MaximusFX was founded in 2017 and is one of the forex brokers that offer online trading services. However, we can not say that it has shown a successful development over time.
Within this Maximusfx review, I’ll take you on a journey to discover the trading conditions of the broker in addition to other criteria that need to be checked before any start of trading with the broker.
The spread level at Maximusfx can reach 0 pips and the broker provides 230+ trading instruments. The broker believes in every client’s achievement, the MT4 platform is provided for the ultimate trading experience, besides, they allow access to global financial markets.
I reviewed MaximusFX based on the following criteria.
- High leverage
- Low spreads
- MT4 supported
- High Minimum deposit
If you’re reading this MaximusFX review, you’re probably thinking about opening an account with this broker. However, I strongly recommend that you read this detailed review before you open an account. What are account types and trading conditions like spread, maximum leverage, and minimum deposit offered by Maximus FX? You can find detailed answers to all these questions. You can also write in the comments section below this article if you have a problem. I will answer as soon as possible.
If you’re ready, let’s start.
It’s never stressed enough about how important it is for a forex and CFDs trading broker to be licensed and regulated by a financial regulatory institution as it not only protects the traders, it also protects the broker and their name in the market.
Regulation is simply the maker or breaker of any broker since a no regulated broker have a higher possibility of being a scam and manipulator for investors to fund illusionary accounts and then no way to take back this money afterwards since there is no auditory organization to manage their activities.
But with regulation, it means a regulatory organization is overwatching the activity of the broker and forcing rules to be followed and met in order to keep the regulation. Take for example ASIC, the Australian regulator which is one of the bigger auditory names in the market. One of the rules they require to have at least $1M as capital in order to protect the clients. Moreover, the requirement of having segregated accounts is a given within the rules of ASIC to secure the funds of traders.
Luckily MaximusFX is regulated with the following information stated clearly on their website https://www.maximusfx.com/, which is as follows:
Maximus Markets Limited is registered with the Financial Services Authority “FSA”.
Maximusfx offers negative balance protection, in addition, to quick deposits and withdrawals. A data protection system is set in place to protect the clients’. Moreover, a zero-commission policy is applied to all deposits. The broker is also promising with the segregation of accounts.
Account Types in MaximusFX
Different account types are offered by MaximusFX where you can have different trading conditions in each account.
These account types are:
The Mini account: The minimum deposit offered in this account type is $200. The spread rates range from 1.7 pips in addition to the maximum offered is 1:1000. No commission is added on this account type. Trading tools are variables that are offered for use on this account type which includes Forex, Metals, and Crypto. The margin call is 100 while the stop-out level is 60.
The Standard account: a minimum deposit of $1000 is allowed where you can get lower spreads from 1.2 pips, besides, the leverage offered on the standard account is 1:500 with more trading instruments allowed which are Forex, Metals, CFD Indices, Shares, Crypto, and Oil. The margin call level is 80 and the stop-out level is 40.
The VIP account: a high minimum deposit of is introduced $25000 where the spreads are raw to reach 0.0 pips and the maximum leverage allowed is 1:100. A commission is added of $8 with the ability to trade the following trading instruments, Forex, Metals, CFD Indices, Shares, Crypto, and Oil. The margin call level is 60 and the stop-out level is 40.
The Islamic account: with a minimum deposit of $1000, you get to trade with Forex, Metals, CFD Indices, Shares, Crypto, and Oil and also have a maximum leverage of 1:500. The speeds applied on this account type are variable meaning it will be depending on the trading instrument used. No commission is added to traders with this account type. The margin call is 80 and the stop-out level is 50 here. While the Islamic account types seem to be quite convenient for traders following Islamic beliefs or from Islamic countries.
The base currency for all account types is USD. In addition to having a swap option available for all the accounts, the minimum lot size presented is the micro lot which is 0.01 of the standard lot. besides, all account types are allowed on the MT4 trading platform which can obtain via different channels like the web trader, and the MT4 mobile application in addition to the availability on IOS and android devices.
An option to use all accounts on a demo account is also available where you get to try out all the features and characteristics of the account types and the broker as well within a risk-free environment where you don’t get to use real money for trials and testing. It’s suitable for both beginners and experts in trading and forex and CFDs investing.
