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Finmax Review

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Finmax Review
4.7/5 of 12 ratings

Finmax binary options

Finmax is a binary broker regulated by the Financial Market Relations (FMR). The company is based in London, UK, and offers binary trading on currency pairs, crypto pairs and stocks.

Traders can fund their accounts with a number of e-wallets, including Skrill and Neteller, as well as Bitcoin wallet. To open a live account, a minimum deposit of $250 is required.

Finmax is currently offering only binary options products, but the company aims to also add forex trading and CFDs in the near future. Thus far, it offers some interesting features, such as Social trading, which allows users to copy trades from the top traders on the platform.

There are more than 75 assets available for trading binary options on a simple High or Low prediction. Traders can easily choose a favourite list between currency pairs, crypto pairs, stocks and indices.

Quick review
Regulated by: 
FMR
Products: 
Binary options
Markets available: 
Currencies, Crypto, Stocks, Indices, Commodities
Platforms: 
TradeSmarter
Min.deposit: 
$250
Min. trade amount: 
$5
Potential payout: 
80%
Demo Account: 
$1,000
Bonus offer: 
100%
Account currency: 
USD, EUR, RUB
Languages: 
EN, FR, ES, IT, RU, DE, PL, AR
Founded: 
2015
Support: 
Live chat, Phone, E-mail
Mobile platform: 
Android
Payment methods: 
Visa, MasterCard, Wire, Neteller, Skrill, Qiwi, WebMoney, Yandex , Bitcoin

Finmax broker review

Broker Review

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.

Finmax Specials

  • Crypto trading
  • Social trading
  • Trading Signals
  • 100% Bonus

Trading Platform

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.

Finmax trading platform

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.

Expiry time

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.

Payouts

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.

Assets

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.

Chart

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.

Mobile App

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.

Demo account

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.

Live account

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.

Trading Strategy

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.

Customer Support

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.

Pros

  • Crypto pairs
  • 75+ Assets
  • Flexible expiry
  • Bitcoin deposits

Cons

  • 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

Finmax traders’ comments

Finmax seems to be a trusted broker among the majority of binary traders but still has room to improve. For me, the crypto pairs are no doubt the best product on the platform, but they come with very low payouts, about 72% if the contract expires in the money.

The platform doesn’t allow one click trade, which is very annoying as every time you want to place a new trade you need to confirm it. Finmax should definitely speed up the withdrawal process up to 24 hours maximum.