The company is incorporated in the USA (member NFA, CFTC is regulated). Its head office is located in London. Leaders of the company are not mentioned on the site.
Company's Market Position
It is stated in the section of site, that the company gives clients direct access to FX Solutions' Global Trading System (GTS). Thus it is possible to conclude, that MadaFX is an introduced broker or partner company of FX Solution.
Client deposits are placed in JP Morgan Chase Bank. FX Solution is a liquidity supplier company. The company provides individual, collective (joint) and corporate trading accounts.
Types Services Offered
The company trades 7 major currencies and their cross-courses. There is information about terms-of-trades on the site and it is rather full. Terms-of-trades are determined by the leading company (FX Solution): lots from 100 000 to 1000 units of trading currency are supported, the sizes of credit leverage (and, accordingly, initial margin) can change from 50:1 to 400:1. The limit on maximal volume of single transaction is set depending on the chosen lever.
Quotation is made by the stream method. The sizes of standard spreads are indicated and the company warns of any possible expansions of spreads at the market.
The transfer of positions to the next day is executed on the standard method of SWAP.
Trading accounts are opened directly from the site. Minimum initial deposit is set in $5000.
Depositing or withdrawing money is realized with a standard bank order, credit cards, the system of PayPal and by cashier checks. Deposits can be in any of trading currencies.
There is a lot of standard information for a beginner on the site. The company also offers an on-line tutorial NFA to it's clients. Demo-accounts are available too. They are not limited in time and it adds to their appeal for customers.
There is a Chinese version of the site.
Clients may ask for support via phone, e-mail and through online forms. All news and analytical support is available only for real clients who have depositions on trading accounts. The company has it's own market research and a "MadaFX Position Tracker" addition. Both are offered to clients for making managing positions easier.
There are no public analytical sections on the site.
The Trading Platform
The trading platform of (GTS) is workable and performs basic informative services. GTS provides possibilities of hedging of the opened position without collecting of any additional margins. A graphic analysis can be executed both within the framework of GTS and by a free program FX AccuCharts.
Site Design and Ease of Navigation Comments
The design of the site is simple. All information is arranged well. Navigation doesn't cause any difficulties.
|Headquarters||2nd Floor, 145-157 St. John Street, London, EC1V 4PY, United Kingdom|
|24 hour support|
|24 hour trading|
|Digits after the dot in quotes|
|Minimum position size|
|Pip spread on majors||3-5|
|Standard account, $||500|
|Mini account, $||500|
|Other payment methods|
|Popular payment methods||Credit Card, PayPal, Wire Transfer|
|Platforms||MadaTrader, FXSol GTS, FXSol MT|
I've tried trading with MadaFX and that's what I think. The reason why I leave this comment is lack of real experience from people who leave comments on forums about this broker. First of all, it's all about real money trading accounts. Initial balance started from $500, I said started because firm suspended forex services. Anyway, it was real broker with CFTC licenses and mt4 platform. All deposits and withdraws made through Chase bank within 2-3 days. They had worked with serious partners and each trader was able to trade without conflict of interests.