By aspect — in detail
Sources split, and the split tracks the mode switch. On the bench and in Boost mode on the balanced output there is near-unanimity: GoldenSound measured about 500 mW into 32 ohms from a phone — more than a Mojo 2 or Hugo 2 — and owners run HD 600s, HD 650s, HD 800 S, Sundaras, Edition XS and even Susvara from it with headroom; Amazon's own tally is twelve positive mentions to one. Against that sits a run of reports — some from returned units — that it was quieter than an Apple dongle or a Moondrop Dawn Pro, and a video reviewer who needed 60 of 100 for an HD 600 and called it powerful but not powerful enough. Four things explain most of the gap: Eco is the default and rates only 31 mW into 32 ohms balanced and 7.8 mW single-ended; the dongle's own volume starts near minimum and must be raised separately from the phone's; iPhones cap USB current; and at least two units were confirmed faulty. A third, measurement-side view says the headline is overstated anyway — the Protocol Max clips only 3.2 dB louder than a Qudelix 5K into 32 ohms.
Measured
GoldenSound (Audio Precision, Android host): about 500 mW into 32 ohms balanced, up to 4 V into a high-impedance load, output impedance just over 0.5 ohms balanced and about 0.25 ohms single-ended. Maker's table: balanced 500 mW at 32 ohms and 54 mW at 300 ohms in Boost, 31 mW at 32 ohms in Eco; single-ended 125 mW at 32 ohms in Boost, 7.8 mW in Eco, 13.5 mW at 300 ohms. jkim: 4.3 Vrms balanced before clipping versus 3.0 Vrms for the Qudelix 5K — 3.2 dB. Host draw measured by PhonoPhi at 132–135 mA in both Eco and Boost, 33 mA idle.
Where it splits
desktop-class power for a dongle — drives planars and 300-ohm headphones in Boost74%
“everything else I tried sounded great on this and I did not feel like they were being limited at all.”
GoldenSound · The Headphone Show (8:33)
underwhelming or too quiet in practice — Eco mode, the 3.5 mm jack, iPhones, some units18%
“On 3.5 it’s still more powerful than the apple dongle but it’s not the powerhouse it’s said to be.”
Benaudio · r/headphones
the headline power gap is smaller than it sounds8%
“However, in reality, the maximum power output difference b/w these devices is not practically substantial.”
jkim · Audio Science Review
Sources split three ways. Listeners and the independent bench agree the background is silent: about −90 dB THD+N at 50 mV output, no audible floor with sensitive IEMs, and owners of low-impedance all-BA sets report the same. A measurement-side camp says the spec sheet oversells it — jkim finds the claimed 132/127 dB SNR unreachable with these op-amps and likely a dynamic-range figure taken with DRE engaged, notes that the Cirrus DRE threshold was lowered rather than made switchable (the KA15 can disable it), and an r/inearfidelity derivation from the published numbers puts its low-level THD+N in line with the other dual-op-amp dongles rather than ahead. A third, smaller camp is field reports: crackle from a phone's cellular radio, and buzzing or static in one channel on units that were later replaced.
Measured
Maker: SINAD 116 dB single-ended / 117 dB balanced into 600 ohms; spec sheet SNR 132 dB balanced / 127 dB single-ended; crosstalk −116 dB balanced but −65 dB single-ended. GoldenSound: about −90 dB THD+N at 50 mV, roughly 7 dB better than a Mojo 2 and 3–5 dB behind the quietest desktop IEM sources. Amazon 'Interference' tally: 2 positive, 4 negative.
⚠ vs. listeners — The 132/127 dB SNR on the spec sheet is, per jkim's bench experience with CS431xx devices, not achievable with SGM8262 output stages even by state-of-the-art desktop DACs; it is most likely a dynamic-range measurement with DRE engaged. The maker's own SINAD plots (116/117 dB) are the figures that survive scrutiny.
Where it splits
silent, even with sensitive IEMs55%
“just because it's got very high dynamic range, low noise, so there's no noise floor whatsoever, but also with power hungry stuff.”
GoldenSound · The Headphone Show (8:14)
the spec overstates it; DRE is lowered, not switchable33%
“Even the solution to DRE-induced distortion looks identical to TTGK's and FiiO's (the DRE activation threshold set to a much lower level ) as indicated in the multitone test's elevated noise for -45 dB signal.”
jkim · Audio Science Review
crackle, static and phone interference in the field12%
“After less than 3 weeks of occasional use the Protocol Max developed a harsh buzzing/static in the right channel.”
