FINMAX Review (Platform Analysis)

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FINMAX Review (Platform Analysis)

FINMAX is a binary options broker that boasts of simplifying the process of trading and making profits to provide a successful trading experience. The broker promises 100% transparency in their transactions, where each trader is in full control of their account. They are popular, because they offer more than 70 assets while minimizing risk and maximizing on profits.

The company is located at 14 Tsar Osrobaditel blvd. Sofia 1000, Bulgana. For inquiries, you can reach them on email address [email protected]

FINMAX Review

The popularity of the Binary Options broker has continued to grow fast and wide. This growth comes with the mushrooming of both legit and fraudulent brokers. As such, before investing in a given broker, you need to verify that it is reliable and it best suits your needs. On that account this article will review FINMAX binary option, to highlight its features and why it has proven to be a legit broker.

Education

To start, the broker is well known for its adequate educational materials on matters concerning binary trading. The company offers e-books, articles, analytical notes, videos and Webinars of high quality that educate you on trading strategies among other issues. As such, if you are a beginner in trading, you can easily learn the does and don’ts of the industry and start your trading career.

Instruments

To be a successful trader, you have to be informed about the state of economies of different nations as well as other trading news. FINMAX has made your work easier by providing, real-time trading news, daily analytics and even advanced trading charts. Therefore, even the gurus remain informed of when to make a trading move according to the economic news. With this feature, the broker has proved to be rooted to give the best trading experience for its client’s rather than just making profits.

Competing Brokers

Here are some of the competing binary options brokers:

Social Trading

FINMAX offers a new option known as social radar. With social radar, you can choose a professional trader and follow their trading strategies through their website. The company guarantees you a customized interaction between you and your professional trader of choice. In addition, you have full control of your investments and you can set the limits. The broker is designed for both the gurus and the beginners. With the social trading feature, you can easily learn how to trade.

CFD Trading

The company prides itself with their CFD trading feature. This feature allows you to trade without having physical assets and by only predicting the fluctuating value of assets. The broker allows trade in currency pairs, shares, indices and commodities. With this tool, you have the rare opportunity of joining the financial market without having real capital and increased leverage for profits. In addition, unlike other brokers, FINMAX does not charge a commission for using CFD Trading tools. Therefore, this proves that the broker is not only interested in having your money but also in making sure you benefit from trading.

Account types

The broker offers different types of account which have different features customized for your needs. The accounts include bronze, silver, Gold, Platinum and VIP. The company has highlighted the different features of the accounts on their website. As such clients are well informed of the different accounts and the best to invest in.

Regulation and Safety

To get a reliable broker, it is very important to check on its regulations and safety features. FINMAX is regulated by Binary option and forex by IFMRRC. This proves that the broker is not fraudulent.

Moreover, the company claims to invest in the latest security feature for computer storage, paper files and other records. As such, any information used to join the broker remains safe from unauthorized users and loss as long as you are their customer. The website is secured by SSL, Comodo Secure and VeriSign Trusted.

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Mobile Trading

FINMAX has a mobile app for trading which is supported on Android, Windows Mobile and iOS. Therefore trading is brought closer to your home and you can trade easily wherever you are.

Payments

First and foremost, transactions are made through either bank accounts, electronic payment or credit cards. The maximum amount allowed for deposits is $5000 and the minimum is $5. You, therefore do need a lot of money to start trading.

Other than that, all trading transactions are executed within the least time possible and withdrawals are processed within 48hours.

Support

FINMAX has built a good reputation in providing Personal Managers as part of their support team. Similarly, they claim to have a support team that works 24/7 to ensure all your inquiries and needs are attended to fast and efficiently.

Conclusion

First, note that this review is based on our personal extensive research as well as the testimonials of the other users. Based on the above highlighted features as well as their different awards won, FINMAX has proved to be a reliable binary trading option for both beginners and gurus.

As I conclude, note that trading in binary options is always a risk. Therefore, be sure to trade only what you can afford to lose. All the best in your trading experience

Is Finmax a Scam?

Is Finmax a Scam?

