Finmax Review 2020
Finmax is a CFD and binary options broker that has been on the market for more than two years now. This was enough to spark our interest, so we decided to check their website out to see what’s going on there and how they’ve managed to survive in an industry as demanding as this one.
It turned out that our time there was time well spent because we found out many interesting facts and tested many interesting features. Therefore, we really have a lot to discuss in this Finmax broker review, and you certainly don’t want to miss out on this article if this is the kind of trading that interests you.
Once you reach the end of this text, you just might want to become this company’s client. Let’s go!
– personal manager with every account
– great and quick trading platform
– excellent mobile app
– low withdrawal requirements
– risk free trades
– higher account types increase trade profitability
– numerous payment methods
– demo lasts only seven days
– do not accept traders from some countries
Finmax Review | Account types
Before you can start trading, you need to create an account. Finmax binary options trading can be done from four different account types, which should be more than enough to satisfy all traders. It therefore seems logical to start this review by taking a look at the options you have and the features they offer.
The first and most basic Finmax account type is the Bronze Account, which can be opened with a deposit of 250 USD. It comes with your own account manager, gives you access to education courses and an economic calendar and allows you to access all main features on the website. All in all, this is a great way to start trading here. However, as you climb the account ladder, things get more interesting. The next step is the Silver Account, which reduces your withdrawal processing time to 48 hours (from several days) and gives you access to free webinars, educational videos, one month of Finmax trading signals and a risk free trade worth up to 25% of your deposit. You will need to deposit 1000 USD for this account type. The Gold Account takes everything even further because with it you get 2% more from each trade you win, unlimited access to trading signals and various forms of analyses you can use to decide where to invest. The deposit requirement in this case is 5000 USD. Finally, the final Finmax account is the Platinum (VIP) Account with its 4% profit increase per trade, VIP webinars and several other features we will mention a bit later in this Finmax review. 25,000 USD will be needed for this package. As you can see, you will have everything you need to trade both binary options and CFDs, no matter which account type you choose. But since we have already brushed upon the deposits in this paragraph, let’s go ahead and clarify that aspect of this website in the next. Stay with us!
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Finmax Review | Deposit
OK, so you know which Finmax account you want. How do you deposit? Well, Finmax deposit can be made in a wide variety of ways. Naturally, you can use bank wire transfers, but Visa, Visa Electron, Maestro and MasterCard are your options, too. On top of that, you can also use things like Qiwi, Neteller, Skrill, WebMoney and Yandex, which is certainly a very strong line-up. Not only that, but you can rely on this broker to treat you fairly. Our “Is Finmax a Scam?” article has more on the security here, but things definitely work as they’re supposed to.
Minimum Finmax deposit is set to 250 USD, so we can say that this requirement is fairly average when compared to other binary options brokers. However, the minimum trade is only 5$, which means you have more than enough to trade even with the most basic initial investment. You don’t have to worry about any deposit fees either because Finmax deposit carries none, although do be careful when using a wire transfer because the bank will probably charge you something for the transaction. All deposits will be visible immediately in your account, with the only exception to that being once again wire transfers which can take up to three working days to appear. But with a deposit here, you will also get something extra as a token of appreciation. Find out what we mean in the next part of Finmax review.
Finmax Review | Bonus
Finmax bonus policy covers a couple of types of prizes. First, you have the risk free trade, which will be your first trade on the broker’s platform. This trade can go up 1000 USD and not above it, so if your first investment doesn’t turn out to be successful, you will get your money back and be able to start again without any losses. No harm, no foul.
You also have the possibility of receiving the Finmax welcome bonus. The size of this bonus will depend on the size of your deposit, i.e. the account type you decide to open. For the Bronze Account you will get 25% of your deposit added to your balance, and as you go towards the VIP account, this bonus will increase by 25% each time, only to reach 100% in the end. To become eligible to withdraw your bonus, you will have to turnover every dollar you get this way 40 times. This is a standard requirement in the industry, and the number given here is actually fairly average. Once you gather all of your resources and are ready to start trading, the place to go is the broker’s trading platform. It creates a very interesting trading environment, so the following part of Finmax broker review will take a closer look at what you get there. Stay tuned!
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Finmax Review | Trading platform
Like we said earlier, Finmax financial services can be boiled down to two main types of trading – binary options and CFDs. This is all done on an excellent trading platform which is based on Tradesmarter software. This is a not very common choice among brokers, but we are very happy to say that it performs perfectly. You have two types of binary contracts here, High/Low and Above/Below. The latter is a variation on the former because the broker sets the levels and you have to guess whether the price will go above or below them. Expiry times range from six seconds to six months, and you have about 90 different assets to choose from. Commodities, stocks, indices and currency pairs are all there for your convenience, plus they can also be traded as CFDs.
