Broker Finmax is by far one of the most promising in the binary options industry. Despite the fact that the company was founded in 2015, many financial experts are predicting a bright future.
Finmax is a binary options brand operated by Morris processing Ltd 2, which is the parent company headquartered in Sofia, Bulgaria. Even if the service started its activity in 2016, it could already attract traders’ attention by providing a good platform to trade on, helpful tools and a decent asset index. The broker is regulated by FMRRC – the Russian regulatory body.
- Fast trading platform: The broker has its own platform that was developed by a team made of experienced traders and IT experts.
- Social trading: There is a kind of social trading option, suggesting that you can copy strategies of experienced traders.
- Low minimum deposit: The minimum deposit and minimum investment per trade encourage amateurs to start their trading career.
- Trader training: The broker doesn’t just offer a trading platform – it also teaches its clients by providing helpful education materials, strategies, and news. There is a whole section dedicated for education.
- Demo account: You can use the demo account for training purposes.
- No Windows phone support: The mobile platform is not available for Windows devices at the moment.
Finmax has an asset index that looks similar to a Forex broker’s list of assets. It has the full range of instruments: 30 company shares: Sony, Renault, Facebook, BMW, and more. 14 indices, like CAC 40, NASDAQ, S&P 500, DAX 30, Nikkei 225, etc. 25 currency pairs, including EUR/USD, GBP/USD, USD/JPY, and more. 8 commodity instruments based on 5 commodities – gold, silver, oil, gas, copper, gold/silver, gold/EUR, and gold/GBP.
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.
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.
Trade Types And Payouts
While some brokers offer an infinity of trade types, others prefer to keep it simple and offer a select few, especially when their platform is aimed at those who want to simplify their binary options trading. Finmax offers just the two trade types which are:
- High/Low Trades
As the name would suggest, high/low trades are when you predict whether the price of the asset currently will go up or down in the specified expiry time. Otherwise known as call/put options, the call is when the price goes above and put is when the price goes below the cost of the asset at the time of placing the trade.
- High/Low Trades
Similar to the high/low option, the above/below trade type is predicting whether the asset will finish more upper or lower than the price, only it is the specific price set by the broker. Again, there are many names for these types of options, so it is essential to understand exactly what you are trading on. Another name you may see in addition to above/below or high/low is over/under.
Some brokers like to boast payouts that seem too good to be true, which is often an indication that they are just that. This particular broker offers returns of 70-80%, which are realistic, but there are higher payouts available for platinum or VIP account holders. When choosing a broker, be careful not to be drawn into those that are offering more than 90%.
As we discussed in the introduction to Finmax above, this particular broker offers a vast range of expiry times from short 60 second options, daily, weekly, monthly and to 4 months. Many brokers offer no more than expiry times of a few weeks, and not everyone provides short expiry times like 60 seconds. This means that there is something for everyone whether you want quick wins or are happier to play the long game with your investments.
As with most things now, technology allows you to complete many actions from your mobile phone. This includes mobile trading. To keep up with trader requirements, it is critical for binary options traders to offer you the ability to trade on the move.
Finmax offers you the opportunity to not only trade on desktop but also iOS, Windows Mobile and Android mobile devices. This means that wherever you are, and whatever you are doing, you are never far away from your next trade.
Deposits And Withdrawals
The minimum deposit required to open an account with Finmax is $250. This offers you the introductory bronze account level. To start trading, as long as you have cleared funds, you can begin trading upon depositing your funds. If using a debit card or credit card, this is instant. Withdrawal times vary depending on the level of account you have.
This can range from 24 hours to a few days. Withdrawals will be processed and returned by the same method they were used to make the initial deposit.
Research and Education
Finmax FX has a rich education center where traders can learn to trade from basic to advanced. Besides, the company also offers an “Analytics” center with financial news, market insights, and new investment strategies updated minute by minute.
Of course, an economic calendar is indispensable. FinmaxFX’s one is highly professional and easy-to-use, which can help you track the changes of specific financial indicators for years.
24/7 online chat, email and telephone. If you visit the contact us page, you will see that there are telephone numbers for Cyprus, London and Toronto, Canada. These telephone numbers are operating between the hours of 8 am and 8 pm.
On both the desktop and mobile devices, there are bottom right-hand corner icons to allow you to call the support team while on desktop, you can start an online chat. When it comes to customer support with languages in both English and Russian, they are an accessible broker.
Here are the contact details for Finmax:
Email – [email protected]
Phone – +44 203 807 4841
Address – IK Partners Ltd, Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
About the Finmax bonus
The bonus amount you can receive largely depends on the account type you open. finmax trading account. This ranges between 25% for Bronze Accounts to 100% for Platinum VIP accounts. Like with most brokers offering bonuses, you’re required to achieve a specific turnover amount before you’re allowed to withdraw profits. In this case, it’s 40 times the bonus amount received.
One thing that separates the Finmax bonus scheme to other online binary options brokers is that bonuses won’t lock in your deposit. That is, you can withdraw your profits even if the bonus turnover hasn’t been reached. The catch however is that you’ll have to forfeit the bonus amount plus any profits earned trading with the bonus.
Trading Bitcoin with Finmax
For traders wishing to profit from the ultra volatile cryptocurrency market, Finmax offers Bitcoin binary options. Rather than buy or sell the cryptocurrency, the binary options allow you to speculate on its price movements and earn a fixed return.
Besides Bitcoin, Finmax also offers Litecoin, Etherum and Ripple. If you’re looking to trade on a more diverse range of cryptos, you might need to open an account with a more established online broker.
Beyond providing a decent options trading platform, Finmax has gone the extra mile to provide unique features all targeted towards helping traders earn more. They include trading news, advanced charts, social trading and analytics. These are available to all account types.
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