With a focus on new traders, Finmax option broker is one of the latest entrants into the Binary options brokerage industry. Established in 2015 in Bulgaria, the aim of the creators of Finmax is to provide a secure platform for trading binary options no matter your level of proficiency, through easy to use and task-specific tools. Finmax is under the regulation of Russia’s FMRRC and is owned by IK Partners Limited.
Due to the risks and uncertainties associated with trading cryptocurrencies, this Finmax review aims to furnish intending and existing users with all the needed information that will guide them in deciding if the platform is the perfect choice for their binary trading activities. Below are some of the features of the Finmax Binary Options Broker platform.
Finmax offers a broad range of exciting features designed to make binary trading as easy as possible for the beginner. To start trading on the platform, you need to open an account with them.
Finmax has two types of accounts, the Demo Account, and the Real Account. One huge advantage of this broker over many others is the ability to trade without any restrictions on the Finmax Demo account. The Demo account comes with a virtual $1000 and is valid for seven days. A beginner can use the Finmax Demo account to practice before opening a real one.
Depending on your level of experience in Binary options trading, Finmax has four categories of Accounts to cater for each level of proficiency. The accounts include the Bronze for the beginners, the Silver for the intermediate, the Gold traders with considerable experience and the Platinum for the professional trader.
The Bronze Account: The Bronze account targets the new traders who are still trying to find their footing in the Binary Options trade. Coming with a minimum deposit of $250, the Bronze account is the least expensive of the accounts. The account offers traders training materials, complete access to the trading instruments and the economic calendar. Holders of the account enjoy a 25 percent bonus, and they can discuss with their account manager on any issues in need of clarification.
The Silver Account: To own this account, a minimum deposit of $1000 is required from the trader. The Silver account has many advantages over the Bronze because it gives the trader more benefits. Apart from coming with all the features of a Bronze account, holders of the Silver account can trade with 25 percent of their deposit without any risks. Also, they are entitled to a 50 percent bonus and get trading signals (more on this later) for one month. Furthermore, Silver accounts can withdraw earnings within 48 hours and are also provided with educational materials.
The Gold Account: Though opening the Gold account requires a minimum deposit of $5000; the big sum is worth it considering the benefits attached to the account. The account comes with a dedicated personal account manager who helps owners resolve any issues concerning their accounts. The Gold account comes with a shorter withdrawal period of 24 hours, and traders get an additional two percent return on all transactions. The account holders also enjoy unfettered access to fundamental and technical analysis of market trends, daily analytics, trading signals, market reviews and economic calendar while also enjoying bonus as much as 75 percent.
The Platinum VIP Account: The minimum deposit required to open this account is unknown as the account is only available on demand. Among the outstanding features of this account are the 100 percent bonus and extra four percent returns for every winning trade. The account also offers free webinars, educational resources such as videos, full access to trading signals, technical and fundamental analysis, and so much more. The holders of the Platinum account have a manager and two senior analysts who are available round the clock to offer assistance on any challenge they might face.
Apart from these four accounts, Finmax also provides a Micro Deposit account which can be opened with only $10 and with a minimum trading balance of $1. To be granted full access to support services such as social trading and signals and educational materials, traders with this account need to have a total deposit of $250.
To fund your Finmax account, traders can use a credit card, wire transfer, Skrill, Neteller, Qiwi Wallet and a host of other electronic payment systems.
Finmax’ Terms and Conditions stipulates that for each $1 bonus, the required volume is 30, and traders have an obligation to fulfill trading volume before requesting for bonuses entirely. Even though every category of traders is entitled to bonuses, traders must make sure the conditions attached to the bonuses are well understood. Aside the bonuses spelled out in the terms and conditions, Finmax also claims the existence of an unverified unique bonus policy.
Also, Finmax offers new traders on its platform a risk-free trade on their first trading on the platform. Traders can risk up to $1000 on this trade, but terms and conditions apply, and the trader should be cautious of taking actions capable of jeopardizing their investments.
