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Is Your Forex Broker a Scam?

Is Your Forex Broker a Scam?

Maxitrade broker review

We warn you against transfering any money to this broker. I want to praise the company. And indeed there is for that. First, for the quality of service in passive earnings. I not only earned good money, but also repulsed the invested funds.

This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

This is the first sign that Maxitrade isn’t recommended to use by traders. They aren’t registered. And, because they aren’t registered, they aren’t regulated as well. This is why people are asking if Maxitrade is reliable and trustworthy. When we are looking at the information and the research that we have done, this is what we have found out about Maxitrade.

Between Maxitrade cheating 74-89 % of retail investor accounts lose money when trading CFDs. We advise all investors and traders to avoid MaxiTrade and other brokers from St. Vincent and the Grenadines. Maxitrade is more than just forex brokers.

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and Plus500. St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations.

MaxiTrade Broker Review

are provided for any budget and professional level of the trader. The minimum deposit amount is 250 USD, EUR, GBP or 20 000 RUB. For experienced traders, the broker offers Premium and VIP accounts, with a good set of additional services, such as professional trading strategies, market analytics, insured rates, round-the-clock support and much more.

Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws. If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Smart traders always verify that the broker they are going to invest with, is also licensed in their local country. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. At first glance, this looks like a broker with good trading conditions and some form of regulation but there are some discrepancies between the spreads listed on the website and the ones that you are getting on the trading platform itself. Also, we must note that the IFMRRC certification was just completed in January 2019 so we can assume this is a very new brokerage (they don’t specify a launch date).


  • One cannot really predict that far in the future to have a bulletproof trading plan.
  • Nothing on this website should be considered a recommendation or endorsement.
  • People had difficulties withdrawing money and some have said that Maxitrade representatives traded on their behalf and then asked for more money.
  • The website does not offer investment advice.
  • This broker claims that their goal is to become a reliable and recognizable cryptocurrency broker available to every trader at the market.

MaxiTrade is owned by Strategy One Ltd., which is an offshore company registered in St. Vincent and the Grenadine. MaxiTrade offers its users different types of accounts that are sorted by the deposit amount and vary in settings, options, bonuses, quick withdrawals and one on one support availability. Between 65% and 89% of retail investors lose money with trading in CFDs. Forex, CFDs and Binary Options carry a high level of risk.

It offers the above account types and trading on the industry’s standard MetaTrader 4 platform with seemingly good spreads. In spite of this, we cannot recommend this broker, because it is not regulated. Regarding orders execution model, Maxitrade is a b-book broker (market maker). Maxitrade offers trading of cryptocurrencies only.

Trading always seemed complicated to me…

MT4 is one of the most reliable platforms for trading forex. And, Maxitrade is making use of MT4. I want to draw your attention to the fact that Maxitrade broker offers unique bonus conditions . Turnover requirement is 5 times of the bonus amount only! You can remove bonus from trading account at any time without any restrictions!

People had difficulties withdrawing money and some have said that Maxitrade representatives traded on their behalf and then asked for more money. This type of behavior is similar to what the old binary options brokers did back in the day and is definitely something to avoid. Accounts start at $250, which is average for the industry but I consider it too high because clients should be allowed to “test the waters” with lower amounts until they get the hang of it or until they are certain they want to commit a larger amount. Of course, they offer larger accounts – Silver, Gold, Platinum and VIP, which will require deposits of $3,000, $10,000, $50,000 and $100,000 respectively.

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct. If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business. The last thing that you want is to make use of brokers that have complaints against them.

Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldFxTrading, AZ Trades and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines. There is no exact explanation on the broker’s page that the minimum deposit is $250. However, while going through all the different account types we noticed that the minimum deposit for the start account is $250.

they didn’t teach me how to trade. Now, I almost lose my money, only $2,000 US DOllar left on my account.

Maxitrade broker review