Maxco

This comprehensive Maxco review evaluates the platform's regulatory compliance, trading fees, and execution speed to help you make an informed decision. By analyzing its core features and safety standards, we answer the vital question: is Maxco a good broker for your trading goals?

Is Maxco Legit and Safe?

While Maxco provides legitimate, regulated services under Indonesian law, its localized oversight does not deliver the comprehensive global protections offered by tier-1 international regulators.

What Is Maxco? Company Background

PT Maxco Futures, originally established in 1990 as PT Panin Investment, is a long-standing brokerage firm based in Jakarta, Indonesia. The firm rebranded to Maxco Futures in the early 2000s and is headquartered at the Panin Bank Centre in Central Jakarta. Maxco specializes in derivatives trading, offering retail and corporate clients access to global financial markets.

• Tradable assets: Forex, metals, stock index futures, and stock CFDs.
• Local market presence: PT Maxco Futures has spent over three decades establishing a localized gateway to global markets for Indonesian retail and corporate clients.
• Trading infrastructure: The broker utilizes MetaTrader 4 alongside proprietary mobile systems to maintain a stable, execution-focused environment for regional traders.

Maxco Regulation

Maxco is regulated by Bappebti, JFX, and KBI. These regulatory bodies operate as tier-2 national organizations within Indonesia rather than tier-1 global watchdogs. Traders can check the Bappebti official directory to confirm the broker's current regulatory standing. To independently verify PT Maxco Futures' credentials, search the regulator's registry using the business license number 353/BAPPEBTI/SI/IV/2004.

The following comparison table outlines the specific regulatory entities, licenses, and investor protection tiers associated with PT Maxco Futures.

While this local regulatory framework ensures compliance with Indonesian law, it lacks the broader systemic safeguards, such as negative balance protection, that international traders typically expect.

Which Maxco Entity Serves Your Region?

Unlike many global brokers that maintain dozens of regional subsidiaries across Europe, Asia, and offshore hubs, Maxco operates almost exclusively through a single corporate entity. Every client who signs up with the broker is onboarded directly under PT Maxco Futures.

• Entity onboarding: Every client signs up directly under PT Maxco Futures because the broker does not operate offshore subsidiaries or complex global corporate divisions.
• Strict KYC verification: Applicants must submit a clear government-issued ID, proof of address, and a modern selfie holding their ID to meet Bappebti's tight onboarding regulations.
• Unified protection: International clients share the exact same national-level protections as Indonesian retail traders, with no access to external compensation schemes or global broker funds.

Restricted Countries

Due to strict regulatory boundaries and international compliance rules, Maxco cannot offer its services to residents of certain jurisdictions.

• Restricted regions: United States, Canada, Japan, and European Economic Area (EEA) member states.
• Local compliance: Account applications are blocked in any jurisdiction subject to international sanctions or where local laws prohibit foreign derivatives trading.

Client Fund Protection

For traders evaluating capital safety, Maxco utilizes segregated bank accounts to protect client deposits.

• Segregated accounts: Client funds are held in separate custodian accounts at authorized clearing banks like Panin Bank, preventing the broker from using client money for business operations.
• Clearing security: All trades are cleared and audited through PT Kliring Berjangka Indonesia (KBI) to ensure transaction safety and capital accountability.
• No negative balance protection: Traders are fully exposed to unlimited losses beyond their initial capital, which presents a significant risk during periods of extreme market volatility when using high leverage.

Maxco User Reviews and Trustpilot Rating

Maxco holds a Trustpilot rating of 2.4/5 based on approximately 30 reviews, reflecting generally mixed-to-poor user sentiment as of July 2026. Because PT Maxco Futures does not actively invite clients to review its platform on third-party forums, the sample size remains relatively small and primarily features unsolicited feedback. To read individual customer testimonials, you can See Maxco reviews on Trustpilot to evaluate different client experiences.

