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MainTrade

United Kingdom|2-5 years|
Suspicious Scope of Business|High potential risk|

https://maintrade.co

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support@maintrade.co
https://maintrade.co
2nd Jubilee Place, London E14 5NY, United Kingdom

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No valid regulatory information, please be aware of the risk!

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Company Name

MainTrade

Company Abbreviation

MainTrade

Platform registered country and region

United Kingdom

Company website

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Warning: Low score, please stay away! 2
Previous Detection : 2024-06-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

MainTrade · WikiFX Survey

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MainTrade · Company Summary

Feature Details
Company Name MainTrade
Registered in United Kingdom
Regulated Unregulated
Years of Establishment Founded in 2022
Trading Instruments Forex, Commodities, Cryptocurrencies, Indices, Stocks
Account Types Standard, Silver, Gold, VIP
Minimum Initial Deposit 250 USD
Maximum Leverage 1:500
Minimum Spread 0.8 pips (for higher accounts)
Trading Platform Web-based platform
Deposit and Withdrawal Method Credit/Debit cards, Wire Transfer, Cryptocurrency
Customer Service Email

Overview of Maintrade

Founded in 2022, Maintrade purports to be a comprehensive trading platform based in the United Kingdom. However, its brief existence coupled with a litany of concerns makes it a platform to approach with caution. Offering a variety of trading options—from Forex and commodities to cryptocurrencies and stocks—the platform seems, on its surface, to be accommodating to both novice and seasoned traders. But its glaring lack of regulation and dubious trading conditions, including high leverage options, quickly overshadows any perceived benefits. Offering Web-based trading, Maintrade seems to be targeting those looking for quick, high-risk opportunities, which often come with equally high costs.

Overview of Maintrade

Is Maintrade legit or a scam?

While Maintrade claims to be headquartered in the United Kingdom, it lacks any form of proper registration or licensing from a regulatory body. Notably, it has been blacklisted by BaFin, the German Federal Financial Supervisory Authority, as a scam operation. This lack of regulation is the most significant red flag, signaling the inherent risk of trading through this platform. Additionally, ownership details for the company are not transparent, which further raises questions about its legitimacy. A review of the regulatory databases reveals no information about Maintrade, making it a dangerous proposition for traders.

Pros and Cons

Pros Cons
Variety of Trading Instruments Regulatory Concerns
High Leverage (up to 1:500) Opaque Ownership
High Spreads
Hidden Fees (Inactivity & Administrative)

Pros

Variety of trading instruments: It's hard to list any pros when the platform is marred by several fundamental issues. However, for the sake of argument, its variety of trading instruments might initially attract some users.

High Leverage: Leverage up to 1:500, which is suitable for experienced traders who are looking for the opportunity to amplify potential profits.

Cons

Regulatory Concerns: It is unregulated and has been blacklisted by BaFin.

Opaque Ownership: Lack of transparent ownership details.

High Spreads: Spreads are unfavorably wide, increasing trading costs.

Hidden Fees: Inactivity fees and annual administrative fees.

Market Instruments

Maintrade seems to offer an extensive range of market instruments—more than 600 assets across six classes. This includes everything from Forex pairs like CAD/NZD and USD/JPY to commodities such as Gold and Platinum.

Cryptocurrencies like BTC, BCH, and ETH are also included, along with indices and stocks. While the range is indeed wide, the absence of regulation severely undermines the integrity of these trading options. In the end, what might seem like a broad palette of opportunities can easily turn into a financial pitfall due to the high-risk trading conditions.

Account Types

Maintrade offers four different account types: Standard, Silver, Gold, and VIP. The minimum deposit for a Standard account starts at $250, considerably higher than the industry standard for regulated platforms, which can be as low as $10. For Gold and VIP accounts, you could be required to deposit as much as $10,000 and $50,000, respectively. What's particularly alarming is that the platform offers bonuses of up to 100% for these higher-tier accounts, a practice generally disallowed by regulated brokers due to the associated risks.

How to Open an Account?

Opening an account with Maintrade would typically follow standard online registration procedures. But given the myriad of red flags—lack of regulation, high minimum deposit, opaque ownership—it's crucial to proceed with extreme caution. Reliable platforms offer a transparent, streamlined process for account creation, complete with identity verification steps to safeguard both the trader and the platform. With Maintrade, however, it's a walk on thin ice with each step you take.

Leverage

Maintrade offers a maximum leverage of 1:500, depending on the account type. While this might appear lucrative for those eyeing quick, high returns, it's a precarious path to tread. Regulatory bodies often impose leverage caps to protect traders; the absence of such caps here makes trading not just risky but potentially devastating.

