MaxCFD is a forex broker that is owned and operated by Chemmi Holdings Limited. The London-based company operates the brokerage platform which offers online trading via contracts for differences (CFDs). MaxCFD offers access to a wide range of assets including forex, indices, stocks, commodities, and cryptocurrency CFDs. The broker claims that it offers its services with no withdrawal fees or commissions plus they state that they offer access to a wide range of trading tools and resources.
Despite offering direct access to trade the global markets, a simple search online provides insight into the fact that many traders who partnered with this broker, were never able to successfully withdraw their trading capital and profits. In addition, according to the MaxCFD homepage, the broker claims to be regulated, however, there is no information regarding MaxCFD’s license or regulatory details and the relevant regulatory authority does not have them listed as a regulated broker. To top it off, their support email and phone are usually unanswered which prompted us to do this honest and unbiased review. The aim is to establish if there is a MaxCFD scam or if this broker is the right choice to partner with on your trading journey.
Is MaxCFD a Regulated and Legit Forex Broker or a Scam?
MaxCFD claims to be a regulated forex broker, but that is not the case. Traders should note that MaxCFD is, in fact, an unregulated broker and, as such, one should be cautious should they chose to sign up with this broker. Although some unregulated brokers are offering legit services in the forex and CFD brokerage sector, MaxCFD is not one such broker. The broker has received fraudulent ratings on several platforms, such as TrustPilot. More than 90% of all respondents on TrustPilot claimed that MaxCFD scammed them of their hard-earned money after trading with the platform. All of this is a big, red flag!
The parent company of MaxCFD, Chemmi Holdings, also owns and operates BinaryTilt, another fraudulent brokerage. MaxCFD was established in 2017, which makes it a relatively new broker. Despite this, over the past three years, the broker has managed to scam a lot of people who were simply looking to trade a wide range of assets online.
From all the information found online, it is evident that Chemmi is running a MaxCFD scam as the name is followed by a massive string of complaints from all angles. The biggest and most common problem traders face is that once they deposit funds, they can never get their money back, and the platform then simply asks them to deposit more. The MaxCFD scam continues as once a trader has lost their trading capital, the broker adds bonus money into the account. The trader then continues to trade and even if they make a profit, they do not allow the trader to withdraw their funds, stating that the turnover requirement has not been achieved. The MaxCFD scam is majorly described by powerful words such as “crooks” and “scammers.” Based on this, you should really be careful to deposit money with this broker.
MaxCFD offers a variety of trading features to its users. Here are some of the features that users will find useful on the platform.
MaxCFD does not operate like many other forex brokers. Usually, forex brokers have at least three or more account types available to their customers. However, with MaxCFD, they kept things simple and offer just one account type.
The single account type comes with a choice of trading features and services. The minimum deposit limit is set at $250, but traders are able to deposit more into their MaxCFD brokerage account. With the $250 minimum deposit requirement, it is evident that MaxCFD is appealing to various classes of traders, both experienced and newbie traders in the market.
Depositing the minimum $250 into the account gives traders instant access to all the features of the platform, including a personal manager and tools like charting and analytical tools. The single account type is also used for trading other CFD assets such as cryptocurrencies, commodities, stocks, and indices.
One of the first things to notice on the MaxCFD platform is the emphasis the broker pays on education. The broker provides a wide array of educational resources that helps traders learn more about trading strategies and general knowledge about the financial markets.
Something to take into consideration – The educational resources might be a way to lure in unsuspecting traders. They give the impression that a trader’s success is important to them and that they go the extra mile to help them succeed. Some of the educational resources available on the platform include an economic calendar, trading signals, and Traders TV. MaxCFD also has a wide range of informative blog articles, eBooks, and videos on the site that will help a trader to get a grip on CFD trading.
Although MaxCFD focuses more on forex trading, the broker allows users to access other financial markets like stocks, commodities, indices, and cryptocurrencies. These asset classes can be traded as CFDs on the platform.
Here are the financial assets you can find on the MaxCFD platform:
- Indices: Traders can trade indices such as the Dow Jones, NASDAQ, S&P 500, and many more.
