FiNMAX Binary Options Introduction
FiNMAX is a binary options online broker that not only caters to retail traders but also entertains institutional investors to grant access to the risky binary options online market. FiNMAX competes with some of the most well-established binary options online brokers in the market and has a binary options online product that satisfies most of the requirements of its traders. FiNMAX has managed to address most of its clients’ needs and has developed a binary options online brokerage that not only manages to offer a reliable account option but also manages to do things a bit better than its competition.
Trading binary options online can be highly lucrative and an exciting affair, especially if you are somebody who revels in high-risk environments. Binary options brokers have been working hard to cater to the demands of investors, and have been responsible for bridging the ever-rising gap between the binary options online market and investors. Even though binary options online brokers are making it easier for investors to trade binary options online at their convenience, there are a few issues that traders must realise before commencing their binary options online trading journey.
Broker scams and fraudulent broker practices are real threats for investors. Several regulatory organisations and Governments have been keeping a close eye on the development of binary options online trading into a full-fledged financial product, but the instances of fraudulent broker practices do put a tremendous strain on prospective traders. Therefore, in an attempt to educate traders about the pitfalls of investing, we cover almost all aspects of a binary options online broker in our broker reviews comprehensively.
Analysing FiNMAX Regulation & Company Specs
FiNMAX is not a regulated binary options online broker, and we have uncovered all the integral facts about the company’s claims of being a secure binary options online services. We believe that traders should always attempt to deal with regulated entities, as it can provide better security against scams and other financial frauds. In this regard, FiNMAX may not be as reliable as some of the more accomplished companies in the market. Since there are issues related to the regulatory license, FiNMAX appears to be trying hard to improve in other areas of its brokerage, and have incorporated several advanced encryption protocols to enhance the safety of trading.
FiNMAX was launched by Morris Processing Ltd. in 2016 and has its operational headquarters in Sofia, Bulgaria. Morris Processing Ltd. is basically a UK-based firm that has an office in London, but the company also lists other branches across the world, namely in Canada, Cyprus, Italy, and Australia.
Despite a strong presence in the EU and the Americas, the broker has not managed to obtain even a single regulatory license from any jurisdiction, which does not reflect well on the company’s goals to capture a fair majority of the market share. It is also disappointing that the company has failed to secure a regulatory license from any popular tax haven, as it would have at least rendered a bit more credibility to the broker’s reputation.
It is not clear whether the EU regulators have issued any warnings against FiNMAX due to the lack of regulatory licenses. Since FiNMAX is not bound by any regulatory restrictions, FiNMAX enjoys better freedom and flexibility of trading, accentuated by the several trader benefits that are offered by the company. Of course, the safety net of a reliable regulatory license can indeed help traders with enjoying a better peace of mind, but FiNMAX has a genuine service that can only be improved with a valid regulatory license.
FiNMAX Binary Options Assets
If you are in the market for a binary options online broker that provides an exhaustive list of tradable instruments, FiNMAX may not be able to cater to your requirements. In fact, with a short number of assets that barely reach 80 different instruments, traders may feel restricted with a FiNMAX account. However, if you are not too keen on investing in all the different assets available through a binary options online platform, FiNMAX does provide access to the Forex, commodities, stocks, and indices market through its binary options online brokerage. We have compiled an all-inclusive list of binary options online assets provided by the company:
Forex: EUR/USD, USD/JPY, GBP/USD, USD/CAD, USD/CHF, AUD/USD, NZD/USD, USD/RUB, AUD/CAD, AUD/CHF, AUD/JPY, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, GBP/AUD, GBP/CAD, GBP/CHF, EUR/JPY, USD/NOK, USD/SEK, EUR/GBP, GBP/JPY
Commodities: Gold, Silver, Copper, Natural gas, Oil, GOLD/EUR, Gold/GBP, Gold/Silver
Indices: DAX 30 Futures, DOW JONES, Dubai Index, FTSE 100, HANG SENG, IBEX 35 Futures, MICEX Futures, NASDAQ 100, NIFTY 50, Nikkei 225, S&P 500 Futures, SSE 180, Tel Aviv 25, Topix 100
Stocks: Alibaba, Amazon, Apple, Banco Santander, Barclays, BBVA, BMW, BNP, BP, China Life, eBay, Facebook, Fanuc, Fiat Chrysler, Gazprom, Google, HSBC Holdings plc, Microsoft, Netflix, RBS, Renault, Sanofi-Aventis, SAP, Siemens, Sony, Tesla, Total, Twitter, Volkswagen, Yahoo
There are a couple of stocks and indices in the FiNMAX asset portfolio that are usually not provided by other leading brokers. These instruments do help traders to enjoy a bit more volatility, thereby increasing the probability of entering more trades and increasing the chances of success. Volatile assets do tend to have prolonged moves in a single direction that can help traders to profit from such movements, but traders should realise that the downside risk is also greater in the case of volatile financial instruments.