While the rating suggests room for improvement, the user feedback outlines distinct areas of both satisfaction and concern:

• Praise for customer support: Several positive reviews highlight that the broker’s support team is prompt, helpful, and highly patient when resolving technical issues or answering questions over the phone.
• Stable platform performance: Traders often express satisfaction with Maxco's execution speed and its integration with MetaTrader 4, noting that orders are processed smoothly without frequent slippage.
• High trading costs: A primary source of negative feedback is the broker’s expensive fee structure, with users reporting wide spreads starting from 2 pips on major forex pairs, coupled with a $1 per lot commission.
• Restrictive trading policies: Casual traders frequently complain about the strict regulatory boundaries, specifically the complete prohibition of scalping, hedging, and the use of Expert Advisors (EAs) on live accounts.

Maxco Account Types

Maxco simplifies the onboarding process by offering a single Real Account type with a modest $100 minimum deposit, though its restrictive trading conditions and lack of specialized options limit its appeal for advanced traders.

Maxco Account Types and Minimum Deposit Requirements

Unlike global brokers that maintain multiple tiered options like Cent, Standard, and Raw Spread accounts, Maxco only offers one live trading option: the Real Account. This is accompanied by a virtual Demo Account, which provides up to $10,000 in simulated funds and is valid for 30 days. To open a Real Account, Maxco requires a minimum deposit of $100, which can be held in either US Dollars (USD) or Indonesian Rupiah (IDR).

While a $100 entry limit is highly accessible for retail beginners, the internal mechanics of the account present challenges for small-balance traders:

• Standardized onboarding: The unified account structure means all retail traders gain access to the exact same features and tools without needing to lock up high capital in premium tiers.
• High minimum trade size: The minimum position size is restricted to 0.1 lots, which prevents retail traders from executing precise micro-lot (0.01 lot) risk management.
• Dual base currencies: Accounts can be dominated in either USD or IDR, giving Indonesian local traders a way to deposit directly and bypass volatile exchange-rate conversions.
• Leverage restrictions: The broker offers leverage up to 1:500, but because there is no negative balance protection, high leverage dramatically increases the risk of account depletion.

In practice, the trading costs of the Maxco Real Account are significantly higher than the industry average. Maxco charges a commission of $1 per lot, which appears highly competitive on paper. However, because the variable spreads on major forex pairs start at a wide 2.0 pips, the total transaction cost is heavily inflated. For example, a round-turn trade of one standard lot of EUR/USD under standard market conditions would cost roughly $20 in spread and $1 in commission, totaling $21. In contrast, many global raw-spread brokers offer a total cost of $6 to $8 per lot. Consequently, Maxco's pricing model is poorly suited for high-frequency day traders and scalpers, making it a viable option only for long-term swing traders who are less sensitive to tight spreads.

Does Maxco Offer an Islamic Account?

Maxco does not offer swap-free or Islamic accounts for Muslim traders, meaning all open overnight positions will accumulate or pay interest charges. As a result, traders requiring strict Sharia compliance cannot use Maxco for their trading activities.

Maxco Fees and Trading Costs

Maxco sits in the mid-to-high cost bracket compared with alternative retail brokers, balancing a low $1 per lot commission with relatively wide spreads that typically start from 2.0 pips on major forex pairs.

Maxco Trading Fees (Spreads / Commission Fees / Swap and Overnight Fees)

When calculating the cost of trading with Maxco, investors must account for both direct spreads and commission charges, which combine to form a comparatively high fee profile. Unlike raw-spread brokers that offer near-zero spreads in exchange for a standard round-turn commission, Maxco applies a hybrid pricing structure.

• Wider variable spreads: Major currency pairs like EUR/USD feature spreads starting from 2.0 pips, which is substantially higher than the industry standard of 0.6 to 1.2 pips.
• Fixed per-lot commission: A flat $1 commission is charged per standard lot traded, presenting a low nominal fee that is offset by the wide underlying spreads.
• Overnight interest rates: Open positions held past 5:00 PM EST incur variable swap charges, and because swap-free options are unavailable, long-term position holders must account for these ongoing carrying costs.

This fee structure means that trading a single lot of a major currency pair can incur an average cost of $21 ($20 spread + $1 commission). While this pricing model may not significantly impact swing traders who hold positions for days or weeks, it represents a substantial barrier to profitability for day traders, scalpers, and high-volume algorithmic traders.

Maxco Non-Trading Fees (Inactivity Fees / Currency Conversion Fees)

Beyond the costs incurred during active market execution, Maxco maintains a highly transparent and client-friendly non-trading fee structure that benefits long-term investors.

