Finmax Broker Review
The UK-based broker Finmax has opted to use a readymade platform from TradeSmarter. This platform comes with additional features, Social trading and Trading signals, implemented on the charts. When you decide to follow one of the top traders, you can select a trade size up to $300 and a limit loss up to $1,000.
- Crypto trading
- Social trading
- Trading Signals
- 100% Bonus
Finmax uses the TradeSmarter platform, developed by a Singapore-based company. TradeSmarter works to simplify trading with solutions for the Forex and Derivatives industry.
The platform allows traders to profit on currency pairs, crypto pairs and stocks. Once you open a contract with a fixed return, you can manage risk with additional tools: Hedge, Sell back and Double up.
Types of options
You can trade High/Low and Above/Below options for more than 75 available assets. The High/Low trading works on a simple bet from the current market price, while Above/Below offers you target prices.
The expiry time includes the popular 30-second, 60-second, 5-minute and 1-hour options. In fact, for each contract, traders can choose from 27 different expiries that include End of the day, End of the week and End of the month.
The best returns over 200% are paid with Above/Below options if your contract expires in the money. When you trade High/Low options, you can receive the best payouts, about 80%, with 60-second and 5-minute trades.
Finmax offers over 75 trading assets that include currency pairs, crypto pairs, indices, stocks and commodities. You can trade EUR/USD and USD/JPY, as well as crypto pairs, which include BTC/USD, ETH/USD, and ETH/BTC. The price quotes are delivered by Leverate.
The platform chart has some basic tools, and you can switch between area and candlesticks. The timeframes are 1h, 2h and 5h. You can also check the Trader Sentiment for each trading asset. The technical indicators are limited to SMA, RSI, Bollinger Bands and MACD.
The Finmax app is available only for android devices, and it is currently not listed in the App Store. The app allows you to trade all types of binary options but misses many features on the web platform. For instance, you can’t use any technical indicators on the mobile app.
Upon registration, you can opt for a Finmax demo account, which is credited with $1,000 and has 7-day limited service. While using the demo account, you won’t be able to test any of the following features: Social trading and Signals service.
To fund a live account, traders need a minimum $250 deposit. You can make the deposit before verifying the account, but if you want to place trades, you will have to pass through verification. Once you send a copy of the documents, your trading account should be verified in less than 24 hours.
There are four different accounts at Finmax, and traders can switch between accounts by simply adding more funds. You receive the most benefits with the VIP account, which pays 4% more on each successful trade. You should keep in mind that, with higher accounts, the minimum trade amount is $25 instead of $5.
For your trading strategy, it is important to remember the minimum trade amount is fixed to $5 and not $1. The average payout you can receive for successful trades is about 80%, and the return may increase to 200%, depending on the type of options you trade. The maximum investment per trade is $5,000.
If you need technical indicators, you will have to use the Meta Trader or TradingView platforms. The Finmax chart only offers basic indicators.
Deposit & Withdrawals
Finmax allows traders to fund accounts with Bitcoin wallets, as well as the following e-wallets: Neteller, Skrill and Webmoney. You can also use MasterCard or Visa, as well as wire transfer. When you use e-wallets, funding is instant, but for withdrawals, you have to wait for a manager’s approval, which might take up to 5 banking days.
Client support is quick via live chat. You receive instant and direct answers to all kinds of questions concerning the trading platform and your account. You may also contact Finmax via e-mail or phone.
Beginners can watch free educational videos to become familiar with the trading platform and possible strategies. The broker also runs weekly webinars that you can join for free.
- Crypto pairs
- 75+ Assets
- Flexible expiry
- Bitcoin deposits
- Low payouts
- Basic chart
- PayPal N/A
- Slow withdrawals
Currently, Finmax does not accept clients from the following countries: USA, Canada, Japan, Singapore and Belgium