FiNMAX is an average binary options broker that has an excellent suite of binary options products. There are several positives about the broker’s products, but make sure you understand the negatives before investing.
Intro To FiNMAX Trading
FiNMAX is one of the latest binary options brokers to cater to the global demand for improved binary options services. Although we see a lot of brokers trying different permutations and combinations while developing their binary options brokerage, FiNMAX is content with sticking to the tried and tested formula of a straightforward binary options service. The Binary Options market is a thriving industry, and brokers try to introduce new and innovative features that are designed to gain an edge in the competitive marketplace. Due to the ever-improving brokerage environment, traders these days have some of the most advanced binary options accounts and products that enable them to enjoy large profits than ever before.
FiNMAX, instead of trying out new concepts in binary trading, has taken all the accomplished products and services that are prevalent in the markets and added them to their brokerage account. As a result, what you get is a reasonably competent binary options account that cover all key aspects of binary options trading in an affordable package. Of course, not all is well with FiNMAX, as the broker has failed to address some of the pressing concerns that are relevant to its clients. In our FiNMAX binary options review, we give you a relatively transparent outline of what makes FiNMAX a good choice of a brokerage, and what are all the negative aspects that you should contemplate before opening an account.
FiNMAX Company Information – Is FiNMAX Regulated?
Under first impressions, it is clear that FiNMAX has clearly understood all the primary requirements of traders. In fact, FiNMAX tries hard to display itself as a genuine binary options trading company, despite its humble beginnings in 2016. It was certainly refreshing to see that FiNMAX is located in the UK, with additional offices in Bulgaria, Cyprus, Australia, Canada, and Italy. The professionally designed website also leaves no stones unturned as to the commitment of the company towards ensuring complete transparency in its products and services.
FiNMAX is a trading brand name for binary options products and brokerage accounts and is entirely owned and operated by Morris Processing Ltd. Morris Processing Ltd. has two primary offices, one located in London, and another based in Sofia, Bulgaria. Although the broker has claimed to have offices in other countries across EU and the Asia-Pacific, it appears that the company has simply hired virtual addresses, which provides a phone number and a virtual address.
Therefore, it doesn’t spell a lot of confidence in the company’s ability to provide a regulated binary trading service, especially when brokers spend an enormous amount of money into incorporating branches in popular countries across the world.
Regardless of the FiNMAX’s UK presence, we were surprised to find that the broker is not regulated by the Financial Conduct Authority (FCA of the UK). The FCA is responsible for supervising and licensing financial brokers operating in the UK, but we were unable to find any company information on the official FCA register. Without regulatory licenses, it is counterproductive for the broker to claim a significant presence in the EU unless these claims are backed by actual evidence of licensing information or verifiable authorisations. Therefore, we urge FiNMAX to clarify its stance on regulation and recommend the broker to obtain a license to back up its amazing product line-up.
Binary Options Tradable Instruments At FiNMAX
FiNMAX isn’t too keen on providing a large number of assets for trading binary options, as users are treated to just 80 different financial instruments. The actual number of FiNMAX assets is considerably lower than the number of instruments offered by other leading brokers, which is a slight disadvantage for FiNMAX traders. Obviously, the reduced number of options may tend to alienate prospective clients, but the company has attempted to provide numerous advantages to support its existing asset portfolio. The following is the full list of financial assets that traders can choose from:
Forex: EUR/USD, USD/JPY, GBP/USD, USD/CAD, USD/CHF, AUD/USD, NZD/USD, USD/RUB, AUD/CAD, AUD/CHF, AUD/JPY, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, GBP/AUD, GBP/CAD, GBP/CHF, EUR/JPY, USD/NOK, USD/SEK, EUR/GBP, GBP/JPY
Stocks: Alibaba, Amazon, Apple, Banco Santander, Barclays, BBVA, BMW, BNP, BP, China Life, eBay, Facebook, Fanuc, Fiat Chrysler, Gazprom, Google, HSBC Holdings plc, Microsoft, Netflix, RBS, Renault, Sanofi-Aventis, SAP, Siemens, Sony, Tesla, Total, Twitter, Volkswagen, Yahoo
Commodities: Gold, Silver, Copper, Natural gas, Oil, GOLD/EUR, Gold/GBP, Gold/Silver
Indices: DAX 30 Futures, DOW JONES, Dubai Index, FTSE 100, HANG SENG, IBEX 35 Futures, MICEX Futures, NASDAQ 100, NIFTY 50, Nikkei 225, S&P 500 Futures, SSE 180, Tel Aviv 25, Topix 100
As far as Forex, commodities, and indices are concerned, FiNMAX has indeed provided the most varied financial assets, but the company seems to be lacking in the choice of stocks for binary options trading. Other brokers are popular in the market for offering anywhere from 100 to 500 different stock options, which does tend to make things a little bit harder for FiNMAX stock binary options traders. However, if you are not too concerned about the limited availability of stocks, FiNMAX does provide an excellent range of instruments for other markets.