• Zero inactivity charges: Maxco does not penalize dormant accounts with monthly maintenance or inactivity fees, allowing casual traders to pause trading without losing capital.
• Direct currency deposits: Accounts denominated in USD or IDR avoid conversion markups when using native bank transfers, though transactions in other currencies are subject to third-party bank conversion rates of 2% to 3%.

This lack of maintenance and inactivity fees makes Maxco an attractive option for retail investors who prefer to trade infrequently, as they do not have to worry about account maintenance costs draining their dormant balances.

Maxco Deposits & Withdrawals (Deposit and Withdrawal Methods / Withdrawal Speed and Minimum Limits / Deposit and Withdrawal Fees / Withdrawal Issues and User Complaints)

Maxco provides fee-free deposit and withdrawal options through major Indonesian banks, though the lack of international payment methods like credit cards or e-wallets limits its global accessibility.

The primary deposit and withdrawal channel supported by PT Maxco Futures is bank transfer, leveraging major local financial institutions such as Bank Central Asia (BCA) and Panin Bank. Because the broker is closely aligned with the Indonesian banking network, deposits and withdrawals are processed in either US Dollars (USD) or Indonesian Rupiah (IDR). The minimum deposit requirement is set at $100 (or the IDR equivalent), while the minimum withdrawal amount is similarly calibrated to make the platform highly accessible.

Maxco does not charge any deposit or withdrawal fees, ensuring that traders keep the full value of their transferred funds. Deposits made via local bank transfer are processed and updated in the trading account within a few minutes during regular business hours. However, wire deposits in US Dollars require standard clearing and may take an additional 2 to 3 business days to credit. Withdrawals are processed exclusively on business days (Monday through Friday). If a trader submits multiple withdrawal requests before the daily cutoff of 6:00 PM, the transactions are processed on the same day.

Regarding withdrawal complaints, user feedback on verified channels indicates that delays are typically restricted to off-market processing hours, such as weekend requests, or standard KYC compliance delays, with no verified evidence of systemic fund withholding. Because PT Maxco Futures operates under the direct oversight of Bappebti and clears all trades through the Indonesian Derivatives Clearing House (KBI), the platform offers a high level of custodial reliability that prevents arbitrary payment blockages.

Maxco Trading Platforms, Conditions & Experience

While Maxco provides access to the popular MetaTrader 4 platform and high 1:500 leverage, its restricted asset count and lack of MT5 support limit its appeal for diverse portfolio management.

Does Maxco Support MT4, MT5 & Mobile Trading?

Maxco supports the industry-standard MetaTrader 4 platform and a proprietary mobile app, but it does not offer the newer MetaTrader 5 (MT5) platform to its clients. Users can access the financial markets via MT4 for desktop (Windows and macOS) as well as MT4 WebTrader, which enables trading directly inside web browsers without downloading software.

For mobile trading, the broker provides a proprietary application called "Maxco Futures," available for iOS and Android.

• Integrated app services: The Maxco mobile app functions as a unified hub where clients can manage accounts, complete identity verification, and perform deposits or withdrawals.
• No MT5 availability: The broker completely omits MetaTrader 5 support, which represents a major disadvantage for algorithmic traders who rely on MT5's advanced scripting, superior backtesting engines, and additional timeframes.

What Can You Trade on Maxco? (markets and instruments)

Maxco offers a highly restricted selection of approximately 70 tradable assets across forex, metals, stock index futures, and US single stock CFDs, entirely omitting cryptocurrencies and commodities. The product suite is narrow compared to global multi-asset brokers that typically offer thousands of CFD instruments.

The tradable asset classes are limited to the following items:

• Forex: Major and minor currency pairs including EUR/USD, GBP/USD, and USD/JPY.
• Precious metals: Spot contracts for gold and silver.
• Stock indices (futures): Major global indices including the S&P 500, Dow Jones, Nasdaq, Nikkei, Hang Seng, and DAX.
• CFD stocks: Leveraged stock CFDs on major US equities such as Apple, Amazon, and Tesla.
• Energy futures: WTI crude oil futures contracts.

Traders should note that cryptocurrencies, ETFs, bonds, options, and agricultural commodities are completely unavailable for trading on Maxco platforms.

