Beware! Maple Gold 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.
In this review, we are going to show you a highly suspicious Forex broker. Maple Gold is allegedly based in the UK, regulated in Australia and offering services that remain highly incomprehensible. They provide MetaTrader4 for their clients, and that’s probably the only positive feature of their business. We found some red flags, and you’d better read this review before making any deposits with this broker.
Maple Gold REGULATION AND SAFETY OF FUNDS
As already mentioned, Maple Gold presents itself as a British entity, but at the same time, they claim to be Australian regulated. Also, the website is filled with controversial information about their business, and we can’t validate anything whatsoever. Still, we researched the registers of the Australian and the British financial authorities but found nothing about such an entity, so Maple Gold falsely claims to be regulated. Your funds are not safe if you deposit with this broker, and it’s most probably a scam scheme given the fraudulent statements they make.
You’d better avoid this suspicious business and consider the high-rated EU brokers and British brokers on both lists instead. The European markets offer high-grade security, and the member states are compelled to operate deposit insurance funds that guarantee clients’ money in case of insolvency or fraud. Hence, CySEC brokers’ traders can claim up to 20 000 EUR, while the British protection is up to 85 000 GBP. If you are eligible to open an account with a European broker, you can safely do so; it’s a no brainer.
Maple Gold TRADING SOFTWARE
Maple Gold delivers MetaTrader4, which is excellent trading software. The EUR/USD spread is floating around 2 pips, which is an acceptable Buy/Sell difference, but not the best on the market. Many reputable brokers are offering lower spreads that make trading more affordable, so it’s not challenging to find better opportunities.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and proven to deliver upper-class software and more favourable trading conditions. The MT distributions are packed with advanced trading features such as Expert Advisors, many complex indicators and sophisticated charting tools. There is also a marketplace where clients can benefit from more than 10 000 apps and third-party trading solutions. MetaTrader is the best option on the market, but you shouldn’t waste your time with shady brokers like Maple Gold.
The maximum possible leverage is 1:400, an overly risky ratio that can cause significant losses if not carefully used. Leverage is dangerous, so many financial authorities enforced regulations to reduce losses among traders. As a result, EU, British and Australian brokers have to limit their clients to 1:30, while Canadian brokers and US brokers are not allowed to provide more than 1:50. Most of the high-leverage brokers are poorly regulated offshore businesses, so be cautious.
Maple Gold DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Maple Gold is said to be $500, which is 5 times more than the regulated brokers’ requirements on average. The funding methods are unknown and we couldn’t test their deposit system. Nevertheless, regardless of the broker, it’s always safer to deposit via bank cards only because it’s possible to file a chargeback and eventually get a refund within an extended period of time.
While discussing deposit methods, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on both lists are stringently regulated, and you won’t face scammers among them.
The rest of the trading provisions- withdrawal requirements, fees, bonuses and so on are also undisclosed. The so-called legal documents Maple Gold provides are actually inadequate for a broker, and there is nothing about trading conditions at all. That’s evidence of a scam because the broker apparently tries to hide something from the public.
Overall, Maple Gold is a shady unregulated broker, and that’s more than enough to avoid this business.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s effectively a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept their fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes and so on. Their imagination is very rich, and they would invent as many stories as possible to get the deposits wanted.
But the money transfer is not an end; that’s the beginning of the actual Forex scam. Gradually, scammers would manipulate the victims and would urge them to invest more. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the trading results to show victims massive profits and ask for more money, promising to generate a fortune in no time.
However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, whatever the situation.
In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!