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Maxain group includes 2 related companies.
Maxain MY - located in Malaysia, regulated by the Labuan Financial Services Authority (LFSA).
Maxain SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
Maxain group accepts clients from all over the world, excluding USA, Canada, Brazil, Puerto Rico, Cuba, North Korea and some other OFAC/FATF sanctioned countries.
Forex broker offers the following underlying assets for trading.
| 30+ Currency Pairs | Based on major and minor world currencies. |
| 8 Indice CFDs | Based on baskets of different blue-chip stocks. |
| 2 Metal CFDs | Based on Gold and Silver. |
| 2 Energy CFDs | Based on Crude Oil (WTI, Brent). |
| 100+ Stock CFDs | Based on shares of US, UK, EU, HK and JP companies. |
Maxain is a forex broker with its head office located in Hong Kong. In addition to that, the broker has corporate entities registered in Labuan, Malaysia and in Saint Vincent and the Grenadines. These are both well-known offshore jurisdictions where forex brokers are either not regulated or regulated very lightly. Among other things, this means that Maxain is able to offer extremely high trading leverage of up to 1:1,000, as well as a relatively simple onboarding process for new clients.
One thing that is worth noting about Maxain is that this broker has a strong focus on Greater China and Chinese-speaking traders. Both the website itself and support is offered in simplified and traditional Chinese, as well as in English. Further, the broker caters to Chinese traders by offering funding options that are popular in mainland China, such as AliPay, WeChat Pay and UnionPay.
In addition to the above-mentioned Chinese funding methods, accounts with Maxain can also be funded with Visa, MasterCard, the stablecoin Tether (USDT), and through regular bank transfers. The broker does not charge any fees for processing deposits and withdrawals.
One thing that stands out about Maxain is the daily commentary and analysis articles that it publishes for free on its website. Important to note, however, is that most of these articles are only published in Chinese, which goes to show just how important the Chinese market is for this broker.
Traders with Maxain have the choice between three different types of trading accounts when signing up. At the time of writing, these are:
– Cent Account, with a minimum deposit of $0.01, spreads from 1.3 pips and no commissions
– Pro Account, with a minimum deposit of $1, spreads from 1.3 pips and no commissions
– ECN Account, with a minimum deposit of $10,000, spreads from 0 pips and commissions of $7 on all trades
As can clearly be seen, the minimum deposit needed in order to open an ECN account with Maxain is much higher than what is needed to open a Cent or Pro account. Sadly, such a high minimum deposit requirement probably also means the ECN account is out of reach for many traders, who will then have to pay the rather high spreads on the Cent or Pro accounts. And while these types of spreads may be acceptable for traders with small accounts, they are unfortunately a bit high for serious traders with larger accounts.
In terms of trading instruments, Maxain has something to offer most traders. Ranging from more than 30 forex pairs, to eight major stock indices, precious metals, WTI & Brent oil, and more than 100 single stocks listed in the US, UK, EU, Hong Kong and Japan, the offering from Maxain is certainly solid. If we were to mention some assets we do miss, however, crypto is one asset class that comes to mind, especially since this is an offshore broker and many of its competitors do offer crypto trading.
All of the assets offered for trading by Maxain are traded on the MetaTrader 4 (MT4) platform, which is the only trading platform this broker offered at the time of this review. Given that this trading platform is one of the most widely used in the forex trading community, we will not go into much detail on it here. As usual, though, MT4 is available in its standard downloadable version for Windows and Mac computers, as well as in a web version, and in mobile versions for Apple and Android devices.
In conclusion, we see Maxain as a broker that has found its niche in the market, namely the Chinese-speaking forex trading community. With local offices in both Hong Kong and South-East Asia, as well as local support and funding options, it is understandable that these traders will choose Maxain. For others, however, we feel that the spreads and commissions charged by this broker are a bit on the high side, and we hope they will be lowered to make the offering more competitive in the future.
