- Verified Trades
- Prop Trading Opportunity
Maverick Trading and Maverick FX promises to "train, support, and fund traders" with upwards of $800,000 per newbie trader. And that they will provide 'firm capital'. They don't. It is a lie.
Maverick Trading is currently running thousands of Help Wanted advertisements across the United States. Masquerading as a 'prop trading job'. There is no job.
The newbie and the naive are teased and tempted into an expensive educational program with never ending monthly fees. All trading capital must be provided by the job seeking person or student. This is a modern day, work from home scam.
The program is sold by extremely clever salesman. There is no pot of gold at the end of this rainbow.
Thanks for reading today’s review of Maverick FX
What is Maverick FX? Maverick FX is a supposed proprietary trading firm, that purports to offer fully funded trading accounts to newbie traders. The company is located at 12 Broadway, Salt Lake City, Utah. Although this is the ‘official address’ of Maverick Trading, I would not consider this a physical location. Maverick FX is an internet based business. There isn’t really an office. I would consider this location just a mail drop. A credibility showpiece.
On March 27, 2017, TradingSchools.Org published an official review of Maverick Trading. However, that review was focused on just the stock trading ‘opportunity’. The review was mostly mixed. On one hand, the owners of Maverick Trading were open and honest with TradingSchools.Org during the review process. I found Robb Reinhold, John Frohlich, and Darren Fischer to be mostly forthright characters.
If you did not read that review, to briefly recap, Maverick Trading is supposedly offering fully funded trading accounts to brand new traders. At the core of Maverick Trading is the educational program, which costs $6,000 per student. Once a person completes the educational program, they then supposedly receive a fully funded trading account.
There is NO fully funded trading account
In our original review, we described in exact detail that Maverick Trading does not ever provide a fully funded trading account. To anyone. Ever.
Here is how it how it actually works…a person pays an upfront educational fee and then jumps through some hoops of fire. Once the person jumps through the hoops of fire, then Maverick Trading declares, “Congratulations! You passed! You are now a Maverick Trader!”
To continue to the next round, the person then must send Maverick Trading an additional $5,000.
Maverick Trading will then take your $5,000 and then open a trading account, on your behalf.
If you make any trading profits, with your own money, you will then pay Maverick Trading 30% of whatever profits you earn. You get to keep 70% of your profits.
If you lose money trading, then you accept 100% of the losses. Maverick Trading does not take any losses.
In addition, you must pay an additional $199 per month, to remain a “Maverick Trader.” The monthly fee is in perpetuity.
What do you get for $199 per month? You get to meet other Maverick Traders twice a week, through an online meeting. During the meeting, the Maverick Traders share ideas and encourage each other to keep going.
Once again, I have to repeat…Maverick Trading provides NO RISK CAPITAL, NO FUNDED TRADING ACCOUNT to any trader. Ever.
With our initial review, we only talked about the Maverick Trader stocks trading program. We never mentioned the Maverick FX trading program. What is the difference? Essentially, there is no difference. But the fee structure for Maverick FX is lower. The Maverick FX ‘prop trading’ product appears to be tailored towards individuals with fewer resources.
With Maverick FX, a person pays an upfront fee of $1,500. And an additional $199 per month to be part of the Maverick FX group.
Once again, a person must jump through the hoops of fire, and once they have completed the hoop jumping, they will be declared a Maverick FX proprietary trader.
The person then must send Maverick FX an additional $2,000 to open a funded trading account.
If the person makes any profit, they get to keep 70% of whatever they earn. If they lose, they accept 100% of the losses.
This graphic is very clever. It gives the appearance that Maverick FX is giving the trader a minimum of $25,000, with a maximum of $800,000. But you must understand something, the ‘Trading Capital’ displayed on this pretty table is your own money. None of the money is contributed by Maverick FX Trading.
If you want to earn 80%, you must deposit a minimum of $400,000.
It’s clever for sure. But this is how these guys operate.
How does Maverick and Maverick FX find new traders?
Help wanted advertising. And not just a few help wanted ads. We are talking about thousands upon thousands of online, help wanted ads. The following links are just a few examples:
- Glassdoor Help Wanted
- Glide Path Help Wanted
- Sales Heads Help Wanted
- Monster Help Wanted
- Career Builder Help Wanted
I especially found the Career Builder ads to most entertaining. Notice how people that are innocently searching for jobs in accounting, data management, or financial analyst can inadvertently stumble into what appears to be an actual job listing. On the surface, the ad looks just like a job. But it’s not. It is a clever trick to lure in the unsuspecting.
Also, notice on these websites the supposed income that each trader is earning–typically $80,000 to $160,000 per year. Of course, this is all self-reported, mumbo-jumbo. As a matter of fact, I created an income profile for myself and reported my average yearly at $400,000 as an ‘entry level prop trader’.