Finmax trading platform accepts three different types of currencies: USD, EUR and RUB. However, what sets this platform apart from its competition is its speed of execution. It is very responsive and quick, but it also offers a big innovation in the form of social trading. Finmax Social Radar tracks the best traders around you and allows you to copy their trades while imposing your own limits on the investment. In other words, you can adjust your trades to your trading style. We already mentioned signals and the economic calendar, but with Finmax trading platform you also get news, advanced charts and various types of analyses. All of this is not restricted to your desktop computer, however, and we will further investigate that in the next part of our Finmax broker review.
Finmax Review | Mobile app
Obviously, all Finmax financial services are provided online. Therefore, it is quite logical that you can also use a Finmax app to do whatever you need to do on the market. The app is at the moment only available for Android devices, whereas the iOS version has been discontinued, but there still is a chance that they will bring it back. In any case, the app is free to download from Google Play (as was on the App Store), so let’s take a look at what you get with it.
Once you download this piece of software, you will gain access to all Finmax financial services on your mobile device. Just like the desktop trading platform, it also draws market data from Leverate, offers non-stop customer support, numerous charts, indicators and many other trading features. However, the Finmax mobile app also has a huge advantage in that you can start depositing with only 10 USD with it, which is one of the lowest requirements of this kind in the industry. Of course, the economic calendar is available here too, plus the app also has the ability to provide you with Finmax binary signals. Naturally, everything is very well designed, so you should have no problem finding your way around here. It seems that traders share our opinion because the app has received some pretty good reviews since its launch and people seem pleased with what it offers. But there is another way you can approach this platform, one that includes no financial risk. Continue with our Finmax review to find all about it.
Finmax Review | Demo account
Every serious broker will provide you with the possibility to see how their platform works without you having to invest anything. That’s just common decency; so naturally, you can open your Finmax demo account. And it’s pretty simple to do it, too – your only task is to fill out a short form containing your name, e-mail, country and phone number, and then to confirm you e-mail address. That’s all there is to it. After that, all you have to do when you wish to trade is complete the login.
Finmax demo account will provide you with a free trial lasting seven days, during which you can test all financial services available here, as well as get a pretty good idea of what kind of trading experience to expect. In terms of trading options, there are no limits here, so you have plenty of time to examine everything thoroughly and to reach a conclusion whether or not Finmax trading is for you. Of course, this also goes great with the broker’s numerous educational materials which include videos, webinars and strategy articles. Therefore, you have pretty much everything you need to prepare yourself. And once you achieve profit, you will want to withdraw those funds. This is a process with several important factors, though, so the following part of our Finmax broker review will be a bit longer.
Finmax Review | Withdrawal
So, after all is said and done, you want to make a Finmax withdrawal. What are your options? Well, you will need to withdraw the funds the same way you deposited them, so the payment methods in this case are the same as when you’re depositing. Remember that you have to verify your account before a Finmax withdrawal can be executed (you will need a proof of identity, like a passport or an ID card, a proof of residence, like a utility bill, a proof f your payment and a declaration of deposit for that).
The minimum Finmax withdrawal requirement is quite low – only 25 USD, or 50 if your method of choice is a bank transfer. Compared to a lot of other brokers, this gives you loads of manoeuvring space with your trading funds because you get to micro manage them and plan in much greater detail. Just don’t forget to include withdrawal fees in your calculations. They will be charged depending on the type of account you have and the method you use, but regardless of that the first withdrawal is on the house. After that, Finmax withdrawal fees range from 0.9% to 3.5% (with a fixed 25 USD fee for bank transfers). However, there is a way to avoid this because if you become a holder of the Gold Account you will get one free withdrawal per month, whereas if you opt for the Platinum Account, you will be completely free from paying any extra costs for these transactions. By choosing these two accounts, your withdrawals will also be processed within 24 hours, whereas usually that process takes up to several days. There is a lot to digest here, sure, but the bottom line is that the process is fair and that it offers some very interesting possibilities. Let’s move this Finmax review on then and see what else we still have to discover.
Finmax Review | Other interesting features
Online trading with Finmax also gives you an opportunity to try out some features that are not that common in the industry. For example, you have the option of opening a special Islamic Account if you want to trade in full accordance with this religion. Just contact the support once you log in, and they will show you what needs to be done to change your account to this particular type.
