Finmax is an online broker launched in 2015 and operated by Morris Processing Ltd, a company with a registered address at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ. Their Operational office address is 14 Tsar Osvoboditel Blvd. Sofia 1000, Bulgaria.
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 have a real account. 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 the Real accounts.
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 making trading webinars in 5 different languages on a weekly basis, and fresh market news is available on their platform.
Is Finmax a Scam?
A governmental authority does not regulate the company, but a form of regulation still exists, coming from the International Financial Market Relations Regulation Center (IFMRRC) – view their Certificate of Compliance. 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 and 5,000 USD for Gold. The Platinum account is reserved for VIPs only, and the deposit will be discussed with an account manager. 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 major benefit of entering a higher bracket of accounts is the speedy withdrawal: 48 hours for Silver and 24 hours for Gold and Platinum. That’s very fast and gives them a massive advantage over other brokers that delay withdrawals for more than two weeks sometimes.
Finmax also offers social trading with their feature called Social Radar that allows clients to spot the performance of the top traders and set limits for a trade. This is available to all clients with at least a Silver account (1,000 USD minimum deposit). The education material consists of video courses (most of them are unlocked through registering), webinars and a nice collection of 8 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.
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 25% for the Bronze account (250 USD minimum deposit) and scale up depending on the trader’s account (can reach 100% for the Platinum account) 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 40 times for each 1$ received. 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 5 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, and e-wallets (Yandex Money, Neteller, Skrill, WebMoney, Qiwi Wallet, etc.). 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 set payouts. The only bad thing is that it is the only cryptocurrency they offer so if you want more range you will need to go somewhere else.
User Friendly 15/20
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 8 languages, Demo accounts are available, but U.S. traders are not allowed.
Number of assets and expiry times 15/20
Finmax offers 26 currency pairs (including Bitcoin), 45 stocks, 14 indices and 8 commodities. It’s not the most we’ve seen, but also not the fewest. The expiries range from 30 seconds (also 60 seconds, 2 minutes, 5 minutes) to end of day and end of year, with many increments to choose in between.
Commissions, Support and Effective return 16/20
There are no commissions for registering, just as usual and the effective return ranges from 70% to 80%. Unfortunately, this is lower than average and I believe it’s an area where Finmax should improve. They’ve recently introduced the Live Chat feature, with representatives that are fast enough to answer and polite.
Deposit, Payment and Bonus 15/20
The minimum initial deposit is 250 USD. The available methods are credit cards, e-wallets (Yandex Money, Qiwi Wallet, Skrill, Neteller, etc.) and bank transfers. Withdrawal must be made through the same method used for deposit and the processing time depends on the account you have: 5 working days for the Bronze account, 48 hours for Silver and Gold and 24 hours for Platinum (VIP). The bonus turnover is 40 times, meaning that you have to trade 40 dollars for each dollar received as a bonus before you can withdraw it. Client’s funds can be withdrawn but the bonus will be canceled if the turnover is not reached.
Website Extras 13/20
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 are wonderful additions and the same can be said about Bitcoin trading.
Finmax Overall Ratings: 74/100