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About company
FiNMax is a binary options broker focused on clients from the CIS countries and Europe, in particular Russia. The company is licensed by the following regulatory bodies: the Vanuatu Financial Services Commission (VFC) and the International Financial Market Relations Regulation Center (IFMRRC). FiNMax is owned by a large company, Max Capital Ltd.
Trading conditions
FiNMax provides access to the following trading platforms:
- MT5 Desktop.
- MT5 Web.
- MT5 Mobile.
The broker offers a wide array of trading instruments: currency pairs, various stocks, cryptocurrencies, energy, precious metals, indices, and futures.
Clients have a choice of several trading account types: Micro (initial deposit is $250), Mini (initial deposit should be at least $1,000), Standard ($5,000), Premium ($25,000), and VIP ($100,000). Beginners can also open a demo account to try their hands at training. When trading on a demo account, they will not incur losses as they trade with virtual funds.
Customers can top up their accounts and withdraw funds via Visa, YooMoney, wire Transfer, Qiwi Wallet, WebMoney, Skrill, and Neteller. Bear in mind that before withdrawing money, clients must pass verification. To do so, they should provide the broker with the necessary copies of the ID card and indicate the address of residence.
According to the company's website, clients can withdraw money within 5 working days. Owners of VIP accounts have a special privilege. They can withdraw funds here after 48 hours.
When cooperating with FiNMax, traders should take notice of one condition. If they have not used their accounts for a long time, they have to pay certain commissions. So, if traders have not made transactions in the last few months, the broker withdraws certain funds from their accounts.
After opening a trading account, clients agree that the broker can sometimes deduct commissions from their accounts. The amount depends on the period of downtime. If traders have not used their account for 2-3 months, the broker will charge a commission of $25 and for 3-5 months, the commission will total $50.
For newbies, FiNMax offers free training sessions, webinars, trading signals, risk-free trading options, including social trading, which shows the transactions of other traders in real time. Thus, a beginner has the opportunity to trade options through the copying of transactions of more successful and experienced investors.
Support service
Clients can contact the support service via a phone number with a Moscow area code, an email, or a feedback form.
Feedback
On the web, there is an abundance of negative as well as positive reviews. Many traders call the broker a forex kitchen and scammer. They also complain about the support service whose managers simply do not respond to calls or emails and freeze trading accounts without notifications. Besides, clients cannot withdraw their funds.
Pros and cons
The main advantages of the broker are the presence of a license, a demo version, and free training webinars. However, they fade when it comes to drawbacks. The broker does not provide access to the MT4 trading platform, the most popular platform among traders. Traders also note commissions for money withdrawal. What is more, one can hardly ignore the ocean of extremely negative reviews.
