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 (lifetime membership) 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.
This payment covers all live and recorded classes, unlimited phone and email support, unlimited one-on-one coaching, real-time trade alerts sent out by the firm’s top traders, and covers all software and data costs, and risk managers that watch over all of the trading. While traders need to put down a risk deposit of $2,000, the firm contributes $8000, so a Level 1 trader starts with a $10K account. As clients show consistency and build a track record (2 consecutive profitable months), they are moved to a Level 2 trader, and the firm provides additional capital (typically another $10K, depending on the style of the trader). That process continues, and traders advance levels, receive additional capital, and also retain bigger percentages of their profits. Our elite traders are trading with six-figure accounts and keeping 80 percent of their profits, and every one of our traders is eligible to advance to the top.
The costs associated are often mistaken for just the training. It’s not at all about that. It covers all the training, but it’s the networking within their community (sharing ideas with others) and the trade alerts and the unlimited support that most of their traders value the most.
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?
Maverick FX runs everything through Interactive Brokers, and their traders have a sub-account attached to their master accounts. So you don’t actually have to open another account, and you are more than welcome to continue trading your own accounts outside of the firm.
Maverick FX Reviews
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.
The firm’s response to the reviews:
Most of the negative reviews you can find about Maverick aren’t even written from people that joined our firm, as is made evident by the fact that they are filled with misinformation. It’s often people that are angry because they want to trade our money, but they don’t want to pay to join the firm. We understand that people don’t want to pay for anything, but we are very proud of our reputation and our success, and we feel strongly that the value of joining our firm far outweighs the costs associated with it. We also realize that we aren’t for everyone, but anyone who is a successful trader wouldn’t be looking into us anyway. They would be at home trading on their own and they wouldn’t be looking to change anything. Most of our traders join us after they’ve blown up a couple of accounts and need some guidance and support. I’m certainly not claiming that we are perfect, and I would certainly expect some negative feedback, as would be expected from any organization. We are always looking to improve, and we absolutely have over the years.
Maverick FX Review Conclusion
In short, we cannot say that Maverick FX is 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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