MaxiWyse Review | A Multi-Million Audience Broker or Scam?

Over 4.5 million registered accounts – this is the statistic claimed by the broker MaxiWyse. Do you think it’s true? We doubt it, as there are almost no reviews about the company on the internet, which doesn’t resemble a multi-million audience at all. Moreover, we have questions about the organization’s security since it operates without a license, and its legal address is in Saint Vincent and the Grenadines, one of the most negatively perceived jurisdictions in terms of reputation. How beneficial is this platform? Is it possible to trade here, and is it safe to store money? Or could it be another scam? We’ll try to find out.

Highlights

First Impression of Maxiwyse.com

The official website introduces us to the trading conditions, advantages, merits, opportunities, contacts, and some facts about MaxiWyse’s activities. The site also provides links to social media accounts on Instagram, YouTube, Twitter, and Facebook. The firm discloses its legal address but does not indicate the foundation date, business model, or regulation. So, the level of transparency and openness is quite low.

The website is made from a template, which is immediately noticeable. Although it is not a very popular or frequently used template, it still occurs often. What is notable is that brokerage firms with similar designs turned out to be fraudulent. So, let’s see if MaxiWyse can be an exception.

The broker uses black and yellow colors, as well as images taken from the internet. There’s nothing unique. Even the text is template-based and clichéd. Primitive motivational phrases, pseudo-advantages, and misleading introductions are used. In short, the initial acquaintance with MaxiWyse does not allow us to say anything positive about the firm.

Partnership and Bonuses

From time to time, the company may offer bonus promotions. They are provided under certain conditions, but it’s unknown which ones. So, this information should be clarified with MaxiWyse managers.

The presence of an affiliate program can only be discovered at the moment of account registration, as the website says nothing about it. Besides the basic data, MaxiWyse asks to specify a promo code (if any), which definitely hints at a referral program. It’s just interesting why the broker hides the conditions?

Account Opening on Maxiwyse.com

Further acquaintance and study of the company imply creating an account, necessary to see what the personal cabinet and platform look like. The registration process at MaxiWyse includes not only providing contact information, password, and promo code but also the address of residence and date of birth. It is also necessary to agree to the terms.

“If we can be of any further assistance, please do not hesitate to contact us via phone and email support, or even instantly chat with us.” – such a message was received after filling out the registration form. Well, MaxiWyse does not want us to look at the client portal and platform.

There is no doubt that this error is not accidental. Most often, it is fraudulent companies that “close” registration. And to create an account, one needs to contact a manager. Why, do you think? So that this manager can actively start scamming the potential client for money. MaxiWyse does not even offer a demo account.

Verification

The official website has a section with several legal documents, including the KYC policy. It explains the necessity of verification, what it is, and how to successfully complete it. MaxiWyse requires uploading a standard package of documents, including proof of identity and residence, as well as a photo/scan of the bank card used for depositing funds. Thus, the KYC procedure here is standard but with some quirks.

Trading Software

We cannot see the trading platform with our own eyes, as the broker does not allow us to register an account, giving us an unclear error. Well, we have to believe how MaxiWyse describes its terminal. Although it’s clear that the broker will greatly embellish the capabilities and advantages of the platform, so potential traders would want to start using it as soon as possible.

MaxiWyse promises the availability of indicators, multi-level SSL encryption, instant execution of orders, and other advantages. Overall, the description is scanty and incomplete. Are traders provided with pending orders, various timeframes, and advisors for automated trading?

How Can I Trade With MaxiWyse?

According to the official website, traders have access to over 1,500 assets. These include stocks, cryptocurrencies, metals, indices, commodities, and forex, all as CFDs. MaxiWyse ambiguously speaks about commissions, as in one place, it states they are low, and in another, they are zero. What the reality is, we do not know. To understand the opportunities offered to clients, it’s necessary to look at the types of accounts.

All Info About Accounts

MaxiWyse offers 5 types of accounts, with huge minimum deposits. For example, the first tariff requires $5,000, and the second not less than $25,000. This is absurd. More well-known and verified brokers allow you to start trading even with $10 in your pocket.

The principle of differentiating account types from each other is very simple and understandable. Literally, if a trader wants access to a diverse service, they need to choose more expensive types of accounts. Essentially, MaxiWyse thus extracts as much money as possible from clients. Guess what type of brokerage firms use such a principle? Right – illegal and fraudulent ones.

Users can increase trading volumes with a leverage of 1:400, which is quite high. Moreover, such a high leverage indicator cannot be offered by a broker under the control of regulators, as they prohibit such. So, this is another sign that MaxiWyse does not have a license.

Market Analysis and Education With Maxiwyse.com

Although additional services may not play a key role, they can still be very useful to traders. The broker only offers online quotes, FAQs, financial news, an economic calendar, trading hours, and contract expires. It’s a pity that MaxiWays does not offer ready-made training courses on various topics and fresh analytics available to every user.

Deposit, Withdrawal, and Fees

Money transfers are available in three ways:

1. Credit/debit cards.
2. Bank wire transfers.
3. Cryptocurrency.

Commissions are not indicated, so they presumably do not exist. Furthermore, MaxiWays processes withdrawal requests within 3-7 working days. Weekends and holidays can extend this period. The broker also warns that after the successful processing of the application, the client needs to wait 1-5 working days until the funds are received. This is too slow for fund withdrawal, especially in comparison with other platforms where traders receive money on the same day they make a request.

How Can I Contact It?

You can try contacting the managers via email and phone number. Checking these contacts revealed nothing. Additionally, MaxiWyse has created an online chat for prompt communication, but responses there are very slow.

The broker also maintains accounts on social media platforms such as YouTube, Instagram, Twitter, and Facebook. The content is in Arabic, so it’s not hard to guess which audience the firm is targeting. However, the lack of followers and the low quality of content are noticeable. The pictures were generated using artificial intelligence. And the text, apparently, too.

Is MaxiWyse Dangerous?

We have noticed many signs indicating the fraudulent nature of the company, signs we have encountered in our previous reviews. These include a high minimum deposit, hidden commissions, the absence of a demo account, and the impossibility of registration. However, to finally judge MaxiWyse, we will also check its legitimate status and period of operation.

How Long Does The Broker Work?

It’s no secret that the longer a company has been in existence, the more trust it garners. MaxiWyse claims 4.5 million traders, but we consider this to be a falsehood. The domain of the official website was registered in 2022. We found snapshots from 2022 and 2023, confirming that the platform existed at that time. However, it’s unlikely to amass such a customer base in just 2 years. Moreover, there are almost no reviews online, whereas with 4.5 million users, it should be the opposite.

How Is MaxiWyse Regulated?

Checking the regulation is very simple. The firm indicates its legal address in Saint Vincent and the Grenadines, meaning the company should be in the SVGFSA register. Indeed, such an organization is there, and it was registered in 2022. Therefore, our guesses about the founding date turned out to be correct.

However, do not think that MaxiWyse is a safe place for trading. The fact is that the SVGFSA regulator does not actually oversee the activities of forex brokers. That means client funds are not protected by the financial commission. Furthermore, the firm does not have offices in other jurisdictions, nor does it have licenses.

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Expert Opinion

Such brokerage companies do not inspire confidence. Offshore firms, especially those registered in Saint Vincent and the Grenadines, often turn out to be fraudulent. Anyone can open an organization in such jurisdictions; it’s cheap and fast. Therefore, it’s advised not to take such platforms seriously. MaxiWyse shows many signs of being a fraudulent broker, moreover, the trading conditions look maximally inadequate. Why trade here if it’s not even profitable? In general, another trap for novices and overly trusting traders.