Editor’s Verdict
Overview
Review
Headquarters | Bulgaria |
|---|---|
Regulators | CROFR |
Year Established | 2015 |
Minimum Deposit | 250$ |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
Finmax, founded in 2015, is a binary option broker domiciled in Bulgaria. It provides an innovative platform that offers traders more than 75 assets for trading in indices, equities, commodities and currency pairs on major financial markets. Finmax offers options with expiry times ranging from 30 seconds to 1 year. The company services both the Bulgarian and foreign markets and uses one of the best software platforms in the industry.
Accounts
There are four different account types to choose from at Finmax. The Bronze account can be opened with a deposit of as little as $250. There is a welcome bonus of 25%. $1000 is sufficient to open a Silver account which comes with a bonus of 50% and offers an initial risk-free trade of up to 25% of the deposit size. Opening a Gold account requires a minimum deposit of $5000 and receives a bonus of 75%. An additional 2% is added to the standard winning trade payouts with this type of account.
A Platinum VIP account may be opened with a negotiable, larger minimum deposit. A bonus of 100% is paid, and an additional 4% is added to the standard winning trade payouts with this type of account and a wide range of further benefits are provided.
Silver account holders and up receive dedicated account managers. Gold and Platinum account holders receive unlimited free signals, while Platinum account holders also get a free withdrawal service.
Unusually for a binary options broker, Finmax offer a demo account option so you can try it out without risking any money for a week.
Features
There are over 75 assets to choose from at Finmax and payouts of up to 90%. Trading can be done 24/5 on the Web or via mobile devices.
The choice of binary options is not large: only high/low and above/below option types are offered. High/low means the price touches that level before expiry, while above/below means the location of the price at expiry. These are the criteria which determine whether the option is a winning or losing trade.
Trading is offered in 30 individual stocks, 14 stock indices, 25 Forex currency pairs, and 8 commodities.
The maximum investment amount is $50,000 while the minimum amount is $5: a very wide range! It is possible to risk more than $50,000 on one trade, by simply buying another option contract right away after having already bought one at $50,000.
Finmax offers trading using only its own proprietary trading platform. The platform is also compatible with mobile devices operating iOS, Windows Mobile, and Android.
Finmax provides a selection of educational videos and trading strategies, as well as webinars. A comprehensive range of free market analysis is also given, as well as an up-to-date economic calendar. The ‘Advanced charts’ page is available for analysis only.
Education and Analytics
The Finmax website offers a wide choice of educational material. There are a range of videos on several topics including trading psychology and options trading strategies, as well as a platform overview and binary e-book. This section of the site also includes five illustrated trading strategies, most of which incorporate candlestick chart analysis. The webinars on offer are restricted to clients with live accounts.
A fairly wide range of up to date market analysis is also offered.
Bonuses and Promotions
Finmax offers all its new clients a risk-free trade as their first trade. Up to $1,000 may be risked on this trade, but the maximum amount is also governed by the proportion of the total amount deposited in the account.
Deposit bonuses are also granted, again in proportion to the amount deposited, according to the rules outlined in the “Accounts” section previously.
Deposits/Withdrawals
Depositing funds into a Finmax account is an easy and secure process. The minimum deposit amount is $250 or its equivalent in another currency. Funding can be done using credit and debit cards--Visa and MasterCard, as well as Qiwi Wallet and WebMoney.
Withdrawals may be made in the same manner as deposits.
Customer Support
Customer Support Methods |   |
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Support Hours | Business Hours |
Website Languages |       |
Customer support is maintained in the U.K., Bulgaria, Cyprus, Australia and Canada. Traders can contact a Finmax representative by telephone or skype during working hours and can use email anytime of the day.
Finmax’s site is very-well designed with images and graphics that are eye catching and clear. Much of the information can be found by scrolling down on the landing page and there are few tabs to click. The choice of different trading accounts is attractive and the welcome bonuses are very generous. Still, there is a feeling that this is a relatively new broker and there are some features that are missing.
Features
Finmax has many attractive features including the website itself which uses colorful snapshots and easy access to information. The best feature of this broker is its wide choice of trading accounts and very generous bonuses. Starting deposits are relatively low at $250 and in addition, each new account is entitled to a generous sign-up bonus ranging from 25% to 100% on any amount of money deposited, which is exceptional.
Finmax provides a selection of educational videos and trading strategies, as well as webinars. A comprehensive range of free market analysis is also given, as well as an up-to-date economic calendar. The ‘Advanced charts’ page is available for analysis only.
Platforms
The only trading platform offered by Finmax is their proprietary platform. The platform is intuitive and user friendly, with many features. No download is necessary and the platform can be accessed by clicking the platform tab after completing the account registration.
The platform comes with an inbuilt, unique app called “Social Radar”, which adds a social trading element to the Finmax experience. It allows a user to spot Finmax’s leading traders and to copy what these winners are doing to a certain extent, including making the same trades as them in real time.
Traders can choose to trade high/low or above/below type options. The standard payouts are well-placed in the market.
