Maxain · Misleading information about unlicensed operations abounds in its promotional content, with leverage up to 1:1000!!
Maxain, headquartered in Hong Kong since 2019, claims to be regulated by the Financial Services Authority in Saint Vincent and the Grenadines, and the Labuan Financial Services Authority in Malaysia, offering easy and fully digitalized account opening with three account types, and customer service in both Chinese and English.
There are many brokers on the market full of bluster, and while most of the platforms they tout sometimes turn out to be convincing, the likes of Maxain, boasting on one hand and contradicting themselves on the other, are indeed rare!!
Why say so?! Let's hear the real deal from Truth Brother~
First, let's look at the brand and entity description on Maxain's official website, which mentions information about four companies:
☞ Maxain Group Limited is a registered company in Hong Kong, with registration number: 2460297.
☞ Maxain Limited is a company registered in Labuan, Malaysia, with the company registration number LL18807. It is a licensed currency broker, authorized and regulated by the Labuan Financial Services Authority (MY Labuan FSA), with the regulatory license number MB/23/2017.
☞ Maxain Technology Sdn. Bhd. is a company registered in Kuala Lumpur, Malaysia, with the registration number 202301017504 (1511426-P).
☞ Maxain Markets Limited It is a subsidiary of the Maxain Group, registered in Saint Vincent and regulated by the Financial Services Authority of Saint Vincent and the Grenadines (SVG FSA), with regulatory number 25526.
Later, Truth Brother discovered on Maxain's MT4/5 that the company used for actual trading is this Hong Kong-registered company, Maxain Group Limited.
Upon verification, Maxain Group Limited does not hold a regulatory license from the Securities and Futures Commission (SFC) of Hong Kong, indeed as indicated on its website, it's merely a registered company, which truly puzzles Truth Brother...
Despite knowing that its trading company does not hold a Hong Kong (SFC) regulatory license and is only a registered company, Maxain still used it for actual foreign exchange trading, which involves illegal operations and violations of relevant laws and regulations.
In Hong Kong, institutions involved in foreign exchange trading business must obtain the relevant license or permit from the SFC and comply with regulatory rules, otherwise, it may pose potential risks and losses to investors’ funds and legal rights.
Truth Brother also noticed that the official website https://www.maxainasia.com/zh/ as well as its privacy policy, are both operated by Maxain Markets Limited.
Later, on the Financial Services Authority (FSA) official website of Saint Vincent and the Grenadines, there was also licensure information for Maxain Markets Limited found.
Combining the information found, the company Maxain uses for trading is merely a registered company, and its website footer specifically states that the company does not provide services to residents of Hong Kong, China.
Here's a conjecture from Truth Brother, since the Maxain official website does not explicitly state that it doesn't accept clients from mainland China, if the accounts of Chinese clients are not under the name of the Hong Kong registered company, most likely they are registered under the company in Saint Vincent.
Saint Vincent does not issue any forex licenses, nor does it regulate the forex business!! Everyone needs to be careful!!
Additionally, the claims on its official website that Maxain Limited is authorized and regulated by the Malaysia Labuan FSA are completely false and misleading!!!
As of now, Maxain Limited is no longer regulated by the Labuan FSA according to the official Labuan FSA website. As per an investigation report published by Forex 110 last December, there was information about Maxain Limited.
This indicates that the company was still conducting business on Labuan Island and was under Labuan FSA regulation at that time. However, since then, the company's business situation may have changed,
and Maxain Limited has since ceased its business in that financial center or its license or permit may have been revoked.
If anyone has any questions or concerns about Maxain Limited's specific situation, it is advised to seek professional legal or financial advice to understand the company's business situation and legality.
Finally, Maxain's rating on the exchange platform is 5.78, with a trading environment rated as D, including two customer complaints.
★Friendly Reminder★
The high leverage used in Maxain's STD and PRO accounts is a double-edged sword in forex trading! If you are more conservative, adverse to risk, or still learning how to trade currency, a lower leverage ratio (e.g., 5:1 or 10:1) may be more suitable.
