Not regulated broker
Not regulated broker
Finmax is an online trading platform that was launched in mid-2016. The broker is owned and operated by the British company named by Morris Processing Ltd. having their headquarters in Covent Garden, London, United Kingdom. However, the main headquarters of the broker is situated in Sofia, Bulgaria. Finmax is not regulated by the CySEC that makes it risky for the traders to invest money on such a platform. The number of complaints against the unregulated platforms has increased over the years and result in people losing a huge amount of money. So, the traders should have a proper investigation while investing in the Finmax trading platform because it is always important to check the broker’s regulation status while selecting a broker for online trading. However, Finmax is regulated by the FMRCC which is a Russian regulatory authority.
The platform is a very young broker with an experience of just over a year. There is a tough challenge ahead for this online trading platform to establish themselves among the popular and regulated brokers in the market. Finmax comes with a decent asset index and some helpful tools that can easily attract the traders’ attention. There are more than 70 assets from which you can select one to trade on the platform. The broker offers profitability up to 90% to the traders that is much more than some of the best trading platforms.
The trading platform has adopted the TraderSmarter trading platform. They have put together some great efforts in developing a customized interface, but they have failed in many portions. They have fully targeted the professional traders who know all the tactics and techniques about the online trading. However, the features that are demanded by the professional and experienced traders are just average. The majority of the regulated platforms in this industry has better website’s interface than the Finmax. It will also be a challenge for starters who know nothing about the binary options to access this platform.
There are some positive features of the platform that can be useful for traders that include trading charts. These charts are more clear and extra large as compared to the other binary options trading platform. In addition to that, the traders can also switch their screen from the area type chart to a candlestick type chart for having an improved and better analysis of the asset prices. Another noticeable feature of the Finmax platform is the sentiment indicator through which traders can check out how the other traders are trading on a selected asset. The platform also has a social trading functionality feature that starters can utilize for kick starting their online trading career. Along with their website, Finmax has launched a mobile application for both the Android and iOS platforms.
There are only two types of trading option supported by the platform, i.e. high/low options and above/below options. It might be difficult for the beginners to understand online trading with a few trading methods. We have explained both the options available on the platform in detail:
High/ Low Options
It is the classic method of binary options trading that can be found on the platform of almost every platform. The high/low option type is also a popular option type among the traders. You have to predict whether the value of the asset will increase or decrease than its present price by the expiry time.
It works in a similar way as the high/low options, but there is one difference that you should keep in mind while trading with this option type. Here, you have to determine if the price of an asset will end up above or below the predetermined value that will be set by the Finmax.
Along with that, the platform offers a great range of expiry times that range from 60 seconds to 6 months.
There are four types of trading platforms available on the platform from which you can select one according to your choice. Have a look at these account types in detail:
1. Bronze Account
The cheapest account that you can open on the Finmax is Bronze that requires a minimum deposit of $250. The main features that come with this account type are an account manager and economic calendar. Additionally, you will get a bonus up to 25% and access to education courses.
2. Silver Account
The silver account can be opened by the traders by depositing at least $1,000. There are many extra features in the silver account that isn’t available in the bronze account. It consists of a personal account manager, free webinars, educational videos and access to trading signals for one month. Additionally, you will get bonus up to 50% and risk-free trade up to 25% from the deposited money.
3. Gold Account
It is the most popular type of account due to its rich features and extra benefits. In addition to all the benefits of the silver account, you will get access to unlimited trading signals, daily analytics, market reviews and technical analysis. Additionally, the bonus for a gold account is up to 75% and you will get 2% return for every trade. However, you have to deposit a huge sum of $5,000 to open this account, which is much more as compared to the other broker’s platform.
4. Platinum Account
It is the best account available on the broker’s platform. The main features of the platinum account are two senior analysts, availability of personal manager 24X7, access to VIP seminars, personal account manager, unlimited access to the trading and much more. You will also get 4% return on each trade and bonus up to 100%. However, the amount you need to deposit for opening this account is unknown as there is no mention about this on their website. This is a bad tactic implemented by the platform to pervert the traders. They should clearly mention all the details on their website so that traders can easily choose the type of account they need.