Leverage

Spreads & Commissions

According to Maintrade, spreads can start at 0.8 pips for higher-tier accounts and go up to 1.5 pips for lower accounts. This is higher than the industry norm, and there's a possibility that spreads could be even wider for certain assets. Additionally, the platform charges inactivity fees and an annual administrative fee, further diminishing the already thin profit margins for traders.

Trading Platform

Maintrade offers a Web-based trading platform that, upon inspection, looks rudimentary and basic. It lacks the advanced features and security measures that you'd find in industry standards like MT4 or MT5. The rudimentary platform combined with its other glaring issues, such as being blacklisted by BaFin, further heightens the risk level associated with this broker.

Trading Platform

Deposit & Withdrawal

The minimum deposit is $250, and they accept credit/debit cards, wire transfers, and cryptocurrencies. However, the withdrawal process is murky at best. While you can request a withdrawal from within the platform, Maintrade retains the authority to approve or reject your request, which is a troubling stipulation.

Customer Support

Customer Support at MainTrade is primarily conducted through their email address, support@maintrade.co. While email-based support can offer a direct line for resolving various issues, it's important to note that MainTrade is an unregulated and blacklisted broker. Therefore, the quality and reliability of their customer service are uncertain. Investors should exercise caution, as lack of regulation can mean that even seemingly standard customer support services may not meet industry norms or may be unresponsive when you need them most.

Brokers Comparison

Feature/Characteristic MainTrade JustMarkets HFM
Regulatory Status Unregulated Regulated Regulated
Regulated by N/A FCA ASIC
Minimum Deposit 250 USD 100 USD 200 USD
Maximum Leverage 1:500 1:30 1:100
Supported Platforms Web-based MT4, MT5 cTrader
Types of Assets Multi-Asset Forex, CFDs Stocks, Forex

Educational Resources

There's no clear indication that Maintrade provides educational resources for traders, which is a staple for most reputable trading platforms. The absence of educational materials suggests Maintrade is not invested in the long-term success of its traders, reinforcing the notion that it's primarily a high-risk, potentially scam platform.

Conclusion

Maintrade presents itself as a comprehensive trading platform, offering a wide variety of trading instruments and high leverage options. However, the overwhelming evidence points to it being a risky and potentially fraudulent operation. Founded in 2022 and claiming to be based in the United Kingdom, the platform lacks regulatory oversight and has been blacklisted by Germany's Federal Financial Supervisory Authority, BaFin. It offers high leverage up to 1:500 and broad market instruments, but these come at the cost of regulatory safety, transparency, and favorable trading conditions.

The minimum deposit requirement is significantly higher than what is offered by regulated brokers, and the lack of a proper customer support structure and educational resources adds another layer of risk for traders. Deposits and withdrawals are also fraught with potential issues, as the company retains the power to reject withdrawal requests arbitrarily.

FAQs

Q: Is Maintrade a regulated broker?

A: No, Maintrade is an unregulated broker and has been blacklisted by Germany's Federal Financial Supervisory Authority (BaFin).

Q: What is the minimum deposit required to open an account with Maintrade?

A: The minimum deposit required for a Standard account with Maintrade is $250.

Q: Does Maintrade offer a demo account for practice trading?

A: Yes, Maintrade does offer a free demo account for potential traders to practice.

Q: What types of trading instruments are available on Maintrade?

A: Maintrade offers a wide variety of instruments including Forex, commodities, cryptocurrencies, indices, and stocks.

Q: What is the maximum leverage offered by Maintrade?

A: Maintrade offers a high maximum leverage of up to 1:500, depending on the account type.

Q: Are there any hidden fees I should be aware of when trading with Maintrade?

A: Yes, Maintrade charges an inactivity fee and an annual administration fee, in addition to spreads that can be higher than the industry norm.

News

Unregulated Firm MainTrade.Co Investigated By BaFin From Offering Financial Service To Germany

ExposureUnregulated Firm MainTrade.Co Investigated By BaFin From Offering Financial Service To Germany

2023-01-16 18:03

MainTrade.Co has been warned by BaFin due to suspected financial services provided without any authorization from the agency.

WikiFX
2023-01-16 18:03
Exposure
Unregulated Firm MainTrade.Co Investigated By BaFin From Offering Financial Service To Germany

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ណាក់កំពង់ស្ពឺ
more than one year
Son of Kampong Speu
2023-01-17 00:24
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ណាក់កំពង់ស្ពឺ
more than one year
068657560
2023-01-17 00:23
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1
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上善若水60989
more than one year
They promise you high returns and offer bonus amounts. Even entice you with a few small profitable trades. Then when the loss comes, it completely wipes out the account. Beware and STAY AWAY.
2022-12-08 13:46
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