Maxco Forex and Futures broker review - Suitable broker for only Indonesians?!
Written by:
Written on:
23 February 2024
Last edit:
4 March 2024
Our rating:


Maxco Forex and Futures broker review - Suitable broker for only Indonesians?!
Written by:
Written on:
23 February 2024
Last edit:
4 March 2024
Our rating


Trading is risky
See how Maxco compares to it's closest alternatives.

Main summary

Maxco is a regulated Futures and Forex broker located in Indonesia. As a result, the broker is regulated by three different entities within the country and offers appealing futures trading services to locals. The company has more than 30 years of experience and targets primarily futures traders with multiple Forex pairs also offered as a bonus. Because of this, trading conditions are much better for commodities and indices futures than for Forex pairs.

Let’s dive deeper into the services and conditions of Maxo Broker and find out what they have to offer. 

Pros & Cons of Maxco broker

  • Ability to deposit with $0 fees
  • Offers access to advanced trading platforms for all devices
  • Fast and digital account opening/verification
  • Offers a multitude of futures and Forex assets
  • Moderate minimum deposit requirement at 100 USD, INR
  • Payments are only made by local bank wire method making it difficult for global traders
  • No cryptos are offered
  • Very high leverage without negative balance protection

Maxco Fact sheet

Main features
Regulations Unregulated
Fees on deposits 0 USD
Fees on withdrawal N/A
Inactivity fees 0 USD
Minimum deposit 100 USD
Minimum account activation 100 USD
Number of available assets 70
Leverage up to 1:-
Available trading markets Forex, Indices, Stocks, Futures
Account currencies USD, INR
Demo account Yes
Live account types Single trading account
Islamic account -
Negative balance protection -
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Total -
Fees & spread
Forex From 2 pips
Shares -
Cryptocurrencies -
Indices From 1 USD
Commodities From 0.4 USD
Platforms -
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods -
Minimum deposit -
Minimum withdrawal -
Withdrawal processing time -
Time to open an account -
Show all

Safety & Security of Maxco

Maxco holds multiple licenses providing its traders with a safe environment. At least that is what the broker emphasizes, so we decided to check their claims thoroughly, and here are our findings. 

The broker is regulated in Indonesia by the BAPPEBTI, the PT Bursa Berjangka Jakarta (JFX), and PT. Kliring Berjangka Indonesia (Persero). 

All three licenses are given by different regulatory entities within Indonesia's regulated futures and foreign exchange markets. All this information is transparently available on the broker’s website adding to its legitimacy.

All client funds are kept in segregated bank accounts, meaning the broker employees can’t touch client money. 

Maxco is a member of an investor compensation fund offering compensation in case of insolvency further ensuring investor protection. 

Unfortunately, as a primary futures broker, Maxco does not offer negative balance protection, meaning its clients can get into minuses or lose more than their initial investment. This feature is essential for Forex traders as FX brokers usually offer much higher leverage to their clients. In the case of Maxco, the broker offers up to 500:1 leverage, meaning traders can open positions with 500 times their account balance, which significantly increases the risks of excessive losses. 

We advise traders to exercise caution when dealing with brokers with high leverage and no negative balance protection. 


Account types available for traders on Maxco

Only one live trading account is offered to all Maxco Broker clients. This is very disadvantageous for traders as some traders prefer different specs than others. There is a trading commission from 1 USD per lot meaning swing traders and day traders will not be happy to pay so much commissions for trading. While scalpers prefer this account for its low commissions and low spreads. Because of this, Maxco is not recommended for everyone, the broker is mainly a good choice for Indonesian traders who focus on futures trading with low leverage.

Maxco is shy of indicating exact spreads on their website because it is from 2 pips on major pairs starting at EURUSD. 2 pips spread plus the trading commissions from 1 USD per lot makes brokers very expensive for Forex trading. 

Maximum leverage is set at 1:500; base account currencies are USD and IDR.

The account opening requires several complicated steps of receiving a verification code on your mobile and email. 

Pros & cons of Maxco account types

There is a moderate minimum deposit of $100All accounts have both spreads and commissions
Enables traders to use Demo account typeThere are no accounts with zero spreads to appeal to scalpers
Suitable for Indonesian futures tradersVery high spreads from 2 pips on major pairs
Provides access to MetaTrader 4 platformNot suitable for Forex traders

Fees & commissions review of Maxco

Comparing Maxco fees with other brokers

Maxco fees compared to Interactive Brokers fees

Type of FeeMaxcoInteractive Brokers
EUR/USD SpreadFrom 2.0 pipsFrom 0.6
Fees on Deposits0 USD1%
Inactivity fee0 USDNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Maxco fees compared to CM Trading fees

Type of FeeMaxcoCM Trading
EUR/USD SpreadFrom 2.0 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 EUR/USD per month after 60 days of inactivity

Maxco fees compared to plus500 fees

Type of FeeMaxcoplus500
EUR/USD SpreadFrom 2.0 pipsFrom 0.8 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 10 USD per month after 3 months of inactivity

Maxco fees compared to XM fees

Type of FeeMaxcoXM
EUR/USD SpreadFrom 2.0 pipsFrom 0.6
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 USD after 12 months, +5 USD/m

Maxco fees compared to AvaTrade fees

Type of FeeMaxcoAvaTrade
EUR/USD SpreadFrom 2.0 pipsFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

Maxco fees compared to fees

Type of
EUR/USD SpreadFrom 2.0 pipsFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at Maxco

The broker offers MetaTrader 4 trading platform for both Windows and macOS. MT4 offers advanced functionality to Maxco clients and traders can fully analyze markets or trade with automated trading systems. 

Mobile apps for both Android and iOS are also provided for download and additionally, there is a web trading platform. Web trader offers all the basic features of opening and closing trades and setting timeframes and chart types. There are no technical indicators on the Maxco web trader. 

Education and research tools offered by Maxco

No educational resources are provided of any sort to Maxco traders. This is disadvantageous for beginners. No market research tools or indicators are offered either, only trading platforms for download or web trading are available. 

Customer support of Maxco

Phone support, email support, and office address are all provided by Maxco. However, the broker does not offer the live chat at the moment. The trader will have to call the support center or send an email if there is an issue to be resolved. The lack of live chat support is disadvantageous for the broker as it will scare away many traders. 


As we have researched, Maxco is suitable for Indonesian traders who are trading primarily futures and metals. This is because the broker only accepts local bank wire transfers, making it almost impossible for global traders to access its platforms. Additionally, the regulatory licenses are all from Indonesian futures, commodities, and Forex regulators. 

Forex trading is not advisable with Maxco as the broker only offers one trading account with 2 pips spreads on major pairs and 1 USD commission for each lot traded. For Indonesian traders, the broker is a safe option because of its strong regulatory compliance and oversight, but for global traders, it does not offer enough value to consider. 

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FAQs about Maxco

Is Maxco suitable for non-Indonesian traders?

No, Maxco caters mainly to Indonesian traders due to its local bank wire transfer requirement.

What are Maxco's key advantages?

Maxco offers fee-free deposits, advanced trading platforms, and a wide range of futures and Forex assets.

Does Maxco provide negative balance protection?

No, Maxco lacks negative balance protection and offers high leverage, increasing potential losses.