MaxiTrade is a broker, presumably Russian, that offers trading cryptocurrencies via CFDs on MT4 platform. The company behind the broker is Strategy One Ltd, or so the website claims. The website also claims the company has been around 10 years and “has earned trust” of Association of Russian Banks and the Association of Regional Banks of Russia. We were unable to verify that.
For the details on the broker read our MaxiTrade review.
MaxiTrade offers several types of accounts that offer various services depending on the size of the deposit. The logic is that the customers who deposit higher amounts to trade with the broker also get preferential treatment. Perks range from bonuses, faster withdrawals and analyst support. Below we present the overview of the accounts.
It is clear that the broker has a lot of options, especially for the so-called VIP memebers, however, we do have to comment on some of these.
The bonus is a controversial topic in online trading. It was so badly abused in recent years that 2 years ago CySEC acted on it and ordered all Cyprus regulated brokers to stop offering them. Since most brokers in EU have CySEC license it meant that the bonuses were practically outlawed and remained a feature offered mostly by unregulated brands, one of which is MaxiTrade. Technically its regulated by Labuan IBFC, which is the first time we hear about this jurisdiction.
This is a funny one. One would expect that the annual plan is the basic one, since in a way offers least value. One cannot really predict that far in the future to have a bulletproof trading plan. It would be more logical if the premium account holders got their plans updated more frequently to reflect changes on the market. In our opinion, pretty useless hook.
Here traders have to be very careful. They must understand that the broker is not a financial advisor. While they might get general help and guidance from the broker, it is highly unlikely that the broker can or should give them recommendations for trading.
While we were reviewing the website there were several promotions running. One of them was related to the earnings season in the US. The idea was that traders with highest turnovers during this period stand to get prizes in range from $1,000 – $1,000,000. This is huge, but what we see is basically just another hook to get people to accept bonuses, or how they call it, “cofunding”. The winners on the website were probably just fake names.
Problem is that in order to cash out the money, after depositing $1000 to enter contest, one has to reach certain turnover targets. The cofunding in this case was 100% or minimum $1000.
In order to withdraw money from the broker, the turnover targets need to be reached. If the bonus accepted was up to $10,000, the turnover target (volume traded) was 10,000,000 or 1000x. This is insane,in the heyday of binary options, worst turnover minimums were around 30x.
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MaxiTrades uses the MT4 web trader. MetaTrader is really a global standard for forex and CFDs traders, and even its web-platform offers excellent features for trading – from advanced charting tools to special trading settings. This was a really good choice by MaxiTrades. It seems that there is only web trader version available, meaning that there is no client app to download, at least not one we could find.
Assets on the platform are exclusively cryptocurrencies. Cryptos offered are
This is a pretty decent setup, however, the trading conditions are terrible. Spreads are huge and commissions very high. It pays much more to trade with a broker such as IQoption, which offer all these on a regulated platform, which, however, is not MT4.
If you want to trade with an award-winning licensed broker, we recommended using IQ Option
MaxiTrade has skype, live chat and email contacts listed. Along with this theres a phone number traders can dial to get in touch.
The website is translated to Russian, German, Polish, Spanish and Arabic languages.
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Minimum deposit is not listed, but since the starter account minimum deposit is $250, we take it this is the figure you need to deposit in order to begin trading.
The payment methods listed are credit cards, QIWI, WebMoney and Bitcoin.
The minimum withdrawal is $50, which is pretty high. In case less than 5 trades were made, the withdrawal fee is increased by 5% of the withdrawal amount. Overall not very user friendly conditions.
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