MaxiTrade Review: Find Out Why This Broker Is a Scam

MaxiTrade is a broker that has recently come under scrutiny for its questionable business practices. With promises of high returns, MaxiTrade lured traders only to leave them with drained accounts and no recourse. 

This broker is not regulated by any reputable authority, and there have been numerous reports of clients being scammed out of their funds. If you are considering investing in MaxiTrade, it’s critical to be aware of the risks involved. In this MaxiTrade review, we’ll take a closer look at many valuable details. 

Additionally, we strongly advise you to avoid the fraudulent brokers XProGlobal, Acer Finance, and GTS Financial.

Security and Compliance – MaxiTrade

As per the information available on MaxiTrade’s website, the ownership of the company rests with Strategy One Ltd. That is a company registered in the offshore jurisdiction of St. Vincent and the Grenadines (SVG). However, please note that brokers operating in offshore regions aren’t typically licensed or overseen by any regulatory agency. In fact, some of them run fraudulent schemes, which makes it a pragmatic approach for traders to avoid offshore brokers altogether.

What’s even more concerning is that we discovered that the Bank of Lithuania has added Strategy One Ltd. and its binary options brand, SuperBinary, to its alert list. This is a clear indication that there are potential issues with the company’s practices and policies. Hence, it’s not advisable to take any risks with MaxiTrade. It’s better to opt for a broker with a legitimate track record and reputation, rather than falling prey to a scam.

It’s important to be careful while engaging with companies like MaxiTrade, QuantumAI, CJC Markets, and other dubious sites.

Trading Platform Overview

It may come as a shock, but MaxiTrade, a broker notorious for scamming its clients, has surprisingly opted for the widely respected MetaTrader 4 (MT4) as its trading platform. MT4 is a reliable software that shows off a plethora of features and options, accompanied by exceptional charting and analysis tools. 

Similarly, its auto trading bots, known as Expert Advisors, are highly regarded by traders around the world. Although MetaQuotes, the software developer, has been pushing for the adoption of MetaTrader 5, traders still overwhelmingly favor MT4.

This preference could be attributed to its intuitive interface, robust security measures, and customizable features, among other benefits. However, one must exercise caution when dealing with a broker like MaxiTrade, as their history of fraudulent activities may taint even the most reputable platform.

Account Types at MaxiTrade

MaxiTrade, a notorious broker scam, has a range of account types to lure traders. The following account types are offered by MaxiTrade:

• Demo account
• Start account
• Silver account
• Gold account
• Platinum account
• VIP account

It’s important to note that these account types may seem appealing. Yet, you must exercise caution when dealing with a broker like MaxiTrade. Their history of fraudulent activities and unethical practices could potentially lead to financial losses.

Deposit and Withdrawal

When you ask for your money back from Maxitrade, they say they will process your request within one business day. However, don’t expect to see your money back in your account that quickly. Sad to say, there’s very scarce information available on how to withdraw your funds, how long it might take, and what the minimum amount is. 

The customer service representative we spoke to on Live Chat explained that the minimum withdrawal amount is $50. Still, they didn’t give us any further information. They just directed us to their Terms and Conditions page. We can see on their website that they accept Visa, MasterCard, WebMoney, Qiwi, and Bitcoin, but we couldn’t find any information on wire transfers. That is a fact. 

How Did This Brokerage Perpetrate Fraud?

Offshore brokers deliver financial services to traders outside the borders of their home country. Yes, some offshore brokers are indeed legitimate. Still, it’s important to be aware of shady tactics employed by some evil players in the industry. One such strategy is the promise of unrealistic profits or assured returns to lure gullible traders into their trap. 

Another tactic is hiding fees and commissions, making it problematic for traders to understand the true cost of trading with them. It’s not uncommon for some offshore brokers to engage in wicked practices such as insider trading or market manipulation. 

Traders must be watchful and do their due diligence before opening an account to avoid losing money to these fraudulent schemes. In particular, MaxiTrade and SevenSeasFX have a history of deceiving their clients and working as unregistered companies. It’s crucial to take note of these resemblances and avoid doing business with such entities to protect your assets. Remember, the key to successful trading is partnering with reliable brokers who prioritize transparency in their operations.

MaxiTrade Summary

MaxiTrade is an offshore broker that operates without a license. The corporation is registered in the offshore jurisdiction of St. Vincent and the Grenadines and owned by Strategy One Ltd. Its trading platform, MetaTrader 4, is reliable software that shows many features and options. 

However, this does not guarantee that this broker has any good intentions. MaxiTrade has a range of account types to lure traders, but traders must be cautious when dealing with this broker. Their history of fraudulent activities and unethical practices could lead to financial losses. MaxiTrade accepts Visa, MasterCard, WebMoney, Qiwi, and Bitcoin for deposits, but withdrawal info is scarce. It’s better to opt for a broker with a legitimate track record than to fall prey to a scam.

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