Is broker MaxiTrade Scam — real client’s review
- MaxiTrade Scam Issue
- MaxiTrade Background/Regulatory Status
- MaxiTrade Services
- MaxiTrade Terms and Conditions
- MaxiTrade Dispute Interventions
- MaxiTrade Client Review
MaxiTrade Scam Issue
Maxirade is a young force in the financial markets existing online to act as an intermediary between traders and the forex market. Despite being young in the brokerage service, it can’t be denied and hidden that MaxiTrade has been facing controversy as forex account users express their sentiments online in the form of reviews and comments in the different forex broker service forums.
These account users claim and vent out that broker MaxiTrade is a scam by getting their clients’ money or not allowing account users to withdraw their money from their trading accounts. This is where it revolved and eventually grew that many started to believe the accusations, hence, bringing forth the maligning notions such as “MaxiTrade cheat, MaxiTrade lie, MaxiTrade fraud, and so on.
Account users, trading losers, or even naysayers were quick to conclude and throw shade to MaxiTrade and its legitimacy as a forex broker. In light of these issues, this MaxiTarde review will help everyone understand what MaxiTrade really does and its real regulatory status. From there, readers can give their own verdict of the issue after considering the unraveled truth about MaxiTrade, its background, and its services.
MaxiTrade Background/Regulatory Status
If you log on to MaxiTrade official site — https://maxitrade.com/, it claims to have started operating 10 years ago. However, MaxiTrade’s certification of its regulatory status was issued only in January 2019. Based on the Certificate of Compliance issued to MaxiTrade by the Financial Market Relations Regulation Center (FMRRC), MaxiTrade was listed in its System Register on January 15, 2019, and is valid until January 15, 2020.
Hence, technically speaking, MaxiTrade is officially a regulated broker under FMRRC which has a legal address in Beachmont, Kingstown, St. Vincent and the Grenadines. Albeit being a certified broker, MaxiTrade could not win online traders’ nod as the site seems to have unsettled issues. For one, MaxiTrade’s official stated operation time period and its regulatory certification date do not jibe. Some even question the integrity of FMRRC being a non-governmental regulatory body.
Nonetheless, the fact stands that MaxiTrade is a regulated broker.
MaxiTrade has a wide option of assets to trade. While it specializes in cryptocurrency trading, MaxiTrade also thrives in Forex, Commodities, Indices, and Stocks. Alongside its large basket of assets, MaxiTrade also boasts of its good trading platforms that are both available on the web and mobile.
For traders to go for a MaxiTrade login, they need to make a minimum deposit at $250. Trading conditions provided by MaxiTrade is one of the best in the markets capped by its high leverage on most currency pairs at 200:1 while it is 50:1for its cryptocurrency service.
MaxiTrade has expanded its market and brokerage services overseas that is why its website https://maxitrade.com/ is available in languages including English, Polish, Russian, Spanish, German, and Arabic.
Trading signals available in MaxiTrade are also one of its best assets. These trading signals are part of the trading platform’s features. Trade alerts are made possible through trading signals alert system utilizing a number of technical indicator tools.
In terms of special promos and perks, MaxiTrade is at par with the leading brokers as it offers up to 100% welcome bonus. Experienced traders can avail of the Premium and VIP accounts that are powered with market analytics, round-the-clock support, and professional trading strategies.
MaxiTrade Terms and Conditions
MaxiTrade has made it clear to its clients about its terms conditions as they avail the broker’s services. The extracted text below reflects the company’s payment system involves a third party or an outsourced financial service. This is actually one of the many points of doubters of the site. They claim it suspicious to deal with two unverified entities to entrust their money to. However, the broker made sure that clients know and understand this.
You hereby acknowledge and confirm that the Company is engaging an independent third party or payment service provider for payment collection. You acknowledge and confirm that the third party or payment service provider is acting on your instruction to transfer the funds on your behalf to the Company with no liabilities, obligations or warranties. You agree and confirm that you have no right to claim any transferred funds from the third party or payment service provider in any way, or under any title or under any circumstances.
Another extract from its Client Agreement statement is about the company’s policy to refuse to process a Withdrawal request. This clearly puts MaxiTrade at a dim spot as it might be conflicting against the client’s right to withdraw money from the trading account.
We may, in our sole discretion, refuse to process a Withdrawal request or place a payment hold on any part of all of your funds in your Account for any reason, including if we have a reasonable suspicion that you have breached this Agreement.
Unless the company stipulates the specific instances in which clients could not withdraw their money from their accounts, this policy gives traders the reason to be cautious and doubt the brokerage firm.
MaxiTrade Dispute Interventions
MaxiTrade has been plagued with accusations and fraud claims by several users. As a countermeasure, it has added several features to the MaxiTrade.com site to address these alarming concerns. Some of these features include the Risk Disclosure Policy statement and the Controversial Issues sign up form.
Risk Disclosure Policy
On the MaxiTrade site, it explicitly states the Risk Disclosure Policy. This is a way to let traders know the risk there is in trading and the specific measures and disclaimers to the different trading instruments MaxiTrade offers.
Controversial Issues Feature
They also have a feature on their site for clients who wish to file a claim or issue about the broker. This way, every anomaly is taken into account and that the client has a way to address the issue in the most appropriate manner. MaxiTrade gives its clients the chance to appeal and complain irregularities experienced during or after trading.
MaxiTrade Client Review
A lot of online broker review does not favor MaxiTrade and that most of them told one narrative: MaxiTrade is not safe.
If some make baseless claims about MaxiTrade scam, it is just fair to hear success stories from others who experience seamless trading with the MaxiTrade broker.
Let us read one of the MaxiTrade customer reviews posted on the MaxiTrade official site.
This testimonial speaks volumes about MaxiTrade’s legitimacy and effectiveness as an online forex broker. As mentioned in this forex review, the client was fully aware that trading itself is risky and that there will be times when traders lose money which made some traders think why forex is a scam. However, getting the right broker and trading with a legit broker like MaxiTrade will be a boon for many traders as long as they are able to maximize the features and trading services and conditions MaxiTrade offers.
Coupled with persistence and good trading strategies, trading can definitely help change traders’ fortune through legit and competitive brokers like MaxiTrade.
MaxiTrade is a safe forex broker and not a scam. It is a regulated broker and affiliated with several financial institutions. Despite having questionable Client Terms and Agreement as reflected in its official site https://maxitrade.com/ , MaxiTrade is a performing brokerage service ready to cater to traders who are willing to risk their capital in exchange for profitable trading.
After facts and background information about MaxiTrade were unearthed, exposed, and laid down, you now decide – Is MaxiTrade scam?