FiNMAX Broker Review 2020

General Information

Website                       https://finmaxbo.com

Founded                      2015

Regulated                   Yes

Platform                      Proprietary

Mobile App                  Yes

Tradable assets          75+

Min. Deposit                $250

Max. Leverage            N/A

Min. Trade Size          N/A

Free Demo Account    Yes

Payment Options        Bank Transfer, Credit/Debit Card, Yandex Money

FiNMAX was founded in 2015 in Bulgaria. While it cannot be perceived as a new broker with half a decade of experience under its belt, FiNMAX is a puzzling mix that not all traders will find to their liking. The company services both domestic and foreign markets with key emphasis on Russian-speaking traders. To find out if FiNMAX is a legit business, we investigated further.

Trading Platform

FiNMAX offers its own proprietary trading platform. Its design is very clean and easy to navigate. Beginners will find little to no trouble finding anything they need. The platform can be accessed on both desktop and mobile versions. Given the popularity of mobile trading, it was a smart choice to enable using your trading account from anywhere on the go.

Another positive aspect of FiNMAX’s platform is charting and functions. Traders can use many drawing tools, indicators and chart types to create and execute a trading strategy.  There are three different chart types for analysis:

  • Line Charts
  • Candlestick Charts
  • Bar Charts

In addition, more than 20 indicators are available on the trading platform. Traders can further enhance their strategies by implementing drawing tools. They have proven to be one of the best ways to predict trends. Novice traders should not shy away from all these tools, as there are video tutorials on how to make the best use of them.

Account Types

There are several account types available on FiNMAX depending on how much money and time traders are willing to invest. The entry point for the most basic account seems a bit steep when compared to the competition, but you can generally find good variety here.

  • Bronze Account

Traders can open the bronze account with a minimum deposit of $250, with access to more than 75 tradable assets. This is a good option for those new to trading or those who want to experience the platform before increasing their level of investment.

  • Silver Account

For a $1,000 deposit, you can expect one-month access to trading signals and a personal account manager. According to FiNMAX, this is their most popular account. It is best suited to those familiar to binary trading, with a bigger appetite for investing.

  • Gold Account

Gold account holders must submit a deposit of $5,000. Biggest benefits to this account type are speedier withdrawal times when compared to bronze or silver accounts. In addition, bonuses are increased up to 75% and there are more education materials available.

  • Platinum Account

Starting at $25,000 the platinum account is best suited to serious binary traders that have significant experience under their belts. Benefits include +4% of return per each trade and educational tools including daily analytics, unlimited trading signals and more.

  • VIP Account

As expected, VIP account is top of the line, with all bells and whistles. The minimum deposit is $100,000, and the account holder can benefit from up to 100% bonus with access to all available tools with a manager who is at your disposal 24/7.

Deposit & Withdrawal

FiNMAX accepts several payment methods.

  • Credit card
  • Bank transfer
  • Yandex Money
  • Skrill
  • QIWI wallet

Deposits generally take few hours to show up on you trader account. When it comes to withdrawals, the same methods apply as well. You will first be required to verify your account. When you get verified, funds will be transferred to your wallet in several working days depending on your account type. While silver, gold and platinum accounts can be processed in as little as 48 hours, basic account holders could wait as much as 10 working days.

Education

Account segregation is noticeable in this segment as well. While there is a lot of material on offer, not all clients will get to experience it. Most of it is locked away behind a paywall, so if you do not have a higher-tier account, you will miss on a lot of it. There are a lot of quality tutorials on the web, but traders would feel a lot more comfortable if they were able to go through it form the comfort of their own accounts.

Conclusion

Since they were founded in 2015, FiNMAX has steadily grown into a reputable online binary broker. They offer a variety of account types that can cater to the needs and ambitions of different traders. If they were to improve their asset list and education material structure, they would be even more attractive. This way, they just remain a not so promising option for those with a lot of experience, and a no-no for those new to trading.