AceCadet · Amazon owner review
Transparency
Contested · 18 srcSources split, and the split is the usual electronics one. The larger camp — the bench, the Head-Fi reviewers, most owners — hears a neutral, uncoloured source that gets out of the way; GoldenSound found detail on par with or slightly above a FiiO KA17, more natural if a little less separated on dense tracks, and traced a slight softening at full-scale line-out to the Cirrus linearity dip. A second camp, led by the measurement-minded, says that is exactly the point: it is a competently built CS43198 dongle and should be indistinguishable from the KA15, the TRN Black Pearl or any other, with or without the equaliser. A third voice, a 3-star Head-Fi reviewer comparing against a Chord Mojo 2, heard it as neutral but lifeless — bass without weight, dull vocals — while saying it is objectively an amazing product for the money.
Measured
Maker: THD+N −118 dB balanced / −116 dB single-ended at 0 dBFS; multitone at 0 to −45 dBFS shows the Cirrus DRE 'hump' corrected, SMPTE ratios under −100 dB above −25 dBFS; default filter fast roll-off, low latency. GoldenSound: distortion does not rise toward full output; linearity drops about a third to a quarter of a decibel above −30 dBFS (seen on other Cirrus dongles); substantial ultrasonic noise that matters only when feeding an external amplifier.
⚠ vs. listeners — Both benches say transparent. The 'bereft of life' verdict came from a Mojo 2 owner and the 'darkens the sound' remark from a Questyle M15i owner — a preference against a reference they already liked, not a measured defect; the same reviewer calls it neutral without any coloration.
Where it splits
indistinguishable from any other CS43198 dongle31%
“With respect to performance and functionality, there should be virtually no difference between this and FiiO KA15.”
jkim · Audio Science Review
neutral but dull and lifeless5%
“The protocol max made me not enjoy the music I was listening to. It sounded bereft of life.”
PrinceLestat · Head-Fi (3/5)
Features
Contested · 22 srcSources split, and the split is about the same feature. The persistent 10-band PEQ — built in the Hangout.Audio graph tool against the largest measurement database in the hobby, auto-EQ to a target in one click, stored on the dongle so it follows you from phone to PC — is why most reviewers and owners bought it, and the headphones.com team named it DAC/amp of the year for exactly that flexibility. The dissenting camp lists what the feature cannot do: it can only be set from a Chromium browser on Windows or macOS (not Linux without a udev rule, not iOS, not Safari or Firefox), it holds one profile, there is no button or menu to switch the equaliser off — you delete every band — there is still no first-party app almost a year after one was promised, the web tool has gone unreachable, and on a PS5 the dongle cannot override the console's USB volume cap as a Qudelix can. Third-party workarounds exist (the WalkPlay web tool and Android app recognise the hardware and add presets and cloud sharing) and split opinion further: convenient, or a login with a Chinese developer nobody vetted. A separate measurement-side worry is stewardship — jkim doubts the TTGK/FiiO/Topping generation of PEQ dongles will ever get the firmware attention Qudelix, RME or JDS give theirs. Everyone agrees on the rest: 4.4 mm and 3.5 mm out, Eco/Boost, a UAC 1.0 fallback for consoles, DSD, and no microphone support.
Measured
10-band PEQ, one stored profile, pushed from graph.hangout.audio in a Chromium browser on Windows/macOS (Linux needs a udev rule and then reports 8 bands); the WalkPlay web/Android tool also recognises the device. UAC 2.0 by default (32-bit/768 kHz), UAC 1.0 by holding Vol+ on connection (24-bit/96 kHz) for the Switch and PS5 — but no hardware override of the PS5's halved USB volume. No microphone support.
Where it splits
the PEQ workflow is half-baked for a portable — computer-only, one profile, no toggle, no app34%
“EQ feature is clunky AF and there is no way to deactivate or switch profiles unless you connect to a PC / Mac (with chrome).”
