Max CFD Exchange Review
Max CFD Exchange Review
Trust Score: 4/10
Max CFD is an online broker that is fast becoming a popular choice among traders that prefer to participate in CFD trades. With an office in London, this broker is owned by Chemmi Holdings Limited and is known for providing a high-quality trading platform, plenty of focus on training their users and for the many assets that can be traded.
A wide range of assets in the form of Indices, Stocks, Commodities, Currencies and cryptocurrencies can be traded using CFDs at Max CFD.
Boasting no withdrawal fees and no commissions, Max CFD only gets paid when its traders get paid in the form of 15% of all profits. Traders can also take advantage of an excellent opp version of Max CFD which can be downloaded and used on any iOS or Android mobile device.
Want to know more about what Max CFD can provide you? Then read on and we will fill you in on everything that you want to know.
It should be noted that Max CFD is an unregulated broker and while this is not anything out of the blue as there are so many others that are in the same boat, it should still mean that you proceed with an air of caution.
Still, as far as we are aware at this point in time, Max CFD is an online trading broker that has been earning some good reviews of late. Unregulation in this industry is actually quite common but this does not necessarily mean that all brokers are bad guys that are looking to get your money.
What Can You Trade at Max CFD?
At Max CFD, you will be able to trade pairs, currencies, stocks, commodities, indices and Bitcoin. As the name of this broker might suggest, these trades will all be CFDs.
- Indices – Here you will be able to trade with the likes of NASDAQ, DOW Jones and many more.
- Stocks – As for stocks, all the big brands are present such as Facebook, Google, Amazon and eBay.
- Commodities – Think you can speculate on the futures of Oil, Gold Coffee and many more commodities? Max CFD gives you that ability.
- Currencies – There are dozens of trading pairs when it comes to currencies, so if you want to trade on the likes of USD/GBP, EUR/JPY or CAD/AUD, you can.
Max CFD has also been introducing cryptocurrencies in recent months which will appeal to those of you that are interested in the latest market trend.
Accounts at Max CFD
We have reviewed a number of online brokers and usually, when it comes to accounts there will be at least three of them for traders to consider and sometimes as many as six. On Max CFD however, they have kept things simple instead as there is just one account.
Now many of you might think that this does not give traders too much in the way of incentive to deposit more in order to receive better benefits that higher level accounts receive. That is actually quite true but at the same time, we feel that Max CFD aims itself at the newer traders out there that have not gained too much experience.
All you need to get started is a minimum deposit of $250 and you will instantly have access to features such as a personal manager and tools such as charting and analytical tools. Before long you could be trading your way to some serious profits.
Account Creation and Verification
You can usually describe the signing up and verification processes at online brokers as being easy at first but then much more difficult at the end. Creating the actual account is about as easy as it gets as you literally just have to verify your email address. It’s verifying your account that can be rather painstaking.
While you will not need to verify your identity to get trading, when it comes to making a withdrawal this will understandably be required. If you have been a trader at online brokers before, you will probably know the drill by now.
You will have to provide the following and wait a few days for your account to become verified:
- Proof of Identity – This will have to be in the form of a government-issued photo identification such as a passport or driving license.
- Proof of Address – This will be in the form of a recent bank statement or utility bill that has your current address on.
Once you have been verified, you are then free to withdraw your money whenever you want to. Please note that the payment method that you used to deposit funds on the site will be the same payment method that will be used when you withdraw.
One of the very first things we noticed at Max CFD is that they do try their very best to educate their traders rather than just let them loose to the wolves. This makes this brokerage a decent option for those that are new to trading as there are plenty of resources on Max CFD that they can take advantage of.
Through the education tab on the website, traders are able to take advantage of things like Traders TV, signals and an economic calendar. Traders will also find a number of excellent blog articles. Videos and ebooks on the site that will help them get to grips with everything and anything to do with CFD trading.
Trading Options on Max CFD?
Max CFD seems to do things a little different to most online brokers but we did find that there is a little bit less risk attached using their methods compared to others. In essence, they offer a kind of hybrid type of trading that is something of a cross between trading and binary options.
