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 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 2015, 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]
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.
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.
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.
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.).
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.
Finmax Overall Ratings (87) + Regulated (+3) = 90/100