Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo licence on any register while taking deposits, plus a false 'multi-body regulated' and ICF claim.
Identity & transparency
8/10 · CriticalOffshore Saint Lucia shell run from Indonesia, no named owners or team, apparent rebrand of an earlier brand.
Withdrawals & conduct
9/10 · CriticalFund-integrity pattern including a bank-flagged advance-fee demand and withheld capital, across multiple reviewers.
Reputation
8/10 · CriticalTrustpilot 2.3 with a single-day five-star burst; multiple independent sites flag it as an unregulated scam.
Website claims
9/10 · CriticalClaims regulation and ICF protection it does not have, and markets a longer history than the entity supports.
Operational history
6/10 · HighDomain dates to 2019 but the contracting entity is a 2024 offshore shell linked to a prior scam brand.
Who they are
A quick desk file on the company behind the brand.
- Brand: Promax / Promax Trading
- Legal entity: Promax Trading Limited (company number 2024-00683)
- Registered: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia; back office listed in BSD City, Tangerang, Indonesia
- Website: promaxtrading.com
- Only licence: None. No financial licence exists on any regulator register; the Saint Lucia entry is a company registration, not a trading licence
- Offers: Forex, commodities, stocks and indices on MetaTrader 5, plus a social-trading feature
- Not accepted: Residents of the US, Canada, China, Singapore, UAE, Romania and Labuan (Malaysia), per the site
- Age claim: States it has served traders 'since 2018'; the domain dates to December 2019 and the contracting company was registered in 2024
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
None named (site claims 'multi-body regulated' and ICF protection)
Why we reached this verdict
How the evidence adds up.
We rate Promax Trading a likely scam because the money-handling complaints are specific and the regulatory picture is false.
- They ask for money to release your money. One client was given wiring details to pay 'withdrawal fees'; his own bank refused to send it and advised him to go to the police. A demand for an extra payment before funds are released is the classic advance-fee scam pattern and has no honest explanation.
- Funds are withheld. Separate reviewers describe profits erased on a vague 'hedging not allowed' excuse and a 300 dollar balance stalled for weeks. The complaints come from several countries and repeat the same mechanism.
- The regulation claim is untrue. The site says it is 'multi-body regulated' and that funds are protected by the ICF (an investor-compensation scheme tied to EU/Cyprus regulation). We found no licence for this company on any register, so the ICF claim cannot be real.
- It is an offshore shell. A Saint Lucia company registration bought in 2024, run out of an Indonesian office, with no disclosed owners or staff.
- It appears to be a rebrand of an earlier scam. A reviewer states the operators previously ran 'maxpromarkets', which itself carries scam reports.
- The good reviews look planted. The five-star reviews cluster on a single day (26 September 2024) from brand-new one-review accounts, while the detailed negative reviews are spread across many months.
Note on operating history: the 6.6-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The website markets Promax as 'multi-body regulated' and says client funds are protected by the ICF, but names no regulator and no licence number.
StrongPromax Trading websiteE2No trading licence for this company exists on the FCA, ASIC, NFA, CySEC or any other register; it is an unregulated Saint Lucia company only.
E3A client was given details to wire 'withdrawal fees'; his bank refused the transfer and told him to go to the police, and he was told to pay the fees or get no money.
E4Reviewers report a 300 dollar deposit withheld for weeks on repeated 'one more week' excuses and profits deleted under a 'hedging not allowed' rule not disclosed beforehand.
E5The five-star reviews are clustered on a single day (26 Sep 2024) from new one-review accounts, while detailed negative reviews are spread over many months, indicating planted positives.
ModerateTrustpilot review distributionE6A reviewer states the operators previously ran 'maxpromarkets', a brand that itself carries scam complaints, suggesting a rebrand of an earlier operation.
E7Victims were funnelled to the platform via a 'Mike Jones Investing' YouTube and Discord channel, matching a pig-butchering distribution pattern.
E8The operating entity is Promax Trading Limited, Saint Lucia company number 2024-00683, with a back office listed in Tangerang, Indonesia and no disclosed owners.
E9The domain promaxtrading.com was registered on 26 December 2019 through Namecheap and sits behind Cloudflare; the brand has existed since about 2019 to 2022 but the licensed protections claimed do not exist.
E10Independent review and warning sites consistently classify Promax as unregulated and describe withdrawal refusals, fee demands and account or profit manipulation.
E11A minority of reviewers report smooth deposits and one 'instant' withdrawal, and the company posts public replies to negative reviews.
The other side
The strongest case in this broker’s favour.
In fairness, here is the case for caution rather than certainty.