Given that they were launched in 2020, Finmax is by no means an inexperienced company. However, we are sure that there are those among you who are not exactly familiar with them and would like to know more before opening an account. Most importantly, you will want to know is Finmax a scam or a website you can trust. To help you solve that dilemma, our team has compiled this report on the broker’s security after going through the features that play the most important role in that respect. The following text will detail our experience with the company, so we honestly recommend you stick around because there are many things you’ll want to hear about. Let’s get started!

Is Finmax a Scam? | Regulated

So, is Finmax a scam? To answer that, we have to look for its license first. Indeed, they do have one, and it comes from the IFMRCC. What does that mean? Well, it means that an unbiased, independent and non-commercial organization has tested out this broker’s offer and found it worthy of the license. It also means that there is an organization this broker is responsible to, which is always a good thing. The IFMRCC will also resolve any dispute you might have, plus there is also a compensation fund you can count on if the company provides “substandard brokerage services”. But to make sure there are absolutely no traces of any Finmax fraud whatsoever, we have to examine the website itself. Keep reading!

Is Finmax a Scam? | Completely legit

On top of having a license, a broker also has to be able to provide a safe trading environment. You can read more about that in our Finmax Review 2020, but the platform here is really something special. It is based on TradeSmarter software and not only is it quick and reliable, with the latest market data, but it also has a fine selection of trading tools. Then there are the payment methods. Both Finmax deposit and withdrawal went very smoothly for us, especially the latter. There were no withdrawal problems at all and the money was always delivered on time. In addition to that, another thing that can tell you is Finmax a scam or not is the support you get on this website, which is in a word – excellent.

Finmax Home Page

Is Finmax a Scam? | Technology

Apart from the great platform, there are some other pieces of technology we should mention in this article which are beneficial to your overall security. First of all, SSL technology is used here to encrypt the data you and the broker’s website exchange, thus making any and all communication much safer and more protected. Furthermore, the website also has a couple of very interesting certificates – that of VeriSign and that of Comodo. These are two quite reputable companies when it comes to online security, so having their seal here really means a lot. You don’t see this all that often, which makes the fact Finmax has these certificates all the more important. Two big companies are vouching that the technology used here is safe and after finding that out we can start bringing things to a close here.

Is Finmax a Scam? | Conclusion

So, there you have it. The answer to the question “Is Finmax a scam?” is a resounding no. They are regulated, have an advanced platform, handle your money professionally and will be there for you if you have any questions. Besides, you can’t stay afloat in this industry for more than two years if your intentions are not honest. We enjoyed our experience here without any problems, and so will you because there are no signs of any Finmax fraud here. All you have to do is open an account and make your first investment. From then on, it’s nothing but smooth and secure sailing through the world of online trading.

Finmax Review

Introduction

Finmax is a binary options broker operating in Sofia, Bulgaria, licensed in the Seychelles and trading since 2020. While a relatively new broker, they have a bespoke trading platform, developed specifically for them on which they offer an extensive range of expiry times ranging from 60 seconds to 4 months options, offering a whole host of other trading features.

This particular binary options broker offers upwards of 75 assets, including all of those that you would expect from a broker including metals, oils, indices and currency pairs. Their bespoke trading platform supports mobile trading, and with a large proportion of Russian traders, the website is available in both the English and Russian languages.

When deciding if Finmax is the right binary options broker for you, there is a lot to consider. Research can take time, which is why we have done the hard work for you. From trade and account types to customer support and information about deposits and withdrawals, we bring you all the information you need to make a decision when it comes to choosing who to trade with.

In this review, you will learn:

    The details of the different account types on offer Minimum deposit requirements and their bonuses Any special unique features offered by Finmax

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

The different account types available from Finmax very much depend on the level of investment you are prepared to make. If you are hoping to make some good returns from your binary options trading experience, then you need to consider how much profit you can make at $5 per trade with a $250 deposit. For those who want to invest more, there is a range of accounts to choose from, all of which require a different level of deposit.

