdrawals will arrive within one day. Bank wire withdrawals take between 3 to 5 days to be reflected in your account. Although the processing times are not instant, they are very realistic, and you won’t find yourself waiting long to receive your withdrawal. If you’re in a hurry, it may be best to avoid bank wire. Instead, you could opt for a method with lower fees and faster processing times, like Bitcoin or Ethereum.
Bonuses & Promotions
The company is not offering any ongoing bonus or promotion opportunities, but this may not necessarily be a bad thing. Many offshore brokers offer these types of promotions to lure clients in by describing easy ways to earn cash. However, checking the terms for these contests usually proves that there are a lot of requirements to win and one would be disqualified for simple actions like withdrawing funds, making a trade, etc. Note that you can occasionally find good bonus opportunities with reachable goals, but don’t assume that a broker is telling the truth if they advertise prizes that seem too good to be true.
Educational & Trading Tools
This broker focuses a lot more of their energy on education and has dedicated a page of their website to resources. The first option in the drop-down list is related to Market Research and is updated quite frequently. Staying updated on this page could definitely help one avoid making a bad trade. You’ll also find Forex News, which is updated with information about assets going up or down in value. The company offers a user guide, which explains how to use the MT4 platform, how to make deposits and withdrawals, and more. Finally, an education center is available and could be helpful for anyone that needs to brush up on the basics, or even take a more detailed look into how things work. Users will also find several built-in tools within the MT4 platform, in addition to all of the offers on the website.
BlueMax Capital has offices located in Hong Kong, St. Vincent, and the UK. Each office has a different phone number, but the email address for this company is universal. Although you won’t find the information listed on the website, the company also offers Whatsapp as a contact method. Agents seem to be active on Skype as well. Overall, it seems that the company has made it very convenient for clients to reach support since so many contact methods are available. The website did not list the office times, but we did notice that LiveChat was not always active. The best thing to do would be to choose one of the different contact methods if you receive the offline message on chat.
- Hong Kong: +852 5803 2891
- St. Vincent: +1 646 432 1500
- UK: +44 203 5400 251
Whatsapp: +91 96295 55719
Demo accounts have become a widely available tool among Forex brokers, with BlueMax Capital being no exception. When signing up for an account, the website had us fill out a few details and verify our email address. Once you’ve done so, you’ll need to download the MT4 platform and fill out some specifics for your demo. If you feel that you could use some practice, opening a demo account is a wonderful way to get that experience.
This broker did not make it difficult to figure out whether the US is accepted or not. You will be able to choose the US as your country without going around any obstacles like with many others. Since regulation laws have really been cracking down on the US lately, the outright acceptance US traders will get from BlueMax Capital may make this broker worth the choice.
BlueMax Capital is a regulated broker that is accepting of US clients. The company offers four different account types, each of which is very different from the others. If you’re a beginner or don’t have a lot of funds to spare, you may feel discouraged by the $1,000 minimum deposit requirement with this broker. However, if you can meet the deposit, there are some great advantages to choosing this broker, including competitive and reasonable leverages, a commission free account option, spreads staring at 0 pips on the Prime account, several payment options, and educational opportunities, including free demo accounts.
On the downside, the other three accounts do charge commission fees, there are fees for deposits and withdrawals, and there aren’t any bonus opportunities currently. You’ll want to look at the account type you’ve chosen more closely to compare the specific advantages and keep in mind that better spreads go hand in hand with larger deposits with this broker.