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 “old” binary 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 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/FX website), which means I have to open another account altogether. If you are not interested in CFDs and all you are looking for is binary trading, then this will have no effect on you whatsoever.
Is Finmax a Scam?
Finmax is regulated by the Vanuatu Financial Services Commission (VFSC) and by the International Financial Market Relations Regulation Center (IFMRRC). The latter is a non-commercial organization “created for the purpose of regulating the quality of services provided by brokers and dealing centers.” These two watchdogs are not the fiercest in the business, but so far they’ve been doing a good job and on top of that, Finmax enjoys a positive reputation overall. That being said, we do not consider Finmax a scam but as always, we recommend caution whenever money is involved.
Should I Open An Account With Finmax?
Finmax is a leading online broker launched in 2015 that offers Binary Options, CFD, FX, and Cryptocurrency trading. The website is owned and operated by Max Capital Limited, a Vanuatu-based company regulated by the Vanuatu Financial Services Commission (VFSC) and by the IFMRRC with licence number TSRF RU 0395 AA V0150.
They seem to have a different approach than most other brokers, more focused on 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, 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. On top of this, CFDs are offered on Meta Trader 5, which is probably the most popular trading platform at this time.
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 increased payouts, higher bonuses, 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: according to their Account Types page, the VIP account benefits from 24 hours withdrawal processing time, while Platinum account holders will not pay any fees for withdrawals. But keep in mind that other brokers offer similar features for a lot smaller investment.
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, so they can be of actual help, not just there to fill the pages.
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 2015, so they are not “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 most of the brokers out there.
Max Capital Limited lists the address Port Vila, Vanuatu, PO box 1276; the website also shows the Operational office address 14 Tsar Osvoboditel Blvd. Sofia 1000, Bulgaria. The broker can be contacted at phone +44 (204) 577-05-30 (UK) and email [email protected].
There’s nothing significant so far, in fact, complaints are very hard to find for now, and Finmax has 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 but we did manage to find several complaints against Finmax on the ForexPeaceArmy Forum.
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.
Bonuses start at 25% for the Bronze account (250 USD minimum deposit) and scale up depending on the trader’s account (can reach 75% for the Gold account and 100% for Platinum and VIP) 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 and make sure you read their Bonus Policy.
A normal withdrawal takes up to 7 to 10 working days, but for the higher-tier accounts, this duration can be shrunk to 24 hours. Available withdrawal methods are credit cards, wire transfers, and electronic solutions (Yandex Money, WebMoney, Qiwi Wallet, and Perfect Money – some methods’ availability depends on client’s location). As always, copies of identification documents must be provided due to anti-money laundering policies.
Demo accounts are easily and freely available, Advanced Charts are provided by TradingView. CFD trading is 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 and altcoins 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.).
User Friendly 17/20
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 accepted.
Number of Assets and Expiry Times 17/20
Finmax offers more than 25 currency pairs, 43 stocks, 14 indices, 8 commodities, and 11 cryptocurrencies (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 6 months, with many increments to choose in between, so it’s a very solid offering.
Commissions, Support, and Effective Return 17/20
There are no commissions for registering, just as usual, but clients will have to pay a hefty fee after two months of inactivity and this fee increases as time goes by: from 2 to 3 months, the fee is 80 USD, after 3 months it increases to 120 USD and over 6 months, you will have to pay 200 USD. Keep in mind this is a monthly fee, so it can get quite expensive.
The effective return ranges from 70% to 85%, which is average-to-high for the industry. Crypto payouts are in the 50% range, which is average because usually, brokers offer lower percentages for crypto, compared to other assets. The Live Chat feature is useful, with representatives that are fast enough to answer and polite.
Deposit, Payment, and Bonus 17/20
The minimum initial deposit is 250 USD. The available methods are credit cards, electronic payment solutions (Yandex Money, Qiwi Wallet, 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 25% 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.
Finmax Overall Ratings (85) + Regulated (+3) = 88/100