Bronze Account

Bronze account holders can open an account for a minimum deposit of $250 which gives you access to trades on more than 75 assets including currency pairs, assets, stock and indices and bonuses of up to 25%. At a minimum of $5 per trade, it is an excellent account for those that are new to trading and want to get used to the site before increasing your level of investment and upgrading your account.

Silver Account

One month access to trading signals and a personal account manager are all benefits that a Finmax silver account holder can expect for their $1,000 deposit. This is the most famous account offered and a good step up for those who are already familiar with binary options trading or those who want to deposit more than the basic $250.

Gold Account

If you want to raise the stakes and are looking for more from your trading experience then for a deposit of $5,000, as a gold account holder, you will benefit from withdrawals that only take 24 hours to process as opposed to longer times with the bronze or silver accounts. The bonuses on offer are also increased to up to 75%, and there are other educational tools available.

Platinum Account

With a deposit of $25,000, platinum account holders can benefit from several additional features offered to gold account holders including +4% of return per each trade. This account is more suited to the more serious binary options trader that has a certain degree of experience in trading. Educational tools including webinars, videos, daily analytics and unlimited trading signals are also available to those who open a platinum account.

VIP Account

As you would expect, a VIP account gives you all of the benefits of the above accounts and much more. The minimum deposit is $100,000, and account holders can benefit from up to 100% bonus as well as a wealth of other tools and benefits including a manager that is available 24/7 and an all VIP webinars access.

Trade Types And Payouts

While some brokers offer an infinity of trade types, others prefer to keep it simple and offer a select few, especially when their platform is aimed at those who want to simplify their binary options trading. Finmax offers just the two trade types which are:

High/Low Trades

As the name would suggest, high/low trades are when you predict whether the price of the asset currently will go up or down in the specified expiry time. Otherwise known as call/put options, the call is when the price goes above and put is when the price goes below the cost of the asset at the time of placing the trade.

High/Low Trades

Similar to the high/low option, the above/below trade type is predicting whether the asset will finish more upper or lower than the price, only it is the specific price set by the broker. Again, there are many names for these types of options, so it is essential to understand exactly what you are trading on. Another name you may see in addition to above/below or high/low is over/under.

Some brokers like to boast payouts that seem too good to be true, which is often an indication that they are just that. This particular broker offers returns of 70-80%, which are realistic, but there are higher payouts available for platinum or VIP account holders. When choosing a broker, be careful not to be drawn into those that are offering more than 90%.

As we discussed in the introduction to Finmax above, this particular broker offers a vast range of expiry times from short 60 second options, daily, weekly, monthly and to 4 months. Many brokers offer no more than expiry times of a few weeks, and not everyone provides short expiry times like 60 seconds. This means that there is something for everyone whether you want quick wins or are happier to play the long game with your investments.

Many unique features are available when you open an account with Finmax.

Bonuses And Promotions

For some traders, the bonuses and promotions on offer can make a big difference as to the decision to choose a particular broker. If it’s bonuses that you are looking for, Finmax offers welcome bonuses and deposit bonuses of up to 100% depending on the level of account that you open.

In addition to this, they also offer promotions to win prizes such as holidays as well as money back promotions on particular trades.

Mobile Trading

As with most things now, technology allows you to complete many actions from your mobile phone. This includes mobile trading. To keep up with trader requirements, it is critical for binary options traders to offer you the ability to trade on the move.

Finmax offers you the opportunity to not only trade on desktop but also iOS, Windows Mobile and Android mobile devices. This means that wherever you are, and whatever you are doing, you are never far away from your next trade.

Deposits And Withdrawals

The minimum deposit required to open an account with Finmax is $250. This offers you the introductory bronze account level. To start trading, as long as you have cleared funds, you can begin trading upon depositing your funds. If using a debit card or credit card, this is instant. Withdrawal times vary depending on the level of account you have.

This can range from 24 hours to a few days. Withdrawals will be processed and returned by the same method they were used to make the initial deposit.

Special Features

There are many unique features available when you open an account with Finmax. We have already mentioned their bespoke platform, but perhaps one thing that we should highlight is their extensive educational tools which include videos, e-books and webinars in addition to their comprehensive analytical tools.

