The online trading world is getting hotter and bigger with every day that comes. At the time of writing this, millions of people are stuck at home due to the Coronavirus, and many of them seek for new ways to make money online while at quarantine. One of those ways is trading cryptocurrencies and other trading assets online, and in this review, we’ll walk through one of the trading platforms on the rise – MaxiTrade.
MaxiTrade.com is a foreign exchange, i.e., Forex brokerage operating offshores in the Marshall Islands (a small country located between Hawaii and the Philippines). So, what do we actually know about this seemingly well-established forex and cryptocurrency trading broker? In our initial research, we’ve found out that it runs using the well-known MetaTrader 4 trading platform, the online platform Xcritical (Quant ROI Ltd), and the Xcritical mobile app. The MaxiTrade trading platform processes multiple withdrawal and deposit methods, and it offers traders a wide range of trading assets and instruments, including cryptocurrencies, currencies, commodities, shares, and bonds. So far, so good, right? Well, it doesn’t end with that.
So far, from these details, it does seem like quite a promising online trading broker – but that’s basically where the advantages end. When we started investigating this platform more in-depth, we’ve discovered some rather shady details about it. So, is MaxiTrade a scam or legit broker? We’ve broken down all the major details to uncover the truth about this offshore brokerage. So, without further ado, here’s our MaxiTrade review. Let’s dive in!
Table of Contents
The Key Points of This Scam
True enough, there are some redeeming qualities that we’ve discovered about MaxiTrade forex and CFDs (stands for ‘contract for difference’) broker. For example, it runs the user-friendly MetaTrader 4 and Xcritical trading platforms, and offers a wide array of highly-popular trading assets, presenting a supposedly promising environment to traders. From these characteristics alone, seems like they have managed to lure in unsuspecting online traders looking to gain profit from the craft.
Questionable Regulation Status
Whether you’re a new trader or already a skilled veteran, it still pays to be reminded of this one extremely important rule, that you simply cannot ignore: regulation bodies matter. A lot. They are in charge of keeping brokerages in line and imposing trading policies and regulations that look after the security of traders worldwide.
With that said, the MaxiTrade broker claims that it is regulated by the IFMRRC, which stands for the ‘International Financial Market Relations Regulation Center.’ During our research, we’ve found out that they are, indeed, watched over by this regulator. So what seems to be the problem with this setup? Well, the IFMRRC is not exactly a vigilant watchdog. In fact, they’re just about as good as the simple certificate of registration that they offer. For a predefined fee, every trading scammer and their affiliates can easily register an account under these guys’ so-called respected financial organization and claim that they are regulated. This is where MaxiTrade easily finds the mettle to claim that they have fulfilled the particular criterion of registration.
Does this make MaxiTrade a scam? Well, overall it’s up to you to decide for yourself, but their choice of regulatory body plus their suspicious location points to a whopping YES. Yet again – it doesn’t end with that.
Payment Processing Issue
While doing our research we also found out that MaxiTrade also deals with an external payment processor. This means that your money will be handled and processed by another company, aside from MaxiTrade. Unsurprisingly, this isn’t a fact that they easily divulge. You’d have to be very careful, read through the fine print, and also check the reviews of other users to figure this out.
Yet, the fact that your money still has to go through another external company, an unregistered one at that, is highly questionable. For example, check out this complaint, posted on the popular trading portal and forum forexpeacearmy.com:
“Do not trust Maxitrade. They have 50,000 USD of my money and will not permit a withdrawal until I have signed over my account for them to trade exclusively for 6 months. I had a written agreement and taped calls which says otherwise but they just refuse to acknowledge and ignore my protests. They are registered in St Vincent and their T&C’s tie you in to St Vincent law. They operated my account via a company called Jupiter Ventures SRL based in Bucharest. They have a home-made affiliation with something called the FMRCC which doesn’t exist and they have withdrawn from something called the Financial Commission. They lied about being a licensed member of the Labuan FSA. I HAVE DEALT WITH Fabian Farbas, Will Johnson, Sam Matthews (real name Azhar). Their manager is called Lawrence Morgan +371 25 602 605“.
Is MaxiTrade Possibly a Scam?
OK, so if by now you still think that the MaxiTrade cryptocurrency trading platform is worth your money, then we might not have been clear enough. Is MaxiTrade a scam broker or legit? The purpose of creating this trading broker review was to fully-expose the little-known facts about it, so you’ll be able to make a clear decision before investing your hard-earned money in it. So, let’s go over the details again in short.
