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FINMAX Binary Options Broker Review
Binary options are both highly profitable and risky at the same time. Thus, every trader needs a qualified broker to back them up and relieve the burden. This review digs deep into the FINMAX BO broker to see if this is that qualified one traders need.
- FINMAX Broker Overview
Let’s start with general information on FINMAX and its trading condition. Founded by a group of financial experts, FINMAX has offered binary options trading service for 5 years. Its head office is located at Operational office address: 14 Tsar Osvoboditel blvd, Sofia 1000, Bulgaria.
In terms of regulation, FINMAX has its license granted by the International Financial Market Relations Regulation Center (IFMRRC). The interesting thing about this regulator is that it doesn’t belong to any country. Instead, IFMRRC is a self-organised international agency supervising brokers and other trading service providers. The non-governmental point makes IFMRRC objective and not be manipulated by any entities.
For safety and security, the broker guards its clients’ information by the Secure Sockets Layer (SSL). This encryption system protects all important data like clients’ credit cards or addresses.
FINMAX also commits to segregate the client’s money from the broker’ operation fund to ensure transparency of the cash flow.
- Trading Conditions at FINMAX BO
75 is the number of tradable assets at FINMAX BO, they come from all type of financial markets:
- Currency pairs: EUR/USD, GBP/USD, USD/JPY, EUR/AUD…
- Shares: Apple, IBM, Facebook, Tesla…
- Indexes: DOW JONES, NASDAQ 100, S&P 500 Futures…
- Commodities: Gold, Silver, Oil, Natural gas…
- Crypto: Bitcoin, Ethereum, Ripple…
As can be seen, FINMAX provides the most popular trading assets. With the diversity of instruments, there is no worry of lacking trading opportunities and profits.
To start trading, you can click TRADE PLATFORM on the top right of the main page, next to your personal account manager.
FINMAX has developed an in-house platform to meet the demands of clients for an advanced but simple trading terminal and also no download required.
- Trading Platform Features
The signature platform of FINMAX is very straightforward and suitable for all types of traders, even the freshest ones.
To trade, please follow these below steps:
- Step 1: Choose your desired assets. There are 75 coming from 5 groups as aforementioned;
- Step 2: Choose the contract type High/Low or Above/Below. With the former one, you need to predict whether the asset’s value goes higher or lower than its current price by the expiration time. With the latter one, your task is to determine whether the asset’s value higher or lower than the specific price set by the broker;
- Step 3: Set the expiry time for your contract;
- Step 4: Deposit your investment;
- Step 5: Choose your option – the outcome you predict for your contract;
- Step 6: Click TRADE to start your contract.
You can always track your opened and closed positions at the bottom of the platform. On the left side, there are important utilities like wallet, social, signal and tutorials in case there is something you don’t understand. But don’t worry, most clients have confirmed that the platform is so simple and they don’t need much time to break-in.
- Trading Education
For new traders, education is the first building block of their career. Trading without knowledge is no more than gambling where gamblers never win the dealer.
FINMAX dedicates a part of the main page for education. It contains an introduction and trading guidelines; besides, there are a glossary, FAQ, video lessons, e-books and webinars.
Glossary: Trading and finance own many new terms. Here where you can seek for their definitions and examples.
E-books: There is no better place to gain basic knowledge than books. The e-books of FINMAX education cover all types of financial markets like Binary Options, Stocks, CFDs to the newest Crypto.
Video lessons: Video tutorials bring a different approach, more visual with illustrations and commentary.
FAQ: Frequently asked questions
Webinars: Instead of conventional seminars, traders have the chance to the online workshops hosted by experienced traders. These webinars discuss all aspects of trading or introduce profitable chances. Attendants have a much more interactive environment in there and they can ask for any questions.
Moreover, traders can always look for news and trading analysis to have viewpoints of the market. A demo account is always ready to practice the trading skill and new tactics.
- FINMAX Bonus Offers
A big advantage for FINMAX clients is a variety of bonuses that the broker offers. Capital plays a vital role in every investment; thus, bonuses can be considered financial support for traders who can’t afford bigger money amounts.
FINMAX offers 5 account types based on the minimum deposit, each of which is offered a specific bonus. Besides, there are also extra percentages of return gained per trade.
- Bronze account: Up to 25% bonus
- Silver account: Up to 50% bonus
- Gold account: Up to 75% bonus; +2% of return per each trade
- Platinum account: Up to 100% bonus; +4% of return per each trade
- VIP account: 100% bonus; +6% of return per each trade
- Deposit / Withdraw Funds
The last attribute forming a qualified broker must be transaction processing; unfortunately, traders often overlook this important thing.
Imagining you recognise a profitable chance and want to add more funds but your broker needs over a week to execute the transaction. When the money comes in, the opportunity has already passed. Another example is when you want to take your winning money out but your broker keeps asking non-relevant questions and requires weeks to process your money. These things make your trading interrupted and build up insecure psychology.
At FINMAX, after logging in, you can fund your money by tapping Make a Deposit on your personal account tab. The base currencies of FINMAX are USD or EUR. The initial minimum deposit is only $10 and the processing time is instant. Another notable thing is a higher deposit amount comes with a higher bonus.
For withdrawal, your account must be fully activated by verifying your ID, residence and copy of credit card (if you make your deposit by this method).
Each account type has its minimum deposit and corresponding withdrawal policy. Let’s take a look at the below table to see the difference:
|Account||Minimum deposit||Withdrawal policy|
Let’s summarise all features that make FINMAX Binary Options an ideal broker for all type of traders:
- Licensed and regulated by an independent international organisation;
- Various tradable assets;
- Advanced but simple web-based trading platform;
- Education centre for all clients
- Generous bonus offers
- Instant deposit/Fast withdrawal
Trading binary options are always exciting but risky. An eligible broker like FINMAX may not guarantee your winnings but it is always an indispensable back up of a successful trading career.