Beware! Remaxima is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! Remaxima is a Forex broker that’s not legit, also officially blacklisted by many European financial regulators, read the review to find out which ones.
Remaxima is a name that is very unlikely to be associated with a true Forex broker. Other than that, their website is awful, the lack of professional touch is striking immediately. There are too many scam signs that you can detect as soon as you enter, such as the missing information about their legal status at the bottom of the page, just to start with. Find out all you need to know about this Forex broker in the full Remaxima review.
Remaxima REGULATION AND SAFETY OF FUNDS
Remaxima is a proven scam, a considerable number of European financial authorities put this fraudulent Forex broker in their warning lists. The group includes the British FCA, the Belgian FSMA, the Dutch AFM, the Italian CONSOB, the Slovenian ATVP and the Danish DFSA.
FCA official warning, published on August 6, 2020:
Remaxima claims to be headquartered in Budapest, Hungary, but fails to prove it. There isn’t a company revealed that is supposed to own and operate this alleged Forex broker, on top of that an UK contact number is listed, which is a scam sign itself, no need for official warnings to realize something fishy is going on there.
Your funds are not safe if you make a deposit with Remaxima, it is an unlicensed, unauthorized and unregulated anonymous scam Forex broker which should be avoided. Report immediately if they approach you!
You should choose a European Forex broker- CySEC(Cyprus) or FCA(Britain) regulated, as these locations host the leaders in the retail FX industry. Europe created the safest financial environment in the world by implementing a very robust regulatory framework, consisting of many strict rules and requirements Forex brokers have to meet. The last one that was agreed came out of UK, FCA imposed a ban on Crypto derivatives retail trading with an immediate effect, meaning that you will no longer be able to trade BTC/USD with your British broker. The digital coins are known to be prone to price manipulation, incredibly unpredictable and highly volatile, posing a substantial threat to the funds of the traders. The most important customer protection feature, however, is the compensation schemes for clients of authorized financial service companies.
The Investor Compensation Fund(ICF) operates in Cyprus, while in Britain the similar fund is called Financial Services Compensation Schemes(FSCS). In Cyprus you are allowed to make a claim of up to 20 000 EUR per client, while in UK you are guaranteed of even up to 85 000 GBP per client. If you trade with an offshore broker you are entitled to nothing, it might cease to exist tomorrow and you are going to lose all of your investments!
Remaxima TRADING SOFTWARE
There is a hint that Remaxima offers Metatrader4 trading accounts, Metatrader5 is not available. We were unable to sign-up because the registration is only allowed upon invitation, so there is no confirmation that Metatrader is actually provided. Have a look:
It’s an obvious scam sign, partially revealing their scam strategy. We’ve seen other groups of scammers that doesn’t really make use of their websites, instead they work hard in the social media and the forums, promising big and also deploying various other scam formations, such as fake signal providers, fraudulent FX strategy pages in Facebook etc. There was even a Tinder Forex scam detected that was performed by the infamous Business Choice Partners, a group also known as Knight Service Group.
We need more data to confirm the scam patterns used by Remaxima, but as it is a proven scam you should ignore their invitations and report immediately!
Remaxima doesn’t reveal the trading conditions on their web page and as a result no spreads, leverage levels and margin requirements unknown. No information about demo trading accounts.
Remaxima DEPOSIT/WITHDRAW METHODS AND FEES
Remaxima says to offer 5 different account types.
The minimum initial deposit is supposed to be 250 USD and the funding methods include wire transfers and Credit/Debit cards.
The minimum withdrawal for wire transfers is 500 USD, a totally unfair requirement, while the minimum for Credit/Debit cards is 100 USD. It is said that withdrawals are free of charge and at the same time they state that additional fees might be introduced, at their own discretion. Stay away!
An account becomes dormant after 60 days of inactivity, and will be subject to a deduction, but no fees specified in size and scope, as well.
There are bonuses introduced, which are described as final and once given it cannot be cancelled. A minimum trading volume of 25 times the bonus plus the deposit is required in order to make a withdrawal. Yet another scam sign, such a condition is unbearable and an excuse for Remaxima to refuse withdrawals!
An Affiliate and Introducing Broker programs are available, but the information given is scarce, there is nothing further specified.
HOW DOES THE SCAM WORK
The Forex scam is a financial crime and involves the illegal sale of financial products and services without the proper authorization. Being involved in a scam and consequently getting ripped off might be a life-changing event with intense long-lasting effects. Learn how to recognize the warning signals, the knowledge will hopefully help you remain safe. Have a look at five of the common scam signs:
- Scammers are usually anonymous and offshore.
- Scammers will present investment opportunities or trading conditions that are too good to be true.
- Scammers will make falsely risk free offers, reassuring that there is no danger for your funds, unlike the true Forex brokers which will always warn you about the loss potential in the FX trading.
- Scammers will present pieces of conflicting information, for example on their Main Page they will claim to offer a leverage of 1:100, while in reality, upon registration you will find out that the ratio might be up to 1:500.
- Scammers will accept only Cryptos or will use some fishy payment systems, generally unknown to the broad public.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!