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FinmaxFX Review - is it scam or safe?

FinmaxFX Review - is finmaxfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FinmaxFX
FinmaxFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Min. deposit Min. trade size Max. leverage Spread
Micro $100 0.1 1:300 3 pips, fixed
Standard $2 000 0.1 1:300 3 pips, fixed
Premium  $25 000 0.1 1:300 3 pips, fixed

 

FinmaxFX is an offshore forex and CFD broker that offers the above account types. In fact, we find the presence of three different accounts quite pointless, given that they offer one and the same trading conditions. Nonetheless, the main problem with this broker according to us is the legal status of this broker. Read on to get all the details.

 

Note that FinmaxFX does not establish accounts to residents of certain jurisdictions including Japan, Canada and the USA.

 

 

FinmaxFX Advantages

 

MetaTrader5 supported

FinmaxFX offers its clients the MetaTrader5 (MT5). The presence of any of MetaQuotes’ platforms in a broker’s offering is always considered a positive.

 

 

FinmaxFX's MT5. Click to zoom-in.

 

Released in 2010, MT5 actually shares a lot of similarities with its predecessor, the Metatrader 4. Their interfaces are almost the same and they share a lot of functionalities - the solid charting, the Expert Advisors (EAs), and more. However, the MT5 was originally designed for trading in stocks and commodities on centralized trading exchanges, apart from forex.

  

Still a sort of a drawback of the MT5 is the fact that most EAs developed for MetaTrader4 are not compatiable with the newer software.

 


>> More MT5 Brokers <<

 

 

Multiple CFDs, including on cryptocurrencies

Diversity is always a good thing, and as FinmaxFX offers more than 45 FX pairs, as well as various CFDs for trade, we must mention this in the Advantages section of the review. In fact, the offering of this broker features Contracts-for-Difference on commodities, indices, stocks and some of the most popular cryptocurrencies: Bitcoin, Ethereum, Ripple, Dash, Tron, Cardano, and others.

 

However, we would advise those who are into Bitcoin and other digital assets to check pout our list of reliable forex brokers who offer that kind of trades.

 

 

>> Trade BTC with a regulated broker <<

 

 

Maximum leverage up to 1:300

FinmaxFX offers comparatively high leverage levels, reaching 1:300. High leverage ratios allow traders to open larger positions, while not investing large sums. That is why we consider it as an advantage, although leverage levels that high increase significantly the risk of losses.

 

Many payment methods

Clients of FinmaxFX are able to deposit and withdraw to and from their accounts via bank wire transfer, credit/debit cards, and e-payment systems such as Skrill, WebMoney, Yandex, RBK Money and others.

 

 

FinmaxFX Disadvantages:

 

Offshore broker

The most obvious weak side of this broker is the lack of decent regulation. FinmaxFX is operated by Max Capital Limited, a company allegedly based in Malta, but registered offshore (in the Seychelles). Offshore brokers are not to be trusted in general, as they are in fact not any under financial regulation, no matter what they claim.

 

Yet, the situation with FinmaxFX seems slightly better, as it is a member of Russia’s National Association of Forex Dealers (NAFD, formerly known as CRFIN).

 

 

High fixed spreads

Spreads at FinmaxFX are fixed 3 pips on EUR/USD on all account types, and this is a very high cost of trading. Most brokers usually offers fixed spreads of 2 pips or floating ones averaged 1.5 pips for this pair or even lower.

 

 

>> Lowest spread forex brokers compared <<

 

 

Conclusion

 

FinmaxFX is a Russian MT5 broker registered offshore that provides online trading in wide range of financial instruments. Although it also offers several account types, spreads on all of them are quite high. Yet, what bother us most with regards to FinmaxFX is the lack of reliable financial regulation.

 

For example, we consider as such the regulation of forex brokers in the UK, Australia or Cyprus. The respective governmental agencies have set up licensing regimes for financial services providers, with serious capital adequacy requirements and various standards and procedures to be followed. Besides, most financial regulators in the EU also have compensation funds in case a regulated entity goes bankrupt.

 

 

>> Brokers regulated in Cyprus <<

 

 

Here are, once again, the weak and strong sides of FinmaxFX:

 

Pros Cons
Many CFDs, including cryptos Registered offshore
MT5 available High spreads
Various payment methods  

High spreads

 

 

 

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Traders` reviews for FinmaxFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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