It should be noted that traders from the USA are not supported on the Finmax platform as the broker only operates in Bulgaria and selected foreign markets such as Cyprus, UK, and Canada.
The TradeSmarter platform, which is one of the best binary options trading software, is used by Finmax binary options broker for conducting trading activities. TradeSmarter is a versatile platform and offers in-depth fundamental and technical analysis through its many functions and charts. Japanese candlesticks charts can also be used to check for market trends on the platform, though the interface might be a bit complex for traders who are not well-versed in binary options trading. The Finmax trading platform was developed by the broker in-house.
Finmax supports trading of over 70 assets on its platform including Binary Options, CFDs, Commodities, Oil, Stocks, and Metals. Trading takes place 24 hours every weekday and is offered in eight commodities such as copper, gold, oil, and silver. You can also trade 14 stock indices such as NASDAQ, Dow Jones, Standard & Poor’s 500, Nikkei 225 and so on. Traders can also trade thirty different stocks of companies such as Alphabet, Amazon, Facebook, Sony, etc. Also, the platform supports trading 25 foreign currency pairs such as USD/CAD, and BPS/USD. The minimum investment is $5 while the maximum investment is $50,000.
Trading on the Finmax binary options platform has an expiration time of between 30 seconds to one year. The platform can be accessed via the internet browser on computers, or through its dedicated mobile app which is available on Windows Mobile, the iOS, and the Android mobile platforms.
The trading software supports the above/below and high/low type of binary options. The broker will do well to increase the available binary options on its platform, as this will create more diversity and opportunities for traders on the platform.
Also, the Finmax trading platform offers traders the Guaranteed Stop Loss function which is used by the trader for profit maximization and limit of losses in case the market behaves in an unexpected way or there are price gaps.
Additionally, Finmax offers traders the One Click Execution feature which can be very useful when trading in time-sensitive markets such as transactions with an expiry period of only a few minutes.
Trading signals provide traders with information about the precise entry and exit points of their trading positions thereby allowing them to make better trading choices. Finmax offers excellent trading signals for traders with the Silver account and above. If you are a beginner and you are not conversant with fundamental and technical analysis of market movements, the trading signals is a sure way to trade in a less risky way as it provides an easy to understand approach to trading on the Finmax platform. Traders can get up to 200 trading signals per day in the form of direct alerts on your system or mobile application. The trading signals with lower risks are more reliable, and traders are advised to go with them as they offer more security against loss of capital. The trading signal is an integral part of the Finmax trading software and can be accessed via the Instruments section of the broker’s website.
Finmax also comes with the Social Radar Feature which is an innovation in the brokerage industry which serves as a melting pot for traders. Also known as copy trading, social radar functions like a network where traders can learn from each other, exchange trading experiences, and adopt strategies and trades which promise better results. It offers professional traders the opportunity to develop a large followership of people learning from them, while the new trader benefits from the wealth of experience of the pros. With the Social Radar, traders can key into the experience of other traders to make better trading choices. The Social Radar feature is also found in the Instruments section of the Finmax website.
A broad range of learning resources is available on the Finmax internet site. Some of the materials include trading strategies, e-books on binary operations, webinars, and an extensive collection of informative videos. These materials are a goldmine for the new trader as it helps to quickly bring them up to speed on how the Binary options trading is carried out.
Through its Instruments feature, Finmax provides traders with up to date news about happenings in the binary options market. Trading News gives weekly reviews of market activities around the world and also dwells upon significant events that can affect the industry.
Another feature on the Instrument section is the economic calendar which is a timetable of political and socio-economic activities that evaluates the performance of countries whose economies have a tremendous impact on world trade. Traders use this information to check for events that could change the market behavior and affect their earnings. Events with the most impact on market behavior include announcements on changes in Interest rates, Consumer Price Index (CPI), Purchasing Managers’ Index (PMI), and Gross Domestic Products (GDP). Having these data gives a trader the opportunity to anticipate possible market movements in the future and tailor their decisions in line with best practices.
