Established in 2016, FINMAX is a binary options broker which is based in Bulgaria and which is owned by a company called Morris Processing Ltd. FINMAX is noteworthy for not just offering currencies, commodities, stocks, and indices to trade, but cryptocurrencies as well.
Is FINMAX regulated? There seem to be mixed reports on this, but my conclusion is “no.” My reason for this is not only can I find no confirmation of any official government regulation, but the only “regulation” mentioned on the FINMAX website is IFMRRC (International Financial Market Relations Regulation Center).
IFMRRC is not an official government regulator, but rather an independent organization. The very fact that this is so prominently displayed tells me that FINMAX has no other more official regulatory status to display.
Please note that while you can trade at FINMAX from many countries around the globe, USA traders are not accepted at this time.
FINMAX Promotions and Contests
One of FINMAX’s big draws is its promotions, bonuses and contests. As of the time of this writing, here is what is being offered:
- Match deposit bonuses up to 100% on as much as $100,000 or more.
- Risk-free trades.
- Raffles for prizes (i.e. iPhone XS Max, tickets to Ferrari World, or a Maldives vacation).
These offers are quite generous, and the raffles are certainly unique.
Opening Your FINMAX Account
If you want to trade on FINMAX, your first step is to make a deposit. Depending on how much you deposit, you will be placed into one of the following account tiers:
- Bronze: Minimum deposit is $250
- Silver: Minimum deposit is $1,000
- Gold: Minimum deposit is $5,000
- Platinum: Minimum deposit is $25,000
- VIP: Minimum deposit is $100,000
Given that most of these account tiers require higher minimum deposits, I would say that this broker is aiming its services at traders with moderate to large bankrolls.
At the Bronze level, you get some basic benefits like a 25% bonus, basic educational materials, an account manager, an economic calendar, and one free withdrawal. One free withdrawal per month doesn’t kick in until the Gold tier.
Each tier adds progressively more advantages. At the VIP level, you get the highest tier of benefits. These include a 24/7 account manager, access to VIP webinars (along with the regular webinars and videos), 6% additional returns on your trades, a bonus up to 100%, 24-hour withdrawals, a risk-free trade, access to two senior analysts, unlimited trading signals, and daily analytics. At this tier, there are no withdrawal fees.
Deposits and Withdrawals on FINMAX
The following methods can be used for deposits:
- Credit card
- Bank transfer
- Yandex Money
- Perfect Money
Additionally, your account currency may be in US Dollar, Euro, Russian Ruble, or Multibot Tokens (MBT).
Cryptocurrencies have become very popular, so it is awesome that FINMAX is so crypto-friendly. Not every binary options broker can claim this.
What about withdrawals? You can use all the same methods listed above. Fees vary depending on the option you choose:
- Credit card: 3.5%
- Wire transfer: 25 USD/EUR
- Yandex: 3.5%
- Neteller: 3.5%
- Perfect Money: 2%
- QIWI: 3.5%
- WebMoney: 0.9%
- Bitcoin: 7%
The minimum withdrawal threshold is $25, which is refreshingly low. Withdrawals process in just 24-48 hours. This makes it fast and easy to transfer your money.
Speaking of fees, I should mention that there are inactivity fees, and they can climb pretty high pretty fast (up to $200 per month), so watch out for this.
Trading on FINMAX
FINMAX offers a proprietary trading platform, and makes trading available on desktop, laptop, and mobile (iOS, Android or Windows) devices.
The platform is pretty close to others you may have used in the past. Across the top, you will see the assets you can trade. Below that, you can pick your expiry time. You can then pick “High” or “Low” on the right side of the screen, where you may also view your account balance and the amounts of your active investments. That is where you can input your stakes as well.
The minimum trade size on FINMAX is just $5, which is excellent. The maximum trade size is $5,000.
There is a wide range of expiry times to choose from. You can enter into anything from a 30 or 60 second trade to a long-term investment in an asset of your choice.
Something else exciting is that along with stocks, indices, currencies and commodities, you can trade cryptocurrencies. There are 131 assets in all, so the selection is pretty extensive.
Educational Resources and Trading Tools on FINMAX
Along with the resources which I have already discussed, FINMAX provides an economic calendar, market reviews, fundamental and technical analysis, and social trading. Video content in the educational center looked pretty basic, though I did find some detailed strategy articles.
FINMAX Customer Service
You can reach customer service on FINMAX by filling out a web form, sending an email, contacting live chat, calling one of the phone numbers provided, or by sending old-fashioned snail mail.
Take note that FINMAX only offers customer support from 8 in the morning to 8 in the evening (GMT +3). This is not as great as 24/7 customer service, but at least the website is clear about the matter. Support was not present while I was researching this broker, so I did not have a chance to test the team. Thankfully, the resources on the site were comprehensive enough to answer most of my questions.
You now are familiar with FINMAX and its features. While the site has deficits in some areas (high inactivity fees, no 24/7 customer service, and a fairly average trading platform), it is crypto-friendly, offers traders a wide variety of assets to invest in (including cryptocurrencies), and boasts plenty in the way of trading tools, educational materials, and promotions. While there are more competitive sites out there, FINMAX may be worth considering.