Finmax: Broker Check & Reviews

FiNMAX user-ratings: $250
  • Asset varierity - 0/10
    0/10
  • Trading platform - 0/10
    0/10
  • Support - 0/10
    0/10
  • Fees - 0/10
    0/10
  • Deposit/Withdrawal - 0/10
    0/10

Facts about the company:

  • Type: Binary Options Broker
  • Regulation: not regulated
  • Minimum deposit: $250
  • Demo account: Free
  • Markets: 100+ binary, stocks, stock indices, commodities, and currency pairs
8.5/10
Comments Rating 8.5/10 (1 review)

Pros

  • Certified by the IFMRRC
  • Trading with a demo account without any limits
  • Ability to buy options ranging from 30 seconds to 6 months
  • The minimum investment amount of $5
  • Yield up to 90%
  • Instant order execution
  • Guaranteed withdrawal within 48 hours

Cons

  • Not regulated broker

About Finmax

There are numerous ways to invest your money or to have it used for other purposes. The main differences that need to be taken into account are the possible return and the expected risk. Long-term strategies are more likely to be referred to as financial investments, with greater certainty that the chances of returns will diminish. Likewise, long-term investment forms, for example, based on shares or funds, allow significantly higher returns to be expected in comparison, but investors must always expect that the value of their investment is subject to considerable fluctuations. This is also associated with the development that many new providers are appearing on the scene. One of these providers in the online broker FiNMAX, which has settled in Sofia, the capital of Bulgaria.

Screenshot of the FiNMAX landing page

This provider specializes in trading with classic binary options, whereby a very wide selection of expiration dates is available. In addition, slightly more than 75 underlying are offered for trading. Another advantage that struck us at first glance is that a free demo account can be used, which has all the features that the real platform offers. These are the best conditions to try out as a trader in this segment without taking any financial risk. And even the entry itself, based on a minimum deposit of only $250, is associated with very moderate risk. Individual trades can be made from a stake of only five euros. But the offer of FiNMAX is not exclusively aimed at newcomers. another aspect that should never be ignored in an objective assessment of an online broker is the question of seriousness and security. Fraud or rip-offs can very quickly cloud trading success and should therefore be safely excluded.

Our experience at a glance

The first impression we have had of FiNMAX is definitely positive. On a professionally designed website, the most important features of FiNMAX are listed. In addition to the trading opportunities and underlying already mentioned, these include a comprehensive educational program, the possibility of using the support service around the clock, and the fast and reliable processing of the formalities associated with trading. Regardless of the account selected, the online broker assures its customers that payouts will be processed within 48 hours. However, before this happens, the account must first be opened. According to our experience, the announcement that this process can be completed in 15 seconds is very sporty. However, it doesn’t really take long and if you deposit with a credit card, you can start trading directly. However, we have to make some deductions in the posture grade in the area of the instruments as well as in some contents of the website. Traders who focus on particularly high-yield trading opportunities will not find what they are looking for at the online broker FiNMAX. Furthermore, it is very positive that the website is available in many languages. However, many links then lead to pages that are exclusively in English.

CompanySpot Capital Markets Limited
AdressCorner of Great Marlborough & Great George st Roseau Dominica, 00152
Regulationnone
Telephone+44 (203) 868-57-58 – United Kingdom – London
eMailsupport@finmax.com
Live ChatYes
CallbackNo

The trader can implement his strategies in a targeted manner via an extremely stable and functionally designed trading platform. This also applies to the offer in the area of mobile trading. We were convinced by the numerous additional tools for analysis, including a very elaborate graphics program. Last but not least, traders at FiNMAX have the opportunity to participate in so-called social trading. This is an opportunity to follow other successful traders very easily. Before we go into detail about our experiences, we would like to deal with the aspect of security and reliability.

To sum up:

  • Support is available 24/7
  • Payouts are processed within 48 hours
  • Website is available in several languages
  • Start trading from $250
  • Mobile Trading is available
  • Participation in social trading

FiNMAX in check: Fraud or serious?

Binary options trading has become a very popular option among traders, with the result that this continuously growing market is attracting many new providers. First of all, the growing competition and the wider range of products can only be welcomed, as it offers every trader the opportunity to find the best online broker for him. A less positive side effect of this development is, however, that here and there black sheep can be found, whose business model is less focused on the well-being of the customers but more on fraud or rip-offs. Sufficient attention should therefore be paid to answering the question of whether or not an online broker is a reputable provider. In the case of FiNMAX, the answer is ambivalent, at least at first glance.

