I decided to write this Finmax review after a friend requested it. I hadn’t used Finmax before then.
To test it out, I tried it a lot. I also researched all over the web for positive and negative reviews. In this review, I include some complaints examples from these that I found more on forums and other pages.
|Free Demo account||Yes|
|Regulations and license||IFMRRC|
|Accepted Nationalities||US, UK, Canada, France, Israel , Belgium, Singapore|
|Expiry Times||30-sec, 60-sec, 1-min, 5-min|
|Assets||Currencies, Stocks, Indices, Metals|
|Number of Assets||100+|
|Account Currency||USD, GBP, JPY|
|Deposit and withdraw options||Skrill, Debit/Credit Card, Fast Bank Transfers and other local Payment methods|
Visit official page Click Here to visit broker’s home page
Introduction of the Finmax Binary Options Review
Founded in 2015, Finmax is a binary options broker fairly popular in binary options circles. Finmax financial operations are operated by IK Partners Limited, which is a financial company headquartered in Kingstown, St. Vincent and Grenadines.
It is under registration number 1616 CTD 2017. Finmax’s website is maintained and operated by Morris Processing Ltd, headquartered in London, England.
Even though Finmax has offices in the United Kingdom, I was surprised to find out that the broker is not subject to regulatory oversight by Financial Conduct Authority (FCA). However, they are subject to regulatory oversight by the FMRRC. It is the same regulator that Expertoption has (see here in my Expertoption review).
At this point, I would urge you to keep an open mind and read through the rest of the review.
Review of Trading Platform, Trading Assets, and Expiry Times
The trading platform is intuitive and very easy to use. Finmax offers an innovative proprietary trading platform that is completely available online. To access the trading platform, you don’t need to install more software or plugins.
You only need an Internet connection and a compatible browser. In terms of trade execution, the platform executes trading positions fairly fast–taking only a few seconds.
Finmax probably offers the deepest catalog of trading assets. At Finmax, traders can choose underlying financial instruments from a wide choice of assets derived from multiple global exchanges, popular stock indices, tens of currency pairs, and several commodities.
They also offer commodity pairs and cryptocurrency trading. Cryptocurrencies available for trade include Ripple, Bitcoin, Litecoin, and Ethereum. The cryptos can either be traded as standalone assets or as pairs, with other cryptos or major currencies.
To add to their impressive assets index, they offer a wide array of expiries. I was able to place trades as short as 60 seconds.
However, they also offer medium- and long-term trading, where expiries can be from a few hours to a couple of months. Assets available can also be traded with several options types.
At the moment, they only offer High/Low and Above/Below options, which are fancy names for the classic Call/Put option.
Minimum Deposit, Minimum Trade
The minimum trade at Finmax broker is $10. But they offer a micro-deposit account, where trades start as low as $1. The minimum deposit is just $10.
Although they claim to offer sky-high payouts, from my experience, payouts at Finmax range between 60-75%. However, sometimes, a trade can attract a payout as high as 80%.
Finmax Withdrawal and Deposit Review
In all my reviews, I always reiterate that how seamlessly I make a deposit and a withdrawal plays an integral role in determining the overall rating of a broker. At Finmax, I was able to easily make a deposit .
Although I used my credit card to fund my account, I was offered a pool of payment methods to choose from. They include epayments, bank transfers, Yandex Money, QIWI Wallet, NETELLER, Skrill, WebMoney, and Bitcoin.
The deposit process was uneventful, and the deposit reflected in just a few minutes.
From what I gathered from talking to customer representatives, withdrawals are only processed to a previously used payment method. However, for a successful withdrawal, you have to have fully verified your account and payment method. On their website, they expressly state that withdrawals take about 5 days, but in some instances, it can take over a week.
To sum it up, my withdrawal took about 2 weeks. But in their defense, I had to re-verify my payment method for the withdrawal to be processed.
In addition, there is a withdrawal limit: you can only withdraw a minimum of $25.
Let’s continue with the Finmax review.
One major downside of using Finmax binary trading is that they charge a wide array of fees.
Firstly, for any withdrawal, they charge a fixed withdrawal fee. That fee depends on the payment method. Credit card, QIWI, Yandex Money, NETELLER, and OkPay withdrawals are subject to a 3.5% withdrawal fee.
