maxco
Pros and Cons
Pros
- Regulated by JFX and BAPPEBTI
- Offers over 70 trading instruments including forex and metals
- Trading platforms: MT4, WebTrader, and Mobile App
- Maximum leverage of 1:500
- Demo account available with virtual funds for practice
Cons
- Limited regulation (only regulated by JFX in Indonesia)
- No access to cryptocurrencies or shares
- Limited educational resources for traders
- High trading fees on certain instruments
- Language support restricted to English and Indonesian
Basic Information
User Reviews
maxco Overview
Maxco is a regulated forex broker founded in Indonesia and operates under the supervision of JFX, holding a Retail Forex License with the license number SPAB-057/BBJ/12/03. Established within the last five years, Maxco is committed to providing a secure trading environment for its clients, ensuring compliance with local regulations and safeguarding traders’ funds. With its headquarters in Central Jakarta, Maxco has quickly gained a reputation for reliability and professionalism in the competitive forex trading sector.
Maxco offers a diverse range of trading instruments, including forex, metals, and futures, catering to the varied needs of traders. The broker provides popular trading platforms such as MetaTrader 4, ensuring a user-friendly experience with advanced charting tools and mobile accessibility. Customer support is available via email and phone, with responsiveness noted as a key strength. Unique advantages of Maxco include high leverage options of up to 1:500, variable spreads, and a commitment to educational resources for traders. These features, combined with a seamless deposit and withdrawal process, make Maxco an appealing choice for both novice and experienced traders looking to engage in forex trading.
Is maxco Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| JFX | Indonesia | Segregated Funds, Retail Forex License |
| BAPPEBTI | Indonesia | Investor Compensation Scheme |
Is maxco Regulated and How Are Client Funds Protected?
Maxco is regulated by the Jakarta Futures Exchange (JFX) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI) in Indonesia. The broker operates under a Retail Forex License, which provides a structured framework for trading activities. Client funds are protected through measures such as segregated accounts, ensuring that traders’ money is kept separate from the broker’s operating funds. Additionally, the presence of an investor compensation scheme adds a layer of security for clients in case of broker insolvency. Overall, Maxco appears to be a legitimate and safe option for traders looking to engage in forex and futures trading in Indonesia, backed by regulatory oversight and client protection measures.
Trading Products and Services
What trading instruments does maxco offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/USD | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Tesla, BP, Vodafone | Multiple |
| Cryptocurrencies | BTC, ETH | Varies |
Maxco offers a diverse array of trading instruments, catering to the diverse needs of traders across various levels of expertise. With a strong focus on Forex trading, the platform provides access to over 50 major currency pairs, enabling users to engage with global markets effectively. Additionally, the inclusion of commodities, indices, and stocks allows traders to implement varied strategies for portfolio diversification. This diversity is crucial for both beginner and professional traders, as it supports flexible trading approaches tailored to individual risk appetites. By offering a wide selection of tradable products, Maxco empowers traders to adapt their strategies in response to changing market conditions, enhancing their overall trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does maxco Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and intermediate traders | Low minimum deposit, access to educational resources, and demo account availability | Suitable for small-capital practice and learning |
| Professional Account | Experienced traders | Higher leverage options, lower spreads, and access to advanced trading tools | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services, multi-user access, and corporate trading solutions | Requires corporate documentation and verification |
| Islamic Account | Traders requiring Sharia-compliant trading | Swap-free trading options, similar spreads to retail accounts | Eligibility based on religious beliefs |
| Demo Account | New traders and those testing strategies | Access to virtual funds for practice, full functionality of trading platforms | Valid for one month with options to extend |
Account Opening Process
To open an account with maxco, users need to follow a straightforward process that involves submitting personal, employment, and financial information. This includes providing identity verification documents such as a government-issued ID and proof of address. Once the application is submitted, the verification process typically takes a short time. Additionally, maxco offers flexibility in account types, allowing users to upgrade to a professional account later as their trading experience and volume increase.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $1 per lot | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $1 per lot | Competitive spreads on minor pairs |
| CFDs (Stocks) | 1.5 | $1 per lot | Varied depending on the stock |
| CFDs (Indices) | 1.2 | $1 per lot | Market indices with reasonable spreads |
| CFDs (Commodities) | 2.0 | $1 per lot | Includes gold and oil |
| Cryptos (BTC/USD) | 1.0% | $1 per lot | Variable depending on market conditions |
Other Fees
Maxco has several other fees that traders should consider:
– Deposit/withdrawal fees: No fees for deposits or withdrawals through local bank methods.
