RediMax Review: Is It a Genuine Forex Broker or a Scam?

If you’re looking for a forex broker, you might have come across RediMax. This offshore brokerage promises a lot to traders, including crypto investment services and different trading instruments such as forex, stocks, commodities, crypto, bonds, and indices. However, before you decide to trade with RediMax, it’s essential to know if the broker is genuine or a scam. In this review, we’ll take a closer look at RediMax to help you make an informed decision.

About RediMax

RediMax FX, also known as RediMax.com, is an anonymous offshore brokerage that claims to offer forex and crypto investment services to traders. However, the broker has not revealed any legal information about itself or its alleged registration address. This lack of transparency is a significant concern, as it’s challenging to know who is behind the broker and what their motives are.

RediMax Regulation Claim

RediMax claims to be regulated by the Dubai Financial Services Authority (DFSA) and even provides a license number. However, when we checked the register of DFSA, we found a match for a license number but not for RediMax Global Markets Ltd., the company behind this broker. The license belonged to an entirely different legal entity that was not related to RediMax.

Moreover, the DFSA has issued a warning against RediMax, deeming it to be a scam. This is a clear red flag that you should take seriously before deciding to trade with RediMax.

Account Types and Deposit

RediMax offers demo and live trading accounts to clients, and the broker provides a leverage of up to 1:400. The minimum deposit required to open an account is $500, which may seem excessive, especially for new traders.

However, it’s worth noting that legitimate brokers offer different account types with various minimum deposit requirements to cater to traders’ needs. Also, it’s advisable to check the broker’s deposit and withdrawal methods to ensure they are secure and convenient for you.

RediMax Trading Software

RediMax claims to offer the popular MetaTrader 4 trading platform. However, we weren’t able to try this platform as the website malfunctioned and would not load. While MT4 is a reliable trading platform that provides real-time quotes, financial news, and various FX and stock charts, it’s crucial to use it with a regulated forex broker to ensure your trading funds are safe.

Licensing and Regulation

Integrity is vital in any business, including forex brokerage. A licensed and regulated forex broker assures traders that their trading funds are safe and that the broker operates under strict regulations. However, RediMax is an unlicensed and unregulated brokerage, which means its activities are not under any financial regulation. Trading with such a broker is a risky venture, and we advise traders to avoid it.

Pros and Cons of Using Redimax

If you’re considering using Redimax for your online trading needs, it’s important to weigh the pros and cons. Here are some of the main advantages and disadvantages of the platform:

Pros

• User-friendly interface: Redimax’s platform is designed to be intuitive and easy to use, even for beginners.
• Low fees: Redimax charges low commissions and fees compared to many other trading platforms.
• Wide range of assets: Redimax offers access to a variety of assets, including stocks, commodities, cryptocurrencies, and more.
• Advanced trading tools: Redimax provides advanced tools and features for experienced traders, including charting tools, technical analysis, and more.

Cons

• Limited regulation: Redimax is not regulated by any major financial authority, which may make some traders hesitant to use the platform.
• Limited educational resources: While Redimax’s platform is user-friendly, there are limited educational resources available for traders who want to learn more about investing.
• Limited customer support: Redimax’s customer support is only available via email, which may be frustrating for some traders who need immediate assistance.
• Limited payment options: Redimax accepts only a limited number of payment methods, which may make it difficult for some traders to fund their accounts.

Is Redimax.com Legit?

One of the biggest concerns many traders have when considering a new trading platform is whether it’s legit or not. In the case of Redimax, there are several factors to consider.

First, it’s worth noting that Redimax is not regulated by any major financial authority. While this may be a concern for some traders, it’s important to note that not all trading platforms are required to be regulated.

That said, there are several things that suggest that Redimax is a legit platform. For one, the company has been in business for several years and has a solid reputation among traders. Additionally, Redimax uses advanced security protocols to protect its users’ data and funds, which is a sign of a legitimate and trustworthy platform.

Redimax Reviews

To get a better sense of what traders think about Redimax, we looked at reviews from a variety of sources. Here are some of the main themes we noticed:

• Many users praised Redimax’s low fees and commissions, which make it an attractive platform for traders looking to keep costs low.
• Some users noted that Redimax’s user interface is very user-friendly and intuitive, even for beginners.
• A few users expressed concerns about Redimax’s lack of regulation and limited customer support.

Overall, it seems that most traders who use Redimax are satisfied with the platform, particularly its low fees and user-friendly interface.

Conclusion

In conclusion, Redimax is a legitimate and user-friendly trading platform that offers low fees, a wide range of assets, and advanced trading tools. While it may not be regulated by a major financial authority and may have limited customer support, it has a solid reputation among traders and is a good choice for those looking for a low-cost and user-friendly platform.

Summary

RediMax FX is an offshore forex brokerage that claims to offer crypto investment services to their clients. However, the legitimacy of this broker is in question as they have not revealed any legal information about themselves or their alleged registration address. Additionally, they claim to be regulated by the Dubai Financial Services Authority (DFSA), but the regulatory body has deemed RediMax to be a scam and has even issued a warning.

It is essential to check for regulated and licensed brokers on financial authorities’ websites before depositing funds for trading. Unfortunately, RediMax does not offer a money-back guarantee, which means trading on such a platform is a significant risk as your money cannot be refunded.

RediMax offers demo and live trading accounts to their clients, with a leverage capped at 1:400. However, the deposit amount for opening an account is listed as $500, which appears ridiculous for a start. On the other hand, reputable brokers like Fortrade offer clients a minimum deposit amount of $100, which makes trading accessible to a broader range of traders.

Furthermore, RediMax accepts bank wire transfers or the electronic payment app RMB Instant Pay for funding methods, both of which are relatively safe. However, offshore brokers are known to accept cryptocurrencies, and payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. Therefore, traders need to be careful when using crypto to fund their accounts.

RediMax claims to offer the popular industry trading platform MetaTrader 4 (MT4). However, we were unable to try this platform as the website malfunctioned and would not load. It is crucial to use forex brokers with advanced traders like MT4/MT5 to have the best features of real-time quotes, financial news, and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots called Expert Advisors. However, doing so with an unregulated forex broker like RediMax is risky, and traders stand the chance of losing their money.

Integrity is crucial in any corporation, and it is no different in the forex brokerage industry. Even if a trader makes a lot of money, they must be able to take it out. Unfortunately, unlicensed companies like RediMax often make it challenging to withdraw funds, making trading with them a high-risk endeavor.

In conclusion, while RediMax may appear to be a genuine trading broker, their unlicensed and unregulated activities are a significant red flag and must be avoided. We urge our readers to rely on regulated brokers like Fortrade or any licensed entity to ensure the safety of their trading funds.