Skrill withdrawals cost 2%, while Webmoney withdrawals cost 0.9%. On the far end of the spectrum, Bitcoin withdrawals are the most expensive, with a 7% withdrawal fee.
The broker also has a monthly fee for inactive accounts. For accounts with 2-3 months of inactivity, the broker charges $/€/£80, $/€/£120 for 3-6 months of inactivity, and $/€/£200 for accounts inactive for over 6 months.
Also, in case you make a deposit, change your mind later, and ask a withdrawal (like I did), Finmax charges 5% on top of the regular withdrawal fees.
Finmax Demo Account
Finmax offers a demo account that facilitates fast-paced demo trading. To get the demo account, you only have to submit initial registration details.
However, there is a catch: the demo account comes with an expiry date. New traders can only use the demo account for 1 week.
After that, if you fail to make a deposit, the account expires. However, if you make a deposit, you get unfettered access.
Their demo account comes pre-loaded with $1,000 in virtual money. However, upon depletion, you can always ask for a top-up.
Also, their demo accounts do not support CFD trading.
Open Demo accountClick here to visit broker’s page and open a demo account
Finmax offers different account types to its traders–each account type with its own range of privileges and deposit requirements. For deposits of less than $1,000, a trader is automatically classified as a Bronze-level trader.
However, if the deposit is higher than $1,000 but less than $5,000, a trader is classified as a Silver-level account holder. Other account types available include Gold, Platinum, and VIP.
Generally, the amount you deposit will dictate your account type. The higher the deposit, the more prestigious the account type.
Finmax trading Mobile apps
Mobile trading at Finmax is not as top-notch as it should be. Although they state that they offer mobile trading via state-of the art mobile apps, they actually don’t!
Why would they lie on their website? I couldn’t wrap my head around it.
Interestingly, a customer representative told me right to my face that they don’t currently offer mobile trading. However, the Finmax apps are in “beta-testing” phase.
However, their website has a very responsive layout and traders can trade seamlessly via mobile browsers.
As mentioned earlier, Finmax not only accepts deposits from online cryptocurrency wallets, but they also offer cryptocurrency trading. They offer cryptocurrency trading in the form of options and CFDs.
This means that traders can leverage on volatility of cryptos when they opt to trade CFDs. Alternatively, you can trade cryptos as pairs. Currently, they offer Ripple, Bitcoin, Litecoin, and Ethereum.
Visit Finmax Crypto pageClick here to visit broker’s page for cryptocurrency trading
Trade at Finmax is not “free for all.” They don’t accept traders from specific countries for reasons only known to them.
They want to avoid being indicted in the U.S. for illegally offering options to U.S. traders. As such, they don’t accept new U.S. traders.
Also, they don’t allow traders from the U.K., France, Belgium, and Canada. For some reason, they don’t currently accept traders from Israel and Singapore.
As mentioned earlier, their website is very easy to use. It has a responsive layout for easy access on different browsers.
Generally, the website’s pages have fairly fast load times. You don’t have to wait for ages for a single page to load.
Also, the home page is well-arranged, with clearly visible buttons for easy navigation. However, I found it weird that the “Log Out” button is not clearly visible.
Finmax’s website uses the latest SSL encryption technologies. Hence, from my point of view, it is as secure as they come.
Also, when making a deposit, traders get redirected to another secure interface. This further improves their safety score.
One more thing before the summary of the Finmax review.
Customer Support & Languages
Finmax trading seems to have borrowed a leaf from a section of brokers. From the moment you verify your phone number, an “account manager” would start pestering you to make a deposit.
In my case, I always detest the aggressiveness with the marketers, since it shows how desperate the broker is.
Moving on, Finmax trading offers unparalleled customer support to their clients. You can either call the dedicated customer rep/account manager in case of any trading issues or you can use other options available.
Customer support can occur via live chat, over the phone, or via email. However, it is worth noting that live chat support is the most efficient.
However, unlike other reputable brokers who offer live chat support for 24 hours, Finmax only offers live chat support within Bulgarian daytime hours.