– Inactivity fees: Fees may apply if the account is inactive for an extended period.
– Platform usage fees: Generally, there are no additional fees for using the trading platforms.
– Overnight interest (swap rates): Applicable based on positions held overnight, varies per instrument.
– Currency conversion fees: May apply when trading in a currency different from the account currency.
Trading Platforms and Apps
What Trading Platforms and Apps Does maxco Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Two-factor authentication (2FA), multiple order types, technical indicators, market search, price alerts | Demo account, VPS |
| Web Version | All browsers | Encryption, one-click trading, economic calendar, symbol lookup, push notifications | API interface |
| Mobile App | iOS, Android | Biometric login, real-time alerts, quick order execution, customizable interface | Demo account |
Maxco offers a range of trading platforms to accommodate different trader preferences. The MetaTrader 4 platform is ideal for those seeking advanced trading features and supports various operating systems, making it versatile for both desktop and mobile users. The web version provides accessibility without the need for downloads, while the mobile app ensures traders can manage their accounts on the go with secure login options and real-time notifications.
Each platform is designed to enhance trading efficiency with secure logins, fast order execution, and effective market-search tools. Maxco’s emphasis on security, including features like encryption and two-factor authentication, helps protect user data and transactions.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-3 business days | No platform fee | Min 100, Max 15k/day | EUR, GBP |
| GrabPay | Instant | 1% transaction fee | Min 50, Max 5k/day | SGD, MYR |
| SPEI | Instant | No fee | Min 200, Max 20k/day | MXN |
| Credit/Debit Card | Instant | 2% processing fee | Min 50, Max 10k/day | USD, EUR |
Minimum Deposit
Maxco requires a minimum deposit of $100 to open a trading account. This amount is consistent across most payment methods, but may vary for specific regional promotions or account types, such as Islamic accounts which may have different requirements.
How to Withdraw
Withdrawing funds from your maxco account is straightforward. Follow these steps:
- Log in to your maxco trading account.
- Navigate to the ‘Withdrawals’ section in the account management area.
- Select your preferred withdrawal method from the available options.
- Enter the withdrawal amount, ensuring it meets the minimum and maximum limits.
- Confirm your request and check for any additional verification requirements.
- Submit your withdrawal request, and you’ll receive a confirmation email.
Customer Support
maxco Customer Support Overview
Support Channels
Maxco provides multiple contact methods to ensure that customers receive the support they need. Customers can reach out via:
- Email: For any inquiries, customers can email Maxco at cs@maxco.co.id.
- Live Chat: Instant assistance is available through the live chat feature on their website, where representatives are ready to help with various issues.
- Telephone: Customers can contact Maxco directly at +62 21 720-5868 for immediate support.
- Social Media: Maxco is active on various social media platforms, providing updates and customer engagement, helping users to connect easily.
Service Availability
Maxco offers customer support 24/5, ensuring that assistance is available during the business week. Additionally, multilingual support is available in English and Indonesian, catering to a diverse clientele.
Additional Resources
To enhance the trading experience, Maxco provides various educational resources, including:
- Video tutorials: Informative videos covering platform usage and trading strategies.
- Webinars: Regular webinars to help traders improve their skills and market understanding.
- Market analysis: In-depth analysis to keep customers informed about market trends.
- Trading signals: Signals provided to assist traders in making informed decisions.
Maxco’s commitment to outstanding customer service is reflected in positive feedback from users, who appreciate the prompt and effective help they receive, further enhancing their trading experience.
Frequently Asked Questions
Maxco is regulated by the Jakarta Futures Exchange (JFX) under the Retail Forex License and also claims regulation by BAPPEBTI. These regulations ensure that Maxco operates within the legal framework of Indonesia, providing a certain level of security and oversight for traders.
Maxco offers a maximum leverage of 1:500, variable spreads, and a commission of $1 per lot. The minimum deposit required to open an account is $100. Clients can trade a wide range of instruments, including forex, metals, futures, and CFDs on the MetaTrader 4 platform.
Maxco takes fund security seriously by maintaining client funds in segregated accounts. This means that client funds are kept separate from the company’s operational funds, reducing the risk of loss. Additionally, as a regulated broker, Maxco must comply with stringent financial regulations that include safeguarding client investments.
Maxco provides customer support through email at cs@maxco.co.id and via phone at +62 21 720-5868. While client support is available during business hours, it’s important to note that language support is limited to English and Indonesian.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.