MaxiWyse Review – Legitimate or Scam?

MaxiWyse Review

Whether you are a newbie who is just starting out in the financial markets, or a savvy trader who has already made some profits, you need to be aware of the importance of choosing the right online brokerage. The fact that these platforms have increased in number exponentially means that you have to approach this matter with the utmost caution because no two companies will offer you the same services. As a matter of fact, there are legitimate as well as scam operators in the market, as you will discover when you go through this MaxiWyse review, so it is not something to be taken in stride.

Your priority should be to carefully evaluate a brokerage in order to identify whether it is an authentic platform, or just another scam operating over the internet. After all, the internet is known to be rampant with different types of scams and forex trading brokerage scams are one of the most common ones. There is no shortage of stories of people who became victims of these platforms because they were eager to start trading and making profits and did not bother looking too closely at the company they were trusting with their money and their information.

Thus, you need to be careful and not commit the same blunder because it is going to cost you significantly in the long run. No matter how excited you are about beginning, or continuing your trading journey, you need to evaluate the broker you are considering thoroughly to avoid any disaster. Bear in mind that they would use numerous tactics to convince you of their legitimacy, but it can be a false front. MaxiWyse is one such online brokerage that offers you access to trading in the global markets via their high performance platform and at the lowest possible costs.

At MaxiWyse, you are promised access to more than 1,500 trading instruments, transparent trading services and leverage ratios that can go as high as 1:400. The broker further claims that it is offering its services to more than 4.5 million traders all over the globe. The problem is that they have absolutely no credibility and there are clear signs that you are dealing with a scam. What are they? Take a look at some of them below:

No license and regulation

The most obvious indicator of the legitimacy of an online brokerage is their licensing and regulation. Genuine and authentic companies usually obtain a license to operate in the jurisdiction they are based in and this comes with numerous protections for the traders, thereby ensuring that you are not dealing with a company you do not know. Unfortunately, you will find that MaxiWyse is nothing more than an anonymous website because there is no company information available.

If you check out the contact details that have been added on the MaxiWyse website, you will discover that they claim to be owned and operated by Company Ltd and this is based in Some Address, Some Building and Some Country with 123456 as the license number. Does this sound like a legitimate company? Of course it doesn’t because it shows that the scammers forgot to edit the website and add some fake name to convince people of their authenticity.

When you go through the Terms and Conditions at MaxiWyse, you will find further information which shows that the broker is owned and operated by a company named MaxiWyse Limited and this one is registered in Saint Vincent and the Grenadines. This doesn’t make much of a difference either, because the SVG is an offshore zone and the financial authorities there do not regulate the forex industry. This means that the broker cannot offer you any of the protections that you would expect from an actually licensed and regulated brokerage.

Malicious withdrawal conditions

If you are still not convinced that MaxiWyse is nothing more than a scam brokerage, then all you have to do is check out the withdrawal conditions they have added on their website. These clearly show their malicious nature because their policies indicate that the brokerage can impose a limit on your withdrawal request whenever they want and they can even add limits to the withdrawals that can be made from an account.

You will not find a single professional and legitimate brokerage that would ever put such conditions on withdrawals. They will never prevent traders from accessing their own funds, something that MaxiWyse does because it clearly intends to take your money.

Excessive leverage

Another problem that you will find at MaxiWyse is the fact that the broker is offering you leverage that goes as high as 1:400. Many people may see this as an advantage because it allows you to trade more, even if you don’t have access to funds. However, you should remember that this can also lead to high losses, due to which it is considered very risky. It has driven regulatory authorities in various jurisdictions to impose a cap on the amount of leverage that can be offered to traders, but since MaxiWyse is not regulated, it is offering high leverage to draw people to its platform and you should be careful to not fall into its trap.

No access given to the trading platform

The trading platform that a broker provides to you is one of the most important features because it is used for accessing the markets and trade execution, so it has to be a good one. In their presentation, MaxiWyse promises its clients access to an advanced trading platform, but you will not be able to access it when you try. They ask you to provide some sort of referral code, which you obviously don’t have and this is a common practice of scammers.

Final Decision

Along with these problems, you will also find that the MaxiWyse website seems to be lacking in other essential information, such as the trading conditions they are offering like the spreads. Similarly, they claim to offer several payment options, including bank wire transfers, crypto and cards, but this information cannot be verified either, which shows that you are probably dealing with a scam.