Maxco Leverage, Margin & Order Execution

Maxco delivers high leverage up to 1:500 and near-instantaneous execution speeds averaging 17.67 milliseconds, operating under a market execution model through liquidity providers. Maximum leverage is capped at 1:500 for forex trading, though leverage limits on stock index futures, energy, and individual stock CFDs are lower to comply with regional exchange volatility limits.

• Risk of high leverage: While a 1:500 leverage ratio dramatically reduces initial margin requirements, the absence of negative balance protection means sudden market gaps can force account balances below zero, exposing traders to debt collection.
• Market execution structure: Orders are routed directly to liquid markets, and under hectic or highly volatile conditions, spreads can widen substantially or maximum trade sizes can be capped at 25 to 50 lots per trade to manage risk.
• Pricing volatility: Although promotional materials state spreads can start from 0.6 pips, typical user reports suggest that spreads on majors hover closer to 2.0 pips during active sessions, widening significantly during news events.

Maxco Research Tools & Educational Resources

Maxco provides basic daily market analysis and technical research updates via its website and mobile app, but it lacks a comprehensive educational academy for structured learning. The research offering consists primarily of daily technical articles, trade suggestions, and real-time market insights written by internal specialists.

• Limited structured education: There are no video courses, comprehensive trading webinars, glossary terms, or e-books designed to take beginner traders through structured development.
• Lack of advanced analytics: Advanced analytical tools such as sentiment indicators, economic calendars with historical data, and premium auto-chartist patterns are missing from the platform's proprietary offerings.

How Good Is Maxco Customer Support?

Maxco provides helpful customer support through phone, email, and live chat during local business hours, although it does not offer 24/7 technical assistance. Support representatives are highly praised in client reviews for their quick phone responsiveness and technical clarity.

Traders can contact the support desk through the following official channels:

• Phone support: General queries can be directed to +62 21 720-5868, while formal compliance issues can be routed to the complaints line at +62 21 5721024.
• Email support: Standard customer requests are handled at cs@maxco.co.id, and dispute escalations are managed at compliance@maxco.co.id.
• Live chat: Accessible directly through the official website homepage or within the Maxco Mobile App.

While support is highly professional, the lack of 24/7 or even 24/5 coverage means traders operating in foreign time zones or overnight markets may experience delayed resolutions during weekend or late-night technical issues.

Who Is Maxco Best For?

While Maxco provides an exceptional security environment for regulation-focused Indonesian investors, its restrictive conditions and wide spreads make it highly unsuitable for short-term retail speculators.

Is Maxco Good for Regulation-Focused Local Investors?

Yes, Maxco is highly suitable for Indonesian investors who prioritize maximum fund security, legal compliance, and local dispute resolution over competitive pricing. Because the broker operates under the strict oversight of Bappebti and clears all transactions through the Indonesian Derivatives Clearing House (KBI), it offers an unmatched level of local financial safety. Capital is deposited securely in domestic custodian accounts at trusted institutions like Panin Bank. For conservative, long-term investors whose chief concern is the absolute safety of their capital and avoiding unregulated offshore schemes, Maxco's regulatory stability easily compensates for its higher-than-average transaction fees.

Is Maxco Good for Scalpers and Day Traders?

No, Maxco is a poor choice for active day traders and scalpers due to its wide 2.0-pip spreads and strict prohibitions against high-frequency trading strategies. Scalping requires ultra-tight spreads and lightning-fast execution of micro-trades to turn tiny market movements into consistent profits. Maxco's wide bid-ask spreads, combined with a flat per-lot commission and explicit bans on automated Expert Advisors (EAs) and hedging, make short-term trading mathematically unviable. Active traders would see their profit margins eroded by transaction costs that are more than double the industry average, while their accounts could face suspension for violating non-scalping policies.

Is Maxco Good for Small-Balance Beginners?

No, Maxco is not ideal for beginners with small account balances because its high 0.1-lot minimum trade size prevents proper micro-lot risk management. Although a $100 minimum deposit appears welcoming to first-time retail traders, the platform's restriction against trading micro-lots (0.01 lots) forces users to take on disproportionately large market exposure. Trading a minimum of 0.1 lots (10,000 units of currency) on a small $100 account means a minor market movement of just 10 pips can wipe out 10% of the account equity. This layout forces beginners into an aggressive, high-risk trading style that contradicts standard capital preservation principles.

