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Finmax review – Is it a scam or not? – Test of the broker
- Personal support
- Live webinars
- Risk-free trades
- The broker is offline and scammed clients
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Last updated: October 22, 2022
Finmax investor alert:
The Finmax broker is offline and scammed its clients. It is an unregulated broker without regulation! Do not sign up with Finmax, FinmaxFX, or FinmaxBO.
(Risk warning: Your capital can be at risk)
Is Finmax a scam or a reliable broker for Binary Options and Forex/CFD? – Sometimes it is hard to find a good broker because the best selection of brokers is quite large. In this review, I will have an accurate at the broker Finmax. Is it worth investing your money there or not? Read more about the conditions for traders in this review.
| |
| Test: | (1 / 5) |
| Regulation: | IFMRRC |
| Free demo account: | ✔ |
| Minimum Deposit: | 25$ |
| Minimum Trade amount: | 5$ |
| Social Trading: | ✔ |
| Special: | Binary Options, Forex and CFDs |
| Assets Profit: | 90%+ |
| Support: | Phone, Chat, Email |
What is Finmax? – The broker presendet:
Finmax is an international broker for Binary Options, Forex, and CFD since 2015. The company is based in 14 Tsar Osvoboditel blvd. Sofia 1000, Bulgaria, and an agent of the IK Partners Ltd. The Website is owned by Morris Processing Ltd 372 Old Street, Suite 1, London, England, EC1V 9LT.
The Broker says that they provide the best service for their clients. With them, it is safe to invest. Traders can bet on their platform with different financial products on rising or falling markets. There is the possibility to get a very high return on investing money. They accept traders from all around the world. In this overview, I will prove their statements and find out if it is worth investing money in.
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The main goals of Finmax:
- Make it easy to trade with the chance of high profit
- An individual approach of each client
- Transparency of trading and transactions
- A flexible platform with a large variety of assets
Regulation and safety of customer funds
It is very important to get a reliable broker for financial investments which is regulated and licensed. Finmax is regulated for Binary Options and Forex by the IFMRRC. Also, they got a European bank and some popular awards. The site is secured by SSL, Comodo Secure and VeriSign Trusted. First of all, does not look like Finmax is a scam.
Finmax trade offer and conditions
Finmax provides you the service to trade more than 70 different assets. There are Forex, Commodities, Stocks, and Cryptocurrencies to trade. The account opening amount is quite low at 250$. Also, the minimum investment of a trade is very low by 5$ too.
The asset profit is between 70 – 90%. That depends on the asset which you like to trade. The most traded assets like EUR/USD got the highest asset profit. Binary Options are very flexible on the Finmax platform. You can use short-term trading starting with 30-second trades and long-term trading with a time horizon of more than 2 weeks.
The maximum leverage for Forex and CFD Trading is by 1:200. With one click you can change between Binary Options Trading and Forex/CFD trading. That makes the platform very flexible.
The best conditions with Finmax:
- More than 70 different assets
- Forex, Commodities, Cryptocurrencies, Stocks
- Asset profit of 70 – 90% for Binaries
- Trade Binary Options and Forex/CFD on one platform
- Maximum leverage 1:200
| SUPPORT: | AVAILABLE: | PHONE: | ADDRESS: |
|---|---|---|---|
| Phone, Chat, Email | 24/5 | +357 (22) 008-852 | 14 Tsar Osvoboditel blvd. Sofia 1000, Bulgaria. |
Have a look on the trading platform of FiNMAX
Finmax offers a unique trading platform. From my experience, the platform is very flexible and user-friendly. For beginners, it should not be a problem to learn to trade in a few steps. For more information, beginners can watch video tutorials or ask the support for service.
The platform is available for your computer (browser) and an app for your smartphone or tablet. Nowadays mobile trading is very popular. You can check your trading account from everywhere with your smartphone.
Also, Finmax provides transparency for your transactions. It is easy to see very clearly what is now happening with your trade in the market. On the left side, you see your personal account balance and the trading dashboard. Open your trades in less than 1 second. The trade execution on the Finmax platform is very fast too. There are no lags and other problems.
The user-friendly platform enables clients to choose from a wide range of flexible expiry times for binary trading. Depending on your trading style you can choose from short, middle, and long-term time horizons.
