Forex Broker MaxiTrade Wins the Competition in the Market
All financial systems operate according to certain laws and rules and the Forex market occupies a certain place in it. Regulatory organizations, who serve as representatives of a government’s executive and legislative branches, have developed a strict attitude towards companies representing the international Forex currency market. Brokerage activity is considered as a bookmaker and restrictions are imposed on it. It is imperative that the broker provides a full range of tools, guarantees and world-class service.
First and foremost, regulators must work towards the interest of the citizens. At one time, former President Barack Obama made serious criticism of Wall Street. Financial companies, in his opinion, have forgotten that behind every dollar citizens trade with, there are families with loans, families that desire to make purchases, and so on. Hence, there is a need for the implementation of the most stringent restrictions in relation to the Forex market. A lot of regulators are following a similar path in its desire to actually care a country’s market participants.
There is also distrust towards broker companies that can artificially inflate market volatility and, as a result, distort market pricing. Regulators also mention the unstable operation of trading platforms. As a result, ordinary investors no longer trust the financial markets.
Many traders want Forex to have the same treatment as the stock and commodity markets. Of course, scam and fraud are frequent phenomena. A bankrupt company may appear, but the currency market cannot be presented in a negative light due to this.
It is important to distinguish a fraudulent company from a real company. Many experienced and trustworthy international Forex brokers are available for consultation. Based on some basic features, we will conduct a comparative analysis of three companies: Saxo Bank, OANDA, and MaxiTrade. Which one of them can possibly win the competition in pursuit of attracting more traders?
Technical equipment
All three companies have their own trading platforms. Saxo Bank introduced the SaxoTraderPRO and SaxoTraderGO platforms, OANDA has a platform of the same name, and MaxiTrade provides the opportunity to trade on the xCritical platform and the MaxiTrade trading platform. Platforms of all these companies can be used on a personal computer, tablet, and smartphone.
Many traders claim that MaxiTrade trading platforms have higher speed. The company boasts of easily accessible training materials and its technical equipment are intuitive.
Safety and reliability
These companies are registered in different countries. Through the Saxo Bank and MaxiTrade websites, you are given access to their respective privacy policy. While both companies inform its users of the risks, none could be found on the OANDA website. This, however, does not make OANDA less reliable.
Financial instruments
All three companies allow one to trade not only currencies, but also securities, stock indices, commodities, and precious metals. The difference can be seen through the terms that each company uses to refer to refer to these.
To open an account with Saxo Bank, a minimum amount of $10,000.00 is required. With MaxiTrade however, only $500.00 is needed. In addition, OANDA does not require a minimum balance.
Only MaxiTrade and OANDA have no commissions. But it must be noted that for the latter, having no commissions depends on which country the trader belongs to.
MaxiTrade has the most comfortable system for depositing and withdrawing profits, which can be done using a credit card, bank transfer, web wallet, and the like. With regard to financial instruments, MaxiTrade and OANDA are more intuitive.
Informational tools and training
There are significant differences among the three brokerage companies. Both MaxiTrade and OANDA have training and analytics sections; such cannot be found in the Saxo Bank website. The OANDA Company offers traders to undergo training on various topics based on webinars and analytical materials on top of publishing helpful articles regularly.
MaxiTrade on the other hand has the widest range of information data. Traders are provided Forex forecasts both daily and weekly. MaxiTrade’s economic news calendar presents the events of world markets in real time. Financial news are published every day. Its “Training” section also presents the richest set of resources.
Reviews, partners, bonuses and promotions
Reviews about the work of Forex brokers may not necessarily be the best source for evaluation. Due to the high competition, sometimes even unfair, you can read companies that are easily labelled as fraudsters. However, the label “bankrupt” is not thrown around regularly as it would already be an obvious lie. If one were to pay close attention to actual constructive criticism, then users would be able to see just how convenient, fast, and efficient the MaxiTrade platform actually works. Also made apparent is the absence of commissions in this company which is similar to OANDA. The latter is criticized for its low leverage while Saxo Bank users note unstable customer service.
Among the partners, all brokers are linked to large international financial organizations and banking institutions. Unfortunately, there is no information about the availability of bonuses and promotions available for customers at Saxo Bank and OANDA. MaxiTrade presents a wide variety of bonuses and promotions, both for novice users and for VIP traders. In light of this, MaxiTrade looks a bit preferable in this category.
Conclusion
This analysis, while able to tackle different categories cannot be considered exhaustive. It can be complete only after opening accounts on all three brokerage companies and working with them for a long time. However, it is noteworthy that indirect signs can show a lot.
Numerous analysts claim that over the past few years, dozens of brokers have already been caught as scammers or fraudulent entities. As such, this analysis does not claim exceptionality, but we hope that this analysis will help you make the right choice. All three companies selected by us demonstrate an example of successful work in the financial market. The choice of course is always up to the trader.
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