FiNMAX Payouts, Binary Products, & Conflict Of Interest
FiNMAX has kept its binary options products fairly simple and does not seem to be too concerned about missing out on potentially large paydays that are available through high-risk binary options. Risky binary options products have the potential to provide a high payout of up to 1500%, but the downside risk to a trader is incredibly huge. However, instead of running behind sheer profits, FiNMAX provides its traders with access to two types of binary options products. The classic high/low binary options is simply a product where traders get to choose the direction of movement of an asset to earn a profit or incur a loss, while the above/below binary options allow traders to bet on the price closing above or below a predetermined value at the time of the expiry of the option.
Since FiNMAX only offers two different types of binary options, the choice of payouts is slightly limited. FiNMAX traders can enjoy a maximum ROI of up to 90% for profitable trades, which is higher than the average payout of 75% offered by other competing brokers. Apparently, the payouts may be reduced for some binary options products, but traders can expect to achieve a relatively high payout of 75% to 80% for most assets.
Another excellent aspect of FiNMAX is that traders can start trading by investing a small amount of just $5, which is significantly lower than the average minimum investment per trade of $25 among other mainstream companies. FiNMAX has specified a maximum investment exposure of $5000 per trade, which is not too low, as other brokers may enforce a maximum investment limit of $2000. It wouldn’t be fair to other brokers if we don’t mention the fact that some leading brokers may offer a minimum investment option of $1, while the maximum investment may be raised to $10,000.
What bothers us most about FiNMAX is their terms and conditions and risk disclosure policies. FiNMAX acknowledges that there is a massive conflict of interest between FiNMAX and its clients, as FiNMAX acts as a counterparty to their traders’ positions. FiNMAX has also explicitly mentioned that the prices offered by FiNMAX can vary significantly from the market prices, and the broker is the final authority on all disputes between the broker and the trader. Therefore, it is objectively risky for traders to trade under such trading conditions, especially if there is a chance for the broker to trade against its clients or force its traders into losing money through manufactured market conditions.
FiNMAX Binary Options Platform
The FiNMAX trading platform runs on the Trade Smarter trading interface, which is a web-based trading platform that can be accessed through a compatible web browser. The FiNMAX platform employs an advanced Graphical User Interface that provides all the information pertaining to trading markets in a simple and easy-to-use trader dashboard. The layout should be comfortable for both amateur and professional traders, which provides a wide range of trading information such as charts, account history, choice of assets, and trading parameters. The full-size trading platform is not only pleasing to the eye but is also designed with the trader in mind.
Almost all binary options platforms provided by leading brokerages tend to have minimal options when it comes to using advanced charting options. Traders are usually forced into resorting to other means such as using multiple charting platforms or paying for technical analysis from third-party service providers. FiNMAX has made life a bit easy for advanced traders, as they have provided an advanced charting platform, courtesy of TradingView.
These advanced charting platforms enable traders to perform a wide range of technical and fundamental analysis of the markets, without having to depend on external sources for research or analytics purposes.
The Trade Smarter platform employed by FiNMAX has a few drawbacks. The platform is not as reliable as other third-party or proprietary interfaces, as there are a few latency issues. The FiNMAX platform also lacks access to different financial products, and the choice of assets is severely limited. Furthermore, short-term trading can also be risky, as the broker has full control over the trades and the price feeds. Nevertheless, FiNMAX users can use the advanced charting platforms along with the primary Trade Smarter interface to increase their odds of succeeding in the markets.
FiNMAX Mobile Trading
FiNMAX mobile apps are available for both iOS and Android devices, which ensures that traders can access their accounts through a smartphone or a tablet. FiNMAX offers specific FiNMAX apps for iPhone, iPad, and other smartphones and tablets. Once again, traders can access almost the entire range of platform features that are available on the desktop platform, while advanced charting options from TradingView can be easily accessed through their responsive template.
FiNMAX Trading Accounts
There are different categories of trading accounts at FiNMAX, each suited to different categories of traders, according to the magnitude of their investment. The choice of four different account ranges from Bronze, Silver, Gold, and Platinum VIP accounts, which have different account features and benefits according to the initial deposit amount. As is standard in the industry, the Bronze account is obviously the smallest account, where the FiNMAX minimum deposit is $250. The Bronze account seems to be at par with the minimum deposits that are relevant in the binary options markets. However, if you don’t have access to a minimum of $250, we can recommend other mainstream brokers that offer a binary options trading account for a minimum deposit of $1. Nonetheless, the Bronze account has a few account benefits such as a basic education course, personal account manager, and the ability to enjoy a free withdrawal for your first transaction.
