Unique Selling Points
Advanced trading tools: Finmax FX offers advanced trading tools like technical indicators, charts, and market analysis to help traders make informed decisions.
Cryptocurrency trading: The broker offers cryptocurrency trading, allowing traders to take advantage of the volatility of digital currencies.
Competitive spreads: Finmax FX offers competitive spreads on a wide range of assets, making it attractive to both novice and experienced traders.
User-friendly platforms: The broker offers user-friendly platforms that are easy to use, navigate, and customize to suit individual trading needs.
Dedicated customer support: Finmax FX offers dedicated customer support via email, phone, and live chat to assist traders with any issues.
Multiple regulatory licenses: Finmax FX holds multiple regulatory licenses, providing traders with confidence and trust in the broker's operations.
Introduction
Finmax FX is a popular online broker that has gained a lot of attention in recent times. It was founded in 2015, making it a relatively new player in the forex trading industry. They offer traders access to trading tools and educational resources.
This FinmaxFX review will closely reveal the broker and its unique features. With a focus on innovation, Finmax FX has introduced the concept of 'Finmax smart capital,' which enables traders to access a diversified portfolio of trading assets and earn profits with minimal risk. With a comprehensive range of trading instruments, including forex, stocks, commodities, and cryptocurrencies, Finmax FX caters to the needs of traders of all levels of experience.
Additionally, the broker offers competitive spreads, flexible leverage, and fast execution speeds, ensuring that traders can access the best trading conditions for their specific needs. Finmax FX is an excellent choice for traders looking for a reliable and trustworthy broker. With a user-friendly trading platform and top-notch customer support
Supported Countries
Finmax FX supports over 120 countries, including Albania, Argentina, Australia, Bahrain, Brazil, Chile, China, Colombia, Egypt, France, Germany, Greece, India, Indonesia, Italy, Japan, Malaysia, Mexico, Nigeria, Norway, Peru, Poland, Portugal, Romania, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirate, United Kingdom, and others.
Finmax FX does not offer its services to residents of the USA, Canada, Belgium, France, Japan, Australia, Israel, Syria, Sudan, North Korea, and Russia.
The platform is also available in multiple languages, such as English, Spanish, German, French, Italian, Portuguese, Indonesian, and Arabic.
Customer Service Rating
Finmax FX currently has a 2-star rating on Trustpilot based on 31 customer reviews. Unfortunately, many negative reviews cite poor customer service as a major issue, with customers expressing frustration at the lack of responsiveness and assistance provided by the company.
However, Finmax FX has taken steps to improve its customer service, including hiring additional staff and implementing a new ticketing system to ensure that all customer inquiries are addressed in a timely and efficient manner. While the company still has room for improvement in this area, these efforts demonstrate a commitment to enhancing the customer experience and addressing areas of concern.
Finmax Trading Platforms
Finmax offers a variety of trading platforms to cater to the needs of different traders. Here are the platforms that Finmax provides:
Finmax FX WebTrader: This browser-based trading platform requires no downloads or installations. It offers traders a user-friendly interface, advanced charting capabilities, and real-time market data. The WebTrader is compatible with all major browsers, including Chrome, Firefox, and Safari.
FinmaxFX Mobile App: This trading platform is designed for traders who prefer to trade on the go. The app is available for iOS and Android devices and can be downloaded from the App Store and Google Play. The app offers all the features available on the WebTrader, including advanced charting, real-time market data, and access to multiple trading instruments.
MetaTrader 5: This is a popular trading platform many traders worldwide use. It offers advanced charting capabilities, a wide range of technical indicators, and the ability to automate trades using Expert Advisors (EAs). MetaTrader 5 is available for download on Windows, Mac, iOS, and Android devices.
Social Trading: This platform allows traders to copy the trades of successful traders. Finmax's social trading platform is powered by ZuluTrade, which is one of the leading social trading platforms in the industry.
Type of Trading Accounts on Finmax FX
Finmax FX offers a variety of trading accounts to cater to different trading needs:
Demo Accounts: Finmax FX provides demo accounts with a time limit for traders to test their trading strategies and get familiar with the platform. The demo account comes with virtual money and offers the same features as the real account, allowing traders to practice trading without risking real money.
Standard Accounts: The standard account is designed for beginner traders who want to start trading with a low minimum deposit. It offers access to a wide range of trading instruments, including forex, commodities, and stocks, as well as 24/5 customer support.
Premium Accounts: Finmax FX's premium accounts offer more advanced trading features, such as a personal account manager, tighter spreads, and higher leverage. This account is suitable for more experienced traders who want to take their trading to the next level.
VIP Accounts: Finmax FX's VIP accounts offer exclusive trading conditions, such as custom-tailored trading solutions, VIP customer support, and higher trading limits. This account is suitable for high-net-worth individuals and institutional traders.
Trading Denominations on Finmax FX
At Finmax FX broker, traders can trade various financial instruments denominated in different currencies. The supported currencies include USD, EUR, GBP, and AUD. The minimum deposit amount for each account type is denominated in USD, and the account balance is displayed in the selected currency.
Traders can also choose the currency denomination for their trades, allowing them to manage their trading accounts in their preferred currency. It is important to note that currency exchange rates may affect the value of profits and losses in different currency denominations.
Therefore, traders should consider the currency denomination when choosing the account type and making trades on Finmax FX.
Company Structure
Finmax FX is a regulated online trading brokerage established in 2017 with a primary focus on providing trading services on Forex, CFDs, and binary options. The broker operates under the name Morris Processing Ltd, registered in the Commonwealth of Dominica. Finmax FX offers its trading services to traders globally, excluding residents of the USA, Canada, and some other countries.
