MajorTrade: traders’ reviews, expert review of the company’s activities
Analysis of MajorTrade Platform
Every day, the number of websites offering intermediary services on the exchange is growing. Some of them are legitimate platforms where honest brokers work. However, the majority of such resources are fake, created solely to deceive novices and inexperienced traders. Our review is dedicated to determining which category MajorTrade belongs to, what reviews say about this project, and whether it is trustworthy.
Broker Information
We cannot ignore the fact that the MajorTrade platform does not look professional. There is no original design or quality content here. Instead, we are greeted with standard phrases about professionalism and high-quality services, as well as free images from stock photo sites.
The company has no experience in brokerage services, as the domain was registered only in April of this year. Within such a short period, it is impossible to gain the trust of a wide audience, which explains the small number of reviews and mentions about it.
MajorTrade makes ambitious statements, presenting itself as an intermediary offering top-class services in 40 countries around the world. But in developing their website, the company seems to have entrusted it to elementary school students, judging by the number of errors and poor layout. The level of trust in such “professionals” remains questionable.
The address in Dominica listed in the “Contacts” section actually leads to a regular residential house outside the city. The organizers decided to embellish this building with verbose descriptions in the hope of making an impression.
In the same section, the numbers of Russian and Polish phones are indicated, and the purpose of these contacts remains unclear.
There is almost no detailed information about MajorTrade on the website. Reviews or descriptions of the company’s achievements are absent. The “Policy” section presents a package of documents regulating the relationship between parties, but they are poorly translated from English, contain many errors, and do not provide complete information about the company.
Regulators of MajorTrade’s Activities
The information on the website claims that MajorTrade’s operations are monitored by Cynosure Consulting LTD, a company registered in Dominica.
The mentioned organization exists and is listed in the company registry, but its scope of operations and registered trademarks are not disclosed.
For our case, this is not particularly relevant, as the government of Dominica and its financial regulators do not oversee brokers’ activities or grant them licenses. Registration in this offshore zone only indicates that the organizers have spent some amount to give themselves an appearance of seriousness. There is no guarantee of compliance with norms and rules, nor protection of clients’ interests.
Considering MajorTrade’s focus on the Russian market, we will verify if their actions comply with Russian legislation, including Law No. 460-FZ, which requires licensing by the Central Bank.
It turns out that MajorTrade does not have a license and, therefore, offers its services to residents of the Russian Federation illegally. If you decide to work with this company, consider all risks, including the impossibility of recovering possible losses.
Trading Conditions and Account Types
MajorTrade claims to have created various account types catering to the individual needs of traders at different levels.
The organizers considered only their own interests, offering reasonable conditions only to holders of “high-class” accounts. The leverage is unspecified, but somewhere on the website it was claimed to be the highest in the world.
It is surprising that such an obvious violation of standards is presented with pride. The higher the leverage, the higher the likelihood of losing a large sum due to small market fluctuations. Probably, high leverage is used for this purpose.
Information about the possibility of receiving bonuses on accounts is not found. However, the document “Deposit and Withdrawal Policy” mentions other funds that may be credited to the client’s account under certain unspecified conditions.
Thus, scammers leave themselves the freedom to act. By accepting a bonus (which, according to reviews, is difficult to refuse), the client automatically agrees to comply with any requirements. This is a well-known tactic of fraudsters, allowing them to impose unrealistic trading conditions on traders.
Client Reviews Rating
MajorTrade is not yet well-known enough on the market for there to be many reviews about it. We managed to find only a few cases of traders falling into this trap.
Once more reviews about this fraudulent project become available, we will update our review.
Exposing Fraudulent Schemes
Trading itself carries high risks. But with a company like MajorTrade, there is no chance of even preserving your money. Scammers do not execute trades on the global market, and the client cannot verify or prove this.
By controlling prices at their discretion and setting absurd conditions, fraudsters can wipe out a client’s account in a few days.
Even if the client retains some amount that they wish to withdraw, agreements with scammers provide numerous reasons for refusal. The documents contain errors and ambiguous wordings, allowing fraudsters to freely dispose of clients’ money.
Fraud or Reliable Broker: Conclusions
Among fake “kitchens,” another “professional and honest” broker has emerged ready to deceive trusting clients. MajorTrade, not holding licenses, registered in an offshore zone, has only been in existence for a few months. Scammers did not obtain a license from the Central Bank of the Russian Federation and are illegally offering their services to Russian users. Reviews confirm that MajorTrade has already disappointed the traders who trusted them. It is best to stay away from such intermediaries and even avoid contact with their representatives.
I had an absolutely dismal experience with MajorTrade. Despite their team claiming to be highly proficient and experienced, I found their customer service to be abysmal and their advice to be suspiciously misguided. I had issues with withdrawals that took much longer than industry standard to process. Furthermore, their user-interface is poorly designed, often confusing and far from user-friendly. I also noticed questionable practices related to spread manipulation, making the trading more costly than indicated. My overall trading experience with MajorTrade was obstructed by their lack of transparency and competency, leaving me feeling utterly unsatisfied and deceived.