There is also a demo account available once your account has been opened and verified, which means you can try out the platform before you start trading with real funds.

Customer Support

24/7 online chat, email and telephone. If you visit the contact us page, you will see that there are telephone numbers for Cyprus, London and Toronto, Canada. These telephone numbers are operating between the hours of 8 am and 8 pm.

On both the desktop and mobile devices, there are bottom right-hand corner icons to allow you to call the support team while on desktop, you can start an online chat. When it comes to customer support with languages in both English and Russian, they are an accessible broker.

Here are the contact details for Finmax:

    Email – [email protected] Phone – +44 203 807 4841 Address – IK Partners Ltd, Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines

Conclusion

In conclusion, there is a lot to like about Finmax. Their website is clear, concise and easy to navigate, which means that you can enjoy your trading experience and benefit from a good user experience. They offer everything you need to enjoy successful binary options trading, including a wide range of educational tools and facilities.

The trade types are simple, and if you are new to trading, there is the option to start low. With recognised licensing and a good trading platform, we think that this is a great broker, for those that are both new to trading and those who have a more established background.

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

Is Finmax legit, will they scam me?

Finmax is licensed and regulated in the Seychelles with offices in Cyprus, London and Toronto. Their licensing means that they follow a strict code of conduct.

Do they have a decent mobile or tablet app?

As a relatively new binary options broker, Finmax is at the cutting edge of technology. With a bespoke trading platform developed specifically for them, they understand the importance of mobile trading.

What bonus do they offer new traders?

There are several levels of bonus offered to new traders starting at up to 25% for a bronze account. There are also other promotions, including the chance to win a holiday.

Can I start trading on a free demo account?

Upon opening an account with Finmax, you will be granted access to the demo account. It is important to note that you must open an account with a deposit in the first instance.

What’s the minimum deposit and trade amount?

The minimum deposit required to open an account with Finmax is $250, which will get you the basic bronze account. Once you open an account, the minimum trade amount is $5.

Jacob has been an author for us since our launch in 2020. He has over forty years’ experience in the financial sector and has held a variety of positions within financial services corporations and venture capitalist organisations.

Finmax: A Trustworthy Binary Options Broker? – Review 2020

Finmax is a relatively new online binary options broker. Launched in 2020, it’s a subsidiary of the Morris Processing Limited. The holding company is registered in the UK with their headquarters located in London. Finmax also has an operational office located in Sofia, Bulgaria.

Is Finmax a legit online broker or is it a scam?

Looking at the main Finmax website, it’s fair to say that they’re a legit business. However, since the websites look alone doesn’t qualify them as legit, we did further investigation to find out if they’re fully licensed and regulated.

General Risk Warning! your capital may be at risk

Currently, Finmax is regulated by the International Financial Market Relations Regulation Center (IFMRRC). This is an independent non-governmental organization whose purpose is to monitor and regulate brokers and dealing centres. Morris Processing Ltd holds the IFMRRC Certificate of Compliance Number TSRF RU 0395 AA Vv0103.

What makes Finmax stand out?

The Finmax platform is well designed and easy to navigate. Opening a new account takes a few minutes. You can choose among 4 different account types depending on how much you wish to invest. The account types will be discussed further in this review. Finmax also offers bonuses of up to 100% of the deposited amount. In addition, winning trades can earn you up to 90% effective return. Withdrawals are also processed within 48 hours and depending on your account type, you can enjoy free withdrawals.

Traders will benefit from the weekly trading webinars published on the platform. In addition, you will gain access to free financial market news published on the platform.

Another feature that makes Finmax stand out is the up to 3 risk-free trades they offer to new traders.

What are the major drawbacks of this platform?

Although we agree that the demo account is one of the main benefits of the Finmax platform, we did find it a bit limiting. You cannot trade CFDs and FX on the demo account. However, Finmax reports that traders will be able to trade these instruments on the demo account sometime soon.

Another drawback we found with the platform is their limited selection of tradable instruments. Currently, they offer over 70 assets. This could probably be due to the fact that Finmax is a relatively new player in the market and we can expect them to add new assets as time goes by.