The broker has gained a good reputation, as seen in FinmaxFX reviews, for its commitment to providing a transparent and safe trading environment for its clients. The broker operates intending to create innovative trading products and tools that help traders optimize their trading results.
Finmax FX employs a team of experts in the financial markets, including professional traders, analysts, and finance managers, who work to provide clients with valuable trading insights and market analysis. The team ensures the broker's clients access high-quality services and support. The broker also provides its employees with opportunities for career growth and development.
Finmax FX currently has over 100 people, including support staff and developers, to ensure the smooth running of the broker's operations. The broker has a customer-oriented approach, and the company structure is organized to provide efficient and effective services to its clients.
The team is available 24/5 to attend to clients' inquiries and provide support. The broker's name "Finmax" is derived from the words "Financial" and Maximum" and symbolizes its aim of helping traders achieve maximum results in their trading endeavors.
Finmax FX Licenses and Regulatory Compliance
Finmax FX holds licenses from two regulatory bodies: the International Financial Market Relations Regulation Center (IFMRRC) and the Vanuatu Financial Services Commission (VFSC).
The IFMRRC license was obtained in 2016, and its license number is TSRF RU 0395 AA V0159. The VFSC license was obtained in 2017 and its license number is 40099.
Finmax FX Customer Protection
Finmax FX uses advanced security measures such as SSL encryption to protect client data and transactions. The company also maintains separate bank accounts for client funds to ensure that they are kept safe and secure. Finmax FX is committed to providing a safe and secure trading environment for its clients.
Trading Information
Finmax FX provides clients with a wide range of trading instruments, including over 70 currency pairs, with competitive spreads and fast execution speeds. They also offer deposit, withdrawal, and training for traders.
Tradable Instruments
700+ international stocks
10+ global indices
50+ forex currency pairs
5+ cryptocurrencies
10+ commodities
10+ major world market futures
Finmax FX Leverage
Finmax FX offers leverage of up to 1:200 for forex trading, 1:100 for stocks, and 1:50 for commodities, indices, and cryptocurrencies. The leverage levels available vary depending on the account type and the asset being traded.
High leverage can magnify profits and losses, so traders should exercise caution and use risk management strategies when trading with leverage.
Deposits and Withdrawals
Deposits
The minimum deposit amount is $250, and clients can deposit funds through wire transfers, credit/debit cards, and e-wallets such as Neteller, Skrill, and Perfect Money. Deposits are processed instantly, and there are no fees charged for deposits.
Withdrawals
For withdrawals, clients can use the same methods as for deposits. Withdrawals are processed within 24 hours, and no fees are charged for the first withdrawal request. Subsequent withdrawals will incur a fee of $25 per transaction. The minimum withdrawal amount is $50.
Method | Minimum Deposit | Minimum Withdrawal | Processing Time | Fees |
Wire Transfer | $250 | $50 | 3-5 business days | Free for deposits, $25 per withdrawal |
Credit/Debit Cards | $250 | $50 | Instant | Free for deposits, $25 per withdrawal |
Neteller | $250 | $50 | Instant | Free for deposits, $25 per withdrawal |
Perfect Money | $250 | $50 | Instant | Free for deposits, $25 per withdrawal |
Finmax FX Trading Education and Training
Finmax FX is dedicated to providing its traders with the knowledge and resources necessary to improve their trading skills. Their educational materials are designed to cater to both beginners and experienced traders.
Novice traders can access tutorials, webinars, and e-books to gain insight into the basics of trading, while more advanced traders can learn about complex strategies that can enhance their trading performance. The educational materials cover various topics, including technical analysis, market analysis, risk management, and trading psychology.
FAQs
Is Finmax FX a scam?
Finmax FX is not a scam. It is a regulated broker that is licensed and authorized to operate by the International Financial Market Relations Regulation Center (IFMRRC) and the Vanuatu Financial Services Commission (VFSC).
How to open a Finmax Forex trading account?
To open a Finmax Forex trading account, you need to visit the Finmax FX website and click on the "Register" button. Then, fill in the registration form with your personal and contact information, choose your account type, and complete the verification process by providing the required documents. Finally, fund your account and start trading.
Does Finmax FX accept U.S. residents?
Finmax FX does not accept U.S. residents as clients. This is due to the regulatory restrictions imposed by the United States government on online trading activities. The company adheres to international financial laws and regulations, including those set forth by the European Securities and Markets Authority (ESMA), which does not permit U.S. residents to trade on its platform.
Conclusion
Finmax FX is a trustworthy broker that aims to provide traders with an extensive range of trading instruments and educational materials to help them succeed in the markets. The broker adheres to strict regulatory standards and implements robust security measures to safeguard its clients' funds and personal information. With different types of trading accounts available, traders can select the one that suits their trading preferences and objectives.
Moreover, Finmax FX's trading platforms are user-friendly and feature advanced tools, such as charting and technical indicators, and mobile apps for trading on the go. The broker's customer support team is available 24/5 to assist clients with any inquiries or issues they may have. All in all, Finmax FX is a dependable broker for traders who seek a secure and comprehensive trading experience.
Regardless of whether you are a novice or an experienced trader, Finmax FX offers the necessary resources and tools to help you succeed in the markets. With a focus on client protection and education, the broker has created a trading environment that is both secure and supportive. As a well-respected broker with an array of trading instruments, educational resources, and responsive customer support, Finmax FX is a great choice for traders looking to trade confidently and attain their financial goals.
