Finmax operates out of offices in the UK and Bulgaria, it is a broker which has grown substantially since launching in 2016. Despite being relatively new to the binary options market, this Finmax review found they have worked hard to establish a trading platform that is both easy to use and covers all the important instruments. To promote themselves as a global concern, they have created a site that is available in Polish, Italian, Spanish, French, Russian and German.
|Max.Rendite (High Yield)||380%|
|Types of trade||call/put, one-touch, 60s, pairs|
|Duration||60 sec, 30 min, 60 min, 24 hrs.|
5 reasons for Finmax
- Unique trading software developed just for their client base
- UK Phone number to deal with queries
- Bonus system offers a degree of flexibility
- A demo account and risk-free trades allow clients to practice with the platform
- Company is licensed by the International Financial Market Relations Regulation Centre
Trading with Finmax
Underlyings and asset types
As soon as your funds have cleared, you can begin trading on the Finmax platform; the software is straightforward and simple to use, so you shouldn’t have any problems getting started. The site looks impressively professional, with splashes of red and green to highlight areas of importance and a business-like grey and black backdrop.
Selections are kept minimal, you just choose between two options. With Above/Below, you’ll have to predict whether a price will end above or below a level in a set time frame. With High/Low, you’ll predict if a price will rise or fall before expiring. When you’re happy with your choice, click through to the Asset area, where you can select from commodities, stocks, indices, and currency pairs. To help you make a precise selection and save time, they have set up a filter in this area. Once that’s done, pick an expiry time from those which have been preselected by Finmax and decide how much you think the contract you’ve created is worth. At this stage, you will have to type in your investment amount, starting from $5 or the equivalent, and select the option type. Finally, confirm your by intentions by hitting the Trade button.
Whether you want to trade from a desktop or a mobile device, Finmax has it covered. There is no need to install any cumbersome or unfamiliar software, as their trading platform is entirely web-based and can be accessed at any time. If you’d prefer to use a mobile, you can download the Finmax app for iOS or Android devices, giving you the freedom to view assets, indicators and signals, as well as practice your trading skills.
During this Finmax review, we found they have produced a number of online learning resources, to share their knowledge of the binary options markets. These include a series of videos and webinars, along with tips, a glossary and an FAQ. This is a great place to start if you’re new and want to understand how the professionals make a stable profit, month on month. For more experienced investors, these guides can still be of use in brushing up your skills and finding out about fresh strategies.
On the interface itself, you can view recent market news, read reviews of trending instruments and take part in ‘social trading’ – where you copy the signals of successful traders and recreate their recent deals.
Applying for a Finmax Account
Whether you’re a seasoned investor, or you’re just starting out in the binary options world, Finmax offer a Demo Account and bonuses when you place money in a verified account with them. In most instances, all demo trades must be made within a week of opening the account, which isn’t especially generous, but it does provide a glimpse of how the platform works. Even more experienced investors can welcome the opportunity for free trades, as it will give them a feel for the way things are run at this particular broker. The Demo Account has no limits, but after seven days you’ll need to apply for one of four full accounts to keep trading with them.
Bronze account holders have to make a deposit of $250 or the equivalent, this entitles them to a 25% welcome bonus, an account manager, and a free first withdrawal.
A Silver account holder, with an initial deposit of $1000 or the equivalent, gets a 50% bonus and the chance to trade 25% risk-free from the deposited amount. They have access to a personal account manager, webinars and trading signals information, as well as the benefits enjoyed by Bronze account holders.
Gold account holders have to make an initial deposit of $5000, or the equivalent. This nets them a 75% bonus, 2% extra return on all trades, faster withdrawals, risk-free trades on 50% of the deposit, daily analytics bulletins and full access to trading signals news. They also enjoy all the features of the lowered tiered accounts.
Finally, for the high rollers, Finmax have a Platinum account for which the deposit is not revealed online, so you can be sure it’s pretty sizable. If you’re prepared to invest heavily, then you’ll be given a welcome bonus of up to 100%, the use of two senior analysts, an account manager who’s available at any time, 50% of your deposit as risk-free trades, and 4% extra return on every trade. Of course, you’ll also have access to the same features as you would in the three other account types.
Occasionally, they also create limited time offers for traders which could involve a larger welcome bonus or a higher number of risk-free trades. Before you sign up for an offer with a binary options broker, it’s essential to check exactly what the terms and conditions are. Many traders have felt frustrated when they cannot withdraw funds, because they have not satisfied certain conditions after accepting a bonus.
Payments and Withdrawals at Finmax
Finmax accepts a wide range of payment methods, so most investors should be able to finance their broker account in a way they feel comfortable. Credit cards like Visa, Maestro, Visa Electron and MasterCard are all accepted and funds will reach your account instantly. E-payment systems like Yandex Money, E-Payments, QiWi Wallet, Neteller, Skrill and Webmoney are accepted, and your money is available immediately when using them. Alternatively, you can use a bank transfer, just be sure to check with your provider that no extra fees are levied for this action. Deposit times for this method are longer, so it could take up to three working days for the funds to hit your account.
Prior to withdrawing your cash from a Finmax account, you’ll need to complete a verification process so they can be sure of your identity. This is done by giving them a copy of two or more documents – one has to be a passport or another official form of identification, the other should be a utility bill addressed to you at home.
If you plan to top up your balance using a credit card, they will need to see a photocopy of your card on both sides. For security reasons, they allow you to cover the 12 main digits, along with your CVV number on the reverse. Once your account has been verified, you can request a withdrawal. For VIP clients, the funds will reach your account in 48 hours, for everyone else it can take up to five working days.
Customer Services at Finmax
Finmax provides investors with a good selection of contact methods. Live agents are on hand between 8am and 8pm five days a week, although it’s worth remembering that they are 3 hours ahead of GMT, so place your calls accordingly. The UK number is 0203 868 5758, or you can click on the Live Chat bubble on the website for an immediate response – within their working hours. For less urgent enquiries, their email address is [email protected] or you can fill in a customer support ticket on their Contact Us page.
Regulation and Security at Finmax
When we looked into the site as part of this Finmax review, they appeared to be offering a reliable service and complying with the codes of conduct laid down by their regulator. According to the website, Finmax is backed by the International Financial Market Relations Regulation Centre, or IFMRRC, an independent company which oversees the work of various investment organisations, including those that trade on exchange markets. This should make investors will feel more confident in Finmax, as regulation can safeguard both traders and brokers against financial difficulties, including a lack of funds, fraud, and security scares. It is also reassuring to know that they have invested in a robust set of protocols which will enhance the site’s overall security, as well as that of individual investors.
Finmax Review: Our Conclusion
As an efficient broker with a legitimate service to offer, Finmax has built up a wide range of educational resources, including those for advanced traders. Members are also given access to an account manager and the opportunity to view analytics. With a little commitment, you could use these aids to formulate a blueprint for profitable trading. The platform is sound with very little to distract you from the traditional binary options on offer, and most importantly, your money is protected through the IFMRRC.