And read some of the supposed user reviews, its pure comedy. One supposed “employee” of Maverick Trading claims that after years of working at major prop firms, including Goldman Sachs, he decided to leave for Maverick Trading. Ok, so are supposed to believe that a person left a job at Goldman Sachs for a job at Maverick Trading. When I read this, I just laughed.
The big question that I wanted to know? How much money is Maverick Trading spending on Help Wanted Ads? And so, my next step was to contact each of these help wanted advertising websites and declare that I wanted to replicate the help wanted advertising strategy of Maverick Trading and Maverick FX. Considering that Maverick FX and Maverick Trading are advertising for traders everywhere from Tombstone, Arizona to Turkey Creek, South Carolina…I expected to spend quite a lot.
It turns out that in order to replicate the advertising strategy of Maverick Trading and Maverick FX, you would need to spend about $20,000 per month in help wanted ads.
One job site, sales account representative quipped, “these guys apparently hire more people than WalMart.” I responded: when your employees are paying you for a job, you want to hire as many as possible! We both broke into an uproarious laughter.
Maverick Trading Complaints
One of the big advantages of writing a blog about trading products is the relative ease in which Google will rank specific keywords related to the search subject. With my original review of Maverick Trading, the review took about two months before the review began to hit page one of Google for search terms related to Maverick Trading.
As the search terms began to rank higher, I started to pick up more traffic related to Maverick Trading and Maverick FX. Pretty soon…my inbox started to fill up with complaints about this company.
At first, I thought this was odd. Relatively speaking, Maverick Trading has few online complaints. However, it quickly dawned on me that the online complaints were being buried by the multitude of Help Wanted websites.
Since Maverick Trading and Maverick FX are heavy advertising spenders, the ‘Help Wanted’ ad sites where protecting Maverick Trading from negative chatter. They want to keep those help wanted ads running.
So how many complaints has TradingSchools.Org received regarding Maverick Trading and Maverick FX? Dozens. I have lost count.
One complaint in particular really stuck with me. A customer named Wes Watson described his experience with Maverick FX. Back in 2013, Wes was looking for a job. With a wife and kids, he needed to get back to work immediately. His wife stumbled upon a help-wanted advertisement posted on Craigslist.
The ‘job’ cooed with promise. “We are looking for traders to manage company funds. No experience required. You will complete our award winning training program and we will give you up to $800,000 in funds in which to trade. Most beginning traders are earning $80,000 to $160,000 per year.”
Wow, what a dream come true. Wes thought he had hit the super-lotto. They were going to give him up to $800,000 to trade! With a stary-eyed innocents, Wes stumbled through the interview process. Which is mainly just a circus act meant to convey a sense of exclusivity. That he “had been chosen” as someone special. That they had recognized his special talents, even though he no idea the difference between Forex and a fidget spinner.
Sure, the upfront fee didn’t quite feel right. But he read that others were making up to $160,000 per year. So Wes thought to himself, “if they can do it, so can I.”
What happened next is a sad tale. That is often told. Wes desperately completed his training in 6 months. Consumed all of the course work on understanding technical analysis, and made $14 on a trading simulator. He was ready! Next, he mailed in a check with his last $2,000 dollars. His wife cringed but kept the faith. Well, it took a few more months before Wes lost his $2000. In the meantime, he racked up thousands of dollars in credit card debt. He still had to pay off the ‘educational fees’ and the ‘monthly job fee’.
What was supposed to be a job, turned into a fucked-up $8,000 odyssey.
At the end of the day, Wes wrote me a long and heartbreaking letter. Totally discouraged and pissed off. He felt like he had been totally and completely scammed by Maverick FX. The promise of Maverick FX and Forex trading glory was all a mirage. There never was any ‘firm capital’.
I can continue with a dozen more stories, just like Wes’s story. But I am sure that you get the point.
Maverick FX: wrapping things up
TradingSchools.Org has written several stories about supposed proprietary trading companies offering ‘free money’ to aspiring newbie traders. In fact, another famous or infamous prop trading outfit is TopStepTrader. We conducted a several months survey of former ‘prop’ traders with that company. The survey results were appalling.
Nearly nobody had made any money. In fact, once we calculated how much TopStepTrader was earning by charging people to trade on a simulator, we were simply shocked. People were throwing themselves off of a financial cliff in the naive hopes of being awarded what amounted to a $250 trading account.
We discovered that people had spent 10’s of thousands of dollars for only a token reward. For the faint promise of having a ridiculously fancy title of Prop Trader.
Maverick Trading and Maverick FX is no different. It is just another version of a “Work at home” scam. Where you pay a fee to learn how to work from home, and you pay a fee for the tools so you can work from home.
Avoid it, folks. It’s all bullshit. Take your money and open a trading account with a reputable broker. Avoid the ridiculous monthly fees for magical indicators, magical trading educators, prop trading opportunities, and financial soothsayers.
Take your time. Develop your own trading strategies. Buy a good trading book, or maybe invest your time with an educator that actually trades for a living.
Thanks for reading. Hope I wasn’t too depressing with this blog post. Would love to read your opinions below.