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Max Review - is it scam or safe?

Max (MaiCoin) Review - is max.maicoin.com scam or good cryptocurrency exchange?

RATING: 2.3 / 1 REVIEWS ForexBrokerz Max

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type Leverage Min.trade size Trading fee Withdrawal fee
Standard N/A BTC 0.003 / 10 TWD factored into the price 0.0001 BTC / $15 TWD

 

Max Exchange is a digital asset platform developed by Taiwanese company MaiCoin. It offers spot trading in several cryptocurrencies against the local fiat currency, TWD. To deposit or withdraw fiat currencies, clients of Max exchange have to undergo ID verification.

 

Like most crypto exchanges, this one also uses two-factor authentication (2FA), which can be easily activated upon registration, or at a later stage.



Max Exchange Advantages

 

- Cash accepted, local bank transfers supported

One of the major benefits of this exchange is that it allows its clients to buy Bitcoin or other coins directly with the local fiat currency, the New Taiwan Dollar (TWD).

 

Payments can be made in physical convenience stores (Hi-Life kiosk) or via ATM bank transfer.

 

- Low trading and transfer fees

While not charging fees on deposits is not uncommon, most exchanges charge trading fees, mamounting to around 0.2% of each trade. Fees associated with buying and selling digital assets on Max exchange, on the other hand, are factored into the price on Maicon's platform.

 

Withdrawals from this exchange are also low-cost: those in Bitcoin are charged with 0.0001 BTC, those in TWD – with $15. Note that your bank may charge you a transfer fee ranging from $15 to $17 TWD when you pay use ATM transfer.

 

- Nice trading platform

The web-based trading interface of this exchange is nicely designed and seems nice. It has a functional order book, market trades window, and quite good charting. Here is a preview:

 

 

- Wallet available

MaiCoin provides every single user an individually-owned wallet.



Max Exchange Disadvantages

 

-Only for locals

Trading and exchange services provided by MaiCoin’s Max are only available for people in Taiwan. The platform works only with the local fiat currency, local banks, and account opening requires registration of a Taiwanese mobile phone. On it’s website it is explicitly stated that MaiCoin does not verify Chinese or other foreign numbers.

 

-One base currency: TWD

Although Max exchange has listed several coins, they cannot b exchanged against one another. Trading is done solely against TWD, the platform’s only base currency.

 

- Only four coins listed

As we already mentioned, the cryptocurrency offering at Max exchange is very limited. Its clients are only able to trade in Bitcoin, Ethereum, Litecoin, Mithril (a Taiwanese coin). If you wish to buy or sell other altcoins, check out the offering of OTCBTC, another Tawanese exchange, that has listed wide range of digital assets.

 

-No margin trading

Max exchange does not facilitate margin trading, which is not a major flaw, as most similar venues do not provide leverage. Nonetheless, if you are willing to take the risk and trade on margin, Cobinhood provides this option. Additionally, almost all forex brokers who offer trading in cryptocurrencies provide leverage.

 


>> Brokers offering
margin Bitcoin trading <<

 

 

- Minimum order size

Setting minimum order sizes is considered as a disadvantage, as it might findedr some investors on a tight budget from trading on Max exchange. Here are the minimum purchase amounts at this exchange:

 

- 0.003 BTC;
- 0.05 ETH ;
- 0.3 LTC.

 

The minimum order size for fiat is $10 TWD.

 

 

Conclusion

 

Founded by the experienced Maicoin team, Max exchange has been operating for more than 4 years. This is a Taiwanese entry-level cryptocurrency service, intended to suit the needs of local crypto investors. Trading at Max exchange is comparatively low-cost, but the other main advantages of this exchange could be viewed as weak sides from the perspective of a non-Taiwanese user.

 

Like most exchanges worldwide, Maicoin’s exchange is not regulated, although the authorities in Taiwan have announced some plans in this direction. After the Taiwanese central bank’s recommendation that anti-money laundering (AML) laws should extend to cover cryptocurrency, the nation’s finance ministry confirmed it will create cryptocurrency regulation based on existing AML practices.

 

Speaking of regulation, we’d like to remind you that you can also trade in cryptocrrency CFDs with forex brokers, some of which are duly licensed in the countries of their operation:

 

 

>> Trusted FX brokers that offer BTC trades <<

 

 

Here is, once again, our recap of this exchange:

 

Pros

Cons

Cash accepted, local bank transfers supported

Only for locals

Low trading and transfer fees

One base currency: TWD

Nice trading platform

Only four coins listed

Wallet available

No margin trading

More than 4 years of operation

Minimum order size

 

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Traders` reviews for Max

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