Because FiNMAX is currently not regulated and cannot offer security standards established in the industry. However, it is also the case that young and innovative providers, in particular, are entering the market with an interesting and technically high-quality offering, but initially lack the money for an expensive licensing procedure. In these cases, a basically serious business policy cannot yet be underpinned by regulation. However, these providers are far from being untrustworthy. In the case of FiNMAX, we also found no evidence that customers are not treated fairly in transactions or in trading conditions. In our experience, customers can therefore feel safe with the broker

Security without regulation

At this point, we come back to the issue of safety and look at regulation. Although a company headquarters in Europe is stated, there is no regulation or license. This can only mean that the actual transactions are processed via a server outside Europe. In addition to the cost advantages for the company, this practice does, however, entail certain risks for the investor. It is not possible to rely on external control and in the event of insolvency, which is not likely but cannot be completely ruled out in the end, traders would have to fear for their trading assets. This should be taken into account when determining the amount of the deposit. Otherwise, the trader can rely on a reputable provider who, in our experience, handles customer funds reliably and, for example, processes payouts very transparently and quickly.

Specialist for classic binary options

Traders who decide to use a particular online broker, however, naturally want one thing above all else: to trade. For this reason, the concrete offer is also one of the most important characteristics of the selection of a suitable provider. In the case of FiNMAX, traders should be aware of a few special features. First of all, the online broker FiNMAX concentrates exclusively on the offer of classic binary options and does not use any other trading instruments. However, this is offset by very extensive services that can be used for trading, depending on the type of account selected. The demo account, a feature that only very few online brokers can offer their customers, seems particularly interesting to us. But first a look at the account types and their services.

Five account types to choose from

In total, investors can choose from five different account types at FiNMAX:

  • Bronze
  • Silver
  • Gold
  • Platinum
  • VIP

The first account available is the Bronze account, which in our experience is particularly suitable for beginners if they do not want to test trading with the demo account first. It is particularly interesting that a deposit of only $250 is required to open or start trading. In addition, individual binary options can be traded with a deposit of only five euros. On this basis, in our experience, it is very possible to approach the possibilities of trading without a particularly high financial risk.

The Bronze Account is much more than just an entry-level account with a few basic functions. Traders have access to the full range of underlying and also have the opportunity to take advantage of parts of the interesting educational offer of FiNMAX. This includes a fairly wide selection of learning video courses. Here the traders are introduced to important strategies as well as the functionality of the platform. There is also a personal account manager who can be contacted directly. To get the necessary information for trading, an economic calendar is also available. And a deposit bonus can also be claimed here, which we will discuss in more detail later.

With the additional account types, the possibilities for additional offers related to trading are constantly increasing. The Silver account can be opened after a deposit of $1000. Here, the traders have additional access to important trading signals and can regularly participate in live webinars to further develop their trading skills. From a deposit of $5,000, the trader receives an account with Gold status. With every trade, guaranteed payouts of two percent are possible, i.e. a kind of cashback is possible. In addition, professional fundamental and technical analysis can be used. The account type with the most comprehensive functions is called Platinum. FiNMAX does not specify which specific deposit is required for this. However, traders have direct contact with FiNMAX’s trading experts and can discuss current market opportunities. Furthermore, withdrawals are processed within 24 hours. The deposit bonus is also highest with this account, at 100 percent.

In addition, there is also a VIP account available that starts from a deposit of $100000.

Solid range of underlyings and instruments

Regardless of which account is actually chosen, traders can access the full range of instruments and underlying. Traders who have a Platinum account are an exception. In this case, additional underlying may also be offered if a corresponding request is made individually. However, the range of underlying offered via the regular channel is also quite interesting and well structured. As is customary among online brokers for trading in binary options, these underlying are divided into four categories: stocks, stock indices, commodities, and currency pairs.

In each category, there is a sufficient selection to respond to the various globally significant trends. In concrete terms, this means for the equities category that one can bet on the development of the internet giants Alibaba or Google. In the software segment, SAP, Microsoft, or Yahoo are also available. In addition, the list includes bank stocks, automobile manufacturers, insurers, and energy producers. Indices offer another way to profit directly from the development of the stock markets. The selection comprises 14 individual stocks, which include not only globally renowned stocks such as Dow Jones, Nasdaq, or S&P but also important European and Asian indices such as the Dax or the Japanese Nikkei. There are also some indices of smaller markets. The range of underlying instruments also includes 25 currency pairs.