Finmax provides traders with a detailed market analysis in the form of graphs and charts on its website. The Market Analysis feature can be accessed through the Instruments section.
The Analytics section contains a weekly review of global activities in the binary options market. Traders also have the choice of using the Advanced charts to follow trends in the market.
After risking your money and time, it is necessary to have an outlet through which your earnings will be paid. On its website, Finmax has many payment options ranging from credit cards, wire transfers and a host of electronic payment systems. During this Finmax review, we found out that the claims of the broker regarding the different payment options might not be entirely correct. On trying to fund a new account, some users found out the only options available are wire transfers and credit cards. When we inquired about this anomaly, the customer service claimed that the electronic payments system would soon be online as well. We frown at this as the claim made on the broker’s website can mislead traders and might also discourage them in using its platform.
The minimum that can be deposited is $250 which is the requirement for opening a Bronze account. You can deposit in dollars or other currencies.
Also, this Finmax review discovered that traders would be charged a five percent fee if they want to make a withdrawal from an account that has not been used for trading before. Traders are also required to pay a fee for every withdrawal they make. The minimum withdrawal is $25, but a wire transfer withdrawal attracts a charge of $50, while 3.5 percent of the amount to be withdrawn is paid for credit card withdrawals. Furthermore, the broker also charges dormant accounts a hefty fee, and this is a disincentive towards users of the platform.
Finmax maintains an excellent customer support service. Their customer support can be contacted through direct phone lines, Skype, online form, email, and live chat. They have customer care lines in Australia, the United Kingdom, Cyprus and Canada and it can be used to contact their agents during working hours. The customer support agents offer prompt responses and are courteous to customers.
Also, the Finmax platform is accessible in different languages which include Arabic, English, French, German, Italian, Russian and Spanish languages. A large number of languages make it easy for many traders from various nationalities to trade on the platform.
Despite its top quality customer support, Finmax is lagging behind when it comes to customer education as its video gallery does not have the needed material to grow a beginner into a pro. Also, articles on trading strategy are not in-depth, and the FAQ section contains only basic information about the broker and its operations.
1. The broker has a Finmax Demo Account which can be utilized for a risk-free practice trading. The Demo account can be used for a week and offers new traders opportunity for learning the dynamics of the enterprise.
2. The platform provides four different accounts targeted at various types of traders. With this, a trader can opt for the most favorable and financially expedient account type.
3. Traders can trade on the go as the platform is available on the three most popular mobile device platforms of iOS, Android, and Windows Mobile.
4. The platform provides traders with the option of buying assets with expiry periods of up to one year.
5. Traders can withdraw their earnings within 48 hours.
6. Finmax offers traders the Instant Order Execution function which allows them to cash in on limited time offers.
7. The binary options broker has a little minimum investment capital of only $5.
8. It offers innovations such as the Social Radar and has a user-friendly interface.
1. The Finmax platform is still considered a new broker and its operations are not well understood for now. Traders need to keep this in mind when investing vast sums on the platform.
2. Finmax has a limited amount of different types of assets that can be traded on its platform.
3. The platform has some unfavorable practices such as charging substantial fees for withdrawals.
In conclusion, this Finmax review found out that the Finmax website has a beautiful interface with attention-grabbing details and is optimized to deliver great user satisfaction. The site is easy to navigate, and most information is available via an easy scroll down and clicks on the homepage. The platform offers generous bonuses, has a unique Finmax Demo account for practice and also comes with four different accounts from which traders can select. Despite its many benefits, the platform still lacks some functions and is a new entrant into the business. Even though Finmax promises traders a lot of rewards, restraint should be used in investing on its platform because apart from being a new broker, binary options trading is fraught with many risks, and it is the responsibility of traders to take decisions that will be in their best interest.
This article may also be interesting: Binomo Binary Option Review.