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FiNMAX Review - is it scam or safe?

FiNMAX review - Is finmaxbo.com scam or good forex broker?

RATING: 1 / 0 REVIEWS FiNMAX
FiNMAX is not regulated. We cannot guarantee your money is safe.

FiNMAX is a binary options broker, which is not authorized to offer any services on regulated markets like the European Union, Australia, Canada, the U.S. or Japan. On top of that we are not entirely sure who owns the broker – whether an offshore company based on the Seychelles or a firm registered in Lithuania, so if you are thinking about opening a trading account with them better read this review first.

 

Account type Min. deposit Max. leverage Spreads
Bronze Account $250 n/a n/a
Silver Account $1000 n/a n/a
Gold Account $5 000 n/a n/a
Platinum Account $25 000 n/a n/a
VIP Account $100 000 n/a n/a

 

FiNMAX Advantages:

 

Lots of underlying

 

One possible advantage about the broker could be the comprehensive list of underlying assets on which one can buy binary options – lots of stocks, 14 indices, gold, silver, copper, natural gas, oil, 25 currency pairs and even crypto coins like Bitcoin, Ethereum, Litecoin and Ripple.

 

Binary options, however, are banned on the European market altogether, but if you want to trade the forex markets, or buy crypto assets, here you may always check our list of forex brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Acceptable minimum deposit requirement 

 

You can start buying binary options at FiNMAX with 250 USD and that is more or less what other brokers would require as a minimum deposit. Still, have in mind that with some big well established brokers like FBS and IG you can star trading with virtually 5 USD or even less.

 

FiNMAX Disadvantages:

 

Not regulated, unclear ownership

 

On its homepage we read that FiNMAX is owned by Max Capital Limited, which is supposedly registered on  the Seychelles, while from their Terms and Conditions we learn that the company behind the broker is based in Lithuania and is called Gatelinas, UAB. Also for some reason  FiNMAX says its operational address is in Bulgaria – see for your self:

 

 

 

In any case, we checked the registers of the official financial regulators both in Lithuania and Bulgaria and were unable to find the above mentioned companies there.

 

Have in mind that the financial markets in the European Union are strictly regulated and any company offering financial services there should be licensed and authorized by a legit national regulator such as the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).

 

A legit forex license guarantees your money will be handled properly and that you will not become a victim of a scam. And European brokers are even required to participate in client compensation schemes – for example if you trade with a FCA broker your account will be insured for up to 85 000 GBP, which will be payed back to you in case you broker happens to be insolvent. Here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

And one final note on the regulatory status of FiNMAX. They claim to have a license by an organization called International Financial Market Relations Regulation Center. Be aware that this is not an official regulator, but an anonymous website operated form Russia, and used by scam brokers, which want to mislead their customers.

 

Trading bonuses

 

FiNMAX says to be offering trading bonuses of up to 100% of your deposit. The broker however fails to clarify under what conditions those bonuses are offered. Bear in mind that the practice of offering trading bonuses is highly controversial and is actually banned throughout EU. The main issue with all trading bonuses is that they always come with some additional withdraw conditions, such as some minimum trade volume requirement, which is too often used as a pretext to cancel your withdraw requests.

 

Skrill not accepted as payment method

 

Although on its homepage FiNMAX says to accept some popular e-wallets like Neteller and Skrill, when we proceeded to open a live account it turned out the only available payment methods are credit and debit cards like VISA and MasterCard, bank wire, bitcoins and two e-wallets - WebMoney and Perfect Money. 

 

Besides, the absence of Skrill as a payment method is notable, because the money transfer company recently adopted a new anti – scam policy, according which all brokers using its services should by holding a legit license. As we noted,  FiNMAX is not a properly licensed broker. Here you may check our list of brokers, where you can pay with Skrill:

 

>>Skrill Forex brokers<<

 

Low payout

 

Although FiNMAX says to be offering payouts as high as 90%, when we tested their trading platform with a demo account it turned out the payout for the benchmark EURUSD pair is just 83%. Bear in mind that the payout with binary options is considered attractive only above 85%. Here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

FiNMAX offers a web based, binary options trading platform, which is not comparable to classic trading solutions like the MetaTrader4.

 

 

Here, for example you can not run algorithmic trading sessions – something that is quite easily achieved on MetaTrader4 with the help of the so called Expert Advisors or trading robots. Also we miss some of the advanced charting tools available with MetaTrader4, so here you may also check our list of brokers supporting the platform: 

 

>>MT4 brokers<<

 

Conclusion:

 

We understand that since the European Securities and Markets Authority (ESMA) banned the sale of binary options in July last year, brokers offering such services had to go offshore. May be this is the case with FiNMAX and yet, we can not recommend a unregulated broker, because of the unreasonably high risks involved.

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Traders` reviews for FiNMAX

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