Essentially, the trading options could be described as Call/Put CFDs which are almost backwards compared to how conventional CFD trades work.
As for the assets that can be traded, these can be anything from currencies, to commodities, indices, stocks, ETFs, pairs and cryptocurrencies.
There are a number of different trading platforms that do the rounds at online brokers and at MAX CFD, they have gone for the popular and easy-to-use SpotOption platform.
This platform is full of all the trading, charting and analytical tools that you should come to expect from a good trading platform. SpotOption is also a popular choice due to the many assets that it allows the trading of across it.
Everything is laid out in an efficient manner which makes it extremely easy to use. Furthermore, this platform is known for being very fast when it comes to executing trades.
Accepted Payment Methods
Max CFD has a number of different payment methods that their traders can use to get money on and off their brokerage. Each of these methods will have their own processing times and fees attached to the payment processors themselves.
- Credit/debit cards
- Wire transfers
- China Union Pay
- Western Union
The minimum deposit amount is $100 and the maximum deposits available are $5,000 for credit cards, $10,000 through Western Union while each of the e-wallets will have differing limits. As for wire transfers, there is no maximum deposit at all.
As for withdrawals, there are no limits attached and depending on your payment method, can expect to see the money back in your account within three and five banking days.
At Max CFD, they claim to have no fees on the trades that you make but they will take 15% of any profits that you make from those trades. This is actually pretty competitive and they will only make money out of you if you perform well in the markets. This would explain their passion for educating their traders.
There are no fees attached to any withdrawals made unless the payment method that is used is wire transfer. In that case, a fee of $25 will be charged by Max CFD.
We did also note that they charge an inactivity fee of $50 on any account that has not shown any trading activity within a two month period.
We could not find a specific list of the countries which citizens can or cannot create an account at Max CFD. Generally, though, CFD trading is permitted throughout most of Europe and in a handful of other countries across Asia and other continents.
We do know that CFD trading is not permitted in the US so creating an account from there might be a little bit difficult.
With no specific list, all we can say is to speak to their support if you are not sure and they will no doubt help you to establish whether you can create and own an account with them.
What we are not too keen on with Max CFD is that they really only have email/support forms as a way of contacting their customer support. Some of their biggest competitors have live chat and telephone support alongside those options but for whatever reason Max CFC does not have these methods implemented as of yet.
They do claim to have a couple of London-based telephone numbers but having tried them, we never had our calls picked up. Admittedly, they did reply to our email form quite quickly so they do at least seem to be responsive using that method.
We do hope that they improve this aspect but it is certainly not the worst that we have experienced. They do make up for it a little bit with some good educational resources on their site.
On their website, they claim to provide SSL (secure socket layer) technology for all credit card transactions. This should be the least to expect from any broker, so they do provide some added security on your end.
They also claim that they keep users funds in separate accounts to that of the operational funds of the company. If true, this is good news for customers as it will mean that even if Max CFD goes to the wall, users funds can still be paid back.
What is worrying, however, is that Max CFD is an unregulated broker and therefore does not have to adhere to any rules and regulations. This is hardly uncommon in this industry, especially with brokers that handle cryptocurrencies but you should always be on your toes.
Perhaps try them out with small deposits first to see how things go but we are yet to experience any problems. As if as you can withdraw after verification like we could, it should be safe to start depositing more money if needed.
If you have been in the market for a new trading platform and have a particular love for CFD trading, Max CFD is a broker you might want to take a look at. With so many assets that can be traded, a good looking and highly functional platform and a host of educational resources, this is a broker that seems to be a good destination for traders of all experience levels.
Being able to keep 85% if your profits from trades is also a good rate, especially when you consider there are no other fees or commissions. We also like the emphasis they put on educating their traders – which is in their interests after all as they do not make any money from losses.
Not being regulated is not ideal but if you think you can trust these guys like many others have in the past, they are certainly worth checking out. You might even start to pull in some regular profits and become a seasoned and successful trader.