- The domain is genuinely older than a throwaway scam site, registered in December 2019, and a handful of reviewers report smooth deposits and even an 'instant' withdrawal.
- The company does reply to negative reviews and disputes them, which a pure hit-and-run operation often does not bother to do.
- Some of the negative reviews are ordinary trading gripes (spreads, slippage, stop-loss behaviour, leverage rules) rather than theft, and traders lose money at honest brokers too.
- No government regulator has yet published a formal warning naming promaxtrading.com, so the strongest fund-theft evidence rests on user reports rather than an enforcement record.
- The 'maxpromarkets' rebrand link comes from a single victim's statement, not from shared registration or infrastructure we could independently prove.
These points lower our certainty a little, but they do not survive the advance-fee demand and the false regulation claim.
What would change this
What we would need to see to revise the verdict.
We would revisit this verdict if:
- Promax produced a real, current trading licence from a recognised regulator, verifiable on that regulator's own register under this exact company and website.
- The withheld funds and 'pay a fee to withdraw' reports stopped and were replaced by a consistent record of clients being paid out in full.
- The site dropped the false 'multi-body regulated' and ICF claims and disclosed its real owners and management.
A government warning-list entry naming the domain, or confirmed shared ownership with 'maxpromarkets', would push this toward a confirmed scam instead.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Frequently asked questions
Quick answers about this broker’s safety.
Is Promax Trading a scam?
It shows the hallmarks of one. Promax is unregulated, falsely claims to be 'multi-body regulated', and clients report being asked to pay fees before withdrawals are released and having funds withheld. We rate it a likely scam and advise against depositing.
Is Promax Trading regulated?
No. Promax Trading Limited holds no licence from the FCA, ASIC, NFA, CySEC or any other genuine financial regulator. It is only registered as a company in Saint Lucia, which is not the same as being licensed to run a brokerage.
Can I withdraw my money from Promax Trading?
Many users say no, or not without conditions. Reviewers describe being told to wire 'withdrawal fees' first, long delays, and profits being deleted. One client's bank refused the fee transfer and told him to go to the police.
Is my money safe with Promax Trading?
There is no meaningful protection. The site's claim that funds are covered by the ICF investor-compensation scheme is not supported by any licence we could find, so client deposits are not protected by any recognised scheme.
Who owns Promax Trading?
The operator is Promax Trading Limited, a company registered in Saint Lucia (number 2024-00683) with an office listed in Tangerang, Indonesia. No owners, directors or management team are named on the website.
How old is Promax Trading?
The website domain was registered in December 2019 and the company was registered in Saint Lucia in 2024, though it advertises operating 'since 2018'. The business is not the long-established firm the marketing suggests.
What is the ICF that Promax mentions, and is the claim real?
The ICF is an investor-compensation fund linked to EU and Cyprus (CySEC) regulation. Promax is not CySEC-regulated and holds no such membership, so the claim appears false and misleading.
Is Promax Trading a clone of another company?
We found no evidence it impersonates a specific regulated brand. It runs under its own name. However, a reviewer says the same people previously operated a brand called 'maxpromarkets', which has its own scam complaints.
Why does a Saint Lucia registration not mean it is regulated?
Saint Lucia lets companies incorporate without a specific forex licence when they do not solicit local residents. That registration is just a company on file; it involves no oversight of how client money is handled.
What should I check before depositing with any broker like this?
Confirm a real licence on the regulator's own register under the exact company and website, look for consistent proof that clients are paid out, and be wary of any broker that asks for fees to release your funds or hides its owners.
I was scammed by Promax Trading. What can I do?
Stop sending any more money, including 'fees' to unlock funds. Gather your records, ask your bank about a chargeback or transfer recall, and report it to your national police and financial regulator. Avoid paid 'recovery' services that demand upfront fees.
Does Promax Trading accept clients from my country?
The site says it does not serve residents of the US, Canada, China, Singapore, the UAE, Romania and Labuan (Malaysia), among others. Being outside that list is not a safety signal given the wider problems with this broker.
What we recommend
The practical takeaway from everything above.
Our advice to anyone considering Promax Trading:
- Do not deposit. Treat any request to pay a fee, tax or 'insurance' to unlock a withdrawal as a scam and stop paying immediately.
- If you already deposited, request a full withdrawal in writing, keep records, and do not send any further payment to release funds.
- If you paid by card or bank transfer, contact your bank about a chargeback or recall, and report the loss to your national police and financial regulator.
- Ignore anyone who contacts you promising to 'recover' your money for an upfront fee; those are follow-up scams that target the same victims.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 18, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.