In addition to the important majors, i.e. the US dollar, euro, British pound, and Japanese yen, the selection also includes a number of other currencies such as the rouble, Swiss franc, or Norwegian and Swedish krone. In the commodities area, the selection includes eight stocks, including the precious metals gold, silver, and copper, as well as the energy product oil, which can also be traded in the currencies euro and British pound. In terms of available instruments, the range includes pronounced short-dated instruments with options lasting only 30 seconds. But also long-term oriented traders get their money’s worth with terms of up to eight months. A maximum return of 90 percent is possible. Additional instruments that offer significantly higher returns are not on offer.

Bonus for new clients depending on account type

Investors who choose FiNMAX can count on an interesting deposit bonus, which is effective from a minimum deposit of just 100 euros. With the simple bronze account 25 percent additional capital can be counted on. For each account type, the payout of additional trading capital increases to 50 percent (Silver), 75 percent (Gold), and even 100 percent (Platinum), so that a high trading balance can be accessed. However, these amounts, or profits made from them, are only payable when trading turnover has been achieved which corresponds to 50 times the desired payout amount.

Deposit bonus:up to 100 percent depending on the type of account
Bonus conditions:Payment only after 50 times the turnover
Validity:no limitation
Further Bonuses:Cash Back up to 4% of sales

Deposit and payout very easy and cheap

As with all providers, FiNMAX is committed to making it as easy as possible for customers to make deposits and withdrawals. The range of methods available includes credit cards and a number of e-wallets. The credit cards accepted are MasterCard, Maestro, and Visa. The list of internet-based providers includes Skrill, Neteller, Quiwi Wallet, WebMoney, Wiretransfer, and YandexMoney. While with credit cards the deposit amount is available immediately after completion of the transaction, the speed of e-wallets depends on the respective provider. However, the traders do not have to be patient for long. The payout is also processed quickly. Depending on the account, there is even an announcement that corresponding requests will be processed within just 24 hours.

Support

We were also convinced by the services in the area of service and support. Regardless of the account type selected, a personal account manager can be accessed to answer questions about trading and the offer. In addition to telephone contact, e-mail and live chat are also available. To inform yourself about the offer, special technical features, or formalities, such as deposits and withdrawals, there is also extensive content available on the website, including a FAQ.

Support available:24/7
Telephone:+359 825-189-29 – Bulgaria
+43 (720) 145-742 – Austria
+44 (203) 769-07-54 – United Kingdom
Adress:support@finmaxbo.com
Languages:3

Website and platform are easy to use

During our test, we got to know an absolutely user-friendly website, where the navigation to the desired content is very easy. However, the one or other area here seems to be still under construction. The platform, on the other hand, functions technically flawlessly, and its intuitive design allows direct access without any major problems. If you still want to get a non-binding impression, you can use the demo account.

mobile app

For traders who do not want to trade exclusively on their own computer, a mobile version of the platform is also offered. Trading can be started just as easily via an app, which is available for free download from the website, as with the regular platform. So once you have familiarised yourself with the possibilities offered by the platform, you won’t expect any problems with mobile trading.

Conclusion

With the online broker FiNMAX, we have gained experience with a provider that all in all leaves a positive impression. Apart from minor shortcomings in the website, the trader can expect an interesting offer. First of all, the solid selection of underlying from the common areas offers the possibility to implement different strategies in trading. In addition to short-term options, very long-term trading over terms of several months is also possible. However, we have not found any additional instruments. Depending on the account type, of which four variants and an additional demo account are available, you can also benefit from numerous additional services. Particularly in the areas of support, analyses, and information as well as further training, there is a fairly broad range of services available. However, FiNMAX is not regulated, so that standards such as deposit insurance are not required. Nevertheless, our experience enables us to classify FiNMAX as a reputable provider. Fraud or rip-offs need not be feared.


Most asked questions:

What deposit methods are available?

With FiNMAX, trading is possible with different payment methods such as VISA, Neteller, Mastercard, Web Money, and many more. Traders from around the world can choose their preferred payment options.

What assets can be traded?

FiNMAX is a binary options broker. However, FiNMAX also offers over 75 assets to trade with. Commodities, stocks, currencies, and Indices are offered to trade.

Can FiNMAX be trusted?

FiNMAX is a nonregulated broker that lets us doubt the seriousness of the broker. However, it doesn’t make an appearance as a black sheep. The customer service is transparent and FiNMAX is certified by IFMRRC.

What is the minimum withdrawal account?

It is possible to withdraw from only $10. However, the minimum withdrawal amount differs from the payment method to the payment method. So please don’t forget to check the minimum withdrawal account for the preferred payment option before making a withdrawal.

One Response

  1. Andre Witzel September 13, 2020

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