Finmax, a young entity in the brokerage scene, is a Binary Options brand starting to make waves in the industry as it attracts traders with its extensive trader’s educational system, specialized platform offering, and minimum investment amount without spreads.
Discover more about Finmax’s trading services by reading this broker review in full.
Finmax Background & Safety
Finmax was founded in 2015 as a product of a collaboration of financial markets professionals, based on the firm’s introduction on its official site. Despite having an About Us page dedicated to the broker’s identity and background, Finmax remained an enigma as it provided limited information about its business history, giving us a dubious sort of impression about the broker.
Digging deeper, the company’s official office address is in Vanuatu and the brand being operated by Max Capital Limited. Based on its official site, Finmax is regulated by the International Financial Market Relations Regulation Center (IFMRRC) of Russia. However, this regulatory certification is not among the reputable financial regulatory bodies we have in the industry worldwide.
Interestingly enough, Finmax does display some awards and certificates on its site. A couple of these include “Best Broker 2016” by Traders Choice and “Top Broker 2016” by Binary Mag. It also bragged its advantages as a broker. According to the firm, traders can trade with a demo account without limits, buy options ranging from 30 seconds to 6 months, can guarantee the withdrawal of funds within 48 hours, has instant order execution, low-entry account opening, and zero spreads.
The broker also claims full transparency in all its trading transactions, saying that traders have full control of their trading accounts. Finmax’s customer support is available via email, telephone, and online chat.
Finmax Features & Fees
Market Coverage
Finmax covers a number of financial markets including currency pairs, indices, stocks, and commodities. It has over 70 tradable assets offered to its clients.
Account Registration/Trading Procedure
To start trading with Finmax, you need to follow four basic steps: (1) Register your account by clicking the Open Account icon on its site, (2) select the asset to trade and the contract’s expiration time, (3) settle on the asset’s price by determining whether it is higher or lower than the current price by the contract’s expiration, and (4) stipulate the investment amount for the bought option and open an order.
Account Types
Offering five account types, Finmax tries to be more inclusive to traders of all backgrounds and skill levels. It offers Bronze, Silver, Gold, Platinum, and VIP. Let us have a breakdown of the underlying features of each account type.
Bronze – by depositing $250, traders are rewarded with an up to 25% deposit bonus, an account manager, and free first withdrawal.
Silver – with a minimum initial deposit of $1,000, traders are given up to 50% deposit bonus, risk-free trade of up to 25% from the trader’s deposit amount, a personal account manager, free webinars, and free first withdrawal.
Gold – if you have a $5,000 initial deposit, you get a +2% return per trade, up to 75% bonus, risk-free trade of up to 50% from the trader’s deposit amount, a personal account manager, free webinars, fundamental and technical analytics, and one free withdrawal every month.
Platinum – for a hefty $25, 000 deposit, traders unlock +4% return per trade, up to 100% bonus, risk-free trade of up to 50% from the trader’s deposit amount, a personal account manager, free webinars, fundamental and technical analytics, and no withdrawal fees.
VIP – staking $100,000 as initial deposit, traders win two senior analysts, a manager available 24/7, all VIP webinar access, +6% return per trade, up to 100% bonus, risk-free trade of up to 50% from the trader’s deposit amount, a personal account manager, fundamental and technical analytics, and no withdrawal fees.
Funding Methods
Finmax accepts some of the popular funding options including VISA, Mastercard, Maestro, Qiwi Wallet, WebMoney, wire transfer, and Yandex Money.
Finmax Trading Platforms & Tools
Finmax has a Binary Options trading platform on its armory. It is available in PC and mobile versions across all operating systems. The mobile version, according to Finmax, gives users the same feels as the terminal version.
Though specialized for binary options trading, Finmax’s platform, however, is nothing but standard and has no known salient and unique features to watch out for.
What’s noteworthy to mention, though, is the broker’s educational system for traders. It consists of several resources including trading basics, education video, e-book, strategy manual, webinars, glossary, and FAQs.
Moreover, the broker also hosts a range of research tools such as Trading news, economic calendar, analytics, advanced charts, and signals.
Bottom Line
Finmax has some notable trading services – an extensive educational system, a good range of research tools, an array of account type options, and a specialized platform. These advantages, when analyzed, suit novice traders. Professional traders, though are very much welcome to the site, have lesser opportunities to capitalize on.
On the downside, Finmax has a small range of tradable assets, only having over 70, when most brokers have over a hundred assets to trade. Also, the broker’s regulatory standing is also not rock-solid, giving investors some room for doubts about the broker’s honesty and credibility.
Finmax