- Educational Resources
- Additional analysis tools and resources
- Healthy Range of Tradable Assets
- Good Trading Platform
- Fees charged to withdrawals
- Fees charged to dormant accounts
- Not regulated by government regulatory body
FinMax, trade binary options with over 70 assets across forex, commodities, indices and stocks
FinMax rates well across all major categories without being particularly outstanding or wanting anywhere. Bonuses offered on deposits are fairly generous though turnover targets then do have to be met before funds can be withdrawn as cash and new clients get one ‘risk free’ trade after opening an account. Customer support options are also along industry standards with telephone, email and skype support available in several languages.
The software the trading platform is based on is very good and a customized white label version of the TradeSmarter software and with over 70 assets across forex, commodities, stocks and indices available to be traded, it’s a range most clients will be happy with.
The strong competition in the binary options trading market and numerous brokers to choose from has proved to be a boon for traders. Great software, trading conditions, pricing and customer service is resulting from brokers competing for clients. However, there is of course still variance in the levels of quality and conditions that can be found at different brokers and which is a good fit for each individual trader depends upon their own trading requirements and preferences.
Assessing the qualities of the many brokers to choose from is a time intensive business so we’ve done our best to do most of the ground work for you by reviewing the key criteria that are important to traders. In this particular review, we take a closer look at FinMax, a broker established in 2016 and best known for the quality of the binary options trading educational resources it provides.
FinMax is a Russian-owned brokerage that started operations relatively recently, in 2016. They are regulated by the Financial Market Relations Regulation Center (FMRRC), which describes itself as a non-commercial organization created to regulate the quality of services provided by brokers and dealing centers. It should be noted that the FMRCC is not an official government regulatory organ but a voluntary regulation/certification and client compensation fund organization that financial companies opt into.
The broker uses EU banking for all trader funds and has won a number of awards since launching, including IAFT’s Best New Broker 2016, and BinaryMag’s Top Broker 2016. FinMax is also certified by FXEmpire as a partner broker.
FinMax’s trading platform is built on proprietary software, the development process of which the team of financial market experts behind the company were heavily involved in.The underlying technology is a white label of the TradeSmarter binary options software which has been customised to FinMax’s specific requirements. The trading platform is easy to use and incorporates charting and tools to assist with both fundamental and technical analysis.
Finmax’s trading software facilitates two varieties of binary options trading – classic high/low binaries as well as above/below. Above/below options involve the trader taking a position on if a market will finish above or below a price set by the broker while with high/low binaries the trader predicts if a market will be up or down on its starting point at the time of the option’s expiry.
The software also includes indicator tools, a free signals system and social trading. The trading platform is browser-based so does not require the download of any additional software. Quotes on assets are provided by Leverate, the biggest provider on the binary options market.
FinMax’s mobile trading app is, as would be expected, available in Android and iOS formats and can be downloaded for free from the App Store or Google Play. The mobile version of the trading platform is almost identical to the desktop format with some slight tweaking to be optimised for use on a smaller screen.
Customer reviews of the app on both Google Play and the App Store are good with an average of four stars given. The apps were released relatively recently, over the summer of 2017 so are built upon the most contemporary technology.
FinMax offers binary options traders a good selection of tradable markets the cover forex, commodities, equities and indices, with over 70 options spread over the four categories. With 30 big individual stocks including companies such as Facebook, Microsoft, Siemens, BMW and HSBC, 13 indices, all the main forex pairs and a good range of 8 commodities, the tradable assets will satisfy all but the most demanding binary options traders.
Trading Features, Fees and Payouts
FinMax doesn’t charge any fees either to open a trading account or for trading. Withdrawals do however come with charges. Wire transfers are charged at $25 or €25 and payment to a credit card at 3.5%. Withdrawals processed by one of the several e-payment processors supported are charged at between 3.5% and 0.9%.
Charges to dormant accounts are quite significant. After 2 months inactivity, a $80 charge per month is applied to accounts, rising to $120 after 3 months and $200 from 6 months. If the account’s balance is zero or less than $5 and no activity has been recorded in at least a month, it is closed.
Payouts for winning trades reach up to 90% with averages around 80%, which is in line with industry averages. The minimum stake to take out a binary option with FinMax is $5.
Bonuses & VIP programs
FinMax offers a range of attractive bonus and promotion offers to traders. The first trade of every new client takes advantage of the introductory ‘risk free trade’ bonus offer. This means that if the trade finishes out of the money the value is refunded to the trader’s account balance.
Deposits made into a trading account also come with generous top-up bonuses, made at the discretion of FinMax. Deposits of between $250 and $999 can be top-upped by a bonus of up to 25%, $1000 to $5000 up to 50%, $5000 to $25,000 up to 75% and up to 100% for deposits of more than $25,000.
Deposits and withdrawals
Making deposits into and withdrawals from a FinMax trading account can be achieved through a wide range of payment options. Bank wire transfer is supported as are Mastercard and Visa debit and credit cards. E-payment processors supported include Qiwi Wallet, WebMoney, Neteller, Skrill, and Yandex Money. The minimum deposit is $250.
Charges do apply to withdrawals however, up to 3.5% depending upon the method, which is something FinMax can look to improve upon going forward. If withdrawal via bank transfer is requested there is a minimum withdrawal value of $50.
Withdrawals should be processed within 5 days, though this could extend to 14 days if any additional documentation needs to be requested.
Customer support is provided in eight different languages including Russian, Polish and Arabic as well as English, German, French, Spanish and Italian. Clients can use one of several country-specific phone numbers to get in touch with FinMax’s customer support agents as well as via skype or email.
Extra features and resources
Finmax offers traders a very healthy range of added value features and resources to help support their trading activity. An education centre includes guides, articles, video tutorials and webinars covering different levels of trading expertise from beginners up to relatively experienced traders.
As well as educational materials, additional resources provided via the platform include an economic calendar, news, analysis, signals, charting and social trading.
When it comes to trading binary options, FinMax is a very good all-round broker. The trading platform is to a very high standard, as are both the iOS and Android mobile apps, and a good range of tradable markets are available.
The educational resources and tools and instruments available to traders is also within the upper echelons of what is offered by different binary options brokers on the market. The fees charged by FinMax on withdrawals and on dormant accounts are a little high and have to be considered a drawback and something the broker should look to improve upon going forward. Withdrawals processing time could also be shortened and coming under the regulatory control of one of the major European regulators would provide clients with additional peace of mind.
Is FinMax a safe broker?
While not regulated by a major European financial regulator, FinMax does belong to the voluntary regulatory regime of the FMRRC.
Who provides the pricing quotes on the FinMax trading platform?
Quotes are provided by Leverate, a market leader binary options quote provider.
What is the minimum trade value with FinMax?
The minimum trade value is $5.
What is the usual and maximum payout with FinMax?
Average payouts are around the 80% level with the maximum reaching 90%.