Maximusfx is providing different choices for funding and withdrawal from the account which I find the choice to be quite okay. Let me break down the payment and withdrawal methods offered in this part of this Maximusfx review.
Credit and debit cards: Visa and MasterCard are allowed for deposits using USD and EUR. With instant processing time and a minimum deposit to use via these methods would be $10 and no commission added. Union pay is allowed for a CNY deposit with no commission added and a maximum of 3 hours as the processing time.
Bank transfer: USD and EUR are the accepted currencies as well as having no commissions added. With 1-5 business days as the processing time. The minimum deposit per transaction is $100 or equivalent.
Electronic wallets: Perfect Money and web money are both allowed where no commission is added and a maximum of 3 hours as the processing time I offered. The minim payment to be deposited via these methods is $10 or equivalents.
Cryptocurrencies: Bitcoin, Ethereum and Tether are allowed for deposits with no commissions, instant processing time and no limit for deposits.
Withdrawals take place via the same channels where withdrawals via:
Credit and debit cards: Visa and MasterCard have 4% commissions applied and 1-5 days processing time. The minimum withdrawal is $50.
Bank transfer: where a bank commission might apply that’s not related to the broker. 1-5 days for processing bank withdrawals are required. The minimum withdrawal is $100.
Electronic wallets: Perfect Money and web money are used for withdrawals with a 2% commission and 1 day to process the withdrawal. The minimum withdrawal is $50.
Cryptocurrencies: Bitcoin, Ethereum and Tether can be used with 0.5% commission and 1 hour processing time. There are no limits on withdrawals via cryptocurrencies.
MaximusFX is offering MT4, which is the favourite trading platform in the forex market. Since the platform is characterized by multiple versions and great tools for the ultimate trading experience, traders also prefer using MT4, which was developed by MetaQuotes, as it provides a user-friendly interface along with different charts and tools.
The MT4 is also available on the multiterminal view in which it has the following features:
- Various order types
- Ability to use advanced charts and indicators
- Generating reports
- Management of multiple accounts and execution
- Live price monitoring
Bonuses and Promotions
There are different types of promotions that are presented by the broker in which it only makes sense to view them all via this part of the Maximusfx review.
Growth bonus: or as it’s also known as the 50% trading bonus, it’s only available to be presented to Standard and Islamic account types. after you open a live account and put in your first deposit, the 50% bonus is added to the live account. without funding, the bonus cant is applied. When you make a deposit from $200 To $10,000 you can get the 50% bonus, yet if you made deposits of $10,001 and more, you can get a personal offer for a different bonus.
Rebate bonus: where you can receive an extra bonus from trading volumes. Depending on the initial deposit made, clients have the ability to choose between Mini or Standard trading accounts. If you completed trading with a volume of 1 To 200 lots, you can get $2.5 per lot. If your trading volume is between 201 To 500 lots, you can get $3 per lot. And for volumes over 504 lots, you get $4 per lot.
Refer a friend bonus: you should be an existing client that has passed the validation process to participate in that bonus promotion. The amount of the bonus given to you depends mainly on the first deposit made by your friend. If your friend made a deposit of $200, you get a $50 bonus. If the payment made by your friend is $1000, your bonus can be $100 and so on.
Throughout this Maximusfx review, the conclusion that was found was that Maximusfx is a regulated broker with different account types to offer their clients they offer different trading conditions in each account type to suit all the needs of different clients.
The maximum leverage offered is 1:100 which is quite high, in addition to having a $200 minimum deposit.
Maximusfx is also offering MT4 as the trading platform which is the most popular platform in the market, in addition to having different deposit and withdrawal methods that can make it easy for clients to have transaction flow on their accounts.
Different bonus promotions are offered where it provides an extra profit source for clients.
Yet my take on Maximusfx is that there is only one trading platform offered which makes the choices insufficient for clients who like to trade on different platforms like MT5, cTrader or Sirix.
Customer service, too, has received a good deal of negative feedback from clients which isn’t the thing you’re looking for when trading with any forex broker since most of the approval on the transaction process happens through customer service.
There is also a lack of information on the Maximusfx website with no mention of the available trading instruments and the conditions for trading each of them.