(Risk warning: Your capital can be at risk)
Charting and analysis
Another important point for traders is charting and functions. The trading platform should be the best tool for your analysis. Professional traders use technical analysis for profitable trading Binary Options. That includes drawing tools, indicators, and chart types.
Finmax offers 3 different chart types on the platform. The candlesticks are the most common type for analysis. You get more knowledge about the market by using candlestick. You will see the open, close, high, and low of the market in a certain time period.
Charts:
- Line Chart
- Mountain Chart
- Candlestick Chart
- Bar Chart
Free and professional indicators
Indicators are available on the trading platform too. In addition, the brokers offer you more than 20 different indicators for trading. Indicators are mathematic formulas for predicting the price movement in the future. Use moving average, RSI, Bollinger Bands, and more than 20 other indicators on the platform. Also, you can customize them as you want. This is a big advantage for Finmax.
Use technical drawing tools for more profit
Drawing tools are used for technical analysis. They are the best way to predict trends or trade support and resistance strategies. Use horizontal lines, vertical lines, and trend lines for analysis.
In addition, Finmax offers video tutorials and webinars for using technical analytics correctly. Often the daily market update shows you different analyses with drawing tools. Everything is explained by the experts of Finmax.
Advanced Charts
In addition to the Finmax trading platform, you can use advanced charts. They are available by the biggest market data provider TradingView.
Advanced charts by TradingView
There are more indicators, technical drawing tools, and functions available. You can open the advanced charts next to the trading platform. I recommend using 2 different screens for a better overview. In conclusion, the broker offers tools that are needed by traders. It is possible to trade any strategy on Finmax by using indicators and technical analysis. In addition, the platform looks structured. There are no lags and the trade execution is quite fast.
(Risk warning: Your capital can be at risk)
Mobile Trading by Finmax App
On the other hand, you can use the trading platform on your smartphone. The app is available for Android and iOs. The functions are the same as in the web-based version. Directly get access to a wide range of assets and financial products. Also, support is available in the app. Use the app to control your portfolio from any place in the world.
Finmax looks like a reliable trading platform for beginners and advanced traders. The range of offers is large and compared to other brokers one of the best.
How to use Finmax? – Trading tutorial
With Finmax you can bet on rising and falling markets at the same time. The broker offers you the financial products Binary Options and Forex/CFD as mentioned before. Binary Options are easy to understand and much more popular. That is why I focus on this financial product in this section.
How does Finmax work? – It is simple and easy. You have to make the right forecast for an asset to get a payout on a certain time horizon. Binary Options are like betting on an underlying asset. This financial product shows you the possibility to make a high profit by imagining the right direction of the markets. No matter how much the market moves, the price only has to be higher or lower than your entry point. After a certain expiry time, the trade is closed automatically. You can choose between long and short expiry times.
Example: EUR/USD – 75% profit
If you bet 100$ and make the right forecast, you will get a payout of 175$ after the trade is closed. The 100$ is the return of your investment and the 75$ is your profit.
As you see in the upper picture the market only can go in 2 different ways and there is only the possibility to make a loss or a win. Sometimes the profit depends on the asset and the expiry time of the trade. The broker offers you to practice this financial product in the demo account or give you a risk-free trade.
Get a higher account type for more profit
As mentioned before Finmax offers different account types for traders. There are more than 6 different accounts for Binary Options. The status of the account depends on the deposit. It is a good way to improve your profit in trading or get a free and higher bonus for your account. All in all, I like the account types system because it is unique and better than most other brokers.
With a higher deposit you get:
- Better support through different account managers (you should not trust them)
- Higher bonus
- Risk-free trades
- Withdrawal with no fees
- Free webinars
- Signals and more
- No fees withdrawal
The biggest advantages are the higher return of profit in the gold, platinum, or VIP account. It can be between 2 and 6%. Imagine if you make 6% more profit each trade, it is a huge amount of money after 1 week or 1 month.
Open your demo account with Finmax
Especially for new traders and beginners, a demo account is important. Finmax offers you an unlimited and free demo account. You can test the trading platform for free and make your first experience in trading with Binary Options or Forex/CFD. Beginners can learn more about financial products with virtual money. It is trading without risk.