The website comes in several languages. These include English, Polish, Russian, Spanish, French, German, Italian, and Arabic.
Bonuses and Promotions
Finmaxbo.com does not currently offer a no-deposit bonus. However, new traders can opt-in to the welcome bonus. That includes up to a 100% deposit bonus.
Finmax does not have any running contests or promotions
Get 100% bonusClick here to get the bonus from Finmax
Video: how to register,deposit and trade in a short 1min video
Complaints About the Finmax Binary Options Trading Platform
As usual, I went out of my way and read through several complaints about Finmax. In the spirit of objectivity, I have compiled them in an easy-to-read manner. Make your decision at the end.
At Forexpeacearmy, I stumbled across one complaint, complete with evidence of how a trader got swindled by the broker. The complainant even has video evidence! Here’s what he had to say:
I decided to test the broker Finmax.com.
I created my account and made an initial deposit of $ 500 via Skrill.
After opening two trades, the account has been frozen for the status.
They requested to send documents for verification. I sent them and everything was alright.
I kept trading, and took my $ 500 account to $ 4409.20.
And then I asked for a $ 2409.20 withdrawal.
According to the customer’s agreement the withdrawal could take up to 5 working days. Then I waited, and kept doing my negotiations.
My account has reached $ 7312.90.
On the last day of the deadline for the withdrawal, they simply returned the amount of my deposit of $ 500,
And they blocked my access, erased all my negotiations and my withdrawal too, as if I had never made an account there.
Support no longer answered me, so I contacted facebook, and they blocked me too.
Giving confirmation of being a SCAM company.
Here is another complaint:
Have traded successfully at Finmax in 7 months and made withdrawals. Suddenly account with 18000 USD profit has been frosen. I have not received the precise explanation why already 6 months.
My phone number has been blocked, because I have been calling many times and asking the explanation. Because I have not done anything wrong: have not traded on 2 accounts, documents was veryfied, have not used any robots.
They just secretfully was answering, that can not say, what was the problem and later just blocked my phone number and facebook account.
My account manager, whom, I thought, I had a very good communication with, suddenly blocked my Skype account. so I can not reach him anymore. I am completely confused and don’t understand what happened.
And another one…
the very same thing happened to me. lucky enough i got barred the next day so never invested too much time on it. i deposited 250 and got my account to to 660 within a hour and then closed it down for the day.
the next morning to my surprise i got the email attached. so i rang them and asked for clarification and they just hung up on me. they dont want good traders there. they only want bad traders to loose their money.
ps they are not a regulated company as the company that is meant to regulate them are owned by utrader another bis scam company
They are way too many similar complaints on almost all peer-reviewed sites.
Illegal Trading History Deletion
Another complaint that I found genuine was on deletion of trading history and the subsequent loss of profit. This complaint came with supporting evidence.
Here’s what he had to say:
About 3 months ago I have opened the account on FINMAX.
My deposit was 250$. After about 2 weeks I wanted to check how fast they’ll make a withdraw and place order to make withdraw 50$. It took about 5 working days.
Then I’ve started to trade more because I saw that FINMAX is working fine. But it’s not OK.
After about one month on my account was 2200$ and it was blocked.
They are not answering on email and the telephone is always busy.
FINMAX are totally scammers!!!!!!!!!!!!!!!!!
Now I can LOG IN but my account is empty.
All my transaction are cleared.
My earned money disappeared.
I can’t trade!
Summary of the Finmax Review & Your Reviews
Is Finmax safe or a scam?
I will not tell you if Finmax is scam or not. You can make your conclusions after reading the complaints above.
Many traders think Finmax is selectively scamming its clients. There are tons of negative reviews online. Somet are just frustrated traders.
I can only advice you to go ahead with caution. If possible, withdraw your winnings regularly.You should also visit my guide of the best trusted binary options brokers of 2019
Visit brokerClick here to visit broker’s home page
- Powerful trading platform
- Fast trade execution times
- A vast selection of assets
- Offers demo trading
- Responsive customer support
- A good range of expiry durations
- Low minimum deposit
- No mobile trading
- Two types of options only
- High fees
Be the first to leave a review.
This was my Finmax review. Let me know your thoughts and questions below. Leave your review above if you have tried it.