MaxCFD is among the new brokerages in town when it comes to trading. Established in 2017, the broker garnered a huge following as of over 230k users as of December 2017. It is owned and operated by Chemmi Holdings Limited a company that is known for having other binary options domains in the market. However, one thing does not seem right with this company.
This is in regard to its regulation. Although it claims to be regulated, there is no evidence of its certification on their website. Further, the broker has no MaxCFD demo account, leaving its clients to muddle through on their own without a proper practicing forum. For a broker specializing in cryptocurrencies, a demo account is one of the necessities that it should have.
The brokerage has a wide selection of assets ranging from commodities, stocks, currencies, and indices. For any assistance, you can contact them via email or phone. Their customer support is quite slow and unreliable and if you are in need of urgent assistance, you are forced to wait for some time before you are served. To find out of this broker is an excellent trading platform, take a look at this MaxCFD review.
Find the best trading platform. You capital is at risk when trading. Be careful.
Is MaxCFD A Scam? Is MaxCFD Regulated?
If you search this broker on the internet, all you are going to come across are endless claims of MaxCFD Scam. This broker has surely managed to anger its clients who have not hesitated to stain their reputation with negative comments everywhere. One of the major issues raised is that they lack sufficient educational materials. They have failed in providing resources that can be used by customers to learn more about trading, making it unreliable. stock brokers who are regulated and licensed instill confidence in clients but sadly MaxCFD falls short.
The broker is not regulated and has warnings from regulatory agencies which simply means that your money or investment is at risk if you choose this broker. Just like any other fraudsters around, this company also has its withdrawal challenges where clients face difficulties when they want to make withdrawals. Their deposits and earnings are automatically tied to the bonus which comes with a 30x turnover for each $1.
This makes withdrawing almost close to impossible. The minimum amount to withdraw is set at $100 and any withdrawal exceeding one per month attracts an extra $25 fee. Although such drawbacks do not conclusively show that this broker is a scam, it is recommended to stay away from them to avoid inconveniences and disappointments.
Alternatives To MaxCFD
MaxCFD might be a letdown but not all other brokers are there to pull you down. Brokers such as markets.com and IQ Option want the best for its clients. By checking out Markets.com review you will have a general overview of the brokerage which runs under the regulation of Cyprus Securities and Exchange Commission and also uses high-quality technology that safeguards your financial and personal information.
These brokers have user-friendly platforms that enable both elite and new traders to have an easy time. Don’t let scammers change your belief in trading. Get in touch with regulated brokers who will guide you and show you that online trading is a worthy endeavor.