The first and most important factor that any trader, whether a newbie or veteran, should always consider is the licensure and regulation body that a brokerage adheres to. As specified in multiple sites and forums online, the Marshall Islands is a notoriously shady location to be registered in. There are virtually zero laws for traders imposed here, leaving many companies to do as they want. In short, misappropriation is a real threat that can cause you to lose a lot of money and never have the opportunity to recover it.
In addition to that, they operate on distinctive modus operandi that involves a so-called “senior account manager” who will shamelessly try to upsell their products and leave you unable to withdraw your funds in the end, after making a profit.
So, do all the mentioned-above qualify this online trading brokerage as a scam? To this, we respond with a resolute yes. Our advice: you’ll be better off investing your money with a broker that is fully-regulated and properly licensed. Stay safe!
MaxiTrade Scam – Cut The Crap
|Maxi Services (Belize) Ltd||5 Cork Street, Belize City, Belize|
|Maxi FX Service Ltd||20 Lincoln, Tel Aviv, Israel|
|Maxi Services Ltd||Suite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines|
|Colewell Marketing Philippines Inc||Makati, Philippines|
|Tendo Marketing Ltd||9 HaMasger or 20 Lincoln, Tel Aviv, Israel|
|Apachewell Ltd||13 The Sycamores Clonslaugh Woods, Clonslaugh, Dublin, 13, Republic of Ireland|
|Quant ROI Ltd||116, Gladstonos, m. Kyprianou Tower, 3rd-4th floors – 3032 Limassol|
|Market Solutions Ltd||Suite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines|
|M G GLOBAL CONSULTING LTD||Sofia 1463, Triaditsa Region, 42 Shandor Petyofi Str., App.off. |
|FAIRIPRISES LIMITED||15 The Sycamores Clonslaugh Woods, Clonslaugh, Dublin, 13, Republic of Ireland|
|Platinum Consulting Ltd||6 Andrey Nikolov, 245, Sofia, Bulgaria|
|Swissone Group Ltd||Suite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines|
|TLM Limited||Suite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines|
22 Gresham St, London, United Kingdom
|Day Dream Investments Ltd||Trust Company Complex, AjeltakeRd, Majuro, Marshall Islands|
|UP Services LTD||4 Yako Katsarov, Complex Stoyan Zaimov, Block 69, Entrance B, Sliven 8800, Bulgaria|
|Odem House OÜ||Mustamäe tee 163-38, Harju maakond, Mustamäe linnaosa, Tallinn, 12913 Estonia|
|Marlay Corp LTD||4 Hanifa Alasgarov, Baku, Azerbaijan|
|Inter Media Ltd||Suite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines|
|Yakov Livshits||CEO at Maxi Services|
|Michael Peres||CEO at Maxi FX Service Ltd|
|Umarkets (Read our Umarkets review)||https://umarkets.com/|
|DowMarkets (Read our DowMarkets review)||https://dowmarkets.com/|
|TradeAllCrypto (Read our TradeAllCrypto review)||https://tradeallcrypto.com/|
|Maxi Markets TV||https://maximarkets.tv/|
|Maxi Markets Review||http://maximarkets.review/|
|Maxi Services Ltd||https://maxiservicesltd.com/|
|Market Solutions Ltd||https://marketsolutionsltd.com/|
|Maxi Markets Finance||https://maximarkets.finance/|
|Maxi Markets Club||https://maximarkets.club/|
|Maxi Markets IO||https://maximarkets.io/|
|Maxi Markets Group||https://maximarkets.group/|
|Maxi Markets Deals||https://maximarkets.deals/|
|Maxi Markets World||https://maximarkets.world/|
|Maxi Markets Live||https://maximarkets.live/|
|Global Cloud Team||https://globalcloudteam.com/|
Got Scammed? How To Get Your Money Back?
We know the frustration you feel after being scammed. At a certain point, you feel lost, and you have no idea what to do next. It’s a traumatic experience. What you’re feeling is valid and understandable. However, you don’t have to dwell in that dark place for a long time.
All hope is not lost as there are various ways to get your stolen money back. Yes, you read that right. If you have been scammed, you can apply these tips to increase your chances to retrieve your money from those shameless scammers.
If you paid using a credit card, you can use chargeback to request a refund from your bank card provider. In addition, you can also use chargeback if you paid using a debit card. A word of caution, though, there are requirements before this applies, so know them first.
You can also file a complaint about the PSP (Payment service provider) and demand for reimbursement. If you’ve been scammed and the banks involved are not doing what they are supposed to do, you should be refunded after the fraud happens.
But if nothing still works at your advantage, and you need further assistance, you can contact us through our email, [email protected]. We will help you in any way we can. Don’t worry. We’ve got you covered!