MAXFX AND MYFXBOOK ISSUE

Hi guys,

Am sure most of you registered members of myfxbook received an invitation for an exclusive bonus offered by MAXFX as shown below:




I took on the offer. I registered with MaxFx and had my identity and residence verified. I then deposited $211 into my account which was reflected almost immediately in my MAXFX MT4 terminal.

Alas I noticed some issues which made me regret the action. Listed below are my concerns:

1. MAXFX appears to be a very new broker most likely starting its operations in the year 2015. Myfxbook did not deem it fit to inform us of this. As a user of myfxbook, I expect that they do due diligence on the brokers that they endorse.

2. I trade using Elliott waves. Maxfx Fx had a price drop in gold on 17th April, 2015 that does not reflect on other brokers feeds. On that day their feed shows that gold fell to $1177.80 as shown below:




IC Markets did not have that price drop:




Trading View too did not have that price drop:




I have not confirmed with other brokers but I have a feeling that the price feed for MaxFx was not right on that day.

This issue pissed me off. I need certainity when trading. So if a broker's price feed is obviously different from other sources it calls into question their honesty.

3. MAXFX claims that clients accounts can NEVER go into negative balance. I don't agree with this unless they have a way of setting/tweaking their price feeds.

4. MAXFX client area is very similar to IC Markets client area. They even share the name 'client area'. In this case either one broker copied the other's interface or they have similar/ same share holding:

MAXFX client area:



IC Markets Client Area:




5. There is a very slow response to queries at MAXFX.

6. I sought to withdraw my money yesterday (29th April) and almost 20 hrs later I have not received my funds. Am concerned because using VISA during deposit was imediate yet when I want to withdraw there are delays. I have asked for when to expect my money and they have not replied to me.

6. I expected the bonus $1000 to reflect imediately in my account once I deposited the required $200 yet this did not happen.

I am pained by the wait. I wish myfxbook team can look into these issues.

For any one who wants to open an account with MAXFX I would wish you take into account these issues. I do not want to claim wholly that MAXFX is a bad broker but I write this post so that we help in situations necessary.

Thanks all.







 

Dear user mnandii,

First of all we would like to thank you for choosing MaxFX as your broker.

Regarding MaxFX's time in the market: We are a regulated broker and our business model consists of trader-centric policies and safe practices. A new broker does not necessarily mean a bad broker. We see ourselves as a place where finally the trader can trade the market, not his / her broker. In our Profile here in myfxbook.com, it is clearly stated that we started retail operations in 2015. Nobody is trying to convince traders otherwise.

Regarding Negative Balance Protection: We have custom-built, automated monitoring systems that constantly make sure no client's balance can reach negative status. We never, and under no circumstance, tweak or manipulate our price streams to achieve this. This is part of our policy. Price drops like the one you mentioned for Gold, occurred because our LP streams needed optimization on a technical level, not pricing level. As stated above, we never manipulate pricing.

Regarding similarities with a different broker's client area: I can assure you we are not affiliated with the broker you mentioned and that the similarities in our client area are mainly due to the platform used to build it.

In regards with your withdrawal request: We have classified withdrawal requests as priority processes. This means our back-office staff processes withdrawals before everything else to make sure the client receives his/her funds as fast as possible. Some days these requests are bigger in number than others and this causes only minor delays (a few hours) in the procedure. I can assure you your funds will be withdrawn as fast as possible (if not already completed). We are constantly streamlining our back-office workflow to scale to the needs of our investors.

If you have any other questions regarding your account, please feel free to contact [email protected]


Best regards,
The MaxFX Support Team.

MaxFX_Broker posted:
Dear user mnandii,

First of all we would like to thank you for choosing MaxFX as your broker.

Regarding MaxFX's time in the market: We are a regulated broker and our business model consists of trader-centric policies and safe practices. A new broker does not necessarily mean a bad broker. We see ourselves as a place where finally the trader can trade the market, not his / her broker. In our Profile here in myfxbook.com, it is clearly stated that we started retail operations in 2015. Nobody is trying to convince traders otherwise.

Regarding Negative Balance Protection: We have custom-built, automated monitoring systems that constantly make sure no client's balance can reach negative status. We never, and under no circumstance, tweak or manipulate our price streams to achieve this. This is part of our policy. Price drops like the one you mentioned for Gold, occurred because our LP streams needed optimization on a technical level, not pricing level. As stated above, we never manipulate pricing.

Regarding similarities with a different broker's client area: I can assure you we are not affiliated with the broker you mentioned and that the similarities in our client area are mainly due to the platform used to build it.

In regards with your withdrawal request: We have classified withdrawal requests as priority processes. This means our back-office staff processes withdrawals before everything else to make sure the client receives his/her funds as fast as possible. Some days these requests are bigger in number than others and this causes only minor delays (a few hours) in the procedure. I can assure you your funds will be withdrawn as fast as possible (if not already completed). We are constantly streamlining our back-office workflow to scale to the needs of our investors.

If you have any other questions regarding your account, please feel free to contact [email protected]


Best regards,
The MaxFX Support Team.

