Trading on Forex with the Broker Maxitrade

Agenda

In this article, we are going to review Maxitrade by analyzing its trading conditions, advantages, and disadvantages. This review will also take note of Maxitrade customer reviews and claims of maxitrade scam and maxitrade fraud. Aside from that, this will also have a forex review, due to claims of scam or fraudulence. 

Forex has been growing largely in the past years, as more and more people are encouraged to trade. Many traders, especially professionals who have studied and practiced the forex market, have profited from their trades in serious amounts. Others, however, had shortcomings in their trading careers and ended up otherwise. 

Maxitrade was founded by Day Dream Investments Ltd, and according to the Maxitrade official site, it is registered in St. Vincent and the Grenadines. It is a Forex broker and CFDs but mostly focuses on trading cryptocurrencies. It has been part of the trading industry for over ten years. It offers two trading platforms: Xcritical and MetaTrader4 to allow traders to choose which platform they are most comfortable with.

It has a leverage of 200:1 for forex trading with different account types. On cryptocurrency trading, it offers a leverage of 50:1. The platform also allows its clients to their own custom trading platform and gives the traders liberty to use the free demo account if the trader is not yet ready to open one of his or her own. 

The platform offers many securities, such as currencies, commodities, indices, cryptocurrencies, and stocks. So far, the website and Maxitrade’s trading platforms seem legitimate, especially that it also offers MetaTrader4. 

Image result for maxitrade review

Trading on Forex with Maxitrade

Maxitrade (https://maxitrade.com/) offers five trading account types, each with perks and advantages in trading. The startup account consists of basic education and startup materials in trading. As the account grows, aside from the features already given in the start account, additional perks are offered as shown below. These can also be found on the maxitrade official site, maxitrade.com.

  1. Start – ($250 – $3,000) 
  1. 50% welcome bonus
  2. standard rules of withdrawal
  3. analytical and educational materials
  4. introduction to the platform
  5. Silver – ($3001 – $10,000)
  1. 100% welcome bonus
  2. Additional feature: personal financial analyst
  3. Gold – ($10,001 – $50,000)
  1. 120% welcome bonus
  2. Accelerated withdrawal
  3. Personal financial analyst
  4. Account review with financial analyst for 30 min. every week
  5. Platinum – ($50,001 – $100,000)
  1. 120% welcome bonus
  2. Highest priority in withdrawal
  3. Personal financial analyst
  4. Account review with financial analyst for 2 hours every week
  5. Quarterly trading plan
  6. VIP – ($100,001+)
  1. 150% welcome bonus
  2. Highest priority in withdrawal
  3. Personal financial analyst
  4. Unlimited/upon request account review with financial analyst
  5. Quarterly/annual trading plan
  6. Develop a personal trading strategy
  7. Screen demonstration of real-time trading
  8. Highest priority to trade with financial analyst
  9. VIP hedging tools

The Platform where you will trade

Maxitrade is fairly easy to use. It takes into consideration functionality and user-friendliness, which is evident on their website. Its features are favorable for both beginning and professional traders. 

One of its platforms, the Xcritical trading platform is available as an online and mobile platform. It offers a wide range of trading tools, with the interface made easy and simple to use. It is less popular as a trading platform than MetaTrader4, which has already established itself in the trading industry. However, the Xcritical platform offers numerous tools that the trader can fully utilize, depending on the strategy they want to use.

Maxitrade offers a variety of deposit and withdrawal methods, such as credit card, debit, wire, and electronic wallets. For security purposes, Maxitrade only works with trusted European banks. It is also partnered with the Financial Markets Association “Council for Professional Qualifications Development” and the National Council of Financial Market. 

Image result for forex

Why forex is a scam

First, to be clear, forex is not a scam. Some traders might have thought that a certain trading platform, or forex itself, is a scam. Many Maxitrade reviews have also cited of Maxitrade scam or Maxitrade fraud going on. However, some of these claims may have been unfounded. 

The reason why many people think that forex is a scam is probably due to the losses these traders encountered during trading. The possibility of losses and profits are already mentioned by brokers before entering a trade, especially that it is a part of forex itself. Specifically, forex is a gamble, and a very risky one at that. The market is very volatile and there are no guarantees of profits and no guarantees that the trader will not encounter losses. This is why it is important that the trader learn about forex tools and indicators to help them read the market and minimize their losses.

Another thing that we’ve noticed with forex reviews or Maxitrade customer reviews, is that spreads on the actual platform are not as they were shown on the website, jumping into conclusions that it is an example of Maxitrade scam. To address this misunderstanding: spread is not fixed. It always depends on the buy and sell or the market movement; therefore, it is always changing. So, to find that spread is not similar to what was initially shown is only natural. People think this is one of the reasons why forex is a scam.

Maxitrades Reviews

In this part, we will break down claims of ‘maxitrade scam’ and ‘maxitrade fraud’. We’ve seen a lot of reviews claiming that maxitrade cheats or that maxitrade lies on their website.

From what we have researched, it seems that it is a legitimate forex broker. It is registered with its own customer service hotline. It also has Maxitrade brokers that help each trader set up their maxitrade logins and then their trades. 

The part that many traders might have possibly interpreted as a scam is because of the reason that it is not regulated. Maxitrade is founded by Day Dream Investments Ltd. and a registered broker, however, indeed it is not regulated. This may lead some to question its credibility or reliability as a broker, however most brokerage companies have shortcomings. This does not automatically mean that it is scam. This also does not mean that the company can suddenly terminate your account or change their regulations. 

Many reviews of https://maxitrade.com/ entail it as fraud. Due to high competition between brokers, some good brokerage companies are labelled as ‘scam’ or ‘fraud’ in disguise of customer reviews. As a trader, you must know how to identify a good review from a bad one. Many forex reviews out there are also done by people who are not very knowledgeable of the trading industry, which makes it so easy to label brokerage companies as fraud. 

Here are some of constructive reviews about the Maxitrade site written by traders who have actually used their trading platforms:

Conclusion

Maxitrade is just another regular broker, claimed to be a scam by its competitors. The trading industry is tough with many new competitions launching every year. Maxitrade has been in the business for more than ten years and these reviews of scams, such as claims that maxitrade cheats or that maxitrade lies are recent. It shows the tough competition between brokers in the industry. Maxitrade may have its flaws in trading, which comes with every brokerage companies that gamble in forex, however this does not automatically mean that the brokerage is a scam.