The Silver account has a considerably higher minimum investment threshold, which requires at least $1000 as the minimum deposit. The Silver account comes with all the benefits of the Bronze account, and there are a few additional features on offer as well. Silver account holders can enjoy fast withdrawals that are processed within 48 hours, risk-free trades that protects up to 25% of your account capital, free webinars, and a one-month free access to trading signals. The Silver account may seem to be a good value for your money, but the Gold account, with a minimum investment of $5,000, offers even more features than the Silver account.
The Gold account provides an increased payout for binary trading, which can qualify up to 2% more revenue per profitable trade. The withdrawal time is also reduced to 24 hours, while the risk-free trades offer protection for up to 50% of the account capital. The Gold account grants subscription to unlimited trading signals access, daily analytics, market reviews, fundamental & technical analysis, and advanced trader education courses.
Gold account holders are also allowed to make one free withdrawal per month, thereby making the Gold account the best choice of account.
VIP account holders have the option of signing up for the Platinum VIP account, which basically requires a minimum investment of $25,000. However, traders may be able to opt for the VIP account for a smaller amount, provided they can convince the broker about their eligibility for the same. The Platinum account is apparently the best account option, which not only has all the benefits of the Gold accounts, but also provides additional features. The payouts for Platinum accounts offer 4% more returns than the Silver and Bronze account holders and traders can also use two senior analysts that are available at their disposal. Platinum account holders can also make unlimited free withdrawals, without any monthly restrictions.
Even though the minimum investment required for a Platinum VIP account is high, the trading features can more than justify the initial investment barrier. The only concern is that traders may not feel comfortable depositing large amounts of money at FiNMAX without any proper regulatory protection. Regardless, the company has managed to steer clear of any large controversies, which does make it a bit more dependable than brokers that are located in tax havens.
FiNMAX Bonuses & Promotions
All FiNMAX traders can enjoy risk-free trading for their very first trade, which grants up to 50% protection of trading capital against losing trades. Smaller account holders are guaranteed of protection of up to 25% in funds, while larger account holders can take advantage of the full 50% risk-free trading guarantee. Traders can also take advantage of the FiNMAX bonus, which is different for different account holders. Bronze account holders can receive a 25% bonus on their deposit; Silver account holders can receive a 50% deposit bonus, and Gold account holders are eligible for up to 75% bonus. Platinum account holders receive the maximum benefits, as they qualify for up to 100% in bonuses. Apparently, all bonuses do have several terms and conditions, but the availability of a bonus is indeed a good aspect about trading with FiNMAX.
FiNMAX Demo Trading Account
FiNMAX offers a limited period demo that is valid only for a week, which is not a whole lot of time to learn the concept in detail. Although FiNMAX has limited its demo account to users, it is far better than avoiding a demo offering altogether. Seasoned traders can use the demo trading account to gauge the efficiency of the platform, while amateur traders can also use the demo period to familiarise themselves with the binary options market and put on a few trades to gain market exposure. Nevertheless, we would have appreciated if the company had provided a bit more time with its free demo account option.
FiNMAX offers a live customer service channel for an easy and professional resolution to any customer complaints. The live chat feature is pretty functional, but they are only available for 14 hours a day and five days a week. The phone numbers for virtual offices in the UK, Cyprus, Australia, Bulgaria, Canada, and Italy do provide an opportunity for traders to access the broker’s representatives if they need any professional guidance or assistance. The broker also provides a Skype address, along with email addresses, but the limited support working hours are not suitable for the 24 hours nature of binary options trading.
FiNMAX Education & Other Trader Resources
FiNMAX clients can make use of the vast resources for trading, which includes advanced trading charts, personal account manager, and market analytics. Larger account holders have the convenience of trading with signals or use social trading platforms to copy trades from successful traders. The broker also provides market analysis, trading news, webinars, strategy, and VIP trader education. FiNMAX has one of the best trader-oriented resources, which can provide a highly beneficial platform for binary options traders.
- High payouts for classic high/low options.
- Availability of desktop and mobile trading platforms.
- Traders can invest from $5.
- Free trading signals and market analysis for higher categories of accounts.
- Personal account managers for all account holders.
- There is a drastic amount of confusion surrounding regulatory status.
- Reduced number of binary options assets.
Is FiNMAX A Scam Broker?
Despite being a non-regulated broker, there haven’t been any indications that point to FiNMAX being a scam broker.
Does FiNMAX support mobile binary options trading?
Yes, traders can download dedicated FiNMAX apps for iOS and Android devices.
What Are The FiNMAX Customer Support Channels?
FiNMAX offers support through live chat, phone numbers, emails, and Skype address. The customer service channel is only available for 14 hours a day and 5 days a week.