Independent rating of Forex broker FiNMax

About company

FiNMax is a Russian binary options broker. The company is licensed by the Vanuatu Financial Services Commission (VFSC) and the Financial Market Relations Regulation Center (FMRRC). FiNMax is a subsidiary of Morris Processing Limited.

Trading conditions

The broker offers its clients the following account types: Micro (minimum deposit of $250), Mini (minimum deposit of $1,000), and Standard (minimum deposit of $5,000). In addition, there are premium accounts: Premium (minimum deposit of $25,000) and VIP (minimum deposit of $100,000).

Micro and Mini are suitable for beginners, while the remaining account types are meant for advanced users. VIP accounts with a minimum deposit of $100,000 grant their holders all possible privileges. In this case, profit can be greater than the initially deposited amount. Here, a lot depends on the experience and skills of market participants.

Deposits and withdrawals are through Visa, YooMoney, Bank Transfer, Qiwi Wallet, WebMoney, Skrill, and Neteller. Accounts should be verified to withdraw funds. Clients should provide a copy of documents proving their identity and residence address for verification.

Clients can withdraw funds within 5 working days. Meanwhile, the VIP account gives its holders a special privilege – they can withdraw money within 48 hours or even less.

When cooperating with this broker, clients should remember that the company charges a certain commission for the time the trading platform is inactive. If a client does not open trades within two months, a certain amount of money will be charged from the trading account.

Indeed, when registering an account, FiNMax clients give their consent that certain amounts of funds, a commission, will be charged from their trading accounts. The size of commissions depends on the time during which the client's account is inactive. For instance, if your account is dormant for 2–3 months, the company will charge a $25 commission and $50 for 3–5 months. By the way, if a trader has less than $5 in the dormant trading account, the broker will not charge any commission. Such a trading account will be reset back to zero.

A demo account is also available for FiNMax clients.

Users can trade through the following platforms: MT5 Desktop, MT5 Web, and MT5 Mobile.

The list of FiNMax trading instruments includes currency pairs, stocks, cryptocurrencies, energy, precious metals, various indices, and futures.

Support service

Clients can contact the broker’s support service by phone (Moscow dial-in code) and email. In addition, there is a feedback form on the company’s official website.

Feedback

The first thing that catches your eye when looking through the reviews of FiNMax on the Internet is a great number of negative comments about it. Traders mainly complain that FiNMax is a scam broker.

Advantages and disadvantages

The fact that the company is regulated by financial watchdogs and offers quite reliable trading platforms is definitely an advantage. Moreover, it provides clients with a demo account and negative balance protection.

At the same time, users do not have access to popular MetaTrader 4, which is a major drawback. Another disappointing fact is that the broker charges commissions for withdrawals from such trading accounts as Micro and Mini. Apart from that, there are many negative comments about FiNMax on the Web, which only fuels suspicion about the company.