Should you open a Finmax trading account?

If you simply wish to test the Finmax platform, you can start by opening a free demo account.

The Finmax platform is powered by the TradeSmarter software. It’s an easy to use browser based software used by several online trading platforms. Despite being browser based, the TradeSmarter software also allows you to trade using a mobile device.

Every trading account interface gives you access to a variety of technical analysis charts which allow you to keep track of specific asset movements. We liked the fact that charts actually fill the entire screen. Finmax also provides advanced charts from TradeView which cater for more advanced traders.

The Finmax online broker platform was designed with both amateur and advanced traders in mind. Amateur traders are provided with a rich library of tutorials to get them started fast. For advanced traders, there’s a host of useful features that include daily news updates and weekly webinars among others. One interesting thing about the learning resources is that there’s also a collection of tens trading strategies tutorials.

Social trading is fast becoming popular among traders. Finmax has done a good job by providing a social trading feature dubbed “Social Radar”. This feature allows you to keep track of top traders performance. This way, you can learn from them and increase your chances of trading profitably.

If you choose to open a Finmax account you will need to choose among 4 different account types. Here’s a brief description of what each account type offers.

Finmax account types
Bronze account

Opening a bronze account will require a minimum deposit of $250. This account gives you access to over 75 different asset types, an account manager and a free first withdrawal. Your initial deposit can attract a bonus of up to 25%.

Silver account

Opening a silver account requires a minimum deposit of $1000. You can get up to 50% of your deposit as a bonus as well as a risk free trade of up to 25% of your deposited amount. This account type gives you access to a personal account manager and 1 month access to trading signals. Withdrawals on this account type are processed within 48 hours.

Gold account

You can open a gold account with at least $5000 which can attract a bonus of up to 75%.

Other than the features found on the silver account, gold account holders get unlimited access to trading signals, daily analytics, fundamental and technical analysis plus one free withdrawal per month. Withdrawals are processed within 24 hours and you can trade risk free with up to 50% of your deposited amount.

Platinum VIP account

This is an invitation only type of account. Among the features available to platinum VIP account holders include:

Up to 100% bonus on deposited amount

2 senior analysts

24 hour withdrawal processing

+4% return per trade made and many more

General Risk Warning! your capital may be at risk

About the Finmax bonus

The bonus amount you can receive largely depends on the account type you open.

This ranges between 25% for Bronze Accounts to 100% for Platinum VIP accounts. Like with most brokers offering bonuses, you’re required to achieve a specific turnover amount before you’re allowed to withdraw profits. In this case, it’s 40 times the bonus amount received.

One thing that separates the Finmax bonus scheme to other online binary options brokers is that bonuses won’t lock in your deposit. That is, you can withdraw your profits even if the bonus turnover hasn’t been reached. The catch however is that you’ll have to forfeit the bonus amount plus any profits earned trading with the bonus.

Finmax financial instruments

This online options broker offers binary options, CFDs and FX. There are over 75 different financial instruments that include stocks, commodities, indices and currency pairs.

Trading Bitcoin with Finmax

For traders wishing to profit from the ultra volatile cryptocurrency market, Finmax offers Bitcoin binary options. Rather than buy or sell the cryptocurrency, the binary options allow you to speculate on its price movements and earn a fixed return. Besides Bitcoin, Finmax also offers Litecoin, Etherum and Ripple. If you’re looking to trade on a more diverse range of cryptos, you might need to open an account with a more established online broker.

Finmax trade types and expires

This online binary options broker offers two trade types the classic High/Low and the Above/Below.

With regard to expiry, you can enter and exit a trade in as little as 30 seconds or as long as 6 months. This range of expiries caters for both day traders who want to make profits within a short amount of time as well as traders who wish to hold position longer.

Accepted payment methods, deposits and withdrawals

Finmax accepts several recognized payment methods. These include bank transfer, credit card, Neteller, Webmoney, Skrill and ePayments. The amount you deposit will depend on your chosen account type. Deposits can take a few hours to several days to reflect on your trader account.

