FinMax is a binary options broker founded in 2015 to render trading services to binary options enthusiasts. The company is owned and operated by Morris Processing Ltd, an organization with registered address 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ. The firm’s operational office is located at 14 Tsar Osvoboditel Blvd. Sofia 1000, Bulgaria. FinMax also has additional offices in Australia, Italy, Cyprus, and Canada.
FinMax is regulated by the International Financial Market Relations Regulation Center (IFMRRC), an independent agency charged with the responsibility of monitoring the quality of services provided by brokers and dealing centers in Bulgaria.
FinMax offers its users the following trading platforms:
FinMax provides its clients with a smart, proprietary web-based trading system that uses a sophisticated Graphical User Interface to provide information about the markets. Using the platform, traders will have access to a broad array of trading information like charts, choice of assets, account history, as well as trading parameters. The broker provides users with advanced charting tools that allow them to execute a broad array of technical and fundamental analysis of markets. Besides this, Finmax’s web-based trading platform also features an inbuilt app known as “Social Radar.” Social Radar provides traders with social trading capabilities. Users can view the most successful traders on the platform and replicate their trading moves using the software. Other instruments available on the platform include economic calendar, daily analytics, etc.
Mobile Trading Platform
FinMax clients can also trade using their mobile devices. The mobile apps allow traders access to almost all of the features that are available on the web-based platform, including advanced charting options. The mobile-compatible platforms can be downloaded for iOS and Android devices on the Apple App Store and Google Play Store respectively.
FinMax has a reasonable number of assets that users can trade. In all, traders can speculate on the price movement of over 75 assets which are classified under:
- Currency pairs
Deposit and Withdrawals
Traders can deposit and withdraw funds from FinMax through methods such as Bank Transfer, Credit Card, Skrill, QiWi Wallet, Neteller, Yandex Money, ePayments, and Webmoney.
Users need to verify their account with valid identification before they can make a withdrawal. For VIP account holders, withdrawal is processed within 48 hours, while it can take up to 5 working days to process withdrawals on other account types.
Help and Support
Finmax offers live customer support services to its clients through a variety of channels for easy and professional resolution to client complaints. These channels include:
- Live chat: Traders can use the live chat feature on FinMax’s website at https://finmaxbo.com/en/ to contact support. However, they are only available for 14 hours a day, five times a week.
- Contact form: Traders also have the option of contacting Finmax’s helpdesk through the contact form. If you wish to reach the support team this way, you can do so by visiting https://finmaxbo.com/en/feedback and filling out the form with any questions, comments, or concerns you may have.
- Telephone: FinMax offers support services from their various offices. These include +357 (22) 008-852, Nicosia, Cyprus; +44 (203) 807-48-41, London, United Kingdom; +61 (285) 994-406, Sydney, Australia; +357 (2) 811-13-18, Sofia, Bulgaria; +1 (437) 889-32-09, Toronto, Canada; and +39 (069) 763-02-26, Rome, Italy.
- Email: You can reach FinMax customer support team via email at [email protected]
- Skype: FinMax’s Skype address is finmaxbo.com
While other users are offered support services for 14 hours a day, five times a week, FinMax offers 24/7 access to personalized account managers to VIP account holders.
Security and Fairness
FinMax is regulated by the International Financial Market Relations Regulation Center (IFMRRC), an organization which aims to protect traders and resolve any disputes that may arise in the process of trading with member brokers. IFMRRC has a compensation fund designed to reimburse traders for damages inflicted by its member companies. This means that in the unlikely event that Finmax goes bankrupt, a trader can file a claim for compensation or payout.
FinMax has the following advantages:
- Traders are offered access to both desktop and mobile trading platforms.
- Finmax is regulated by the IFMRRC
- The platform provides free trading signals, market analytics, as well as access to senior analysts for VIP account holders.
- Finmax offers high payouts for classic high/low options.
- Traders can invest as low as $5.
- All account holders have access to personal account managers.
- Highly responsive trading platform with a polished look.
- Support for social trading.
- Availability of advanced charts.
- Availability of demo accounts.
- Fast withdrawal for VIP accounts.
In spite of its numerous benefits, Finmax falls short in certain areas. Some of the disadvantages of the company include:
- FinMax’s regulator is regarded as being a bit too weak with its regulatory protocols.
- FinMax offers limited choices in terms of trade types.
- The company’s customer service is not available around the clock.
FinMax offers a trading platform that is really fast, convenient and offers users loads of trading features. Finmax’s trading approach is geared towards providing the client with satisfactory services.
The chart is fully functional and allows the trader to apply some technical indicators (such as Bollinger Bands, Moving Average, RSI, and MACD) and change time frames. Traders who want to take things further can use the advanced charts provided by TradingView. And while they are relatively still new in the market, there have been little to no complaints about this broker so far.
FinMax needs to work on getting licensed by regulators with higher standing in the market. FinMax has been in the UK long enough to acquire regulatory status there. It is disappointing to see that the company has yet to do that. FinMax is therefore encouraged to get regulated by the Gambling Commission so as to compete with other brokers who operate in the same market space.