Maxco Futures Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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BAPPEBTI Suspicious Clone 
Excellent customer support, I contacted them through phone and they answered my questions patiently. However, its minimum deposit requirement is too high for me, from $1,000, so I decide not trade with this broker. I’ll turn to some low minimum deposit brokers.
Maxco Futures has garnered mixed reviews in the forex trading community, with some praising its regulatory framework and trading conditions, while others raise concerns about its limitations and user experiences. Established in Indonesia, Maxco Futures offers a range of trading services, including forex, commodities, and futures. However, the overall sentiment leans towards caution, particularly for non-Indonesian traders due to its localized services and regulatory nuances.
Note: The regulatory landscape for brokers can vary significantly by region. While Maxco Futures is regulated under Indonesian authorities, potential clients should be aware of the implications of trading with a broker based in a different jurisdiction.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 4 |
| Customer Service | 5 |
| Trading Experience | 5 |
| Trustworthiness | 6 |
| User Experience | 5 |
We assess brokers based on a combination of user feedback, expert opinions, and factual data from various sources.
Founded in 1990, Maxco Futures is a well-established broker based in Jakarta, Indonesia. The broker operates under the regulatory oversight of Bappebti (the Commodity Futures Trading Supervisory Agency), which adds a layer of credibility to its operations. Maxco Futures primarily offers the MetaTrader 4 (MT4) platform, which is popular among traders for its user-friendly interface and robust trading capabilities. Traders can access a diverse range of asset classes, including forex, metals, and futures contracts.
Regulatory Regions:
Maxco Futures is regulated in Indonesia by Bappebti and holds licenses from the Jakarta Futures Exchange (JFX) and the Indonesian Derivatives Clearing House. This regulatory framework is crucial for ensuring the safety of client funds, as brokers are required to maintain segregated accounts. However, some reviews indicate that there are concerns about the effectiveness of these regulations, particularly regarding the lack of negative balance protection.
Deposit/Withdrawal Currencies:
Maxco Futures accepts deposits in Indonesian Rupiah (IDR) and US Dollars (USD). The broker primarily facilitates transactions through bank transfers from local banks, specifically Bank Central Asia (BCA) and Panin Bank. Notably, there are no fees for deposits and withdrawals, which is a positive aspect for traders looking to minimize costs.
Minimum Deposit:
The minimum deposit required to open a real account with Maxco Futures is relatively low at $100, making it accessible for new traders. However, the trading conditions—including variable spreads starting from 2 pips and a commission of $1 per lot—may not be favorable for high-frequency traders or scalpers.
Bonuses/Promotions:
Maxco Futures occasionally runs promotional campaigns, such as the New Year Reward program, which offers prizes based on trading volume and deposits. However, comprehensive details on ongoing promotions are often limited, and traders are encouraged to check the brokers website for the latest offerings.
Asset Classes Available:
The range of tradable instruments at Maxco Futures includes over 70 assets, encompassing forex pairs, precious metals like gold and silver, and various futures contracts. While this variety can be appealing, the lack of cryptocurrencies and other asset classes may deter some traders seeking diversification.
Costs (Spreads, Fees, Commissions):
Maxco Futures charges a commission of $1 per lot, along with variable spreads starting from 2 pips on major currency pairs. This pricing structure may render it less competitive compared to other brokers that offer tighter spreads and lower commission rates, especially for forex trading.
Leverage:
The maximum leverage offered by Maxco Futures is up to 1:500, which can amplify potential profits but also increases the risk of significant losses, particularly for inexperienced traders. The absence of negative balance protection raises concerns, as traders can potentially lose more than their initial investment.
Permitted Trading Platforms:
Maxco Futures offers the MT4 platform, which is well-regarded for its comprehensive trading tools and capabilities, including automated trading through Expert Advisors. However, the broker does not provide access to more advanced platforms like MetaTrader 5, which may limit some traders' strategies.
Restricted Areas:
While Maxco Futures primarily caters to Indonesian traders, its services may not be as accessible to international clients due to the localized payment methods and regulatory framework. Non-Indonesian traders should consider whether the broker meets their trading needs and regulatory expectations.
Available Customer Service Languages:
Customer support at Maxco Futures is available in English and Indonesian. However, the absence of live chat support can be a drawback, as traders may experience delays in response times when reaching out via phone or email.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 4 |
| Customer Service | 5 |
| Trading Experience | 5 |
| Trustworthiness | 6 |
| User Experience | 5 |
Account Conditions:
Maxco Futures offers a single type of real account with competitive minimum deposit requirements. However, the commission and spread structure may not favor all trading styles, particularly those of scalpers.
Tools and Resources:
The broker lacks educational resources and advanced trading tools, which could limit the effectiveness of novice traders seeking to learn and develop their skills.
Customer Service:
While customer service is available through phone and email, the absence of live chat may lead to longer response times, which can be frustrating for traders needing immediate assistance.
Trading Experience:
Traders can expect a solid trading experience on the MT4 platform, but the lack of additional platforms may be a limitation for those seeking more sophisticated trading environments.
Trustworthiness:
Maxco Futures is regulated by Indonesian authorities, which adds a layer of trust. However, concerns regarding the lack of negative balance protection and the classification of being a "suspicious clone" by some sources could affect its perceived reliability.
User Experience:
Overall user experience is mixed, with some traders appreciating the low minimum deposit and the absence of deposit fees, while others express concerns over customer support and the trading costs associated with the broker.
In conclusion, while Maxco Futures offers a reasonable entry point for traders in Indonesia, its limitations in trading conditions, customer support, and the absence of certain trading features may not make it the best choice for everyone, particularly those looking for a more comprehensive trading experience. As always, potential clients should conduct thorough research and consider their trading needs before engaging with any broker.
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