Is Forex Broker MaxiTrade scam or not?
- Maxitrade Regulation & Safety of Funds
- MaxiTrade Deposit and Withdrawal Methods and Fees
- MaxiTrade Services
- MaxiTrade Comments
MaxiTrade is an online Forex and CFD broker. It offers an array of asset classes including currency pairs, indices, commodities, stocks, and cryptocurrencies. This brokerage firm is manned by Day Dream Investments Ltd. This company is known to be registered at Kingstown, St. Vincent and the Grenadines.
An increasing number of reviews from account users circulating online are claiming that MaxiTrade is a form of scam. Do these claims have a basis? If they do, are all the accusations against MaxiTrade true? On the other hand, if these are baseless accusations, why do some MaxiTrade customer reviews say otherwise? Like they say, “there’s no smoke without fire.”
But before diving into a conclusion, online traders need to know everything about MaxiTrade, its services, trading conditions, and other pertinent terms and agreement that come with every trading decision. In this MaxitTrade review, let us find out if MaxiTrade broker is safe or scam.
Maxitrade Regulation & Safety of Funds
MaxiTrade is registered with the International Financial Market Relations Regulation Center (IFMRRC) with certificate 0395 AA V0128. Technically, MaxiTrade is a regulated and legally operating online broker. However, IFMRRC is a non-governmental organization. Private regulatory bodies are not known to be strict in implementing rules as long as their clients pay the necessary fees and comply with their prescribed set of requirements.
In this regard, MaxiTrade stands as a regulated forex broker but the reputation as an honest broker remains questionable.
In terms of funds safety, MaxiTrade’s payment processing services are offered and managed by Marlay Corp Ltd., an Azerbaijan-based company. This means that traders’ financial accounts and trading money are handled by Marlay as its payment processor. In this case, traders are dealing with two different companies as they trade online with no full assurance of its safety. But just to be fair, there haven’t been any apparent indications of fraud or scam in this particular set-up.
Setting the benchmark for the security of funds of online traders are brokers whose affiliations are with (but not limited to) the following financial institutions: the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
These known institutions have been recognized to be guaranteeing the security of an investment as these institutions require their brokers to allow external audits, file regular reports, and provide negative balance protection to their customers.
MaxiTrade Deposit and Withdrawal Methods and Fees
Forex trading is a gamble as profits are not guaranteed. More so, many forex brokers employ different terms and agreements that their clients have to comply with before, during, or even after trading. Depositing and withdrawing money from the users’ trading account is also guided by special terms as indicated by the forex broker.
There may be account users who are unable to withdraw their money for some reason, perhaps, by being unable to follow the agreed terms. Aside from this, traders who keep losing their trade bets may be another reason why forex is a scam for them for that matter.
These are some of the possible scenarios why some traders label Maxitrade scam. As for MaxiTrade (https://maxitrade.com/), its offered welcome bonuses start from 50% up to as big as 150%. However, these bonuses are not easily awarded to traders. Instead, traders will have these bonuses after meeting a certain minimum trade volume requirements, for instance, which if not met, will result in forfeiting their privilege to withdrawing their funds.
This explains why some users say MaxiTrade is a scam or brand MaxiTrade fraud. It is interesting to note though, that MaxiTrade clearly indicated its intention to hold a client’s withdrawal rights at any given time as it said in its Client Agreement:
“We are reserving the right to institute limits on the amount of funds you may withdraw in any given period of time” and “in our sole discretion, refuse to process a Withdrawal request or place a payment hold on any part or all of your funds in your Account for any reason.”
This statement puts MaxiTrade into a questionable stance. Legitimate brokers would not normally hold clients’ right to withdraw funds as long as they are able to comply with the Client agreement.
On a different light, however, the above statement dispels any MaxiTrade lie that it deceives traders and gets their money when in fact it clearly stated its account policy from the get-go.
Nevertheless, MaxiTrade continues to operate by its mandated rules for its clients. Its minimum deposit is at $250 for the Start Account and $100,000 for the VIP Account. It accepts payments through WebMoney, QIWI, VISA, MasterCard, and Bitcoins.
The MaxiTrade official site https://maxitrade.com/ features a large basket of assets to trade capped by a good number of cryptocurrencies with high leverage. It offers the MetaTrader 4 mobile app and the web platform. The MaxiTrade site also boasts its spreads both on the demo and actual trading account. But here comes the problem: the spreads presented on the demo accounts are far from the spreads presented on the actual accounts. This may be one consideration why some traders claim for a MaxiTrade cheat.
Besides this, MaxiTrade provides competent and welcoming trading perks. When investors try to Maxitrade login, they are given the opportunity to use the language they are most comfortable with as the site is translated in 6 languages. It has a minimum deposit of $250.
MaxiTrade’s specialty is cryptocurrency trading. The broker offers a wide range of cryptocurrencies to choose from including Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Ripple, Monero, Stellar Lumens, Zcash, etc. This offering is complemented with high leverage that goes up to 1:200.
Let us know what others say about MaxiTrade by reading some actual forex reviews posted online. Start by reading this feedback by Eric Parker:
This is just one of the many proofs that MaxiTrade is a legitimate forex broker and it operates within the bounds of honesty. The review specifically noted that the user did not encounter delays in withdrawing his funds from his trading account.
On to the next MaxiTrade review, let us hear it from Viktoriya Arkhipova:
This testimony is also a clear depiction not only of MaxiTrade’s legitimacy as an online broker but also its capability to help traders earn through profitable trading. She also made mention of the helpful account managers of the MaxiTrade.com site and their good customer care services.
These are just some of the many testimonials of traders’ success using with MaxiTrade as their forex broker.
Once you have created an account and have taken care of protecting it by creating a secure password, you will need to deposit funds into your account. First of all, it is necessary to decide for yourself what kind of payment method will be most convenient for you. This can be done using:
- credit card
- bank account
- debit card
The difference in the process of replenishing your account is directly related to the fact that the commission for each of the options will be different, therefore, in order not to spend the extra money initially, you need to find out what commission you will pay in each particular case.
MaxiTrade is an IFMRRC regulated brokerage site and is one of the competitive brokers out in the markets as it offers comfortable trading conditions, a variety of assets to trade, and the popular trading platform in MT4 in both mobile and web-based formats.
Minus some questionable terms found in its Client Agreement data, MaxiTrade is a safe broker to invest in and does not live up to what others claim to be a fraudulent service.