Main pros and cons of the FinMax online trading platform
10 min read
24 July 2021
Zaine Allen
FINMAX BROKER REVIEW
Content on this page is intended for information and educational purposes only and should not be considered as an investment advice or investment recommendation.
Finmax trading trading instrument is fixed high yield electronic contracts. Thanks to such service, you can make money on stocks of various companies, commodities, currencies, and not only on the growth of their rates, but also on the fall. It is an opportunity to make big money simply by determining whether the market value of an asset will rise or fall. The whole principle of trading is very simple, and you don't need to install any programs. But the first step is to choose the platform that provides access to financial markets. And in this article, we will review FinMax broker, a young but reputable brokerage company.
Short intro
Due to the growing popularity of online trading as a type of additional profit, the number of brokers that provide intermediary services in this area has increased. Not every company is able to provide customers with a high-quality trading platform and favorable conditions for work. FinMax is one of the brokers that is popular not only among clients, but also takes a firm position among competitors.
The broker has developed its own trading platform with a lot of winning features and settings. Currently, more than 1000 CFDs are offered for trading -stocks, commodities, indices, and currency pairs. On the site, you can set expiration time from 30 seconds to up to 6 months. Not so long ago, the broker added a CFD for those who want to make a profit in digital currencies. You will not need to buy and sell cryptocurrency. The profit or loss on each option will be a fixed amount.
The broker has developed its own trading platform with a lot of winning features and settings. Currently, more than 1000 CFDs are offered for trading -stocks, commodities, indices, and currency pairs. On the site, you can set expiration time from 30 seconds to up to 6 months. Not so long ago, the broker added a CFD for those who want to make a profit in digital currencies. You will not need to buy and sell cryptocurrency. The profit or loss on each option will be a fixed amount.
Every trader can choose from several trading accounts and get a FinMax bonus depending on the deposit. Personal manager and plenty of educational materials make the platform an ideal starting point for beginners.
Broker FinMax belongs to Morris Processing Limited, which is not registered in an offshore zone, like many of the intermediaries in the online trading market, but in Bulgaria. It operated under a license from a well-known non-profit organization IFMRRC. Keep reading this FinMax review to learn the main aspects in detail.
Broker FinMax belongs to Morris Processing Limited, which is not registered in an offshore zone, like many of the intermediaries in the online trading market, but in Bulgaria. It operated under a license from a well-known non-profit organization IFMRRC. Keep reading this FinMax review to learn the main aspects in detail.
Registration
It is a matter of a few minutes to become a member of the FinMax trading platform. For this, open the main page and find a green button "Open an account in just 15 seconds".
It will redirect you to the online registration form. You will need to leave the following information here:
It will redirect you to the online registration form. You will need to leave the following information here:
- Full name;
- contact phone number;
- preferable account currency;
- email address and a unique password;
- type of account.
Now confirm you are over 18 years old, tick the agreement icon to the terms and conditions of the platform, and wait for the link that will be sent to your email address. After link activation, the registration is considered complete.
Account types
The broker has several accounts. Even if the deposit seems high enough for some options, the broker offers really attractive conditions in return. Have a look at a below table to see how many benefits you get every time you move to the next account type.
FinMax demo account
The company provides an excellent opportunity for all beginners to practice and learn how to trade on a demo account. You do not need real money for it – all trading is carried with virtual funds. Still, you get access to all functions of the platform and experience how everything works here. The only drawback of the training account is its time restriction. According to traders’ reviews, it is available for seven days only, then you will need to contact the support team to prolong it.
Platforms
FinMax online broker has created its own platform that provides access to FinMax Metatrader 5.
There are 3 versions of the platform:
Stationary - the application is installed on your PC, and you work exclusively on it at home or in the office;
Browser - access to the platform only via the Internet on any computer device;
Mobile - version of the platform for tablets and smartphones, without being tied to a stationary workplace. FinMax app is adapted for devices based on Android, iOS, Windows. It allows you to trade when it is convenient for you and from where you want.
There are 3 versions of the platform:
Stationary - the application is installed on your PC, and you work exclusively on it at home or in the office;
Browser - access to the platform only via the Internet on any computer device;
Mobile - version of the platform for tablets and smartphones, without being tied to a stationary workplace. FinMax app is adapted for devices based on Android, iOS, Windows. It allows you to trade when it is convenient for you and from where you want.
The algorithm of trading is very simple:
- 1choose the type of trading instrument for the transaction - Finmax offers clients High/Low and Above/Below contracts;
- 2choose the underlying asset - here you can choose among currency pairs, indices, securities, commodities;
- 3specify the contract term - each transaction has its own expiration date;
- 4specify the amount of investment - you decide yourself how much money you are willing to invest in the deal;
- 5define the terms of the contract - the deal will be opened after choosing the conditions presented for it;
- 6start the "Trade" button to start trading directly.
The FinMax working platform combines safety and reliability, while the user is guaranteed the safety of his money.
Additional Service – Social Radar
The broker offers a special unique opportunity to its clients that competitors do not have. And there is such a service on the FinMax platform too – it is called Social Radar.
Social radar is an automatic trading function, i.e. a user chooses whom he follows and how much he is going to invest. But it would be wrong to call it automatic trading. Social radar allows you to provide a part of your deposit for trading to the same traders like you. In simple words, it is not a robot that trades, but real people.
