MainTrade Review: Caution to All Possible Investors
It is clear that MainTrade is a broker scam. It tries to deceive us that it is a regulated broker based in a global financial center. This is not true according to fact-checking.
There is only one purpose for this anonymous website: to scam inexperienced people out of their money. Let’s take a thorough look at this MainTrade review to see the signs that this is not a reliable broker.
|Leverage||1:200 and 1:500|
|Headquarters||2nd Jubilee Place, London|
Regulation and Security of MainTrade
Here is where it gets interesting! MainTrade broker claims to be a registered business in the UK, authorized by Financial Services Commission. However, the Financial Services Commission in the UK does not exist.
The Financial Conduct Authority, also comprehended as FCA, is the authorized controller for Forex and CFD trading companies. If you check its databases, MainTrade is not on the record, implying it’s a big scam.
Brokers regulated in the States, UK, the EU, and Australia are often particularly reliable. Such brokers are bound to report to some of the relentless economic authorities in the world. They are obligated to satisfy many conditions before acquiring a license.
MainTrade Trading Platform
After you check MainTrade’s trading platform, you will be surprised by the number of praises on their account. Allegedly, the software has achieved various prizes, among them for the best platform for margin trading and the best cryptocurrency trading platform.
Sadly, the truth is far from recognition. People can only trade on the essential WebTrader, since this mediation doesn’t approve access to third-party venues such as MT4, MT5, or cTrader.
Tip: MetaTrader5 is available as a web application on top of its cutting-edge PC version. Using any browser, you can navigate to it. There is even a mobile application for the platform, available for Android devices. It’s too bad iOS doesn’t support it yet.
Account Types at MainTrade
This so-called broker has various account types. Let’s take a look at the below!
- Standard – leverage 1:200 and bonus up to 30%
- Silver – leverage 1:400 and individual account manager
- Gold – leverage 1:500 and bonus up to 100%
- VIP – weekly meeting with a senior analyst, personal business plan
Yes, these advantages may look tempting. However, you should find a legit broker with even better benefits. This is for your safety. The leverage goes against regulatory laws, and most administrations also have embargoes on incentives. Apart from that, these bonuses will cost you withdrawals later.
Tip: Individuals and firms that market systems—like signal sellers or robot trading—oftentimes sell products that are not tested and do not yield profitable results.
MainTrade Offers Bonuses and Promotions
There are alleged bonuses. MainTrade offers a variety of bonuses for each trading account, as you may have seen previously.
MainTrade has a 30-100% deposit bonus with unknown compensation terms. Everything about this broker is shady. After all, you should stay away from it, no matter how tempting the bonuses may be.
Tip: It’s wise to leave negative MainTrade reviews online. This stops the spread of brokers involved in scammy trading activities. Also, seeing complaints about the broker helps narrow the list of cyber fraud targets.
Deposit and Withdrawal Procedure
Deposits at MainTrade are only possible through payment processors that are either entirely unknown or scammy. This is a big red flag.
Legitimate brokers generally offer traders a wide choice of transparent payment methods. That is a fact! This includes bank transfers, bank cards, and time-honored e-wallets such as PayPal, Skrill, Neteller, Advcash, or GiroPay.
MainTrade broker does not deliver precise data on fees for any transaction. There is a significant annual administration fee of $100. Inactive accounts are billed $50 a month. Regulated brokers do not charge those fees or the amount is vastly lower.
Note: What if you get scammed? You have a right to call for a chargeback. Yet, this likelihood is only possible if you have utilized a credit or debit card for the transactions. Visa and MasterCard let this be done within 540 days.
How Does Offshore Brokers’ Fraud Work?
Bogus offshore forex brokers have many infamous patterns. You will see considerable withdrawal issues and negative reviews. In the same way, the fees will be exceedingly high. Beware that these tremendous fees frequently go beyond 20%.
As a result, they’re going to incorporate some sort of profit charge. Deceitful websites will want to rip off you of these fees before initiating a withdrawal. Understand that this is nearly always the case!
In addition, there are always big payouts they swear by. This is another familiar fraud scheme that you should keep in mind. These scammers will promise you guaranteed gains. Trading with leveraged instruments holds up risks. Never forget this!
Any broker forgery will keep telling you that the profits are guaranteed.
Trade with honorable and regulated brokers only. Licensed brokers come from the EU, the United States, the UK, as well as Australia.
Best Forex Trading Brokers
In the following table, you can see some exceptional regulated forex brokers. Check them out now!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
MainTrade broker is an investment scam, by all means. The best course of action is to stay far away from it. As you may see from this MainTrade review, there are many explanations for avoiding this trading scam.
This broker uses fake addresses, and everything about it is deceptive. Let us know if you have any negative experiences with this deceitful broker. We can help you report it. FAQs About MainTrade Broker
FAQs About MainTrade Broker
Is MainTrade Regulated?
MainTrade broker is not authorized and not regulated at all. Try to stay away from it!
Does MainTrade Offer a Demo Account?
No. This broker scam offers live trading accounts only. No demo accounts are available.
What is the Minimum Deposit for MainTrade?
There is no clear information in regard to the minimum deposit amount on their web page.