FinmaxFX Review

Overview

FinmaxFX provides to its clients the possibility for trading on Forex market and CFDs.

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Details

BrokerFinmaxFX
Website URLwww.finmaxfx.com
Founded2017
HeadquartersSuite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles
Support Number+44 (203) 868-29-13
Support TypesChat, phone (including call-back), email [email protected]
Minimum 1st Deposit$100
Leverage1:50-1:300
Spreadfrom 3 points
Free Demo Account No
RegulationFSA, license number SD007
Account TypesDemo, Micro, Standart, Premium
Deposit MethodsBank transfer, credit and debit cards, Skrill, Neteller, Webmoney,
Withdrawal MethodsBank transfer, credit and debit cards, Skrill, Neteller, Webmoney,
Number of Assets180+
Types of AssetsForex, shares, commodity futures, stock index, metals, energy sources, CFD
Account CurrencyUSD, EUR
US Traders Allowed No
Overall Score9.8/10

Full Review

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FinmaxFX provides to its clients the possibility of trading on the Forex market and CFDs. The broker’s range includes not only major currency pairs, but also exotics, more than 180 types of securities, metals, energy sources and the stock index.

FinmaxFX describe itself as a client-oriented company; the security of traders’ money comes first. For this reason, the deposits of the broker’s clients are located in European banks with the highest level of reliability. Also, each client has the right to access the company’s Compensation Fund, if measures contrary to the client’s interests were applied to his account. The broker’s activity is regulated by FCA, an authoritative European organization.

 

New client registration

To become involved with the broker, just go through a simple registration procedure and open a personal account; in order to do that, click «Open account» on the main page of the official website in the upper righthand corner. In the form for quick registration, enter your name, contact details, security question and answer, as well as a password, which together with your e-mail will be used to enter the workspace.

In order to avoid further problems with the quick cash-out of money from the account, it is advisable to go through the verification procedure and give documentary evidence of the provided data. Such actions will additionally protect your account from access by third parties.

 

FinmaxFX: types of trading accounts

FinmaxFX Broker has developed comfortable conditions of cooperation for traders of different levels of training:

  • for beginners and traders who want to get acquainted with the platform or test the strategy, a demo account is offered without cash-in. You can try your hand at trading without investment with a leverage of 1:25;
  • for the first experience of real trading in the Forex market, as well as for clients with a small amount of start-up capital, a Micro account is offered, where the initial deposit is only $100, and you can use a leverage of 1:50;
  • for confident traders, the broker provides a Standard account with a starting deposit of $2,000 and a leverage of 1:100;
  • for professional traders and VIP clients, a Premium account is available with a starting deposit of $25,000, with a leverage of 1:300 and a number of other exclusive services.

The base currency for each account can be the US dollar, Euro or Russian ruble. The standard contract size is 1 lot = 100,000, and the spread starts at 3 points.

The broker offers 2 types of order execution: instant execution at the time of opening the order and execution upon the occurrence of certain conditions specified by the trader. At the same time, the broker always aims at execution of orders at prices that practically do not differ from the declared ones. The trader can easily manage orders, changing their parameters even during the course of the work.

 

FinmaxFX: trading terminal

All traders know that the effectiveness of trading largely depends on the quality and speed of the trading platform. The FinmaxFX broker offers a really unique and convenient terminal, MetaTrader 4, characterized by high functionality and security. This platform has a number of advantages:

  • trading is possible on both PCs and mobile devices;
  • complete range of working assets;
  • no prohibition on automated trading through robots and expert advisors;
  • a set of indicators that integrate seamlessly to help the trader in trading;
  • the client can create signals by means of the platform functionality;
  • there is a direct connection with round-the-clock support service from the platform.

The broker’s website provides download of terminal versions for desktop and mobile device usage. For those who are not tied to a specific workplace, a web version of the terminal that does not require PC installation is available.

 

Deposit and withdrawals

You can deposit into your account instantly with the help of Visa/mastercard bank payment and credit cards; you can also do this through the system of electronic payments such as WebMoney, Qiwi, ePayments, Yandex.Money, Skrill, Neteller. If you want to deposit into your account by bank transfer, which is considered to be the safest method, please note that this payment will take up to 3 banking days.

Cash-out of money from the account is impossible without going through a verification procedure, which requires the broker to provide the following documents:

  • copy of identification document;
  • copy of document that confirms the place of residence of the client (for example, a utility bill);
  • if the client plans to use a credit card for depositing and cashing-out of money, a scanned copy of both sides of the card is necessary. CCV-code can be hidden if desired.

The entire list of documents required to confirm the identity of the client can be obtained from the support service of FinmaxFX Broker.

Payout period from FinmaxFX account makes in average 5 business days, but for VIP-clients this procedure is only for two days.

 

Complaints against FinmaxFX

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FinmaxFX: advantages

In addition to a large range of trading tools and a convenient platform, Finmax FX Broker has a number of additional advantages:

  • a demo account without cash-in and risks;
  • tight spreads starting at 3 points;
  • leverage to 1:300;
  • negative balance protection;
  • daily online webinars, movie tutorial, e-books;
  • up to 100% bonus added to the starting deposit;
  • economic calendar, daily market reviews, technical analysis and financial news;
  • qualified support staff, available 24/7 and who can be contacted by phone or email;
  • activity of the company is regulated by an authoritative organization;
  • clients’ funds are kept in the accounts of leading European banks.
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