Finmax is a binary options brand operated by Morris processing Ltd 2, which is the parent company headquartered in Sofia, Bulgaria. Even if the service started its activity in 2016, it could already attract traders’ attention by providing a good platform to trade on, helpful tools and a decent asset index. The broker is regulated by FMRRC – the Russian regulatory body.
1. General information
2. Advantages and disadvantages
Fast trading platform: The broker has its own platform that was developed by a team made of experienced traders and IT experts.
Social trading: There is a kind of social trading option, suggesting that you can copy strategies of experienced traders.
Low minimum deposit: The minimum deposit and minimum investment per trade encourage amateurs to start their trading career.
Trader training: The broker doesn’t just offer a trading platform – it also teaches its clients by providing helpful education materials, strategies, and news. There is a whole section dedicated for education.
Demo account: You can use the demo account for training purposes.
No Windows phone support: The mobile platform is not available for Windows devices at the moment.
3. Trading conditions
When we speak about trading conditions, we may say that Finmax has the full options. The system and customer support is multilingual. You can set the following languages: English, Russian, German, Spanish, French, Italian and Arab. User-friendly platform with basic technical indicators. More types of accounts for different budgets. A large asset index that comprise Forex pairs, shares, commodities and indices. Trading signals, news, analytics and advanced charts. Bonus programs. The most popular and accessible payment methods. 90% per trade potential profit and $5 minimum investment per trade. We think that Finmax clients have a great support considering all these benefits.
4. Underlying assets
Finmax has an asset index that looks similar to a Forex broker’s list of assets. It has the full range of instruments: 30 company shares: Sony, Renault, Facebook, BMW, and more. 14 indices, like CAC 40, NASDAQ, S&P 500, DAX 30, Nikkei 225, etc. 25 currency pairs, including EUR/USD, GBP/USD, USD/JPY, and more. 8 commodity instruments based on 5 commodities – gold, silver, oil, gas, copper, gold/silver, gold/EUR, and gold/GBP.
5. Trading platform
We were surprised to discover that Finmax has its own platform. From our experience, most binary brokers, especially those who make their first steps, use a ready-made platform developed by a third party.
The Finmax platform makes trading look easy. Despite its convenience, the system is quite advanced – there are technical indicators like MA, BB, RSI, and MACD, 3 chart types like line chart, bar chart and candlestick chart, a wide range of time-frames, and more helpful tools. There is nothing complicated and bothering in it.
6. Mobile Trading
Finmax platform has the mobile trading version as well. You can trade your preferred assets from your Android, iOS and Windows devices. The mobile platforms resemble the primary one created for the PC.
7. Demo account
The broker does not ignore traders with little experience. This is why it offers a demo account, which is made only for training needs. You cannot make any real profits there as it uses virtual money. However, the features and instruments are the same.
8. Account types
Finmax has more account types so that all the traders could enjoy the financial markets based on their budget and trading knowledge. Here are the four account types:
Bronze Account – you should fund at least $250 and you become eligible for a bonus of 25%.
Silver Account – minimum deposit with this account is $1000 and the bonus – 50%.
Gold Account – you should invest $5000 or more and the bonus can reach 75%.
Platinum VIP – this account type is made for professionals. We don’t encourage amateur traders to try this one. You should call the Finmax team to discuss the deposit amount and the bonus, which can get up to 100%.
9. Opening an account
Registering with Finmax is quite easy. The client has to complete the registration page with his name and surname, email, phone, address and put a password – and that’s it! Just don’t forget to click the account type you want to use – demo or real. By agreeing with the terms and conditions of the broker, you become a member.
10. Funds withdrawal
Finmax offers the full range of payment methods. Here is how you can deposit or withdraw the funds: Bank Wire transfer, Credit/debit card, such as VISA, Maestro, and MasterCard, Online payment system, such as Skrill, Qiwi, Neteller, Yandex Money, or WebMoney. The minimum deposit is $100 and it is worth mentioning that you cannot withdraw any funds without passing through an ID verification procedure.
11. Trader training
As mentioned above, Finmax is putting a great effort to educate and support its clients with less trading experience. Besides the discussed demo account, there is also a whole section full of education pages, such as glossary, strategies, webinars, instructional video clips, trading signals, and more. If you have any questions, you may look for them in the FAQ page. We really appreciate when the brokers come with a decent range of education materials.
12. Should I trade with Finmax?
Finmax made a positive impression on us, especially due to their advanced and simple trading platform and the education materials. However, it doesn’t mean that professionals won’t find their place with Finmax – there is the VIP account, which has a lot of exclusive features. And by the way, the broker is regulated, has segregated accounts, and offers all the measures meant to keep your money safe.