Fxmarket Maestro Review – Should you Sign Up with this Broker?

Fxmarket Maestro Review

The financial markets have gained popularity because of their lucrative opportunities and online trading has made access extremely easy for anyone. While the barriers to entry may have been eliminated, you still have to sign up with a broker to begin. The process itself is not too difficult, but the real challenge is finding the right one first. This has become a tad complicated because there is a huge number of companies in the market and they are certainly not created equal, as this Fxmarket Maestro review will highlight.

Their offerings, features and conditions vary, but that’s not all the differences that exist. Not every company will be able to offer you the same quality of services that allow you to achieve your financial goals. As a matter of fact, the huge amounts of money that are involved have drawn the attention of cybercriminals as well. Therefore, the market has been flooded with scam brokers and they have managed to steal money from countless people who did not know better.

Unless you do not mind taking the risk of getting trapped and losing your money, you should be careful when you are signing up with a broker. It is best to weigh the pros and cons and ensure that you are choosing a legitimate platform and not a shady one that can leave you high and dry at the end of the day. It may require you to make some effort in the beginning, but can save you a lot of stress and headache down the road.

You should do the same with Fxmarket Maestro when you come across this brokerage. It does its level best to convince its audience that it is a legitimate and authorized brokerage, with its headquarters in California, but the truth is far from it. You can find more details below.

Licensing and regulation

The first thing you should check about a brokerage is their licensing and regulation because it tells you if you are dealing with a genuine company, or a fraud. But, you have to remember that you cannot just accept what the platform tells you about its licensing and regulatory status and need to do some research to confirm everything. This is because anyone can claim anything over the internet and it may not necessarily be true.

This should be done in the case of Fxmarket Maestro as well. As mentioned earlier, it claims to be based in California with licenses in a number of other jurisdictions. These include the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) and the Malta Financial Services Authority (MFSA).

In addition, it also claims to have a license from the United States Securities and Exchange Commission (USSEC). All of this is nothing but a blatant lie because the SEC does not regulate brokerages in the US. It is the Commodity Futures and Trading Commission (CFTC) that does and the brokerage also needs to be a member of the National Futures Association (NFA).

But, you can check the online registers of all the regulatory authorities mentioned above and you will not find Fxmarket Maestro listed anywhere. This proves that it is only posing as an authentic brokerage and is not truly so. The licensing certificate that it has posted on its website is also fake and only meant to create the illusion of a genuine firm.

Another false claim that Fxmarket Maestro has made is about being part of the US Investor Compensation Scheme, but no such thing exists. Again, its purpose is to fool people and those who do not know better will fall for it.

You will also find that the broker appears to be unsure of its parent company. The Fxmarket Maestro website mentions two companies in its presentation; P24O Ltd and FxmarketMaestro International Ltd.

Trading conditions

The trading conditions of a broker are highly relevant because they help you determine what kind of profits you can make via their platform at the end of the day. Since your trading goal is to make money, this is not something you can or should take lightly. A look at the leverage that Fxmarket Maestro is offering to its clients will leave you impressed.

They claim to offer you leverage as high as 1:1000 and this is certainly attractive because it gives you a lot of room to trade. However, you should remember that there are a lot of risks associated with leverage and it can also lead to heavy losses. This is one of the reasons why regulatory authorities have capped the amount of leverage that can be offered to retail traders in many jurisdictions.

The same is applicable in the United States, where Fxmarket Maestro claims to be based and regulated. The leverage cap stands at 1:50 and yet it is offering such extensive leverage ratios, which shows that it is not licensed or regulated and just trying to lure people to its platform.

Payment methods

Do not forget to check the payment methods of the broker because it is how you will deposit and withdraw your money. Therefore, you want convenient and easy options that allow you easy access to your money, along with security. The payment methods that are advertised with the Fxmarket Maestro’s presentation are undoubtedly impressive.

They give you the option of choosing from VISA, MasterCard, Skrill and Neteller for your payments. But, as common in the case of scammers, this is just a ruse because none of these payment methods are actually available. When you decide to deposit your money, you will only find the option of bitcoins available at Fxmarket Maestro.

The problem with cryptocurrencies is that they have become a favorite of scammers because they do not have a refund feature. You cannot file a chargeback and get your money because crypto payments are final and also anonymous, making them difficult to track.

Conclusion

Once you learn the problems that exist within Fxmarket Maestro, you can draw the conclusion that signing up with this broker is not a good idea.