The amount of bonus depends on the type of account you have opened on the platform. The bronze account holders get up to 25% bonus, whereas the silver account can receive a bonus up to 50%. The bonus increases up to 75% for the gold account holders and platinum VIP account holders can earn up to 100% bonus. The platform’s bonus strategy looks pretty suspicious as they increased bonus with every premium account. They are rather looking to attract customers towards the premium accounts that need bigger deposits.
Finmax offers a demo account to the users that come with the same features as a real account. You just have to register with the platform, but don’t have to make any deposit for getting access to a demo account. However, the demo account comes with a validity of just seven days and only $1,000 virtual money that is too less as compared to the other broker’s demo accounts.
These types of restrictions make it difficult for the beginners to learn about the online trading without risking any money.
In addition to the website interface, the broker also offers mobile apps for both the Android as well as the iOS platform. You can download the Android mobile app from the Google Play whereas the iOS apps can be installed through the app store. You can try the demo account as well as real account through these apps.
They have tried their best to build customized apps for the mobile users, but they failed in every manner. The apps don’t offer clear information about the platform and it takes a great level of effort to understand it. There are more than 100 financial assets available on the mobile apps same as the website from which you can enjoy online trading efficiently.
If you want to deposit money to your Finmax account, then you don’t have a reason to worry because there are plenty of options available on the platform. It includes credit or debit card, Neteller, Qiwi Wallet, Skrill, bank wire transfer, Yandex Money, and WebMoney. There is no mention on their website about whether or not the deposited funds credited immediately to the account. As per the customer reviews, it looks like the credit card and bank wire transfer are the best options to deposit money on the Finmax. The minimum amount to deposit is $250.
All the options available for the deposit can be used to withdraw the money from your account. However, you have to pass an identification process to be eligible for the withdrawal process. The first withdrawal is free for both the bronze and silver account holders, whereas the gold account gets one free withdrawal every month. The Platinum VIP account holders get the privilege to have unlimited withdrawal without paying any charges. The withdrawal charges are still a mystery as they haven’t mentioned it on their website.
The time taken to process a withdrawal request varies from one account to another. The withdrawal process for the silver account holders takes only 48 hours to process, whereas the gold account holders and platinum VIP account holder’s withdrawal request take place within 24 hours.
Tournament or Prize
The platform doesn’t host tournaments for the traders, which is a bigger disadvantage as compared to the leading brokers in the market.
The platform has tried their best to educate their clients, but fall short in lots of sections. As we mentioned above, the demo account comes with certain restrictions that can be a reason to worry for the new traders. Along with the demo account, there are certain sections having educational pages, including strategies, webinars, glossary, trading signals, instructional video clips and much more.
The platform may have included a variety of educational resources, but they don’t have the adequate tools. The FAQ page only has a handful of questions that need to be improved. If the platform is looking to attract the novice traders, then they need to modify their educational section.
There are three different options available on the platform through which you can contact their customer support. It consists of phone support, email, ticket form and online chat. The biggest problem with their customer support is that it is available only during the working hours.
Additionally, they even don’t bother to reply to some of the email complaints. The internet is full of the customer care complaints of the Finmax. As per our experience, a phone call is an ideal option through which you can talk with one of their representatives. The FAQ section also misses lots of important information that should have been there.
If we say frankly, the platform has made a pretty negative impression on us because of the hard to understand the trading platform and inadequate educational materials. Along with beginners, the professionals will only be satisfied with the premium VIP account they offer because it has many exclusive features.
Moreover, the platform isn’t regulated by the CySEC that puts the trader’s money at a greater risk. They can only offer a pretty decent experience to the traders. We strongly suggest you look for the other trusted brokers. There are lots of areas in which they should have to improve if they are looking to make their identity among the popular binary options brokers.