Social radar is an automatic trading function, i.e. a user chooses whom he follows and how much he is going to invest. But it would be wrong to call it automatic trading. Social radar allows you to provide a part of your deposit for trading to the same traders like you. In simple words, it is not a robot that trades, but real people.
Social trading has its pros and cons. It works as follows - the client chooses from one to four traders to cooperate with. For this, there is a special window that shows the current amount of profit received by a specific trader.
Unfortunately, you will not have any more information about the trader – you will have no idea what strategy he trades, how many deals he closes, what kind of trading experience he has. You only see the amount he earned. But at the same time, you are not at all concerned with the risk management of a particular trader, since you set the risk management yourself and it will not be physically possible to lose more (or earn more) than it was foreseen in advance.
Unfortunately, you will not have any more information about the trader – you will have no idea what strategy he trades, how many deals he closes, what kind of trading experience he has. You only see the amount he earned. But at the same time, you are not at all concerned with the risk management of a particular trader, since you set the risk management yourself and it will not be physically possible to lose more (or earn more) than it was foreseen in advance.
Deposits and withdrawals
The deposit account is replenished by all methods available today, since this broker has established partnerships with banks, electronic payment systems and other financial institutions that provide transactional services.
The client can use the following methods of crediting money to his trading account:
- by credit card Visa, MasterCard, Visa Electron, Maestro - crediting is done instantly;
- by Yandex.Money service - crediting takes place instantly;
- by money transfer through a bank - crediting within 3 working days;
- QIWI wallet - instant crediting;
- electronic payment system Skrill - instant crediting;
- electronic wallet Webmoney – instant transaction;
- Bitcoin Wallet via the Coinpayments system - crediting funds within 1 hour;
- via Perfect Money - instant transaction;
- Neteller electronic system - instant transaction;
Withdrawal of funds from the account can be done in all of the above ways, while the client must go through the verification procedure and provide the company with copies of the following documents:
- passport copy or other identity document;
- a copy of the document confirming the address of residence;
Education and Analytics
FinMax forex broker cares about the professional growth of its clients. Therefore, from the moment of registration on its website, it provides all traders with access to a huge training base.
Beginners who have no idea about the principles of working with options, will be able to make their first trades only after a few lessons available on the site.
Beginners who have no idea about the principles of working with options, will be able to make their first trades only after a few lessons available on the site.
For this, the broker provides all the necessary tools:
- training video about trading platform, instrument, market analysis, trading psychology, etc.;
- instructions and videos about working on the broker's trading floor;
- electronic literature;
- a glossary with a full description of trading terminology;
- webinars for beginners, where you can interactively not only learn the basics of online trading, but also ask questions of interest;
- VIP webinars allow you to deepen your knowledge in the field of trading;
- the strategies that FinMax offers are already tested in practice and really help make a profit is appropriately studied and applied.
On the broker's website, you can find an up-to-date calendar of free webinars planned for the near future. Only registered users of the site can take part in them. The knowledge gained can be tested in practice on a FinMax demo account, which also becomes available to a trader after registration.
There are also enough analytics tools on the site. They are simply irreplaceable for analyzing the market and making a correct forecast.
The registered user has the following analytical tools at his disposal:
The registered user has the following analytical tools at his disposal:
- current economic news;
- calendar of economic events;
- analytics of the day; market reviews;
- extended charts;
- signals.
THE ADVANTAGES WITH FINMAX
Customer Support
FinMax has professional technical support that works around the clock and promptly serves all clients. The operators communicate in several languages, making it easier for customers from all over the world to solve technical issues.
The broker supports the following interaction channels:
The broker supports the following interaction channels:
- Order a call backIf you have an urgent question that needs to be resolved by phone, find and use a button for ordering a call back on the main page of the site.
- Use a personal managerAll FinMax clients have the opportunity to use the services of a personal manager who will be able to give tips in trading.
- Send an emailCommunication with the broker can also be maintained in writing - you can send an email to support@finmaxbo.com or use the feedback form on the site.
Earn with FinMax
The company offers attractive affiliate programs to its users. Cooperation on the affiliate program of the FinMax broker is structured as follows: you advertise the platform, they register and fund a trading account. The broker works under the RevShare system and under the CPA system.
All partners can enjoy completely transparent working conditions, unlimited commissions, correct tracking, which can be checked instantly at any time of the day. The cooperation with FinMax is a great opportunity to receive monetary rewards for attracting customers (through the website or social networks).
All partners can enjoy completely transparent working conditions, unlimited commissions, correct tracking, which can be checked instantly at any time of the day. The cooperation with FinMax is a great opportunity to receive monetary rewards for attracting customers (through the website or social networks).
Wrapping Up
- 75+ of various trading instruments
- Plenty of educational lessons
- Expiration time for options is from 30 seconds to 6 months
- A lot of privileges for some account types
- free trading strategies
- Social trading is supported
- A demo account has time restrictions
- Not enough regulation
- Inactive account fee
FinMax has been accepting customers on its platform for only 5 years, but it was enough for the broker to gain popularity among traders. Everyone can test trading in a demo regime on this site, and then choose one of several accounts. The platform is user-friendly and compatible with all devices. As the company is too young, it still has a somewhat limited number of trading instruments. Another downside is an additional fee for withdrawals. But there are also winning features – it is social radar trading and dozens of free trading strategies. These options allow even a complete beginner to start earning after short training on a demo account. In general, the broker is not inferior to other large brokerage companies.
GENERAL RISK WARNING:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
87% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
87% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.