Advanced traders can improve their strategies or develop a new one. The demo account should be available with every broker. Finmax shows you that service. From my experience, there are no differences between the real and demo accounts. Just change with one click on the platform your account between demo and real.
(Risk warning: Your capital can be at risk)
How to open your real account
To open a real account is very easy with Finmax. Just sign in with your personal data and you will get access to the trading platform. It is possible to deposit and trade without verification. I personally recommend doing the verification first. Upload a picture of your passport and utility bill to get full access to the trading platform. Withdrawals without verification are not allowed.
Deposit in few steps with different payment methods. Sometimes it depends on your country. Directly you can choose a bonus for your first deposit. The first deposit amount is 250$
Withdrawal and deposit with Finmax
The withdrawal of your profit is very easy too. Use the same payment method as your deposit for the withdrawal. In my test, the withdrawal takes only 48 hours to process. With a higher account type, it is possible to get faster withdrawals (24 hours). In conclusion, the withdrawals with Finmax are very easy to do and with a Bronze account, you do not pay any fees at your first withdrawal.
Deposit bonus:
Like most other brokers, Finmax offers a deposit bonus to each client. In the basic account, the bonus is 25%. With other account types, the bonus can be up to 100%. Another special of the broker is the risk-free trades. That means if you make a loss, you get it paid back by the broker. The money is credited as a bonus.
Bonus conditions:
Bonuses are always linked to a condition. You have to do a certain turnover (trading volume) after the activation of a bonus! The turnover of the Finmax bonus is x40. That means if you activate the bonus of 100% to your deposit of 10.000$, you will get additionally 10.000$ credited as a bonus. 10.000$ x 40 = 400.000$ turnover (trading volume). You can only withdraw your money after the achievement of the 400.000$ turnover.
(Risk warning: Your capital can be at risk)
Test of the support and service for traders
Another important point of this test is to check customer support and service. Finmax offers you 24/5 support and service via phone, email, and chat. They speak more than 8 languages and the broker accepts international traders. If you got questions the FAQ (frequently asked questions) or the live chat is the fastest to answer your question. From my experience, the customer support of Finmax is one of the best. They answer fast and competently.
Also, the service for customers is at a high level. They got a huge range of account managers and support employees. Each trader gets his own personal binary account manager. You can ask them for a 1 v 1 coaching or trading tutorials. In addition, there are webinars and daily analyses for each customer. Improve your own strategies or search for trading ideas from Finmax. In conclusion, it is reliable support and service.
Facts about the service:
- 24/5 support and service
- More than 8 languages
- Phone, Email, and Chat-support
- Free education
- Free weekly webinars
- 1 to 1 coachings
Is Finmax legit? – Scam or not? – My review results: Offline and scam broker
Finmax is very interesting for beginners or advanced traders. In this review, I showed you the facts about the broker. In conclusion, I have to say that it is a scam broker. My test with real money showed that it is an unreliable company for beginners and successful traders. The website is already offline.
The platform is very user-friendly and easy to use, but please do not sign up! It is the right place for scamming beginners in the markets.
(Risk warning: Your capital can be at risk)
Frequently asked questions (FAQs) about Finmax:
Is Finmax legit?
Based on our own experiences and on the opinions of many clients who have been scammed by Finmax, we must clearly state that Finmax is not legitimate. Many traders complain about the lack of regulation and about huge losses. The broker scores 1 out of 5 possible stars in our review. If you ask us, there are better alternatives.
What is Finmax?
Finmax is a broker that provided its clients with a trading platform. However, it has been reported that there were lots of frauds and scams going on. This has destroyed the confidence of traders in this platform. Therefore, Finmax is currently offline. Due to such negative reports, we strongly recommend not to sign up with Finmax, FinmaxFx or FinmaxBO.
Is Finmax regulated?
The Finmax regulation by the Vanuatu Financial Services Commission (VFSC) and by the International Financial Market Relations Regulation Center (IFMRRC) is questionable. Many scams have been reported. This is the reason why many traders claim that the regulation is fake. We generally recommend not to use the broker and choose a safer alternative.
Is Finmax safe?
We say that Finmax is not safe. This is because many traders have become victims of fraud. Meanwhile, the platform is offline. A platform that has been negatively affected by illegal activities cannot be considered safe.