Thanks alot for the reply.
Sincerely, Matthew

Hello

I did subscribe to their account with the bonus !

I did receive the bonus, but to be clear the bonus is not used in any way to be traded on margin ! I thought that the first time... And got stopped out unfortunatly ! This was one of the reason to try this broker actually !

And by the way, the support seems to be ok, their are responding on the same day !


If this coment may help some other user...

spoown posted:
Hello

I did subscribe to their account with the bonus !

I did receive the bonus, but to be clear the bonus is not used in any way to be traded on margin ! I thought that the first time... And got stopped out unfortunatly ! This was one of the reason to try this broker actually !

And by the way, the support seems to be ok, their are responding on the same day !


If this coment may help some other user...

Thanks. My understanding of the terms and conditions ( I did download a pdf version for MT4 accounts) was that the bonus would be shown as 'equity' in your MT4, meaning you can use it to trade! In fact this is what attracted me to the promotion. The only caveat was that you 'earn' the bonus every time you trade 1 lot ( open a trade and close it). So for every lot traded you gain $1 out of the bonus.

NB: My withdrawal from last week has not reflected in my account. I have waited two 'working days' since Thursday last week. I used VISA and the deposit was immediate. But withdrawal seems to take longer. I'll wait one more day then contact them.

mnadii:

We manually process all withdrawal requests within 24 hours. Once we process them, its up to your local bank. The reason is that your funds are being transferred from your Trading Account to your local Bank Account with which your VISA is connected. This is standard operating procedure and MaxFX has no input on it. It takes longer than a regular e-wallet transfer.

Please keep in mind that in the case of e-wallets like skrill, withdrawals are instant.


Best regards,
The MaxFX Support Team.

Hello mnandii,

Actually, I had exactly the same reasonning as you... That was also the reason why I open a new account !

I guess we are probably not alone on the same problem ! And when I reading the conditions, I'm still guessing actually, but anyway, it is their terms .

By the way, I still did no try to withdraw money, let's see with you , I m just hoping for me and you that it is properly working !

PS : Seems to be a new condition for this month with maxfx, better spread, I would love to have them, now actually they are definetly the best...

MaxFX_Broker posted:
mnadii:

We manually process all withdrawal requests within 24 hours. Once we process them, its up to your local bank. The reason is that your funds are being transferred from your Trading Account to your local Bank Account with which your VISA is connected. This is standard operating procedure and MaxFX has no input on it. It takes longer than a regular e-wallet transfer.

Please keep in mind that in the case of e-wallets like skrill, withdrawals are instant.


Best regards,
The MaxFX Support Team.

😎

Ok.

spoown posted:
Hello mnandii,

Actually, I had exactly the same reasonning as you... That was also the reason why I open a new account !

I guess we are probably not alone on the same problem ! And when I reading the conditions, I'm still guessing actually, but anyway, it is their terms .

By the way, I still did no try to withdraw money, let's see with you , I m just hoping for me and you that it is properly working !

PS : Seems to be a new condition for this month with maxfx, better spread, I would love to have them, now actually they are definetly the best...

😎

One important lession am coming out with is that I need to start using my e-wallet (Neteller) more!

Hello

Just wanted to share my opinion... I decided to stop with MaxFx because as they already said, their 'LP streams' needed or still need some optimization.

I explain my-self, I was trading with an EA, and I got stopped without seeing the stop price on the chart with M1, M5,... By instance my stop was at 135.5 , and the high of the day never reached that level !
So, I did ask some explanation, and they did respond quite fast [ good point ] , that it was related to my EA, ok may be...could be possible, but have some doubt !
But the next following day , I did a trade manually my-self, and I did experience the same stop , so I check on the chart, nothing... and then did check on the chart with tick-by-tick basis, and their , yes , we saw the problem !

The sell side was peaking from time to time, by 15 pip , and no peak on the buy side [ see screenshot ], and that's the reason why I got stopped out !!

So, as long as this kind of behaviour remains, I would not recommend using MaxFx for trading.

But please note, that the support team is very nice, and answering to your request fast, and I withdraw my money as well, so no problem there as well.

Good luck and good trade.

Withdrawals seems to be a problem with MaxFX. The withdrawal request page is either buggy or MaxFX is a scam. After withdrawal of the formerly deposited amount no other withdrawals (of gains) are possible.

I also did not work uniform, but I turned to withdraw funds
it is necessary to write a letter to support team
1 day got their money

Greetings

We were updating our client area platform in some regions during a small period of time. Some users were affected by this but our backoffice team served all withdrawals within the same day either by email or through our system.

The MaxFX Support Team

Careful with choosing this broker for trading partner! Did you saw it's crazy HIGH WITHDRAWAL FEES? 😡

Dear JojoW

These third party withdrawal fees are definitely on par and most of the times even lower than most other brokers out there. These are processing fees for transferring funds from payment processors, banks, etc.

MaxFX also charges no deposit fees for any amount, which means we are covering those charges for you because we feel you shouldn't pay for choosing to trade with us.

The MaxFX Support Team