Why Maxitrade Sucks In 50 Words
They have a nice Spread Table on the website, which shows detailed information about the spreads they charge for each instrument. Unfortunately, that is nowhere close to what you will find on the actual platform: the Spread Table shows 10 – 20 USD spread for BTC but on the platform at the time of writing the actual spread was more than 100 USD! ThatSucks!!
Why Maxitrade Doesn’t Suck In 50 Words
Hundreds of assets to trade, including a wide selection of cryptocurrencies, high leverage (up to 1:200), and Meta Trader 4 available in 2 versions: downloadable and web-based. If this company would be regulated by a more prolific financial watchdog, I would consider it a relatively good choice but given their current regulation, I have a tough time doing that.
Is Maxitrade A Scam?
Usually, regulated brokers are not scams but there’s a grey area in this case because on one hand Maxitrade is registered with a financial watchdog but on the other hand, said the regulator is not known as feared supervision authority. In fact, this is a non-governmental organization and basically, anyone can get a certificate from them as long as they pay a fee and fulfill a few other requirements.
On top of that, let’s not forget that your money will be handled by their payment processor, which is a company from Azerbaijan. Bottom line is that that you will be dealing with 2 companies, one from St Vincent and the Grenadines and another from Azerbaijan, without high-profile regulation, so I think that’s not the best-case scenario but so far there haven’t been any clear signs of a scam.
Should I Open An Account With Maxitrade?
Maxitrade is an offshore FX and CFD broker that offers a large asset basket composed of currencies, indices, commodities, stocks, and cryptocurrencies. The website is owned by Market Solutions Ltd., which is a company registered at Kingstown, St. Vincent, and the Grenadines. The company is registered with the International Financial Market Relations Regulation Center (IFMRRC), with Certificate 0395 AA V0128.
Payment processing services are offered by Marlay Corp LTD, which is a company based in Azerbaijan, with a legal address in Baku.
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).
The trading platform is offered by XCritical (Quant ROI Ltd) and it’s a nice mix between user friendliness and functionality, with enough features to keep more advanced traders satisfied. Don’t expect to be a pro using it the first time, but it will be fairly easy to get used to. At the time of writing, they had about 268 signals available right on the platform and I am sure this will appeal to many people. On top of the XCritical platform, Maxitrade also offers Meta Trader 4 (both downloadable and web-based), which is a nice addition.
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. However, the perks you will get for opening large accounts (higher bonus, account manager, etc.) are not worth it in our opinion and besides, this is a new, offshore broker, with questionable regulation so we don’t recommend sending a big chunk of money.
Bottom line is that Maxitrade is not very bad and not very good, with pros and cons just like any broker but there are definitely better alternatives out there.
The broker can be contacted at email [email protected] and phone (UK) +44 203 954 63 08.
Surprisingly enough, there is quite a handful of complaints online regarding Maxitrade. And I say “surprisingly” because this broker is very new, not because they are so good that I wouldn’t expect to see any complaints. 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.
The bonus ranges from 50% for the lowest account (Start – min deposit $250) to up to 150% for the VIP account (min deposit – more than $100,000). The client who received a bonus will not be able to withdraw profits or bonus until reaching a trading volume of $10,000,000 for every $1,000 received as bonus. If the bonus received surpasses $10,000, the trading requirement will be higher: $20 million for each $1,000 bonus.
A withdrawal request will be processed within one business day but please don’t believe that you will see your money within one day. There’s very little information about the methods for withdrawal, the approximate time it takes and minimum requirements. According to their Live Chat, the minimum withdrawal is $50 but when I asked for more information, she/he told me to look in their Terms and Conditions. Well, thanks for the help… I guess. As for the methods, I could see the logos of Visa, MasterCard, WebMoney, Qiwi, and Bitcoin but no sign of wire transfers.
The huge selection of assets can be considered an extra, as well as the multitude of signals (about 268 at the time of writing). Other than that, Maxitrade doesn’t have a lot of features that can be considered extras.
Maxitrade Overall Ratings
User Friendliness 12/20
The website is translated in 6 languages but it lacks a FAQ section, which means that finding information is difficult. The platforms are OK, in the sense that it will take a bit of getting used to but not too difficult. Mobile apps are available. US citizens are not accepted.
Range Of Markets, Spreads And Leverage 15/20
The asset basket is huge and includes all the known categories (currencies, indices, commodities, stocks and cryptocurrencies). The crypto range is fairly large compared to other CFD brokers and includes Bitcoin, BAT, Bitcoin Cash, Ethereum, Monero, EOS, Dash, IOTA and more. Spreads are low if you check the website (10 – 20 USD for BTC) but high if you look on the trading platform itself (more than 100 USD for BTC). Leverage goes as high as 1:200 but cryptocurrencies only have 1:50 maximum leverage.
Fees And Support 12/20
The fees are not specified, which is pretty troubling and we recommend you ask for a detailed fee schedule if you plan on using this broker. All they say is that the client will pay for all exchange or transfer fees (which is not saying much, to be honest). Live Chat support responded fairly fast but after answering only one question, they directed me to the Terms and Conditions for all my inquiries.
Deposits And Withdrawals 12/20
Minimum deposit is $250 and can be made via credit cards, wire transfers (you will have to contact a representative if you want to wire them money), and a few online payment solutions such as Qiwi and WebMoney. There’s also an option to deposit using Bitcoin but for that, you will be redirected to a third-party payment processor where you will buy Bitcoin using a credit card. I don’t understand why I would use this method considering that I can deposit directly with my card on Maxitrade’s website.
There’s no info about withdrawals other than the minimum requirement: $50.
Maxitrade Extras 13/20
Signals right on the platform, lots of assets, and Meta Trader 4. Nothing to write home about but better than other brokers in the same range of rating.