Best for: Regulation-focused Indonesian investors and medium-term swing traders
Less ideal for: Active day traders, high-frequency scalpers, and low-capital beginners

Compare Maxco with Other Popular Brokers

Maxco provides far superior local legal protections than most international competitors, but its high transaction fees and strict trading policies fall short of global standards.

Maxco vs MIFX

The most critical distinction between these two local competitors is that Maxco maintains a higher $100 minimum deposit and limits platform options to MT4, whereas MIFX permits micro-lot trading from a lower entry point and supports both MT4 and MT5. Maxco enforces a minimum position size of 0.1 lots on its unified real account, making capital management restrictive for smaller portfolios. By contrast, MIFX accommodates retail beginners by offering a micro-lot account that supports 0.01 lot position sizes. In terms of trading fees, Maxco charges a $1 commission alongside wide variable spreads; MIFX, on the other hand, relies on varying commission tiers depending on the specific account selected. While both brokers are fully licensed by Bappebti and provide safe domestic custody, Maxco restricts its users to a single account type, whereas its rival offers specialized account options tailored to different budgets.

Takeaway: Maxco is the better choice for traders seeking a simple, single-tier account environment; MIFX suits beginners who require micro-lot trading and MT5 access.

Maxco vs Exness

The single biggest difference between these brokers lies in their regulatory focus: Maxco is a fully licensed Indonesian national broker providing legal compliance, whereas Exness operates as a global retail broker with vastly superior trading conditions but no local Bappebti authorization. Maxco requires a $100 minimum deposit, enforces a 0.1-lot minimum trade size, and charges relatively wide spreads starting from 2.0 pips on major forex pairs. Conversely, Exness allows traders to open accounts for as little as $10, supports micro-lot (0.01) trades, and offers raw-spread options starting from 0.0 pips. Additionally, Maxco prohibits advanced algorithmic trading strategies and lacks swap-free options; the global alternative, on the other hand, features automated execution, unlimited leverage options, and comprehensive Islamic accounts. Traders utilizing the local broker gain robust legal protection and direct dispute resolution within Indonesia, whereas those using the global firm must accept the risks of trading under foreign or offshore jurisdictions.

Takeaway: Maxco is the better choice for local legal security and Bappebti compliance; Exness suits active traders who demand ultra-low trading costs and modern execution tools.

Maxco vs IC Markets

The core contrast between these platforms is their target audience: Maxco provides a basic, domestically protected trading environment, whereas IC Markets operates as a world-leading raw spread broker designed for high-frequency algorithmic traders. Maxco combines a low $1 per lot commission with wide variable spreads that significantly elevate the total transaction cost. On the other hand, [IC Markets](https://www.fastbull.com/brokersview/brokers/IC Markets) provides competitive institutional pricing with spreads starting from 0.0 pips paired with a standard $7 round-turn commission. Furthermore, Maxco restricts access to MetaTrader 4 and a proprietary mobile app; the global broker, by contrast, offers full integration across MT4, MT5, and cTrader. While the Indonesian firm protects clients under local regulatory frameworks, the global giant provides negative balance protection and a massive selection of over 2,000 tradable instruments.

Takeaway: Maxco is the better choice for conservative traders seeking Indonesian clearing-house guarantees; IC Markets suits scalpers and algorithmic traders requiring deep liquidity and tight spreads.

Maxco Broker Quick Verdict

Ultimately, this Maxco review concludes that PT Maxco Futures is a safe and reliable choice for conservative local investors who demand Bappebti-regulated compliance, though its wide 2.0-pip spreads, lack of negative balance protection, and restrictive 0.1-lot minimum trade limit make it a poor fit for active day traders and retail beginners with limited startup capital.

Editorial Transparency: This Maxco review is based on information from the official Maxco website, current regulatory filings, and independent third-party sources such as Trustpilot. We cross-checked the broker's regulation and license details, account types, trading and non-trading fees, deposit and withdrawal terms, platforms, and real user feedback to ensure accuracy and objectivity. This content is for educational purposes only and does not constitute financial advice; trading CFDs carries a high risk of losing money. Last updated: July 2026.