Finmax Review

Regulated by: Seychelles FSA

Headquarters: Seychelles

Ranking: 32

Spread: 3.0 pips (EURUSD)

Leverage: 300:1

Minimum Deposit: $100

Finmax Review & Author's Comment

FinmaxFX is headquartered in off-shore Seychelles and regulated by Seychelles FSA. Is FinmaxFX reliable or scam? The location of HQ and reputation of the regulator are two main factors that decide the answer for this question.  Being located in an off-shore island and regulated only by an off-shore regulator, FinmaxFX won’t get a high score from me on reliability department.

In addition to concerns regarding reliability, FinmaxFX spreads are very high compared to industry standards. Spreads on all major pairs go as low as 3.0 pips. The brokers on the top of my list offer spreads as low as 0.3 pips on majors. So go and figure.

In terms of trading instruments, FinmaxFX does not fall short as the Broker offers trading services in a wide range of markets such as forex, company shares, commodities, indices, cryptocurrencies, metals, energies and bonds. I should say that the number of cryptocurrencies offered to investors is the highest among the brokers that I have tried so far. FinmaxFX trading platform comes with almost forty different types of cryptocurrencies with leverage up to 10:1.


Broker Detail
Adress: Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles
Phone: +44 (203) 807-59-55
Web: http://www.finmaxfx.com
E-Mail: support@finmaxfx.com
Regulator: Seychelles FSA
Year Founded: 2016
Instruments
Forex:
Precious Metals:
Energy:
Soft Commodities:
Indices:
CFDs:
Stocks:
ETFs:
Bonds:
Options:
Cryptocurrencies: Ark, Augur, Bancor, Bitcoin, Bitcoin Dark, Bitcoin Gold, Bitcoin Cash, Cardano, Clams, Counterpart, DASH, Decred, Enigma, EOS, Ethereum Classic, Ethereum, Factom, Gas, Gnosis, Iota, Komodo, Lisk, Litecoin, MonaCoin, Monero, NEM, NEO, OmiseGO, Omni, Peercoin, Qtum, Radium, Ripple, SALT, Stellar, TRON, Viacoin, Waves, Zcash, ZCoin
Account Options
ECN Account:
Swap-Free Account:
Nano Account:
MAM / PAMM Account:
Demo Account:
Funding Methods: Wire Transfer, Credit Card, Skrill, Neteller, QIWI, Yandex Money, Webmoney, ePayments
Withdrawal Methods: Wire Transfer, Credit Card, Skrill, Neteller, QIWI, Yandex Money, Webmoney, ePayments
Customer Services
Live Chat:
24 Hours Support:
Languages: English, Russian
Platforms
Supported Platforms: MetaTrader 4
Webtrader:
Mobile: IOS, Android
Trading
Leverage: 300:1
Spreads: As low as 3.0 pips for EURUSD on Standard Account
Minimum Deposit: $100
Fixed Spreads:
Automated Trading:
Hedging:
API Trading:
Negative Balance Protection:
Accepts Clients from the US:
Bonus:

Finmax Review

FinmaxFX Review
  • 2/10
    Reliability - 2/10
  • 4.2/10
    Deposit & Withdrawal - 4.2/10
  • 3.5/10
    Bonus - 3.5/10
  • 3.1/10
    Customer Support - 3.1/10
  • 3.9/10
    Overall Trading Conditions - 3.9/10
3.3/10

Summary

Headquarters in an off-shore island. Poor regulation. Thus, scores very low in terms of reliability. I would recommend other forex brokers towards the top of my list.