MaxCFD Broker Review 82

What exactly is there to know about MaxCFD, besides the fact that it is unlicensed and its reputation is not exactly stellar – to say the least? Obviously, we’d like to know everything about the corporate background of the operation, but unfortunately, the About Us page of the official MaxCFD website is very stingy with such details. The footer does drop a few clues in this regard though.

Overview

The online brokerage – and the MaxCFD brand – is owned by Chemmi Holdings Ltd. The company is based in London and it is a registered UK company. The company number is 9870892. This is where we usually discuss the regulatory status of the brokerage, but in this case, there is not much to discuss. There is no mention of a license or of any kind of regulatory adherence anywhere on the pages of the MaxCFD website.

It features a simple and easy-to-use web-based trading platform and its trading conditions seem attractive as well. As said though, there are problems with it, regulation- as well as reputation-wise. Furthermore, the UK’s regulatory authority, the FCA, seems to have issued a warning about this operator at the end of February 2018.

Account Types

In this regard, MaxCFD have not considered it necessary to share any sort of information with their potential clients. There is absolutely no information available in this regard anywhere online.

Trading Platform/Software

MaxCFD most definitely has not gone overboard in this regard either. They do not have a dedicated page where they discuss the virtues and features of their Web Trader, but on their About Us page, they do share some information. The platform itself can be accessed from the homepage at a single click too.

Simplicity is touted as the main strength of this platform, and compared to a mainstream solution such MT4, that is indeed what we get here. The web-based nature of the platform also gives it certain advantages, like the fact that it can be accessed from everywhere (unless you happen to be located in a blocked country) without the need to download and install anything.

As far as charting and trading tools go, it is safe to say that for this day and age, the MaxCFD platform is quite inadequate. It only offers a handful of charting options and a similarly unimpressive number of technical indicators, though the most basic and most popular ones are indeed included.

Stop-losses and take-profits can be set through the trading interface.

Deposit Options

For some reason, no Deposit options are provided at the MaxCFD website, though there is a section dedicated to Withdrawals. It is safe to assume the same methods may be accepted for Deposits too.

The brokerage accepts Credit and Debit cards, such as VISA and MasterCard, as well as bank wires. As far as eWallets go, only Skrill is accepted.

Markets

As weird as this broker is, it has managed to yet again surprise us in regard to the tradable assets it offers. Those who access the trading platform will notice that there is just one supported asset-category: that of the cryptocurrencies. Within this category, there’s plenty of diversity though, as scores of crypto/crypto and crypto/fiat pairs are supported. The maximum leverage offered on these assets is 1:3, which – given the volatility of this market, is indeed reasonable.

While no other asset-classes can be accessed from the platform itself, the website features a page which tells us of various Forex pairs, commodities and indices, not to mention stocks. None of these can be found through the trading platform though.

Customer Support

The MaxCFD support staff can be contacted through an email form on their Contact Us page or the actual email address, as well as by phone.

Safety

All we can say in this respect is that with the above-said in mind (especially the information about the FCA warning), we really cannot state that this operator is a safe one to work with.

Final Thoughts

MaxCFD looks like a haphazardly tossed-together operation, with its website incomplete and seemingly still under construction (or rather: never properly finished) here and there. The reputation of the operation is very poor, and its trading platform is overly simplistic and dated. As said, the FCA has issued a warning about the brokerage too, so it does not look very trustworthy.

Pros

  • Simplicity, accessibility
  • Excellent cryptocurrency CFD selection

Cons

  • Inexistent regulatory status
  • Poor reputation
  • Dated trading platform
  • FCA warning
  • Platform does not seem to work properly
  • Website in disarray
MaxCFD Overview
Regulation: No Regulation
Assets offered: CFDs, ETFs, Azioni, Valute, Indici, Materie Prime
Minimum Deposit: €100
Deposit Options