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MaxCFD is one of the newer brokers on the block that’s offering CFDs trading for mainly popular products. Originally founded in 2017, it comes across as a late entrant into the online trading industry, but in reality, the broker has a lot to offer traders especially for those who want to avoid jumping through hoops of complicated side tasks related to CFDs trading.
If anything it allows and enables traders to focus solely on trading while they handle everything else. Perhaps the basic idea behind MaxCFD is to make trading easy. Creating a trading account is very fast, and since the platform is internet based, you don’t need to download or install anything.
All you need is a web browser to access it. The only drawback is that it lacks tools for advanced traders.
Account Features and Benefits
MaxCFD offers traders several ways of trading CFDs via the platform. The company appears to have invested a great deal in providing various education opportunities which are only accessible once you create an account. After creating an account, traders need to contact the account manager.
MaxCFD also has a signals feature which is listed on their website. Though the signals are a bit outdated and are updated for just a couple of assets. The expiration time was around a month on average. The signals are presented with a Put/Call feature which appears to be ideal for options trading.
The other thing worth considering about MaxCFD is the fact that they have an economic calendar which is standard across all brokers in this industry. However, more specialized trading websites have better solutions. Perhaps the one drawback of MaxCFD is that it’s currently not regulated.
Though traders are recommended that they check the terms and conditions of the bonus offered before accepting it.
The MaxCFD Trading Platform
The trading platform they are using is some variation of the SpotOption internet based software. The platform makes it possible to trade via just an internet browser without having to download anything like it is customary when using other popular platforms like MetaTrader 4 or 5.
The MaxCFD platform allows users to immediately choose a leverage prior to placing their trades. The method runs contrary to how other platforms operate where leverages are set by default from the beginning when the trader signs up for an account.
The platform also offers a very simple stop loss function that’s placed in the header and can be defined immediately. That way your CFD investment is protected while the downward spiral is determined by the trader.
Anyone who has a binary options trading background will see that SpotOption has a couple of neat tricks up its sleeves. Take for instance the return percentage for traders which gives them a sense of the potential payout. This helps them manage the risk accordingly as per the reward. The method is easier especially when compared to a pip value analysis.
Like with any other web-based platform there are very limited charting options. Though it suffices for newbie or intermediate traders using basic trading strategies. MaxCFD claims that traders have access to over 150 assets which are the basis for the company’s CFD trading.
Though any and every experienced trader knows that market realities end up determining the amount since every asset does not have the very same trading period. Plus not all markets are open all the time. So, in that respect, the most accessible are forex CFDs, but they aren’t directly related to how MaxCFD’s CFDs work but rather to how CFDs work in general, so all brokerages are bound to it.
When we tried out MaxCFD for EUR/USD trading, there was a 4 pip spread. This type of spread is considered slightly higher than the norm. Also on offer is MaxCFD’s mobile trading app which is available via the Google Playstore for Android devices and Apple Store for iOS-based devices. So, you can choose the right one for your phone.
Customer Support Provided by MaxCFD
Currently, the only support provided by MaxCFD is via email either directly or via the contact form. Though you can call any one of the two numbers in London, UK. We are hoping that the company will soon include live chat support as this will make things easier and cheaper for international traders. We would also like to see the website support more languages other than just English.
Valid Payment Methods
MaxCFD’s parent company is Chemmim Holdings Ltd, which is registered in the UK. Though we weren’t able to find out for sure if it was a shell company with operations someplace else in the world like it is the case with many other companies in the binary options industry.
Acceptable payment options include:
- Credit cards: (Visa, Master Card, Diners)
- Debit Cards: (Maestro, Delta, Switch, Maestro, and Solo)
- Bank wire
- Support for over 20 virtual wallets like Neteller and Skrill etc.
Is MaxCFD a scam or legit broker?
We did a little fact checking and can say with surety that they are genuine brokers. The company adheres to all the required safety regulations of the industry. They provide a safe and secure trading environment. Plus they are fully anti-money laundering compliant with Know Your Client (KYC) policies in place.
All of the security implemented ensures that your funds are safe. In addition, the SSL encryption used will protect all your personal information. All funds are kept in a segregated account and cannot be touched by the company.
The KYC policies mean that traders need to provide proof of identity during the signup process. Also, it is required everytime the capital is adjusted out of or into your account. All of this is to confirm that you’re in fact the real owner of the account.
Expenses and Potential Returns
We’ve already mentioned a couple of times that MaxCFD providers traders with free access to its platform. Traders are required to make a $100 deposit which is merely an investment for trading purposes, and so it can also be withdrawn whenever the trader wants.
The user-friendly approach with a simple platform assures users that they can generate some good returns. Plus they have a reasonably good success rate of around 85%.
Traders are encouraged to use all the broker’s features as well as take advantage of all the opportunities provided directly via a web browser. There isn’t any need to download or install anything. Since its web-based everything you see happens in real time. However, you’ll need to have a good and stable internet connection to avoid lags and glitches.
MaxCFD happens to be one of the leading online brokers with a top-notch platform for CFD trading. The company offers good security and excellent quality. Also, clients can benefit from various opportunities by exploiting them as they become available. Plus, the education system ensures that you can get the knowledge needed to eventually become a successful trader.
We can assure traders without a doubt that MaxCFD is not a scam. There are various testimonials from dozens of traders that testify to it being legit. So, choose them as your broker without hesitation.