Finmax review 2021 – Scam Broker

This Finmax review reveals all the details of CFD and Binary Options trading with a broker. Be sure to read it before open an account and login the trading platform.

Finmax provides an opportunity to trade binary options, Forex and CFDs. For this, it has 2 separate sites and platforms finmaxbo and finmaxfx. The broker is directed at working with traders from Russia and Europe. Now we will review Finmaxbo & Finmaxfx and explain why you should choose another broker (Spoiler alert: it’s scam).

General information and reviews about Finmaxbo and Finmaxfx

Finmax is owned by Max Capital Limited, operational office is located at Port Vila, Vanuatu, PO box 1276.

FinmaxBO is regulated by FMRRC. FMRRC is a non-governmental organization with little credibility. Anyone who makes an entrance fee and undergoes verification can receive the certificate of this regulator.

FinmaxFX is regulated by FMRRC and VFSC. The VFSC regulator is also not credible. The VFSC license costs about $ 9000 and almost any broker in Vanuatu can get it. Apparently, Finmax (Finmaxfx) decided that the presence of at least some regulators aroused greater confidence among traders. But in fact, the broker is regulated by two organizations that will not help you in case of fraud or force majeure.

Finmax has a lot of bad platform terms of use. In fact, the broker removes absolytely ALL obligations for the quality of the services provided. There are too many bad terms for you in the rules, which suggests fraud.

This is just a small part.

Combined with FMMRC regulation and such rules, your finances will be at great risk. And the analysis of verified reviews and sources on the Internet confirms that Finmax is a SCAM.

This is a list of what a broker can do:

• Finmax managers aggressively force you to make a deposit. They can prevent you from trading and lose your deposit while gaining access to your trading account.
• It may block your account without giving any reason.
• May cancel money from the account without giving any reason and ignore you.
• The broker only partially withdraws funds. After you apply for a withdrawal, the managers intervene again and force you to trade further. In any case, you are unlikely to receive your funds.

Finmax (Finmaxbo & Finmaxfx) is a scam broker and at this moment you should already choose another broker. If this has not happened, then we show many more reasons not to trade with it.

Trading platform for binary options

So, you have decided to trade with Finmax anyway, and then this trading platform review is for you.

After registration (it is better not to indicate your main phone number), you see the trading platform for binary options. Finmaxbo provides you with a free demo account for 7 days, after which you can try asking support to renew it again.

In the upper part, you choose an asset, there are about 90 of them. A little below you choose the expiration time from the offered ones. The profit on the asset depends on the selected expiration time. On a real account, compared to a demo account, the profitability is 10% lower. During the day, the average profitability is 70%-72% (up to 82%), which is a low indicator.

In the upper left corner, you can select the type and period of the chart, zoom in or out, and also select trading indicators.

There are only 3 chart periods available, these are 1 minute, 2 minutes and 5 minutes. They seem to have written “h” instead of “m” by mistake. There are also 4 trading indicators, they are suitable only for certain strategies.

On the right is a panel for opening trades. There is no one-click trading option. Trades are opened almost instantly or with a 0.5 second delay.

The bottom left corner shows the sentiment of traders. Of course, they can be very different from the actual movement of the asset.

On the left side of the platform is the wallet, social tab, signals and video tutorials. Almost all successful deals (most likely fake) will be shown in the social tab to motivate you. Considering that the Finmax is a scam broker, their signals will lead to the loss of the deposit.

In general, the Finmaxbo trading platform cannot be called convenient and modern.

FinmaxCFD platform

You can also trade CFDs on the Finmaxbo website.

65 assets are available for CFD trading. Spreads for major currencies are 3-4 pips, and for stocks and other assets more than 100 pips.

It is impossible to trade cryptocurrencies with such spreads.

Compared to the binary options platform, there are many time frames (11) and trading indicators (17) available on the CFD platform.

You can set a trading multiplier x2-x200 depending on the asset.

It is necessary to set stop loss and take profit for each trade. The maximum stop loss is $ 20 and the take profit is $ 40. To impose such restrictions is just a mockery.

It looks like Finmax tried very hard to make CFD trading unattractive for traders.

FinmaxFX review

This is the case when a broker has as many as 2 regulatory licenses, but they are absolutely useless for traders. As already noted, Finmaxfx is a scam broker. But let’s make a small review of the FinmaxFX broker.

The Finmaxfx broker provides trading only on the Metatrader 5 (MT5) platform through a web browser, application on a PC or mobile. Broker does not have its own trading platform.

Finmaxfx provides a free $ 100,000 demo account. Only 119 assets are available for trading on a demo account, and more than 390 assets are available on a real account. Execution of orders are instant and market. The spread for most assets is quite large, for main assets it starts from 3 pips.

Otherwise, this is a classic terminal metatrader 5 with its advantages and disadvantages.

The education section is very small, there is not much useful information for a trader.

The analytics section is also not very good. Keep in mind that managers will actively try to get in touch with you and offer “trade assistance”. But finmaxfx is a scam broker. Their managers will do everything to ensure that you make and spend a deposit.

Deposit, withdrawal and bonus

For Finmax (Finmaxbo and Finmaxfx) the minimum deposit is $ 250, the minimum withdrawal is $ 10.

FinmaxBO offers the following deposit and withdrawal methods: Visa/Mastercard, Webmoney, Bank Transfer, Qiwi, Jeton. In some countries CashU, Skrill, Neteller, Vload, Transact World, Payeer are also available.

FinmaxFX offers the following deposit and withdrawal methods: Visa/Mastercard, Yandex.Money, Bank Transfer, Qiwi, ePayments, Webmoney, Skrill, Neteller, Vload.

Withdrawing funds is possible only after verification (as it was said, they withdraw funds selectively). After confirmation, the withdrawal will be made within 7-10 business days.

Finmax has very large withdrawal fees.

There are also commissions if you don’t use your account for a long time.

You can find various information about the Finmax bonus. Support claims that all bonuses are individual and their conditions are discussed with the manager. The terms of use contain information about the bonus. There are points in which Finmax can not only cancel the bonus, but also close your account.

Account types

Finmax has 5 types of accounts: Bronze, Silver, Gold, Platinum and VIP. Finmax account types are another proof that they are trying to get as much money from you as possible.

Some brokers offer good loyalty programs and VIP accounts can be obtained for about $ 5000. Finmax has the opposite situation. These are almost useless bonus trading conditions and a huge price of $ 100,000 for a VIP account.

Commission-free withdrawals are available on a gold account once a month, although many brokers do not charge a withdrawal fee at all.

FinmaxFX and FinmaxBO have almost the same special conditions for different types of accounts.

Overall, this is one of the worst loyalty programs one can find among brokers.

Conclusion on the Finmax review

As a result of the Finmax (finmaxbo, finmaxfx) review, we can conclude that it is bad in everything.

It has 2 regulatory licenses, but these regulators (VFSC, FMRRC) have little credibility. In the event of scam, they will not help you resolve disputes.

It is not surprising that the broker has a terrible reputation among traders. There are many complaints, but most often they talk about interference in trade by Finmax. It looks like their managers are only paid if you lose your deposit (or just deposit it, as they rarely withdraw funds).

There is nothing good in trading conditions either. Large minimum deposit and withdrawal fees, low profitability, bad bonus rules and account types.

Taken together, this proves that Finmax (FinmaxFX and FinmaxBO) is a scam broker. For online trading, you should choose a more reliable broker.

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