FinmaxFX Review

Regulated by: IFMRRC, VFSC

Headquarters: Vanuatu

Ranking: 11

Spread: 1.0 pips (EURUSD)

Leverage: 200:1

Minimum Deposit: $250

FinmaxFX Review & Author's Comment

FinmaxFX Forex is an online forex trading services provider owned by Max Capital Limited. The Company is registered in Vanuatu and regulated by VFSC and IFMRRC. Besides, it is a member of National Association of Forex Dealers (NAFD). FinmaxFX has several local offices in several countries in Europe and Asia in order to better serve the clients from different geographical locations.

The Broker offers five account types to meet the needs of traders with different trading experience and trading style. It does not matter if you are an experienced or novice trader, you are going to find a trading account that matches your requirements and preferences. In addition to MetaTrader 4, FinmaxFX provides the state of the art version of the trading platform – MetaTrader 5 for the traders. FinmaxFX clients can also enjoy the advantages of generous bonus and promotions offered by the Broker. The scale of the bonus varies between 30% to 100% with respect to the account type.

Is FinmaxFX Reliable?

Regulation is the most important factor that determines how reliable a forex broker is. FinmaxFX is regulated by two different regulators; FSC in Vanuatu and IFMRRC in Russia with license number 41072 and TSRF RU 0395 AA V0150 respectively. Another point that increases the credibility of FinmaxFX is the NAFD (National Association of Forex Dealers) membership.

FinmaxFX underscores a pro-customer approach and strives to apply conciliatory processes with the clients in order to resolve the probable conflicts that may emerge in the course of delivering its trading services.

FinmaxFX Account Types

There are five different account types that FinmaxFX clients can choose from. Those accounts are Micro, Mini, Standard, Premium and VIP accounts. Trading fees do not change between different account types. However, withdrawal fees and the amount of free bonus that you will get vary depending on the account type that you choose. FinmaxFX offers trading accounts in Russian Ruble (RUB) in addition to USD and EUR which gives the Broker an edge for the forex traders from Russia. Maximum leverage is 200:1 on every account type.

  • Micro Account: This is the most basic account type with $250 minimum deposit requirement. Spreads on major pairs like EURUSD could go as low as 3.0 pips. Micro account holders may get a deposit bonus up to 30%.
  • Mini Account: Mini account requires a minimum deposit of $1000. The other features of this account type are identical to Micro account with the exception of webinar with personal analyst. Mini account offers two free webinars per week while Micro account offers only one.
  • Standard Account: The minimum deposit requirement is $500 for Standard accounts. Spreads are the same with Micro and Mini accounts. The differences come in withdrawal fees and bonus features. Standard account owners are allowed to withdraw one time per month for free and the deposit bonus is 50%. An additional feature worth to be mentioned is the free signal service for Standard accounts.
  • Premium Account: You have to deposit at least $25000 in order to be able to qualify for a Premium account. The withdrawals are free and deposit bonus is up to 80%. In addition to three free webinars per week and free trading signals, Standard account owners enjoy the benefit of a daily market review with an analyst.
  • VIP Account: If you want to open a VIP account with FinmaxFX, you have to meet the minimum deposit requirement of $100000. The biggest advantage of VIP accounts over the other account types is the lower trading fees. Spreads on major pairs for VIP accounts could go down to 1 pip compared to 3 pips for other four account types. No withdrawal fee and no limitation for webinars with the personal analyst. Deposit bonus is 100% which means that your deposit will be doubled. VIP account owners will have an account manager available for their inquiries 24 /7 together with free trading signals and daily market review with the analyst.

FinmaxFX Customer Support

FinmaxFX provides various assistance channels for its clients in eight different languages. Those channels include phone, email and live chat. Technical support is available between 08:00 and 20:00 GMT+3. The support team is qualified to assist the clients for market, trading and operation related inquiries. The quickest method to contact the support agents is through live chat and phone.

The Broker’s website features an education section where both novice and veteran traders will find useful materials in the form of video lessons and e-books.  The materials are provided completely free. In addition to the educational materials, once you open a live account with FinmaxFX, you can access daily market reviews, trading signals and regular webinars.

FinmaxFX Trading Platforms

The cutting edge MetaTrader 5 platform is provided by FinmaxFX to its clients. MetaTrader 5 was released in 2010 and it is similar with its predecessor, the Metatrader 4, in many ways. Both trading platforms were developed by MetaQuotes and the interfaces are almost the same. Very useful functions present in MetaTrader 4 are also available in MetaTrader 5 including charting tools, various time frames, technical indicators, the Expert Advisors (EAs) and more. On the top of all those features, MetaTrader 5 trumps its predecessor in terms of execution speed.