Benaudio · r/inearfidelity
a commodity PEQ module with no firmware stewardship8%
“In my view, these new DACs with onboard PEQ from FiiO, Topping, TTGK (manufaturing for TRN, NiceHCK, Crinacle), etc. are not comparable to Qudelix, RME, JDS Labs products.”
jkim · Audio Science Review
Ergonomics
Contested · 15 srcSources split. It is small (the size of a lip balm, 17.9 g), light, pocketable and — for most — pleasant: tactile buttons, a switch for gain, a status light that can be turned off, no battery to manage. The complaints are specific. On iOS and macOS the volume curve reads as linear, so the phone has to sit near maximum before the dongle's steps become usable; the dongle's own volume is separate from the host's and starts near minimum, which confuses newcomers and produced at least one 'defective' post; it runs warm in Eco and hot in Boost, and draws the same 132–135 mA in either mode, so Eco saves no battery; the USB-C socket is shallow enough that the cable can lose contact in a pocket; and the LED colours (they follow sample rate) went undocumented for months. A mixed middle finds the buttons loose and the Eco/Boost switch an afterthought but otherwise likes the footprint.
Measured
PhonoPhi: 17.9 g main unit; 132–135 mA host current playing in both Eco and Boost (about 0.7 W), 33 mA idle — against 60–65 mA for Tempotec's Cirrus dongles and over 220 mA for a FiiO KA17 in its power mode. Amazon 'Volume control' tally: 4 positive, 2 negative; 'Portability' 5 to 1.
Where it splits
volume curve and steps, heat, and a USB socket that loses contact33%
“volume curve seems linear, meaning you need to have it almost maxed out to get to the usable range and then you don’t have enough granularity to adjust finely enough.”
Benaudio · r/inearfidelity
mixed — great footprint, but loose buttons and warmth16%
“With my OCD-like tendencies to examine things, the buttons are slightly dangling, especially eco-boost switch feels a bit as some afterthought addition.”
PhonoPhi · Head-Fi (4.5/5)
Mostly praised — an all-metal chassis that feels more expensive than $90, a braided USB-C cable, a window onto the board — but with a failure minority that is hard to ignore for a product this young: right-channel buzz or popping after weeks (two Amazon units, one refunded after the owner was asked to prove the fault), a left channel dropping out at six months with the owner paying return shipping, a crackling unit from Linsoul's AliExpress store, and an in-box cable that carried static and was not covered. Smaller gripes are cosmetic: shiny, rattly buttons, and glue visible through the window on one unit.
Where it splits
solid metal, premium for the money65%
“The Protocol Max comes in an all- metal matte black chassis with a small window allowing you to see some of the internal circuitry.”
GoldenSound · The Headphone Show (0:36)
unit-to-unit faults and a QC question18%
“It sounds like there are a fair amount of defective units out there and someone needs to do some QC.”
BaHayZeus · r/headphones
fine, with cosmetic lapses17%
“Sounds good and build is ok (apart from some glue leftover from the window showing through)”
Benaudio · r/inearfidelity
Sources split along the equaliser seam. The larger camp calls it the benchmark under $100: the cheapest dongle with this much balanced power and an on-device PEQ, GoldenSound's entry-level DAC and DAC/amp pick for 2026, the headphones.com team's DAC/amp of 2025, worth two or three Apple dongles by a sceptical Head-Fi reviewer's own arithmetic, and cheaper still bundled with a Daybreak or Reference. The other camp does the same arithmetic and buys something else: a FiiO KA15 with the same chips, three switchable profiles, a screen and a working app; a $35 TRN Black Pearl that measures the same and also has PEQ; or a Qudelix 5K whose software does everything this cannot. Several of those posts end with the Protocol Max sold or returned.
Measured
US$89.99 at crinear.com, headphones.com, Bloom Audio and Linsoul on 2026-09-15 (Bloom open-box $80.99); S$119.99 at Hangout.Audio in Singapore; £79.99 in the UK. Amazon 'Value for money' tally: 7 positive, 3 negative.
Where it splits
benchmark value at $90 — nothing else does this much for the money63%
“as a portable source, this is objectively great, subjectively great at a price point that's hard to argue with.”
GoldenSound · The Headphone Show (12:02)
a KA15, a Black Pearl or a Qudelix 5K does it better or cheaper37%
“I would prefer the KA15, anyway, because it enables on-the-fly change of settings with its buttons and on-device display.”
jkim · Audio Science Review