is maven prop firm legit?
Hi house Segun here, I would like you to help me on this one: is maven prop firm legit? I mean there's this prop firm craze going on today and I kind of need help on how to identify real from scam. My focus is on maven trading and they seem like a pretty good prop firm with good reviews on trust pilot and everything but I need to hear from other sources. Please give your input.
Maven Trading so far so good is not a scam and they are a legitimate registered company from what I know. However, they are not regulated by financial market authorities.
I say they are legit because they are a registered company and that grants them some form of legitimacy but they can decide to become a scam tomorrow because no capital/financial market authority is auditing them/regulating them.
This is the risk of prop firms in general (not just maven) there is no solid framework on ground to regulate them so they can choose to act unethically and get away with it.
Prop firms are generally unregulated entities so it is just like trading with an unregulated broker then asking if they are legit. They may be good today but they can close shop tomorrow and disappear.
Yes, maven prop firm seems okay and some traders in Nigeria have bought challenges from maven. But for me I still prefer to trade with my real money instead of using a prop firm.
Prop firm business is unregulated all over the world so there is no benchmark to measure which one is legit and which isn't. You just have to deal with these prop firms at your own risk, if they run away with your money, there's not much you can do.