FiNMAX Binary Options Products
The broker has also made a trivial mistake of limiting the number of binary options online products, along with a reduced number of tradable assets. Traders are usually provided access to a diverse range of products such as classic high/low options, turbo options, ladder options, and touch/no-touch options. However, FiNMAX has only two different binary options online available through its platform, the classic high/low and the above/below options. Both of these binary options online products offer a maximum payout of 90% for profitable trades. The average payout is also quite healthy, as In-The-Money (ITM) trades often provide a robust ROI of 60% to 85% for most assets. The only disadvantage of FiNMAX binary options online products is that the broker does not provide any refund for Out-Of-The-Money (OTM) trades.
As far as actual trading is concerned, FiNMAX has a high conflict of interest with its traders. FiNMAX is a company that depends on its clients’ losses to generate revenue. Therefore, all clients’ losses go to the broker, and winning traders are compensated through the broker’s operating capital.
Therefore, FiNMAX may employ several tactics that may force its traders into losing money. Even the company’s official risk disclaimer states the high conflict of interest that accompany their binary options online products. FiNMAX is the counterparty to their traders’ positions, and the broker has better odds of making money than a majority of traders. As a result, traders must be careful about conserving their winning trades, in order to stay safe from any devious broker strategies that may result in losing money.
Regardless of a few drawbacks of FiNMAX binary products, the broker has an excellent trading environment, where the minimum investment is $5, and the maximum investment is $5,000. The minimum/maximum investment levels seem to be relevant to the market average, as traders can use the small minimum investment threshold to conserve their trading capital during losing streaks. However, we would have preferred FiNMAX to reduce the minimum investment to $1, which could have helped traders to minimise their losses even further. For comparison purposes, mainstream brokers typically have a minimum investment requirement of $10 per trade, while the maximum investment limit may be pegged at $2,500. Of course, some brokers offer maximum investment limits of up to $25,000, but these brokers are strictly reserved for larger investors.
FiNMAX Keyoption Platform
The most critical component of every binary options online trading account is the platform, as it serves as the vital link between a trader and the markets. Binary options trading platforms are available in different configurations, as brokers may either choose to develop a proprietary trading platform or choose an existing third-party trading interface. FiNMAX has adopted the safest route of using a modified version of the Trade Smarter binary options online platform, which is one of the most graphically pleasing trading platforms in the market.
The Trade Smarter FiNMAX platform does the job of connecting traders to the broker’s servers quite well, albeit with a few reliability concerns. The Trade Smarter is a fully web-based trading interface that has an overall theme and layout that traders have come to expect from the binary options online market. The layout is quite simple and easy-to-understand, as traders can use the platform to get all the vital information about an asset from the interface. There is a basic chart, a choice of assets, trading activity, and binary options online trading dashboard, all placed in convenient positions in a full-screen layout.
If you are not a fan of the minimalist approach adopted by brokers while offering the numerous charting options for trading, FiNMAX also grants access to the TradingView advanced charts. The advanced charts grant a unique opportunity for traders to employ advanced indicators and perform a comprehensive analysis of the markets, without having to depend on multiple sources for market research data. The TradingView advanced charts do complement the primary FiNMAX platform and are an excellent addition to the broker’s services portfolio.
FiNMAX Apps For Mobile Trading
iPhone, iPad and Android users get to download their respective mobile binary options online trading applications from the iOS and Android app stores. FiNMAX is compatible with most smartphones and tablets, but if you want a bit more added functionality, the FiNMAX Web Trader is also a good option for trading through a web browser. Since mobile support is an important aspect of binary options online trading, FiNMAX has ensured that its users can receive access to the best platforms for all devices.
FiNMAX Account Options & Minimum Deposit
From a minimum deposit of $250 for smaller account holders to a minimum investment of $25,000 for VIP clients, FiNMAX has an account for all varying trader needs. Traders will have to invest at least $250 to start trading in the binary options online markets through a dedicated trading account, as it is essential for traders to consider the losing streaks by adhering to strict money management rules. Sure, some brokers only require a minimum investment of $10, but the average initial deposit for most brokers in the market is around $250, which puts a FiNMAX account right in the heat of the competition. The $250 initial deposit is reserved for Bronze account holders, which have some pretty basic account features. The Bronze account provides a relatively average trading platform, where traders receive free education courses, an economic calendar, free first withdrawal, a 25% deposit bonus, and a common account manager.
If you are looking for a bit more flexibility in your trading options, then the Silver account can grant you access to a personal account manager, 25% risk-free trading, educational videos, and free webinars. The Silver account also promotes a limited period trading signals subscription, which offers up to a month’s worth of free signals. Traders can also expect the broker to process their withdrawal request within 48 hours, along with a 50% bonus on deposits. The Silver account is more expensive than the Bronze account, as it requires at least $1000 as the initial deposit.
