MaxiPlus Trade Review
MaxiPlus Trade is an offshore or unregulated Online Forex broker. This broker is based in the Commonwealth of Dominica, a well-known offshore jurisdiction. The issue with offshore brokers is that they are not trustworthy and often violate regulations.
Users are advised to steer clear of this broker because they are anonymous, and therefore, can simply vanish at any time without prior notice.
To ensure that you are investing with a controlled, trustworthy, and well-known broker, you ought to be able to easily determine who the CEO or owner of the brokerage firm is. The lack of this information on MaxiPlus Trade is a major red flag because you don’t know who handles your money. Therefore, your resources are not secure with MaxiPlus Trade.
What to Do Instead
What Is MaxiPlus Trade?
It claims to offer fast deposits and withdrawals, free webinars and analytics, secure trading, and advanced charting tools.
However, we haven’t found much evidence to back up these claims.
What You Should Get from MaxiPlus Trade and Why You Don’t
Instead, we found no blog or web pages containing quality information to traders, nor were there any webinars as promised, even as perks of the different account types. Instead, all web pages are bursting with marketing content that encourages users to sign up, discussing why users should trade each asset class.
There is also no evidence of the security measures they have in place to keep consumers and their assets safe as claimed. Because there is little to no information about who the company really is, it is tough to believe that they value transparency.
Regulations and the Safety of Your Funds
If broker is uncontrolled or regulated by an organization located outside of your area, you have little to no legal backing if your funds are mishandled or stolen. In the event of theft, you can only lodge a complaint if the regulator approves the broker in your particular jurisdiction.
Since MaxiPlus Trade is an offshore company, it is not regulated by any authority, so if you choose to trade or invest with MaxiPlus Trade, you depend entirely on the website’s integrity.
There is no security offered, and there’s no guarantee that the company is going to follow through with its promises to keep funds safe. You also cannot take legal action against it in the event that the company takes off with your money. Therefore, we do not recommend using this platform to trade commodities.
MaxiPlus Trade Scam: The Software
The trading software does not offer automatic trading through a trading robot, so users must conduct trades at their discretion.
It has 60 analytical tools, technical indicators, and charting tools to help users with their trading decisions and claims to offer the same charting options and tools offered by the MaxiTrader platform.
However, there is no evidence to back up these claims.
Why Use Brokerage Platforms
People who want to take advantage of the benefits of trading but do not have the time to invest in learning how to trade and track assets’ performance can benefit significantly from having a broker handle their accounts. This is because they can trade without spending hours on market analysis and monitoring news headlines and company performances.
Why Work with a Legit Broker and Trading Platform
Brokers act as intermediaries between exchanges and buyers and can determine when conditions are favorable, conducting trades on your behalf with your permission. While this process doesn’t guarantee that you make a profit, it does increase the likelihood that trades are successful if you go through a broker.
Often, the first thing a user would need to do is sign up for a trading account by entering their name, email address, and phone number. After verification, most exchanges direct the user to their nearest broker who offers the user his services, which the user can then decide to use or not. The process is often streamlined and easy to do.
Users can also sign up with a legitimate broker by going to their website and signing up by completing the registration form found there.
Next, you would be required to make an initial deposit. Users can first familiarize themselves with the platform, and several payment options are available for you to deposit funds into the account.
Suppose you are trading with a legitimate trading platform. In that case, all transactions are secure, so encryption is used, and everything is run through anti-virus software to prevent hackers from gaining access to any of your information.
Many legitimate exchanges allow their users access to a demo account to get a feel for the markets before risking any real money. Demo accounts are often made to simulate real market behavior, so you get to see if you would be good at trading with the software or on the platform.
Signing up with Maxiplus Trade (NOT RECOMMENDED)
To begin, users must register on the website by completing a registration form. The registration form requires the name, email address, phone number, and country of the user. Next, users must be verified by uploading their identity documents.
First, choose your account type and make an initial deposit (depending on the account type you choose) and start your trading by selecting the financial instruments you wish to invest in.
There are five different account types that MaxiPlus Trader offers. They are the Starting, Classic, Business, Bold, and Personal accounts.
The starting account is recommended for beginners or those who may be inexperienced, as it allows users to deposit a minimum of $250. Hence, the risk of losing a lot of money is much smaller than with the other types of accounts. Those who choose this account type get access to limited trading signals.
A Classic account gives serious traders a chance to shine and requires a minimum deposit of $2000, allowing the trader to open larger orders for a higher return. It also gives the user access to most trading signals and platform functions.
Business accounts claim to have much to offer users regarding how much profit they can generate and require a minimum investment of $6000. With a Business account, you get a weekly consultation with an analyst.
The next category is a Bold account that requires a minimum investment of $10,000 and promises exclusivity. You get access to all the platform’s functions, your account is tracked by the risk management team, and you get consultations with an analyst twice a week.
Personal accounts are the final category. These accounts claim to be for wealthy investors, offering the opportunity to make real profit with low commission, no slippage or requotes, no liquidity restrictions, and confidentiality and anonymity. A minimum deposit of $70,000 is required for this account type.
Signing up with Other Brokers
However, if you still wish to sign up with a broker, the process is similar to signing up with MaxiPlus Trade. Simply register by completing a registration form on the broker’s website, complete the verification process, fund the account, and you are ready to go.
Conclusion
We also noticed that although several promises of transparency and superior security were promised, there was no evidence to be found on the website, and little to no information about the company and who owns it is provided in the “About” section.
Another red flag was the spelling errors in the company terms and several of the site’s web pages, indicating that a legitimate company has not formed it, so we advise users to steer clear of this trading platform.
If you have already created a MaxiPlus Trade account and deposited money into it, you can request your money returned. However, if the company refuses to return your money (which they are likely to do), there may be a way to get your money back.
First and foremost, you must retain the email messages as proof that you requested the money back but were refused or that the process was delayed for an extended period, indicating that the company’s intention was never to refund your money.
The first step to take is to do a chargeback as quickly as possible. You can do this by contacting your credit card provider or bank and explaining the situation. This is the easiest way to get your money back, but it is also the most damaging to them because a large number of chargebacks can sever a company’s relationship with payment service providers.
Frequently Asked Questions
Is MaxiTrade Plus a scam?
Yes, MaxiPlus Trade is an offshore company that is not regulated and could disappear at any time. It also does not provide much information about who owns it or its fee structure, which are all red flags. We, therefore, do not advise investing money with MaxiPlus Trade.
Does MaxiPlus Trade offer a mobile application?
No, the company does not have downloadable software. However, their platform is accessible through mobile and desktop browsers.
What about the fees?
Although the company claims that it does not charge its users fees for deposits or withdrawals, it has a disclaimer in its terms and conditions that states that it can charge users fees at any time.