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Approved broker by binaryoptionsthatsuck.com
8.7
  • Finmax

  • Bonus: Up to 100%
  • Options Payout: 70-85%
  • Rating: 8.7 / 10
Broker Name: Finmax
Platform: TradeSmarter
Founded: 2015
Bonus: Up to 100%
Return/Refund: 70-85%/ 0-15%
No. Of Assests: 78
Regulated:   FMRRC
Demo Account: Yes
Minimum Deposit: 250
US Traders:   Not Accepted

Finmax Review

Finmax is a binary options broker launched early in 2015 and operated by Morris Processing Ltd, a company with a registered address at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ. The company is not regulated by a governmental authority but a form of regulation still exists, coming from the Financial Market Relations Regulation Center (FMRRC). This is a non-commercial, independent Russian organization “created for the purpose of regulating the quality of services provided by brokers and dealing centers”. So far we do not know what impact is generated by this kind of regulation, but it’s certainly better than having no regulation.

 

Is Finmax a Scam?

Finmax doesn’t appear to be a scam. The company is not regulated by a governmental agency but an independent regulator still watches them so it’s somewhere between regulated and not regulated. There are no scam reports or complaints so far. This review has been updated lately (Aug 2017) and will be updated as necessary.

 

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Editor’s Note – Why Finmax Doesn’t Suck In 50 Words

They have implemented an excellent trading platform, with big charts (yea, I’m a sucker for charts), a polished look and well organized buttons. It’s way better than the regular platforms that can fit on the screen of a smartphone – Finmax’s platform fills the whole screen and overall provides a better than average experience. Their Advanced Charts are provided by TradingView , thus a multitude of technical indicators is available. Finmax is also making trading webinars in 5 different languages on a weekly basis, andfresh market news are available in their platform.

 

Why Finmax Sucks In 50 Words

Just like many other brokers, Finmax does not understand the need for updated, daily analysis. They have 2 sections on their website for that, but the newest article is from April 2016 and I am writing this in August 2016. Let’s just say they are still new and don’t have everything set up correctly but I hope they fix it soon.

 
 

Should I Open An Account With Finmax?

Although this broker is very green, I like them so far, because they seem to have a different approach than most other brokers: the trading platform is developed in-house, it fills the entire screen (as it should), and they actually pay attention to what really matters to a trader: charts. Even if this is an online-only platform, it still has a lot of the functionalities of a downloadable platform: candlestick charts, the ability to change time frames and to apply some technical indicators (Moving Average, Bollinger Bands, RSI and MACD). If that’s not enough for you, you can use their Advanced Charts provided by TradingView and trust me, those are really advanced so you won’t have anything to complain about.

The account structure is well balanced, starting at 250 USD for the Bronze account, continuing with 1,000 USD for Silver and 5,000 USD for Gold. The Platinum account is reserved for VIPs only and the deposit will be discussed with an account manager. It is important to note that the benefits for the higher accounts are worth the extra money, giving you access to webinars, better training tools and educational material, trading signals and also daily market updates and analysis (maybe this is the reason why I couldn’t see the newest daily market analysis). Another major benefit of entering a higher bracket of accounts is the speedy withdrawal: 48 hours for Silver and 24 hours for Gold and Platinum. That’s very fast and gives them a huge advantage over other brokers that delay withdrawals for more than 2 weeks sometimes.

Finmax also offers social trading with their feature called Social Radar that allows clients to spot the performance of the top traders and set limits for a trade. This is available to all clients, no matter the account type they have. The education material consists of video courses (most of them are unlocked through registering), webinars and a nice collection of 5 trading strategies. Note that these are actual strategies, with rules, explanations and pictures.

My final opinion on Finmax is clear: they can become a trusty brokerage and a fine partner for binary options traders but they were just launched earlier this year so I don’t want to make any rash assumptions. They need to improve in some categories but overall they started off on the right foot.

 

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Finmax Complaints

There’s nothing major so far, in fact complaints are very hard to find for now but this is probably because they are still new on the binary options scene. We will update this review as needed.

 

Finmax Bonus

The bonuses scale up depending on the trader’s account and can reach 100% for the Platinum account but keep in mind that percentages are prone to changes so you should always check before depositing. The required turnover before a bonus can be withdrawn is 30 times for each 1$ received; in case withdrawals are made before that turnover is reached, the bonus and profits will be cancelled.

 

Finmax Withdrawal

A normal withdrawal takes up to 5 working days but for the higher-tier accounts this duration can be shrunk to 48 or even 24 hours. Available withdrawal methods are credit cards, wire transfers, and e-wallets (Yandex Money and Qiwi Wallet). As always, copies of identification documents must be provided due to anti money laundering policies.

 

Finmax Extras

Demo accounts are easily and freely available, Advanced Charts are provided by TradingView.

 
 

Finmax Ratings

User Friendly 18/20

The website has a clean layout and information is easy to access but the main reason for the high rating in this category is the platform which offers a lot more features than others and more importantly, all of them are easy to use. The website is translated in 7 languages, Demo accounts are available but U.S. traders are not allowed.

 
Number of assets and expiry times 18/20

Finmax offers 25 currency pairs, 30 stocks, 14 indices and 8 commodities. It’s not the most we’ve seen, but also not the fewest. The expiries range from 30 seconds (also 60 seconds, 2 minutes, 5 minutes) to end of day and end of year, with many increments to choose in between.

 
Commissions, Support and Effective return 16/20

There are no commissions for registering, just as usual and the effective return ranges from 70% to 80%. Unfortunately this is lower than average and I believe it’s an area where Finmax should improve. They don’t have a Live Chat feature, which is another drawdown.

 
Deposit, Payment and Bonus 18/20

The minimum initial deposit is 250 USD. The available methods are credit cards, e-wallets (Yandex Money and Qiwi Wallet) and bank transfers. Withdrawal must be made through the same method used for deposit and the processing time depends on the account you have: 5 working days for the Bronze account, 48 hours for Silver and Gold and 24 hours for Platinum (VIP). The bonus turnover is 30 times, meaning that you have to trade 30 dollars for each dollar received as a bonus before you can withdraw it.

 
Website Extras 17/20

Demo accounts are free and available for all registered clients, advanced charts are provided by TradingView and the platform is more visually appealing than many others.

 

Finmax Overall Ratings: 87/100

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