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Maddex Capital Review: Another Unregulated Fraudulent Broker
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Maddex Capital has been described by many as a scam operation. The company is said to be operating in the name of forex trading but instead uses it as an excuse to take money from unsuspecting customers. And if you try to find any useful information on the Maddex Capital broker website, you won’t be able to.
Simply put, the firm made sure to hide everything of relevance, including owner and trading conditions. Without these, you can be sure your funds will be stolen.
This is more than enough to conclude they are nothing but just another investment scam but this Maddex Capital broker review will shine even more light on their lies.
|Headquarters||UK and Australia|
|Broker Type||Forex, CFD, Crypto|
How Are You Protected at Maddex Capital? Broker Regulation
To begin with, Maddex Capital regulation doesn’t exist. The firm claims to be a “worldwide brand committed to your trading experience.” However, nothing would indicate who the owner is or which “worldwide” license the firm holds.
In their Terms and Conditions, it’s vaguely indicated that the governing law is the law of Saint Vincent and the Grenadines. Since SVG has no regulator overseeing Forex and CFD brokers, courts can easily declare themselves unauthorized for any lawsuits.
The broker also gives the impression that they have offices in the UK and Australia. If this were the case, they would have to be under the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA). The company has, however, not mentioned any of these regulatory bodies.
Overview of Maddex Capital Trading Platform
The Maddex Capital trading platform is pretty disappointing. Instead of offering investors reputable third-party software like MT4, MT5, or cTrader, we only have WebTrader. While it’s branded and does belong to Maddex Capital, it’s still susceptible to manipulation.
Browser-based platforms are never as safe or secure as trading apps. Firms can change market prices and make it seem as if you have won or lost significant amounts of money.
It’s also very common for many scam brokers to manipulate their web traders to make you believe that you are making profits so they can ask you to deposit even more.
Trading Account Provided
In regards to the trading account types, Maddex Capital has failed to provide something as basic as that. Honestly, we were very much surprised when we saw that there is no mention of that anywhere. Many fraudulent brokers at least put some information about the trading accounts they offer and what is the minimum required deposit for them, but that is not the case with Maddex Capital.
Because of this, we strongly don’t advise you to invest in a company like this. Maddex Capital is nothing more than a poorly executed scam that is trying to hide as much as possible information from you.
Deposit and Withdrawal Process
Maddex Capital broker on their website states they accept deposits by:
- Maestro cards
- Master cards
- Wire Transfers
Although this can sound very promising for both beginner traders and those with a little bit more experience, we highly doubt it’s actually true. Additionally, keep in mind that the minimum deposit requirement they set is $250, which is just too much and never happens with a legit and reliable broker.
However, the real red flag is their withdrawal policy which states that they are only available solely through Crypto Asset Transfers. This is a common trick financial fraudsters use to make your withdrawal almost impossible and with as many fees as they can.
Are You a Victim of Maddex Capital? Chargeback Is The Answer!
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payments nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change your bank account username and password as soon as possible!
Crypto transactions are unfortunately much harder to reverse and that’s why scam companies take advantage of this policy. We suggest never trusting unregulated brokers with any type of payment, especially crypto.
Maddex Capital is an experienced scammer. If you fell for the story you were sold, don’t feel ashamed about reporting it. We encourage you to reach out to us as we can help you in reporting your scammer and get your money back.
Maddex Capital Summary
This Maddex Capital review was conducted to give you a good explanation of how this scam broker operates. The fact that they failed to provide even the most basic info like account types and the address they operate from is just one out of many red flags.
This investment scam allegedly offers trade in forex, CFD, and crypto. However, after one look at the alleged trading software they have, it becomes obvious no trading takes place there.
Additionally, they are operating without a license and follow no regulations and therefore offer no safety for your funds.
We also found many complaints about the broker online and all of them state that after depositing the money, the broker disappeared into thin air. Always be cautious where you invest your funds, and stay as far as possible from this unscrupulous broker
FAQs About Maddex Capital Broker
Is Maddex Capital a Regulated broker?
No, Maddex Capital isn’t a regulated broker you can trust with your funds, so we suggest you avoid them.
Does Maddex Capital Offer A Demo Account?
No, Maddex Capital only offers live trading accounts and no demo account for any potential clients.
What Is The Minimum Deposit for Maddex Capital?
The minimum deposit requirement is $250, which is quite common among financial frauds of this kind.