Beware! MaximWealth is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MaximWealth is an unlicensed and unregulated broker even if it introduce itself as a regulated one. Indeed, the so-called broker is anonymous, they do not provide any information about themselves except a telephone number based in the UK. After an in-depth research through the Financial Conduct Authority database we couldn’t find any trace of the company, either.
If it is not enough for you not to invest with them, bear in mind that the only funding method is through crypto currencies- BTC or ETH. That is a common scam sign, you should avoid this broker.
The minimum deposit required is 2 000 USD which is uncommonly high. Besides, they portray their account types in a very bizarre way, there aren’t trading platforms, leverage, margin requirements or at least spreads mentioned. Rather than that, their accounts are represented in a similar way to an investment plan, with weekly and monthly returns, unrealistically high, as a matter of fact.
It is important to note that upon registration they didn’t respond in any way, we received neither a phone call, nor an e-mail.
MaximWealth REGULATION AND SAFETY OF FUNDS
As we already pointed out, MaximWealth is an unidentified legal subject. We have no idea about their address, registration, regulation and we even do not know if it is an actual entity or not. Your funds are at huge risk if you deposit money with MaxWealth!
Our firm advice is to avoid MaximWealth, there are too many unknown about the authentic nature of their business and there are too many evidences of scam. If you are into trading and crave to feel the excitement of being a trader find a broker that holds licenses and is regulated in the European Union or the United Kingdom. These agents are leading the industry and that is for a reason, the regulatory framework is designed for the benefit of the trader and you have the assurance that your deposits are well-protected and will not diminish out of a sudden.
Each EU country and UK has a similar financial regulatory framework which includes money protection scheme, personnel qualification standards and daily trading reports. Those regulated by the Cypriot CySEC are guaranteed of up to 20 000 EUR per clients, while the British FCA regulated brokers are guaranteed of even up to 85 000 GBP per client. The agents are also obliged to provide negative balance protection of its customer accounts, meaning that you cannot lose more than you deposited. It is unknown how much you can lose if you trust a scammer.
MaximWealth TRADING SOFTWARE
MaximWealth does not offer any functioning trading platform. Once you register and open an account there is a Dashboard with only a single TradingView chart of BTC/USD. Once you click on another instrument at the top it automatically redirects you to the TradingView website.
There aren’t MT4 or MT5 accounts available. Metatrader is the worldwide leading trading platform and you should always be suspicious if a certain broker does not offer MT4 or MT5 accounts.
You cannot execute trades with MaximWealth!
In their website MaximWealth claims to offer plenty of instruments, but in reality they cannot offer even a single one. Instead, they do offer ambiguous investment plans with unrealistic fixed returns and no guarantees at all.
There is also some Referral Tree but with no further information provided at all, even in the Terms and Conditions. Bonuses are mentioned but in the same manner there is no comprehensive explanation.
MaximWealth DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit required is 2 000 USD which is uncommonly high.
MaximWealth deposit policy is the next interesting chapter of the story. You can only fund your account with Bitcoins which are automatically exchanged into dollars. Bank cards, wire transfers or even other cryptocurrencies are not accepted as a way of funding. An obvious red flag, and a scam pattern as well, there have been too many warnings issued against brokers with similar or identical funding methods.
Beware, you can make a deposit without proof of identification, another red flag.
Quite shockingly you can only make a withdrawal only if you reach a trading volume of deposit multiplied by 20! Condition as such should be enough for you not to invest with them. Moreover, as we already pointed out there is no way you can actually place a trade!
Withdrawal procedure is obscure, you can only withdraw Bitcoins. The exchange rate remains an open question and it usually takes 7 business days once the documentation is submitted.
MaximWealth does not charge brokerage fees or commissions for executing trades, however they do require a fee for transfers of funds, currently equivalent to 35 units per transfer. 35 units of what?! Stay away!
Also, they may levy an additional charge(s) on transfers of funds to be credited to a Trading Account made by debit card or credit card. Which itself is a nonsense, as they do not accept credit or debit card funding.
Dormant account policy raises another red flag. Account is considered dormant if there is no, or very little activity. Also, the maintenance fees are at a rate to be determined by MaximWealth from time to time. Does it mean that they have the freedom to determine an unbearable fee, well maybe. But only if you deposit Bitcoins, and our firm advice remain the same. Stay away.
HOW DOES THE SCAM WORK
Scammers introduce financial or investment opportunities which are often too good to be true. Lucrative returns (we’ve seen 800% per day) with low or no risk at all, unbeatable trading conditions, trading robots and bots that always execute the winning trades, scammers might even give you assurances that they possess inside information and the profits are guaranteed.
The scammer will promise you the moon and the stars only to gain your confidence, will persuade you to invest money with them and sooner or later will take advantage of you. Once you submit your personal details including ID, credit or debit cards, bank accounts or national insurance number the risk becomes long-term. The scammers might not only refuse to make a withdrawal, but might as well use your personal details to conduct criminal activities. They might dry up your bank account, might make deals on your behalf or you might end-up being an owner of a company that is hugely indebted.
Remember, always trust forex brokers that are legitimate and regulated by a financial authority such as CySEC or FCA.
WHAT TO DO WHEN SCAMMED
Anyone can get involved in scam, scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
You should be careful when you choose your forex broker, do not buy everything they say or promise. Do your research thoroughly, have a look at our daily reviews regarding the most recent scam we can identify, forex scam is still widespread, despite the efforts being made to create a safer environment. Being informed is an effective way to protect yourself from scam.
Stay away from MaximWealth, we found too many signs of scam related to this broker.
