FXmarket Maestro Review – Is It Scam or a Good Broker?

FXmarket Maestro Review

FXmarket Maestro makes every effort to reassure us that they are a legitimate and adequately authorized forex and CFD broker. They have their headquarters in California and hold licenses almost everywhere, including the US, Australia, the UK, Malta, and the entire EU. Read this FXmarket Maestro review to learn why we label this trading platform as a scam.

The platform even has an obviously faked certificate that appears to be “from the California financial institutions.” To make a long story short, we are definitely talking about a scam, which you ought to stay away from if you care about the security of your money.

Regulation and Fund Security

As previously mentioned, FXmarket Maestro asserts that it is subject to regulation almost everywhere, including by the Australian ASIC, the UK’s FCA, Malta’s MFSA, and United States’ USSEC. But when we check the records of these regulatory authorities, the name of this broker was not mentioned there.

Conditional Withdrawals

The reasons for canceling your withdrawal requests could range from needing supplementary identification documents to complying with local anti-money laundering laws, but the most frequent reason is being tricked into receiving a trading bonus after opening a trading account.

Trading bonuses typically come with conditions and are created with the sole objective of rendering any withdrawal request from you virtually impossible.

Generally, in order to be able to request a withdrawal, you must first fulfill a minimum transaction volume criteria. The problematic issue is that scammers, being unregulated and entirely unaccountable for the way they are conducting their operation, will also have retained the right to alter their bonuses policy, by increasing the aforementioned minimum trade volume criteria, anytime they feel like it.

Legitimate and regulated brokers will never restrict your access to make withdrawals from your trading account.

High withdrawal Fee

Not to mention the ridiculous withdrawal processing and handling costs, which are typically greater than 20 percent and will be applied each time you try to make a withdrawal, whether or not your request is ultimately authorized.

Guarantee Of Profits

Here is another clear sign that you are working with con artists. If a website advertises or makes guarantees concerning returns, you are almost certainly about to be conned. Be aware that trading with high leverage CFDs, as most brokerages provide, is anything but risk-free, and if a firm tries to lure you in with promises of guaranteed or irrational returns, you can be sure that you are dealing with con artists.

Trading Platform

After completing the registration, you can even able to access a web-based version of MetaTrader4, which FXmarket Maestro claims to offer in addition to the industry-standard MT4 and MT5. Whatever the case, it remains the case that you are dealing with essentially anonymous scammers that blatantly fabricate their regulatory status in an apparent effort to mislead innocent traders.

Trading Conditions

The spreads we saw on the FXmarket Maestro platform appeared more than enticing, but since the website has all the obvious signs of being a fraud.

The declared maximum leverage is 1:1000, which may have been fantastic news if we had been discussing a legitimate and trustworthy broker. But this is just a way to entice innocent traders to the trading platform. In reality, it doesn’t offer any such offers.

Banking Channels for FXmarket Maestro

With FXmarket Maestro, Skrill, Neteller, VISA, and Mastercard are all offered as potential payment options, but they are not functional, as is frequently the case with scam websites like these, the only working payment option ended up being bitcoins. That makes sense because bitcoin payments are anonymous in general, but what’s more crucial is that they are completely irreversible.

Conclusion

You are at risk of losing all of your investment if you fall for a scam to open an account and fund it with an unlicensed broker, not because you made poor trading selections, but rather because you won’t be able to withdraw your earnings.