You can withdraw funds to any of the accepted payment methods. However, you’ll be required to first verify your account. Withdrawals can take up to 5 days to reflect on your account. However, for silver, gold and platinum accounts, withdrawals can be processed in as little as 48 hours.

Finmax regulator warnings and complaints

At the time of writing, there aren’t any IFMRRC warnings regarding this broker or their parent company. After scouring through different binary options trading forums, social media groups and websites, we didn’t come across any trader complaints.

Finmax special features

Beyond providing a decent options trading platform, Finmax has gone the extra mile to provide unique features all targeted towards helping traders earn more. They include trading news, advanced charts, social trading and analytics. These are available to all account types.

Our Finmax rating

For a better overview about this broker, we’ve rated different features individually. Each feature is rated against a total score of 20.

Trader friendliness

The Finmax website is well designed with an intuitive navigation. Traders will find it easy signing up for a demo or real account. At the top of the site are different tabs that will redirect you to different features offered on the platform.

Trader friendliness is also seen in the different features such as charts and daily finance news which make it easier to make informed trades.

If you like getting bonuses on your investment, Finmax offers you up to 100% bonus on deposits. Depending on your account type, you can also benefit from risk free trades. Withdrawals are fairly straightforward and you can have your withdrawal processed within 24 hours.

The site is also easily accessible. It offers support for 8 different international languages. The only major shortcoming we found with the site regards regulation. The IFMRRC regulation means that traders from some countries like the US and Canada aren’t allowed to open accounts with the platform.

Tradable financial instruments and expiry times

Finmax offers over 75 different asset types. Compared to more established brokers, this is quite limited. However, we like the fact that they’re offering several cryptocurrencies which are in demand by most traders.

This broker offers expiries of between 30 seconds and 6 months. This makes it easier for you to adjust your trading strategy depending on which financial instrument you’re investing in.

Commissions, fees and effective return

Like most online brokers, Finmax doesn’t charge a commission on trades. With regard to fees, the platform will deduct a withdrawal fee for Bronze, Silver and Gold accounts.

The effective return on successful trades ranges between 70% and 80%. This is a bit low compared to other brokers who offer up to 95% effective return.

Finmax bonuses and minimum trade amount

Since Finmax isn’t regulated by authorities such as CySEC and ASIC, they’re not prohibited from awarding bonuses to new account holders. Opening a new account allows you to get up to 100% bonus. However, in order to be able to withdraw the bonus amount plus profits earned, you must achieve a turnover of 40 times the bonus amount. If however you want to withdraw your funds before achieving the turnover, you’ll need to forfeit the bonus plus profits earned.

The minimum you can invest on a trade is $5. This makes it easier to manage your account balance by investing small amounts at a time.

Customer support

True to their commitment towards their clients, Finmax has done a good job with regard to customer support. Their platform supports several languages. In addition, their customer support team is reachable via email or live chat. They’ve also added a direct call feature where you can leave your number on their site and have a support rep call you back.

Deposits and withdrawals

Finmax accepts several payment methods. Depending on the method you choose, your deposited amount should take anything between a few minutes to several days to reflect on your trader account. The minimum deposit amount is $250 which we found a bit high compared to other established brokers.

Withdrawals are processed within 24 hours to 5 days. Depending on your account type, you will be charged a withdrawal fee or not.

Account types

Besides the free demo account, you are allowed to choose among 2 additional accounts. There’s an additional Platinum VIP account which is available through invitation. The type of account chosen gives you access to different features. Advanced accounts (Gold and Platinum) give you better features and certain privileges which in our opinion are worth the extra amount you’re required to deposit.

Conclusion

Since it was established in 2020, Finmax has slowly grown into a reputable online binary options broker. They’ve done a good job creating 4 different account types each targeting a specific type of trader. The platform is well designed and easily accessible via both desktop and mobile devices. So far, there are no complaints about the broker which is a good thing. However, they could use some improvements, especially regarding their limited assets offering. Overall, if you were considering opening an account with Finmax, they are worth trying out.

