MaxiMarkets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this MaxiMarkets Review.
MaxiMarkets Review
The broker has five types of live trading accounts: Mini, Standard, Gold, Platinum and ECN. We could not find a demo account readily available.
MaxiMarkets offers trading in over 45 forex pairs and CFDs on indices, stocks, commodities and energies, as well as in spot metals.
The Company. Security of Funds
Company Country Regulation
MAXI Platinum Limited Bulgaria No
MaxiMarkets is obviously a forex broker targeting the Russian-speaking traders, but is owned by a company based in Bulgaria, according to its site. The company, however, is not regulated neither by Bulgaria’s Financial Supervision Commission, nor by the Bank of Russia.
On its site the broker says that it is closely watching the developing situation in Russia, but the explicit requirement for forex brokers to be regulated there has not yet come into effect.
According to its site, the company is a member of the independent external dispute resolution (EDR) organization Financial Commission (FinaCom) whose members include forex, CFD and binary options brokers.
Overall, it is riskier to deal with unregulated brokers, no matter their good intentions and pledges that they will become regulated shortly. As a general ruler, it is much better and safer to deal with properly supervised brokers, as they comply with a wide set of rules and requirements, usually including the membership in client compensation schemes, keeping client funds in segregated accounts, as well as employee competence and capital adequacy. The different regulators provide different level and quality and oversight, with come, like UK’s FCA and the Australian Securities and Investment Commission (ASIC), being better than others.
Trading platform
Like the vast majority of forex brokers, MaxiMarkets offers MetaTrader 4 as its trading platform. The broker provides all versions of the MT4 – for desktop, web and Android and iOS mobile devices.
The MT4 has been the favorite of brokers and traders alike for over 10 years now and it does not seem it is going away anytime soon. The platform is user friendly, supports multiple types of orders, hedging and third-party APIs. The MT4 also provides various charting and technical analysis tools, Expert Advisors (automated trading) and a lot of other options.
Promotions
MaxiMarkets has several types of promotions. Among them are the “refer a friend” program, deposit bonus for new clients and a “100% insurance” of the trades when trading on news. All promotions are subject to additional terms and conditions.
Methods of payment
MaxiMarkets accepts payments with credit card and bank transfers. There is also the option to make a deposit through Qiwi, YandexMoney, WebMoney and the Russian instant money transfer system Zolotaya Korona.
Russia’s forex market is big and lucrative and it is understandable that many brokers want e piece of the action. There are, however, properly regulated forex brokers – both local and international – who offer their services to Russian traders, so it is better to choose one of them. In reality, MaxiMarkets does not that lucrative proposal and favorable trading conditions to choose it over another broker. – Its initial deposit is rather high and the average spread for the most basic type of account is a bit over the industry average. There is no micro account, either.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
MaxiMarkets Review Conclusion
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