Binary options trading is a high-risk investment where traders have to optimise and make use of everything to increase the winning chance little by little. And the easiest thing to do so must be the broker. This review will bring you a closer look at FINMAX Binary Option, a 5 years-old Bulgarian broker.
FINMAX is a binary options broker, licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC) under Compliance Certificate number 0395AAV0131. This brokerage firm has its office located at 14 Tsar Osvoboditel blvd, Sofia 1000, Bulgaria.
There are over 70 tradable assets categorised in 5 types: currency pairs, commodities, companies’ shares, stock indices and crypto currencies. The expiry time varies from 30 seconds to 6 months. The minimum deposit per trade is $5 and the highest payout is 90%.
Other features include education, demo account, market analysis, signals, customer support. Generally, this BO broker owns all the essential things that traders ask for. Now, let’s get closer to see the real quality of each aspect.
FINMAX is now offering 70+ underlying assets to trade and this number kept growing every year. However, the present list is already containing the most commonly traded assets:
● Currency pairs: EUR/USD, GBP/EUR, USD/CHF GBP/USD, USD/JPY, EUR/AUD…
● Shares: Apple, McDonald’s, Coca Cola, Facebook, Tesla…
● Indexes: DOW JONES, NASDAQ 100, S&P 500 Futures, Hang Seng, Nikkei 225…
● Commodities: Gold, Silver, Oil, Natural gas…
● Crypto: Bitcoin, Ethereum, Litecoin, Ripple…
Traders can always track the trading time of these assets on the FINMAX website.
There are 5 account types depending on the amount of funds of the clients. Each account type goes with a different feature set on deposit bonus, return bonus, withdrawal time and fee and others. With the higher account level and bigger fund, clients will get more benefits.
But with any account type, you can have full access to all trading instruments, the education center and are assigned an account manager to help you deal with common issues. Moreover, a free demo account where traders practice skills and test strategies is also provided.
Opening an account is quite simple. The broker will ask you for basic information on your name, password, contact and preferred currency.
Opening an account is quite simple. FINMAX will ask you for basic information on your name, password, contact and preferred currency. The next verification step is no different from other brokers, you need to provide your ID/passport and proof of residence.
Deposit and Withdrawal
After finishing the registration, you can start funding your account. FINMAX accepts various payment methods including Credit/debit card (Visa/MasterCard), Webmoney, Bank wire, Qiwi and Jeton with the initial minimum deposit of $250. Besides, you will get a certain bonus percentage to help you expand your capital.
Note: You can’t withdraw the bonus.
Additionally, clients can always transfer their funds between accounts.
For withdrawal, the fee and processing time varies based on your account type:
- Bronze: The first withdrawal is free
- Silver: Takes only 48 hours to execute, the first withdrawal is free
- Gold: Takes only 48 hours to process, one free withdrawal per month
- Platinum: Takes only 48 hours to process, no withdrawal fee
- VIP: Takes only 48 hours to process, no withdrawal fee
As aforementioned, the education center is accessible for all of FINMAX’s clients. Binary options trading is never an easy investment, it requires knowledge, experience which newcomers can’t have when they just come to the financial market. Therefore, the education center should be their first destination to learn how to trade.
New traders can choose between e-books and education videos to start their careers. E-books demonstrate trading and financial markets from the bottom to give readers the most basic knowledge. Meanwhile, education videos are divided into series each of which covers a specific topic.
Moreover, newcomers can always visit the glossary and FAQ if they encounter any new terms or have any questions.
Another feature of the education center is the webinar. These online workshops are regularly hosted by experts to share trading experience or discuss trading strategies. The advantage of the webinars is their interaction, besides, if you miss the live webinar, you can still rewatch it anytime.
FINMAX has developed an in-house trading platform and it’s quite straightforward. To make a trade, you just need to follow the steps below:
- Step 1: Choose the asset. Each asset has a specific payout rate. The maximum payout is 90%.
- Step 3: Set the expiry time for your contract (from 30 seconds to 6 months);
- Step 4: Make your deposit (minimum amount is $5) ;
- Step 5: Choose your option – the result you expect for your contract: High or Low;
- Step 6: Click TRADE to start the contract and wait for them to expire.
This trading platform is also integrated with other tools such as direct funding, social feed, signals and even tutorials. Generally, this platform is designed in the most minimal way to fit all types of traders.
There are 3 ways to get to FINMAX customer support:
- Live chat on the website
- Email: email@example.com
+359 249-285-60 – Bulgaria
+43 (720) 02-25-13 – Austria
+44 (203) 769-07-54 – United Kingdom
The support working hour is from 08:00 to 20:00 (GMT+3). FINMAX has a well-trained customer support team who never let the customer wait. Even if you are not a FINMAX client at the moment, you can still contact them for the broker’s information, policy and promotion. They are always ready to help.
A notable offer of FINMAX is risk-free trades. New traders opening accounts can have up to 3 risk-free trades. For these trades, if they are losses, you will be compensated the deposit amount.
For new traders, risk-free trades are the free lessons for them where they learn from their mistakes and adjust their trading strategies accordingly.
After that, for losing trades, clients are compensated a certain amount from their deposits. The specific percentage also varies by the account type; the higher level will get higher compensation.
FINMAX usually posts regular trading news, strategies and market analysis for traders to get references. They also open a blog sharing articles from everything about financial markets and trading experience.
Finmax – another scam?
Finmax Binary Options is a reliable trading platform. It is regulated, works with honest providers of quotes, does not draw prices on the chart. Reviews of traders confirm that the platform withdraws money.
Frequently asked Questions
🎁 What bonuses are offered for new clients?Finmax website provides one risk-free deal and a bonus up to 100% on the first deposit.💵 In what currency can you open an account on the Finmax trading platform?In dollars or euros. The currency is selected when registering a personal account on the official Finmax website.🙎♂️ What’s the fastest way to contact support?Online chat on the broker’s website. Finmax broker consultants respond within a few minutes. Working hours: Mon-Fri 10: 00-22: 00 Moscow time.💸 What is the most profitable way to withdraw profit?Withdrawals from Finmax from $ 300 are more profitable to withdraw by bank transfer with a fixed commission of $ 25. In other cases, it is more profitable to transfer to a Webmoney wallet with a commission of 0.9%💳 How to verify an unnamed card?To verify an unnamed card on Finmax, you need to send the support a screenshot from the online banking cabinet, where the name, the last 4 digits of the card and the address bar of the site will be indicated.📈 Is there market analytics on the site?Finmax publishes weekly reviews and forecasts for the foreign exchange, commodity and stock markets.💻 How to get more technical analysis tools for full-fledged trading on Finmax?Advanced Tradingview charts are available in the “Tools” section of the broker’s website, the set of functions of which is suitable for full-fledged technical analysis.
A reliable broker can’t guarantee your success in the trading career but it can give you a safe and stable environment where you can fully focus on trading. With 5 years providing binary options trading, FINMAX BO is certainly one of these places by these below reasons:
- Licensed and regulated by IFMRRC – an international independent regulator
- A wide range of trading instruments
- Comprehensive education course
- Fast and easy deposit/withdrawal
- Advanced but simple trading platform
- Helpful customer support
- Risk-free trade policies
No matter if you are an experienced trader or just a freshman, FINMAX will never let you down.