General Risk Warning! your capital may be at risk

Finmax

Broker Name: Finmax
Platform: BO,CFD,Crypto
Founded: 2020
Bonus: up to 100% bonus
Return/Refund: 70-85%/ 0-15%
No. Of Assets: 100+
Regulated: IFMRRC
Demo Account: Yes
Minimum Deposit: 250
US Traders: Not Accepted

Finmax Review

Finmax is a leading online broker launched in 2020 that offers Binary Options, CFD, FX, and Cryptocurrency trading. The website is owned and operated by Gatelinas, UAB, a Lithuanian company regulated by the IFMRRC with Compliance Certificate number 0395AAV0131. The agent and owner of financial operations are Max Capital Limited F20.

Why Finmax Doesn’t Suck In 50 Words

They have implemented an excellent trading platform, with big charts (yea, I’m a sucker for charts), a polished look and well-organized buttons. It’s way better than the regular platforms that can fit on the screen of a smartphone – Finmax’s platform fills the whole screen, and overall provides a better than average experience. TradingView delivers their Advanced Charts, thus a multitude of technical indicators is available. Finmax is also organizing trading webinars in 5 different languages on a weekly basis, and fresh market news is available on their platform.

Editor’s Note: Why Finmax Sucks In 50 Words

I opened a Demo account with them, and although I commend them for offering a Demo without much hassle, I was disappointed to see that I cannot trade FX and CFDs unless I switch over to another platform (located on their CFD website), which means I have to make another account altogether. However, one of their representatives informed me that the feature is in the testing phase and once it’s fully implemented, all clients will be notified by email. Of course, FX/CFD trading is fully available on Real accounts.

Is Finmax a Scam?

Although Finmax is not regulated by a governmental authority, a form of regulation still exists, coming from the International Financial Market Relations Regulation Center (IFMRRC). This is a non-commercial, independent organization “created for the purpose of regulating the quality of services provided by brokers and dealing centers.” So far we do not know what impact is generated by this kind of regulation, but it’s certainly better than having no regulation.

Should I Open An Account With Finmax?

They seem to have a different approach than most other brokers, more focused towards the client: the trading platform is provided by TradeSmarter, it fills the entire screen (as it should), and they actually pay attention to what really matters to a trader: charts. Even if this is an online-only platform, it still has a lot of the functionalities of a downloadable platform: candlestick charts, the ability to change time frames and to apply some technical indicators (Moving Average, Bollinger Bands, RSI and MACD). If that’s not enough for you, you can use their Advanced Charts provided by TradingView and trust me; those are really advanced so you won’t have anything to complain about.

The account structure is well balanced, starting at 250 USD for the Bronze account, continuing with 1,000 USD for Silver, 5,000 USD for Gold, 25,000 USD for Platinum and a VIP account that requires a deposit of 100,000 USD. It is important to note that the benefits for the higher accounts are worth the extra money, giving you access to webinars, better training tools, and educational material, trading signals and also daily market updates and analysis. Another benefit of entering a higher bracket of accounts is the speedy withdrawal. However, according to their Account Types page, only the VIP account benefits from 24 hours withdrawal processing time, while Platinum account holders will not pay any fees for withdrawals. Keep in mind that other brokers offer similar features for a lot less.

The education material consists of video courses (most of them are unlocked through registering), webinars and a nice collection of trading strategies. Note that these are actual strategies, with rules, explanations and pictures.

My final opinion on Finmax is clear: they can become a trusty brokerage and an exceptional partner for binary options traders. They were launched in 2020, so they are not so “green” anymore and so far they are on the right track. Don’t get me wrong, there’s room for improvement, but that’s the case with all brokers out there.

Operational office address: 14 Tsar Osvoboditel Blvd. Sofia 1000, Bulgaria. Financial operations are conducted by Max Capital Limited F20 (First Floor, Eden Plaza, Seychelles). The broker can be contacted at phone +44 (203) 807-48-41 (UK) and email [email protected]

Finmax Complaints

There’s nothing significant so far, in fact, complaints are very hard to find for now, and they have been in business for enough time, so if something fishy was going on, I am sure complaints would have popped up already. The overall sentiment surrounding this brokerage is positive.

