FINMAX Review (2023)

Is FINMAX a scam or a legit broker?

FINMAX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

What is FINMAX?

FINMAX is a CFDs and binary broker (See the list regulated binary brokers). Its trading platform provides an opportunity to use in trading more than 1000 underlying assets, the list of which is constantly expanding. FINMAX offers assets from the groups of financial instruments as: Forex currency pairs, stocks, indices and commodities. The broker claims to have an amazing team of financial market professionals, however, with all the benefits mentioned on the website, we still have a lot of questions about the company’s reliability.

About Finmax

Licenses & Regulation

Is FINMAX regulated?

It is not safe to trade with FINMAX as it is not regulated. This broker is owned and operated by Max Capital Ltd, Svitrigailos, Vilnius with the operational office address in Sofia, Bulgaria. However, we didn’t find this company in the register of the Bulgarian Financial Supervision Commission.

Being located in Bulgaria, the FINMAX does not hold any financial license to offer its service across major markets. Apart from the legitimate status, the unauthorized nature of trading inflicts the highest risk to lose funds due to the fact that none of the authorities check on the implemented safety measures and protective tools. Therefore, the FINMAX or any other non-regulated broker may use and manage client’s money in any manner with no imposed consequences.

Is FINMAX a scam?

The terms and conditions of the broker state that the company is supervised under the laws of the United Kingdom, but there is no mention of the broker in the regulator’s register and FINMAX actually doesn’t have any legal rights to offer its financial services to the UK residents.

FINMAX claims to be regulated by the FMRRC. Although FMRRC is an independent self-regulatory agency which was created to provide a level of regulation for derivative dealers and brokers. It has no connection with the Central Bank of Russia, the official regulatory body in Russia, and has very few legal powers with regards to regulating FMRRC regulated brokers. 

FINMAX in India

FINMAX allows Indian traders to open accounts and trade. However, FINMAX has no mention of complying with any Indian regulators on its website. Here you can find the Best Forex Trading Platform in India for you. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here. 

FINMAX in the USA

The United States is one of the countries that is not accepted by FINMAX. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for FINMAX, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

The minimum deposit is 250$. The payment options include: credit/debit cards, bank transfer, Yandex money, Qiwi wallet, Webmoney, Perfect money. 

Apps

FINMAX offers a modern trading platform for your mobile device, we support the following – iOS, Windows Mobile and Android.

This platform is identical to the terminals that are available for desktop PC’s and laptops. However, it is fully adapted to mobile devices which allows you to trade with comfort from any location, where-ever you are, if your device is connected to the Internet.

Demo Account

The broker does not offer a demo account.

Read about FBS Broker which offers a Demo account.

Conclusion

Even though the trading offering might seem attractive, there are many questions in regards to the trust of the FINMAX company services and the manner they do operate the online trading itself. Of course, an offshore status of the company does not guarantee the provision of services at the necessary level of client and funds protection. 

For that reason, we would advise choosing the broker more carefully and check on the first step broker’s regulation status. The reputable firms that hold FCA, FINMA or other licenses are established in accordance with the international standards, protecting clients at every step and even compensating the trader in case the things go wrong with the company. So of course, we always advise only regulated firms to trade with, as the market trading business with its decentralized nature, unfortunately, attracts many scammers, and the trader should carefully check where to invest money and trade.

Yet, it is always great to hear your personal opinion about FINMAX. So you may share your experience or thoughts or discuss them below or ask us for additional information.