Maple Gold Review
Have you come across the name of Maple Gold while you were searching for online brokers for trading in the financial markets? Sure, there are lots of platforms that have sprung up these days and each of them are offering something or the other to draw people in. Maple Gold is no different in this regard, as it is portrayed as the undisputed leader in the world of online trading. This foreign exchange broker has become quite well-known for specializing in spot metals. But, you need to go through a Maple Gold review to verify its claims and figure out if you should opt for it or not.
The extensive range of financial instruments offered by Maple Gold, which include a horde of forex currency pairs and CFDs on energy commodities, futures, bonds and indices, are its most shining feature. You add competitive spreads, leverage that goes as high as 1:400, three account types, the popular MT4 trading platform and guaranteed Straight Through Processing (STP) execution and the combination can be hard to resist.
It should also be noted that Maple Gold claims to be a professional fund manager, an institutional investor and an experienced trading partner for more than 230,000 people in across 140 countries all over the globe. Other claims include compliance with all industry standards and regulation and adherence to the financial instruments directive of the United States. It appears to be the ultimate solution, but you will discover otherwise soon enough.
Licensing and Regulation
First things first, you will come to know that Maple Gold is definitely not a legitimate broker and is actually an unregulated and anonymous website. There are two company names mentioned on their website, which are Maple Investment Company Limited and Maple Gold Investment Ltd. However, you will come to know that they are all essentially anonymous because there is absolutely no information about where the companies are incorporated and based and who owns and operates them.
You can go through the entire Maple Gold website and will not find any corporate background, contact address, or any license information of any kind. There is only a vague reference made to the United States in regard to regulation and that’s it. Brokers operating in the US would fall under the authority of the US Commodity Futures Trading Commission (CFTC), but Maple Gold doesn’t seem to be regulated by it. Moreover, at one point it claims to be based in the United Kingdom as well, but they are not regulated by the Financial Conduct Authority (FCA) either.
Terms and Conditions
In order to determine whether you will be able to make money through a broker or not, traders usually check the Terms and Conditions, or the Client Agreement they are offered. Obviously, you would want to do the same in the case of Maple Gold. Therefore, it comes as a shock when you find out that neither of these documents are provided by Maple Gold. There is no mention of a Bonus Policy or any other kind of document. Yes, they do require you to agree to their Terms when you are signing up for a trading account, but they do not mention those terms anywhere so you don’t really know what you are agreeing to.
Another alarming fact about Maple Gold that you will discover soon enough is that they have offered absolutely no information about what payment methods they support on their platform. They have not mentioned anything and expect you to agree with whatever they offer.
If you decide to sign up with Maple Gold, you will be asked to deposit a minimum of 500 USD. In the long run, this may not sound to be too much, but most brokers usually have a 250 USD requirement or even lower. The fact that it is higher here is something to be concerned about.
Taking all these red flags and problems into account, it is better to not opt for Maple Gold as your broker for trading in the global financial markets.