The platform is also available in web trader version where you are able to login to account and trade instantly through web browser without downloading and installing any software on your computer. The mobile version of MetaTrader 5 is available as well.

FinmaxFX Withdrawal and Deposit Methods

FinmaxFX clients can use Wire Transfer, Credit / Debit Card, Neteller, Skril, Yandex Money, Qiwi, WebMoney and VLOAD for withdrawal and deposit money. For most of those payment options, the transaction is instant apart from wire transfer which usually takes between 3 and 5 business days to have the money landed in your account.

FinmaxFX Trading Instruments

Once you open a trading account with FinmaxFX, you will have the opportunity to invest in forex, company shares, precious metals, cryptocurrencies, stock indices, energy products and bonds. Forex pairs include all the majors, minors, exotics and crosses. The maximum leverage is 200:1 with the exception of some exotic pairs having MXN, RUB and TRY legs. Those exotic pairs have lower leverage.

The available cryptocurrencies are Bitcoin, Bitcoin Gold, Bitcoin Cash, Dash, EOS, Ethereum, Iota, Litecoin, Neo, Ripple and Stellar with leverage up to 10:1. As a FinmaxFX client, you can also invest in US, EU, UK and Japan government bonds as a distinctive market from other forex brokers. The maximum leverage is 100:1 for bonds. Moreover, FinmaxFX offers more than 300 company stocks that the clients can trade with a leverage up to 20:1.

FinmaxFX Bonus and Promotions

In order to qualify for the free bonus, you have to register a real live trading account, complete the verification and fund your account.

  • First Time Deposit Bonus: The registered clients are rewarded with a certain percentage of bonus upon their first deposit. The bonus percentage varies in accordance with the account type. Micro accounts receive 30% deposit bonus while VIP accounts get 100% bonus.
  • Second Deposit Bonus: 25% bonus upon the clients’ second deposit.

Both bonus types can be withdrawn given that certain volume conditions are met. For each $1 that the client likes to withdraw, a volume of $10000 is required. Also, the client needs to trade at least 60 days from the date of the deposit.

FinmaxFX Final Word

FinmaxFX is a regulated forex broker that provides online trading services in a wide range of markets including cryptocurrencies and bonds in addition to usual forex and commodities markets. The Broker offers several account types to meet the needs of traders with different trading goals and backgrounds. Besides, generous bonus options and extensive educational resources are available in order to give the traders a smoother trading experience.


Broker Detail
Adress: Port Vila, No 1276, Vanuatu
Phone: +44 208 08925 75
Web: http://www.finmaxfx.com
E-Mail: [email protected]
Regulator: IFMRRC, VFSC
Year Founded: 2019
Instruments
Forex:
Precious Metals:
Energy:
Soft Commodities:
Indices:
CFDs:
Stocks:
ETFs:
Bonds:
Options:
Cryptocurrencies: Bitcoin, Bitcoin Gold, Bitcoin Cash, Dash, EOS, Ethereum, Iota, Litecoin, Neo, Ripple and Stellar
Account Options
ECN Account:
Swap-Free Account:
Nano Account:
MAM / PAMM Account:
Demo Account:
Funding Methods: Wire Transfer, Credit / Debit Card, Neteller, Skril, Yandex Money, Qiwi, WebMoney and VLOAD
Withdrawal Methods: Wire Transfer, Credit / Debit Card, Neteller, Skril, Yandex Money, Qiwi, WebMoney and VLOAD
Customer Services
Live Chat:
24 Hours Support:
Languages: English, Russian
Platforms
Supported Platforms: MetaTrader 4
Webtrader:
Mobile: IOS, Android
Trading
Leverage: 200:1
Spreads: As low as 1.0 pip for EURUSD
Minimum Deposit: $250
Fixed Spreads:
Automated Trading:
Hedging:
API Trading:
Negative Balance Protection:
Accepts Clients from the US:
Bonus:

Finmax Review

FinmaxFX Review
  • 8/10
    Reliability - 8/10
  • 8.4/10
    Deposit & Withdrawal - 8.4/10
  • 8/10
    Bonus - 8/10
  • 8.2/10
    Customer Support - 8.2/10
  • 7/10
    Overall Trading Conditions - 7/10
7.9/10

Summary

The broker offers attractive bonus and promotions to help its clients to have a superion trading experience with the cutting edge MetaTrader 5 platform. VFSC regulation and IFMRRC member.