We also have to warn you of the Finmax inactivity fee, just so you’re aware that this exists too, but it will only trigger after you do not execute any trades for 12 months. After that, you will be charged 25 USD every month until your account balance reaches zero.
Finmax social trading has already been discussed in this article, as were news and various types of analyses you can get here, but we have to address the countries that are not accepted on this website. These include US, Canada, Israel, Singapore and France, but all other countries should be available. If you have any other questions, though, do not hesitate to contact the support. This next part of Finmax broker review will show you how to do it and what to expect.
Finmax Review | Support and contact
Having a reliable support team at your side can mean a lot, especially if you’re a new trader. It makes things a lot easier when you have someone to talk to and gain information from. Finmax support crew is composed of seasoned traders who know everything there is to know about the website and trading in general. They are always quick to respond and value your time, so you they won’t ever hold you for more time than is needed.
Available Finmax contact methods include live chat, e-mail and phone numbers for six different countries (Italy, Bulgaria, Canada, Australia, UK and Cyprus), but you can also contact the support via social networks. These include Facebook, Twitter and Google Plus, and the broker also has its own Youtube channel, which means you can easily reach them on any of those websites. We can also include the FAQ section in the Finmax support category because the questions there really should provide you with a decent alternative if you can’t contact the team members during their office hours (8 AM to 8 PM, GMT+3). As you can see, you will be well taken care of, which is just another aspect of the company’s offer that has passed our test. But is there any part of the website that you need to worry about? Find out in the following part of Finmax review.
Finmax Review | Complaints
Is there a reason for Finmax complaints? Well, if you’ve read everything we have written so far, you can see that we didn’t find any. That is not to say that we didn’t encounter any Finmax complaints at all, mind you, but after testing the broker for ourselves, we can’t get behind anything people have against this company.
The platform performed admirably with fast executions and the latest data, and Finmax support was always quick and efficient when we needed clarification. Furthermore, our money was always treated well, so there were no withdrawal problems of any kind. On top of that, nobody that had a Finmax complaint could support their claims with some kind of solid proof after we’d ask them to. But please don’t understand this as a claim that people don’t like trading here. Quite the contrary, most traders are very satisfied with what they get from their online trading experience here. This is particularly true for people who have been a part of this industry for a while now and know exactly how things work. Rookies will sometimes have Finmax complaints about the fact that you can’t withdraw from a demo account or something like that because they still don’t have the full grasp on how things work in this business. Experienced traders support us, and that’s quite a big satisfaction, to be honest.
Finmax Review | Conclusion
We have now reached the end of our Finmax broker review and have absolutely no problems recommending their website to you after all we have seen. Several Finmax account types, risk-free trades, bonuses… these are just some of the features that guarantee you’ll have everything you need here. Finmax trading platform is also excellent and based on a type of software that is not that common in this industry, so even if you’re a seasoned trading veteran you will have a lot to explore and discover. Don’t worry; everything works perfectly. What is particularly interesting about this platform is that it comes as a Finmax app which reduces your minimal financial requirements significantly. Of course, you will have excellent support all the time here, which helps things go along very smoothly. We don’t even have to say that the broker is fair and the feedback from other traders good. In short, our Finmax review has yielded only positive results, so if you’re the kind of trader who likes to trade binary options and CFDs, this will be the perfect partner for you. Open an account with them now and enjoy the experience!
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Hello! I’m Mark Watson, born and raised in Scranton, PA. I’ve been investing online ever since I started college at the University of Pennsylvania (go, Quakers!), where I was an undergraduate student of Economics. At first, I didn’t invest much, I was just hoping to get some extra pocket money, but with time I realized how math and patterns can actually be of great help in this line of work.
After a few years, I moved to London School of Business and Finance to continue pursuing my career in investing, and I eventually landed a job at Credit Bank Europe. The experience I got there was invaluable, plus it assured me that online trading was something I want to do for a living. Sure enough, I became a trading manager in 2015 with FXVC Online Trading, but a little while later I started working on my biggest project so far – BinaryOptionsTrading-Review.com.
The website is still going strong, and we have analyzed hundreds of brokers from all trading fields so far and helped hundreds of readers make the right choice. We also publish trading signals on a regular basis, which have proven to be accurate about 80% of the time!
And since the online trading industry is only growing, with cryptocurrencies and other similar products entering the fray, I am incredibly excited about what the next few years have in store for us. In short, if you want advice from a passionate trader, you’ve come to the right place!