Finmax Review

Summary

Finmax has a wide range of bonuses to choose from, that’s why we gave it a high score of 90/100. The broker’s intuitive TradeSmarter platform is very good for both newbies and pros, and it scores an 85/100. The company provides all forms of customer support on a 24 hour basis and gets 80/100. The choice of assets is slightly below average, so we gave it just 75/100.

 

Finmax Intro

For those who trade the financial markets, binary options are not a new thing. Many brokers who have offered currency trading, now also offer various assets for trading binary options. Competition is fierce indeed and brokers try to find their own ways to attract customers. There are a lot of scams too. However there are ways how to determine whether a broker is reliable or not. We have done our research for you and are going to share  our findings with you about Finmax binary options broker.

 

 

Company information

Finmax was established in 2016 by a group of financial market professionals and it is owned by Morris Processing LTD, located at 14 Tsar Osvoboditel blvd. Sofia 1000, Bulgaria. It is not regulated by a governmental regulator but by an independent one (FMRRC) Financial Market Relations Regulation Center in Russia. It uses a proprietary TradeSmarter platform that can be traded as a web platform through your browser or via mobile app.

 

Assets available

Finmax currently offers their traders over 70 trading instruments in 4 categories of assets: stocks, indices, currencies and commodities. For stocks they provide you with 30 quite popular stocks. The list is not big, but a lot of binary options brokers do not offer individual stocks to trade, so it is good that you have that many stock choices with this broker.

They have 14 indices you can choose from, which is slightly better than the industry average. Unfortunately, there are only 25 currency pairs you can trade, which is well below the industry average. However, the most popular pairs are there, so you should have sufficient choice nevertheless. Finally, there are 8 commodities you can trade. This should be satisfactory for most traders.

 

Bonuses & VIP programs

 

Finmax bonus system is quite generous. The level of bonus does depend on the type of account you choose. They currently have four types of accounts that are classified by the amount of money you deposit. The company also gives every new trader a risk free trade and the amount of trade can reach up to $1000. This is well above the industry average of getting one, two or three 50 risk free trades. Of course, terms and conditions for that do apply and you can find them on the broker’s website. Let’s quickly look through the accounts.

 

• Bronze

The deposit amount will be within the range of $250-999 and you can get a bonus of up to 25% of your deposit amount. Your first withdrawal will also be free of charge.

• Silver

The deposit amount will be within the range of $1000-4999 and you will get a bonus of up to 50% of your deposit amount. You will also get a 25% risk free trade of your deposit amount and one month of access to trading signals.

• Gold

The deposit amount will start from $5000 and the maximum amount is not indicated on the broker’s website. You may contact them via live chat or email to discuss your trading needs and the amount you want to deposit with them.

• Platinum (VIP)

This account can be opened upon request, so the minimum deposit amount will be discussed separately with the management team, before you start the process of account opening. You will get 100% bonus of your deposit amount, plus a lot of useful benefits such as: 4% of return per each trade, two senior analysts, quick withdrawals, risk free trade of up to 50% from your deposit amount, unlimited access to trading signals and many more features. A really attractive offer, probably one of the best in the industry!

 

Fees, payouts and Trading features

 

Like most brokers Finmax does not charge their clients any commissions on their trades. The minimum deposit for opening a bronze account is $250, which might be a bit high in comparison to the industry average. The minimum trade amount is $5, which is a little bit higher than industry minimum trade amount of $1. Payouts seem to be good and can reach the maximum of 90%, which is not the highest in the area, but very close to that.

 

Trading Platforms

 

As has been stated Finmax uses the TradeSmarter trading platform and the functionality of the platform is impressive. They have installed TradingView charts on their platform and those, as you may know, are industry leaders in the field, so you can choose the type of charts you want to use, a nice bundle of technical indicators and the possibility to make notes on your charts. You can also read financial news there and make your trades based on fundamental events.

Unfortunately, types of options on the platform are limited to High/Low and Above/Below, which is just a variation of High/Low options. Expiry times will range from 60 seconds to a year with lots of other time frames in between. Social trading (copying other traders’ positions) is also enabled, so if you are not proficient yourself, you can find successful traders and copy their trades.

 

Mobile

 

Finmax is not lagging behind from other market leaders in terms of mobile trading. Their trading platform supports iOS, Windows Mobile and Android devices. The mobile platform is identical as the one that can be downloaded for your desktop or browser, so you can trade on the go wherever you are. Just be sure you are connected to the internet.

 

Deposits and withdrawals

The broker offers a number of ways to deposit and withdraw money to and from your account. They allow credit/debit cards, wire transfers and also a lot of e-wallets (Neteller, Skrill, Yandex Money…). There might be some fees for withdrawals, depending on your withdrawal method. For bank wire it would be $50, the other methods should be discussed with the support team.

Remember that premium accounts have benefits of smaller or no fees for withdrawals. The minimum amount for withdrawal is $25. It may take up to five business days for the money to reach your account, but if you have Gold or VIP account it will be much faster, possibly within 24 hours. Do not forget that you will have to supply them with documents proving your identity in order to avoid money laundering, identity theft and other financial crimes.

 

Customer support

Finmax customer support team is really great. The website is translated into 7 languages, so if you do not speak English you might try Arabic, French, German, Italian, Polish, Russian or Spanish. If you have any questions you may ask them in live chat, contact them via Skype or email. You may call them too. The team responds fast and they are very polite and effective in solving your problems connected to trading. The FAQ section is a bit poor as it lacks the more commonly asked questions, so they do need to work on it.

 

Extra features and resources

All depositing traders can also get access to a free demo account, so one can test his skills or trading strategies before doing that on a real money account. On their website they also have a useful educational page that consists of useful short videos about binary options, trading strategies, trading psychology and many more. There are also descriptions of a dozen strategies that a newbie or an intermediate trader can familiarize himself  with and practice.

The broker also holds regular webinars on a variety of topics, which you can watch for free. You can also watch previous webinars if you failed to catch them at the time of airing. There is also a glossary of terms on the educational page of the website that new traders can refer to, if they do not understand something. So, extra features on the website are pretty impressive.

 

Verdict

From what we have learned and experienced in doing our analysis, we can happily state that Finmax is not a scam broker, but a reliable one, who offers qualitative services for their customers and is regulated by an autonomous regulator in Russia. The broker needs to improve on the number of assets they offer, remove withdrawal fees and maybe include more materials for intermediate and advanced traders.

 

Pros:

• 24/7 Customer Support
• Excellent bonus system
• Good base of educational materials
• Innovative and user friendly software
• Free demo account
• Regulated

 

Cons:

• High initial deposit amount
• Too few trading assets

 

 

FAQ

Do I have to pay tax on my profit?

That really depends on the country you live in, it is worth conducting the research before trading.

 

Which assets can you trade with FINMAX broker?

You can trade assets across Forex, stocks, indices and commodities. For a full list check the asset index section of their website.

 

Where can I see my transaction history?

Once you are logged in, visit the Reports tab. You can change the settings in order to view transactions over various timeframes..

 

TRADE AT FINMAX