- An Offshore and Glitchy Broker
- Bad Risk Management
- Blocks Withdrawals
- Inactivity Fee
- Too Many Technical Issues
MaxCFD is a CFD and Cryptocurrency broker. Chemmi holdings limited owns and operates this broker. For a broker that was founded only a year ago, it has too many complains against and following we will explain why.
Risk management is all about keeping your loses under control. Controlled risk allows flexibility because forex trading is about opportunities and knowing when to act on them.
If you don’t limit your risks by tracking your overall exposure, correct lot size and control loses, you won’t be able to carry on your trade because you will never know what to do if things go south.
This is the difference between a professional trader and an amateur.
Most reputable forex brokers pay withdrawals without any issue. But there are a few things that matter. First, where do you live (your country), your account size, your broker, etc. Most brokers face issue handling small accounts.
But even if you submit a rather large amount, it won’t help your case if your broker is fraudulent. Maxcfd is among these brokers who don’t pay put withdrawals fairly. It is a major red sign that you should trust this broker. There is no reason for suspending a user’s withdrawing and keeping their balance. It clearly shows the company is after money.
This fee is a sum charged to investors who didn’t engage in any trading accounting on their brokerage account for a given time. This used to be a common practice in the financial marketplace, but it became obsolete with the Credit Card Act of 2009.
According to this, these charges are an issue for clients who want to use the account for emergencies or have a zero-balance account and made these dormancy fees illegal. If a user account remains inactive for 12 months, the issuer should disclose its existence, frequency an amount if such fees conspicuously before the card are issues, and shouldn’t charge the trader more than once a month.
MAXCFD has no right of imposing such heavy charges, and the authorities should take proper action.
Do you know that one bad algorithm an cost a fortune? It gets even worse when you speak about forex trading. Surprisingly, brokers have found a way to make money with glitches. Yes, most brokers leave their systems fault on purposes to make money from their users.
We agree that you can’t have a perfectly running system all the times, but if system issues or glitches have become a part of your trade, it means the broker doesn’t want to get rid of them. But why? Its because he is making money off them somehow.
MaxCFD is a scam, and we say this without a doubt. The company uses various techniques to skim money out of its clients. The company has serious complaints against it, and the situation is very severe especially considering MaxCFD was only established in 2017. We will end our review by advising you to stay away from MAXCFD.