Alert, MaxiTrade is a scam broker. We intend to prove this in our MaxiTrade Review by using strong arguments and facts. Please read this review before doing anything in order to avoid getting scammed.
Debunking the lies of this website was done by analyzing the broker’s legal background, trading platform, client complaints, trading instruments, and funding methods.
Yes, MaxiTrade’s regulation is fake. At the bottom of the con artist’s website, you’ll find a screenshot that reads “DayDream Investments” from the Marshall Islands.
Since this is an offshore domain with a negligent regulator in GLOFSA, we have no reason to trust this brokerage. Its monkey business is not supervised and MaxiTrade can basically run its scam unhindered.
Top-tier regulators that oversee brokers include the European Securities and Markets Authority (ESMA), the FCA, ASIC, the CFTC & NFA, IIROC, BaFin, etc.
However, the warnings from the latter two watchdogs contain a different domain from the one we posted in the table above. But the name is the same, MaxiTrade.
The CNMV’s warning contains the domain we’re covering in our review. It also stresses the connection between this cyber scammer and other websites.
MaxiTrade has targeted unsuspecting traders from all around the world. We compiled a list of countries where this scammer mainly found victims:
MaxiTrade’s website is in Polish and Russian. There are also some complaints from US and Canadian traders, which means that this scheme is deeper than it seems.
The reason why we’re doing the MaxiTrade review is the number of trader complaints we found online. Trustpilot is full of frustrating experiences.
Withdrawal issues, cease of communication, and illegal fees, that’s the gist of this scam, based on what we’ve read. Keep in mind that it’s illegal for a broker to demand you pay a fee in advance before performing your withdrawal request.
Several phones calls. Several email sent out. I paid fees yet no work was done on my withdraw order, was just told to be patient which led to me waiting for months…
MaxiTrade offers a proprietary platform called xCritical. According to the website, this platform is web-based and features auto chartist market analysis technology, a built-in chat with a personal analyst, a detailed history of completed operations, etc.
Aside from this mysterious xCritical, MaxiTrade included a mobile trading app for Android and iOS. The reason why we say mysterious is that MaxiTrade didn’t include a demo account.
According to one of the complaints we read, MaxiTrade is persistent with phone calls. So the phony broker is a spammer.
In addition to a phone number, MaxiTrade included an email but we didn’t find any social media. There’s also reason to believe that this training scam is part of a greater scheme.
To make sure this scam works, MaxiTrade included the classic selection of trading instruments:
MaxiTrade provided a table containing the spreads for all the available FX trading instruments. For instance, the spread for the benchmark EUR/USD pair ranges from 2.5 pips (Mini) to 1 pip (Platinum).
Basically, you would have to invest a lot of money to get competitive spreads, which is shady. As for the commissions, the overnight amount depends on the transaction – 0.005 % – 0.015 %, 0.5% for crypto.
Here’s an overview of MaxiTrade’s trading account types, per the broker’s website:
Setting a minimum deposit requirement of 500 $ is insane. Nowadays, you have a legit and licensed broker that offers a Micro-account for just 10 $. These account tiers are really pricy. It’s definitely not worth the risk.
When it comes to the leverage that MaxiTrade offers, the website says 1:200. That’s really high and dangerous. Trading at such a high level is a double-edged sword but most likely results in losses. Also, it’s well above the regulatory limits in Europe (1:30) and the US (1:50).
Maxi Trade doesn’t offer a risk-free demo account. Bad news, folks. Without a demo account, you’re unable to check out the trading platform or conditions.
Basically, you have to open a live account and invest real money right away to trade. If you do that, chances are, your funds will be embezzled.
MaxiTrade’s withdrawal methods include the following:
The minimum deposit is 500 $ but the deposit and withdrawal fees are unknown. To make matters worse, MaxiTrade has a shady bonus policy.
According to the bonus policy, “you will be able to withdraw funds from the deposit only after making transactions in the amount of 10,000 times the bonus amount.” We know, reaching such an insane trading volume is virtually impossible. Do not invest in this scam!
Everything about MaxiTrade is wrong. To reiterate, we suspect that this fraudulent trading platform is part of a large cybercrime.
If you need help getting your money back, Global Fraud Protection is at your disposal. Our experts will guide you through the chargeback process. They are also skilled at using crypto-tracing software such as CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to get in touch with us is via Online Chat. Book your free consultation today!
No. MaxiTrade is not a legit broker. There are even warnings against this financial swindler. Please do not invest in this scam!
No. MaxiTrade did not include a risk-free demo account for practice.
Yes, MaxiTrade included a mobile trading app for Android and iOS operating systems.
No. MaxiTrade is not a legit broker. There are even warnings against this financial swindler. Please do not invest in this scam!
No. MaxiTrade did not include a risk-free demo account for practice.
Yes, MaxiTrade included a mobile trading app for Android and iOS operating systems.
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