MaxPrimeFX review – 5 things you should know about maxprimefx.com

Beware! MaxPrimeFX is an offshore broker! Your investment may be at risk.

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We are reviewing MaxPrimeFX, a broker providing awful trading conditions. The spread is probably the worst we’ve ever seen until now, and the platform the broker delivers is worse than useless. However, there are even more disgraceful features of this broker, which we are going to discuss in the full MaxPrimeFX review.

MaxPrimeFX fake claims.

MaxPrimeFX REGULATION AND SAFETY OF FUNDS

MaxPrimeFX is a highly secretive broker refusing to disclose even its address and contact numbers. The only thing we found is an indication that it’s registered offshore, in St. Vincent and the Grenadines, but those hints don’t prove anything whatsoever. At the same time, they claim to be regulated, which is falsehood. Your funds wouldn’t be safe if you deposit with MaxPrimeFX because it’s unregulated and a suspected scam because of their misleading assertions. Anonymous and unregulated brokers are not supervised, so they can get involved in illegal business practices and defraud people without being punished.

You’d better avoid MaxPrimeFX and consider the high-rated EU brokers and British brokers on both lists instead. The European markets offer high-grade security, and each EU member state is compelled to maintain 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.

MaxPrimeFX TRADING SOFTWARE

MaxPrimeFX’s trading software is web-based and awfully poor. It’s ugly, difficult to work on and can’t offer any charting tools or reliable indicators whatsoever. There is a handful of FX pairs excluding EUR/USD, and the rest of the instruments are cryptocurrency CFDs with terrible Buy/Sell difference- $1000 for BTC/USD while most of the regulated brokers’ offers are below $100. Worse though, the AUD/USD spread is more than 200 pips, which is 100 times more than the regulated industry standards. MaxPrimeFX is an exceptionally costly broker, so traders won’t be able to make any money.

That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe, delivering upper-class software and much more favourable spreads. 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, and you’d better consider this fact when choosing a broker.

There is nothing about leverage, but we need to discuss it because it carries high risks. In fact, leverage is so dangerous that many financial authorities restricted its usage by implementing regulations in their pursuit to reduce leverage-inflicted losses. 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.

MaxPrimeFX trading software.

MaxPrimeFX DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit with MaxPrimeFX is $500, a requirement significantly higher than the regulated brokers’ demands- around $100 on average. Many companies ask for as low as $5 to let traders begin, so it’s useless to waste your time with a broker that can’t offer anything valuable. The funding methods are cryptocurrencies only- Bitcoin and Ethereum, which leaves traders at a disadvantage. Digital coin transfers are final, non-refundable, and traders do not even know who receives the money sent. We recommend bank card funding only because clients are granted chargeback rights, can dispute transactions and eventually refund, in case things go wrong.

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. Still, the safest deposit method is Credit/Debit cards because it allows getting a refund within an extended period of time- up to 540 days, depending on the case.

MaxPrimeFX’s legal documents do not determine trading provisions related to withdrawals, fees, refund policy, bonuses or anything else. The lack of information is a warning sign because the broker is either careless or trying to hide something. In both cases, MaxPrimeFX proves to be unreliable.

Overall, MaxPrimeFX is an unregulated suspected scam, so you’d better avoid this suspicious broker.

MaxPrimeFX account types.
MaxPrimeFX funding methods.

HOW DOES THE SCAM WORK

The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually 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 fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich, and they would invent as many stories as possible to get the deposits wanted.

Unfortunately, the initial deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest again and again. 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 results to show victims massive profits and would ask for more money, promising to get even more profits.

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, no matter what.
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!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-12

Reviewed Broker

MaxPrimeFX

Broker Rating

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