Today we received an email from one of our subscribers, asking our opinion on Maverick FX. So Bradford, this is for you, and for anyone out there who might be lured into this program after reading the many positive reviews of Maverick FX. The website MaverickFX.com, owned by Maverick Management, LLC, offers a sort of a career opportunity for Forex traders.
Note: Maverick FX should not be confused with the Forex Maverick scam we’ve previously blacklisted.
Let’s begin by explaining what exactly is this program. Maverick FX offers traders to improve their trading skills via a collection of strategy courses followed by tests and simulators. So you begin by learning how to become a Forex trader. Then, after you prove your trading success, you need to demonstrate that you can really make profits by implementing your trading plan. Finally, you will be trading for the company who runs the program. You will be trading with their money. The money you win is yours to keep, except for 20-30% of your earnings which go to Maverick Management, LLC.
Profit disbursements are made monthly to our traders and traders are encouraged on MaverickFX.com to “run their trading as a business and, thus, take advantage of all of the benefits of having a business for tax purposes.”
Maverick FX Contact Information
Maverick FX, 1910 East Fort Union Boulevard, Cottonwood Heights, UT 84121
Is Maverick FX a SCAM or a legitimate opportunity?
The question is whether the education provided by Maverick FX and the leverage they can offer are worth the steep price of joining the program and the money you will be losing once you start trading. According to the email we received, the program costs $1,895 to join and you need to start by making a $2,000 to your trading account. Also, there’s a monthly payment of $199 for the education. At this point, you may be wondering, and so are we, what you do if you already have a trading account and are not interested or able to open a new one?
There are many positive reviews and it seems that some people are finding their education valuable. However, there are also people who claim that Forex Maverick is somewhat of a scam. “The education is not so great, yet you have to pay a lot for it,” says one reviewer. Indeed, we believe that you don’t have to pay a dime in order to learn. Everything you need to know is available online with no charge and with free groups such as Mike’s Forex Signals Group, you don’t even need to pay for signals and training. All you need in order to get started is an account (with a legitimate, regulated Forex broker), and you could even use a free demo while you’re learning.
Another reviewer described his experience with Maverick FX: “You have to prove yourself on the demo, which is fine, but after you do so, you basically just plop down your own 2 grand, and you trade it the same way you would do if you were trading on your own, in your own retail account outside of Maverick, except that you give away part of your profits to them! You take all the risks, you have to properly manage your risk based off the 2 grand account, they don’t offer additional capital or anything. From the Prop trading perspective it is a scam. If you talk to them about it, they will say they give you “leveraged capital,” which is laughable because when you are trading off a 2K account to start off with, you don’t need additional leverage assuming you are controlling your risk (percentage of your account per trade). Even if you aren’t controlling your risk, you still don’t need them–leverage in Forex is accessible to anyone who can open a retail account.”
So regarding the education – you don’t need Maverick FX. Everything is available online. And regarding the leverage, well, that’s available anyway with most Forex brokers. Also, some traders report that Maverick FX “didn’t contribute any capital like they said they would.” Not clear if they even offer a full refund if you’re not happy. Old reviews indicate that they don’t.
Other reviewers point out that the training itself is rather disorganized and that questions which have not been explained during lessons are asked. We’ve also read complaints about their availability and support outside the formal lessons.
In short, we will not be recommending Maverick FX. However, we cannot say it’s a scam because there are many positive reviews as well so apparently some people do find the education offered on MaverickFX.com valuable. We will be interested to hear if any of our subscribers and visitors has first hand knowledge with MaverickFX. Do comment below if you can contribute to our knowledge of this offer.
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