Finmax is a relatively new binary options trading broker that were founded in 2015. It was established by financial professionals who had a strong desire to create binary broker that will be safe and reliable for all traders. This broker is claiming to provide all necessary tools and features for more pleasant trading.
Finmax review will provide traders all necessary information about this broker that will help them in the decision-making process.
Finmax is putting a lot of effort into creating as customized as possible trading accounts. Finmax has 4 accounts to choose from. All of them are created with a certain type of trader in mind – from beginner to a professional.
UPDATE: Finmax also offers Micro-Deposit account with a minimum deposit in the amount of $10, with $1 minimum trade. Traders who opt for this account will have limited access to educational materials, social trading and signals until they reach cumulative $250 deposit.
Bronze account is the cheapest account that requires only $250 deposit. Traders get full access to all features as well as up to 25% bonus. They can take educational courses, and talk with the account manager, and even use the economy calendar. First withdrawal is free.
Silver account requires a deposit in the amount of $1,000. Traders get all benefits available with Bronze account, but can also enjoy 50% bonus and enjoy 48h withdrawals. Silver traders at Finmax, according to the review, can also take advantage of risk-free trades up to 25% of the deposited amount. Free webinars and one month of trading signals are also included.
Gold account can be opened with $5,000 deposit and has many useful features. Traders get + 2% return on all trades, and up to 75% bonus. Withdrawals are processed within 24 hours and there is assistance by personal account manager available. Unlimited access to trading signals, economic calendar, daily analytics, market reviews, technical and fundamental analysis are also available.
Platinum VIP account is available upon request, so minimum deposit remains a mystery. There are two senior analysts ready to assists Platinum VIP traders and manager that is available 24/7. VIP webinars, 4% returns per each trade and up to 100% bonus. Educational videos, free webinars, unlimited access to daily signals and other benefits. No fees are charged for withdrawals.
AS it was noted in Finmax broker review, there are many bonuses available for all traders. Finmax Bonus rules are listed in terms and conditions, but according to them, there is also a special Bonus Policy available. However, it was impossible to find it. Finmax Bonus Terms and conditions state that the required volume is x30 for every $1 bonus. There is no irregular withdrawal, once the bonus is accepted, and traders have to fulfill trading volume completely before requesting one.
Bonus terms are somewhat vague and it is not recommended to accept bonus unless trader understands all conditions that come with the bonus. Good news is that there is a free demo available. The demo account lasts for 7 days only and is equipped with $1,000 virtual money. Risk-free trades are also available, but terms and conditions remain unknown. General terms are never considering this feature.
Finmax Binary Options
Finmax binary options broker review showed how this broker is using TradeSmarter platform. This platform is very interesting and provides great charts and tools for both technical and fundamental analysis. Traders can also use Japanese candlesticks chart to follow market movements. However, this platform might be a challenge for beginners who never traded binary options before.
Binary options types supported are high/low and above/below, which are basically another version of high/low. Additional binary options would be more than welcome, as traders now more than ever appreciate interesting binary options opportunities, as well as money management solutions.
When it comes to expiry times, this broker is more oriented on short-term trading, as expiry times range from 30 seconds to end of the day.
This broker supports mobile trading, and no additional apps are needed. Traders can simply open trading platform in their internet browser. Still, an app is more convenient to use as it is usually developed with smartphones in mind and not desktop computers.
Finmax Scam or Legit?
Finmax has great customer support. Customer support can be reached via live chat, skype and email. There are also phone numbers for Canada, Australia, Cyprus and United Kingdom, as well as the online form.
During the review, Finmax live chat was tested. The agent responded quickly and provided all the necessary information without being pushy.
Traders will be happy to know that Finmax has a platform available in several languages: Russian, English, German, Spanish, French, Italian and Arabic. This comes in handy for traders who don’t speak English.
We did not receive any complaints about Finmax scam.
When it comes to education, Finmax can still do some improvements. FAQ section is pretty basic, and video library has some short clips that won’t be very useful for developing strategies. Strategies articles are on the shorter side and don’t go much into details. There is an interesting glossary available for traders who only want to check something.
Hopefully this review helped you to answer the question is Finmax scam or legit?
Finmax Banking & Company Information
Banking is never to be underestimated, as many traders do. Safe banking transfers are a must, and there should be no exceptions to this rule. This broker offers plentiful of banking options and safe transactions. But is it really so?
On the website, there are many banking methods offered including some popular e-wallets, but after our team created an account and wanted to see how to open a real account, we were surprised to see only credit cards and bank wire offered. When we asked customer support about this issue, they answered that e-wallets will be coming soon. However, this can be considered somewhat misleading, as traders expect one thing, and broker delivers another.
This broker also charges fees for withdrawing. With a credit card, the fee is the usual 3,5%, but with bank wire, it goes up to whopping $50 or €40! Minimum withdrawal is $25. Keep in mind that traders who want to make a withdrawal of their deposit, without executing a single trade, will be charged 5% fee.
There are also pricey fees charged for an inactive account. Inactive accounts are accounts that have not been used for trading for 2 months. Withdrawing conditions are somewhat unfriendly towards the user, as such high fees are very unusual.
Minimum deposit is $250. The broker also offers risk-free trades up to $1000, but all conditions of using this feature are never properly explained. As risk-free trades aren’t available without certain conditions and terms, we strongly recommend doing a thorough research befoe asking for this or accepting this opportunity.
Finmax is in the ownership of IK Partners LTD, that is regulated by FMRRC in Russia.