The Gold account option at FiNMAX is available for traders making an initial deposit of $5,000 that provides an additional 2% return per ITM trade. The extra 2% can make a significant contribution to the trading performance, along with the availability of a 75% bonus on deposit. FiNMAX also guarantees to process withdrawals within 24 hours, one free withdrawal per month, and the risk-free trades are increased to 50% of the account equity. Gold account traders also get access to unlimited trading signals, daily analytics, market reviews, and technical & fundamental analysis, delivered straight to their inbox. The Gold account does have some useful account benefits, but the high initial deposit requirement may not be suitable for smaller traders.
The broker has a VIP account in the form of a Platinum account, where the minimum deposit requirements vary according to the investors’ calibre. The Platinum account is usually reserved for a minimum deposit of $25,000, but it may be reduced for a few qualified investors. The Platinum account has all the advantages of the Gold and Silver accounts, along with several other class-leading features that are sure to be appreciated by traders. One of the best advantages of the Platinum account is the 4% increased payout on profitable trades, along with access to two senior analysts. The bonus is increased to 100%, while the risk-free trade protection remains at 50% of the account capital. Clients can also make a withdrawal without paying any fees, and take advantage of a personal account manager who is available on call 24X7.
The Platinum account is indeed the most preferred account option at FiNMAX, but there are other brokers that may be able to offer similar services at a fraction of the cost. However, as far as value for money is concerned, traders should be content with the Platinum account, provided they are investing a smaller amount than that is required for the Platinum VIP account. There are different options for making a deposit or withdrawal, as the broker supports payments via Visa, MasterCard, Maestro, Neteller, Qiwi Wallet, WebMoney, Skrill, Yandex, and wire transfer. All payments are facilitated through secure channels, and the broker uses advanced security protocols for all transactions.
A Brief Analysis Of FiNMAX Bonus
It is getting extremely challenging for customers to avail a bonus from regulated binary options online brokers. However, FiNMAX is not bound by any regulatory requirements, which allows the broker to offer a sufficient bonus for its clients, that is indeed one of the highest offered by any broker. Bronze account holders can enjoy up to 25% bonus, while Silver and Gold account holders can enjoy up to 50% and 75% in bonuses. The maximum bonus is offered to Platinum account holders, as traders can receive up to 100% bonus on their deposit. All FiNMAX bonuses are provided on top of the risk-free trading credits but may include the broker’s terms and conditions.
A free demo account is available upon request, but it is only available for a shorter duration. Demo accounts at FiNMAX are typically available for a week, and traders are recommended to get familiar with the platform before the expiry of the demo period. Although the broker is not known to extend the demo duration, Gold and Platinum account holders may be eligible for extended demos due to their account status. Always contact the customer service department if you have any questions.
FiNMAX Customer Support Channels
FiNMAX only offers 24X7 access to personalised account managers to its VIP account holders, as all other users have to make a few compromises with the 14 hours a day customer service channel that is only available for five days a week. Traders have the option of contacting the support team through live chat, or by phone, email, and a web contact form. The broker has also added a Skype address for convenience, but it is obviously not as good as the customer service offered by other leading brokers. We would prefer FiNMAX to provide 24X7 customer service to all users, regardless of their account category.
FiNMAX Webinars & Trader Education
All account holders receive access to free training, but the trading resources are divided into groups, according to an increase in the initial deposit. Nevertheless, the broker provides an excellent array of market analytics, trading reviews, technical & fundamental analysis, and VIP webinars, which are some of the best trading resources available for traders. FiNMAX even has a signals subscription service, which is offered free of cost for Gold and Platinum account holders. Traders can also make use of the advanced charts for their own market analytics, but overall, FiNMAX is an excellent choice of binary options online broker.
- Minimum investment starts from $5 per trade.
- Availability of free trading signals, market analytics, and access to senior analysts for VIP traders.
- 90% payouts for classic binary options online, with increased payouts for Gold and Platinum accounts.
- Traders can access both desktop and mobile trading platforms.
- FiNMAX is not regulated, despite its presence in the EU.
- The number of shares is limited.
- Customer service is not available 24X7 for smaller account holders.
- What Is The Minimum Deposit For A FiNMAX Binary Options Account?
The minimum deposit for a FiNMAX trading account is $250.
- Does FiNMAX Offer A Free Demo?
Yes, FiNMAX demo accounts are available for a week, free of cost.
- How Long Does FiNMAX Take To Process A Withdrawal?
Gold and Platinum account holders can expect a 24 hours turnaround for withdrawals, while Silver account holders should wait for 48 hours. Bronze account holders will have to wait for a longer time for the broker to process their withdrawal.
FiNMAX does things their own way, and have created a binary options online product that is generally competitive and suitable for both small and large investors. With a strong regulatory license, FiNMAX has the potential to become a leading mainstream binary options online broker, but it is only a question of when, rather than if.