- Stocks: For stock trading, MaxCFD enables users to trade big names such as Facebook, Amazon, eBay, Google, and more.
- Commodities: Traders are able to speculate on the futures of commodities like Gold, Coffee, Oil, and more.
- FX Currencies: MaxCFD supports the trading of dozens of FX trading pairs, with popular ones including the USD/GBP, EUR/JPY, or CAD/AUD, all available to traders.
- Cryptocurrencies: MaxCFD also supports the trading of Bitcoin CFDs, which has appealed to a large section of the trading community as more people are gaining interest in this new market.
There are numerous trading platforms available to forex brokers, however, MaxCFD chose to go with the popular and easy-to-use SpotOption platform. According to the broker, the SpotOption platform has various charting and analytical tools. The SpotOption platform is easy to use, allows users to access various financial markets, and has numerous other trading features. In addition to this, the SpotOption platform is fast when it comes to order execution, an alluring feature that encourages many traders to sign up.
Accepted Payment Methods
To efficiently run the MaxCFD scam, the broker provides traders with various payment methods. This is to make it easy for the traders to deposit money on the platform. MaxCFD also lures in traders by promising zero transaction fees for both deposits and withdrawals on the platform.
Some of the payment methods accepted by MaxCFD include:
- Credit/debit cards
- Wire transfers
- China Union Pay
- Western Union
MaxCFD set the minimum deposit sum to be $250, and there is no set maximum deposit limit. Despite the many payment options, many traders have not been able to successfully withdraw their funds from the platform. This is the main reason why MaxCFD is considered a scam broker.
What Makes MaxCFD a Scam Broker?
The biggest complaint about the MaxCFD scam is that the broker does not send traders their money after they initiate a withdrawal request. It is clear that MaxCFD is only after the initial deposit and they do not fulfill their side of the partnership, by failing to return traders’ funds and profits. MaxCFD goes further to encourage traders to encourage even more money by offering a bonus and then once a trader does so, they are still not able to withdraw their funds. They simply inform the traders that they have not reached the turnover limit yet. If you fell for the MaxCFD scam the first time, do not deposit funds into the account again as you will lose everything you deposited.
Lack of Regulation
MaxCFD is an unregulated and unregistered broker. Although they claim to be a regulated forex and CFD broker, these claims are false. According to the Scam Label applied to Binary Tilt, the FPA considers both MaxCFD and BinaryTilt as scam brokers. The FPA has also warned all traders to stop doing business with companies related to Chemmi Holdings, and these include BinaryTilt, MaxCFD, and BinaryOptionFlow. The FPA also advises those that have money with the brokers to attempt to withdraw their funds immediately, though these attempts might prove to be futile.
Another regulator, the Australian ASIC, added Chemmi Holdings to its list of unlicensed financial companies that users should not deal with. ASIC added Chemmi to the list in 2017, and they remain part of this list. ASIC clarified that Chemmi owns and operates MaxCFD.com, BinaryOptionFlow.com, and BinaryTilt.com.
A clear warning from several regulatory agencies is a clear indication that MaxCFD is a scam broker, and we recommend that you should not sign up with them.
Poor Customer Service After Depositing Funds
Most customers complain that the support team at MaxCFD stops responding when they attempt to withdraw their funds. The MaxCFD support team does not engage with traders after they have convinced them to make the initial deposit. In some instances, the broker goes on to either freeze the account of the trader or block the account entirely. When this happens, the trader loses access to the account and all the funds they deposited and earned from trading. The MaxCFD scam is clearly evident after you have made your first deposit. Once this money enters your account, it never seems to come out again!
MaxCFD is a scam forex and CFD broker that offers access to numerous financial markets, but they do not fulfil their obligations to their customers. Traders are not able to access their funds after making a deposit with the broker. MaxCFD is owned and operated by a fraudulent company that has been listed as a shady entity by several financial market regulators, such as ASIC. With all that we have revealed, it is evident that MaxCFD is a broker that you should avoid by all means.
Overall Rating: 1/10
Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on CoinRevolution and across the web.