Finmax Regulatory Warnings And Announcements

So far no major regulatory watchdog has issued a warning or any announcement regarding Finmax or their owning/operating company Morris Processing Ltd.

Finmax Bonus

The bonuses start at 15% for the Bronze account (250 USD minimum deposit) and scale up depending on the trader’s account (can reach 50% for the Gold account, in the form of risk-free trades) but keep in mind that percentages are prone to changes so you should always check before depositing.

The required turnover before the bonus and profits can be withdrawn is fair and in line with the industry standards but the exact volume changes according to the type of account you have. Please contact a representative before accepting a Bonus. In case withdrawals are made before that turnover is reached, the bonus and profits will be canceled, so the good news here is that a trader can always withdraw his/her own funds even if the turnover hasn’t been reached.

Finmax Withdrawal

A normal withdrawal takes up to 7 to 10 working days, but for the higher-tier accounts, this duration can be shrunk to 48 or even 24 hours. Available withdrawal methods are credit cards, wire transfers, electronic solutions (Yandex Money, Neteller, Skrill, WebMoney, Qiwi Wallet, etc.) and more recently, Bitcoin. As always, copies of identification documents must be provided due to anti-money laundering policies.

Finmax Extras

Demo accounts are easily and freely available, Advanced Charts are provided by TradingView. FX and CFD trading are now available with Finmax and this is an excellent addition because it seems that the masses are demanding this type of trading. The good news continues because Finmax also offers Bitcoin trading; everybody’s raving about cryptocurrencies and it looks like Finmax is listening to what the clients want.

Finmax Bitcoin Trading

Finmax offers Bitcoin trading and they have it on a standard binary option. This means you can trade short-term high/low and above/below binary options with limited risk and pre-set payouts. The good thing is their crypto offering is not limited to Bitcoin and you can also trade Litecoin, Ripple, Dash, EOS, Ethereum and a few pairs (BTC vs EUR, etc.).

Finmax Ratings

User Friendly 18/20

The website has a clean layout and information is easy to access but the main reason for the high rating in this category is the platform which offers a lot more features than others and more importantly, all of them are easy to use. The website is translated into 9 languages, Demo accounts and mobile platforms are available, but U.S. traders are not allowed.

Number of assets and expiry times 17/20

Finmax offers 25 currency pairs, 43 stocks, 14 indices, 8 commodities and 11 cryptocurrency pairs (including Bitcoin, Ethereum and Ripple). This is quite a varied asset basket, which ensures that the majority of clients will be satisfied. The expiries range from 30 seconds (also 60 seconds, 2 minutes, 5 minutes) to end of day and end of the year, with many increments to choose in between, so it’s a very solid offering.

Commissions, Support and Effective return 18/20

There are no commissions for registering, just as usual and the effective return ranges from 70% to 90%, which is in the high range of the industry. Crypto payouts are in the 60% range, which may seem low but it isn’t because we’ve seen brokers with 30 – 40% payouts for this asset class. The Live Chat feature is useful, with representatives that are fast enough to answer and polite.

Deposit, Payment and Bonus 18/20

The minimum initial deposit is 250 USD. The available methods are credit cards, electronic payment solutions (Yandex Money, Qiwi Wallet, Skrill, Neteller, etc.) and bank transfers. The minimum withdrawal is $10 and must be made through the same method used for deposit and the completion time depends on the account you have: the lower-tier accounts take about 7 to 10 days while higher-tier accounts will benefit from much shorter periods (can be as short as 24 hours to process).

The bonus ranges from 15% to 100% but keep in mind, there’s a certain trading volume you have to complete before withdrawing the bonus. However, the client’s funds can be withdrawn before the required volume is met, in which case the bonus will be canceled.

Website Extras 16/20

Demo accounts are free and available for all registered clients, advanced charts are provided by TradingView and the platform is more visually appealing than many others. FX/CFD trading is a wonderful addition and the same can be said about Bitcoin trading.

Best Binary Options Brokers 2020:
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  • Binomo
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