FiNMAX comes as a breath of fresh air. Unlike many other brokers, their website is easy to navigate which promises a good user experience from the very beginning. They have been operating since 2016 from their headquarters in Sofia, Bulgaria. The first thing that caught my eye was that they were fully regulated with a licence in the Seychelles. With so many new brokerages opting out of this feature, it is refreshing to see a broker that takes regulation seriously.
There is more to love upon further inspection. FiNMAX has developed their own trading platform, supporting numerous assets. While their main target audience is Russian-speaking traders, their website is available in both Russian and English.
If you are still deciding if this is the right broker for you, this FiNMAX review will give you a definitive answer. From platform coverage, trade and account types to deposit/withdrawal methods and support, we bring you all the information you need in one, easy to comprehend review.
Platform & Execution SCORE: 70%
The only trading platform on offer is their own proprietary platform. It is a robust terminal with a good deal of options making trading more effective. Traders will be pleased to hear that it is very intuitive, and it requires no download. It can be accessed in seconds after completing the account registration. Novice traders will want to make use of “Social Radar” feature that allows users to copy winning strategies from more successful traders in real time.
There are several account types to choose from, depending on the level of investments you are willing to make. The bronze account is the starting point for many with a $250 minimum deposit. You are allowed to trade on 75+ assets including Stocks, Currency pairs and Indices. At a minimum of $5 per trade, it is a good starting point for many traders.
The highest you could go without a special invitation is the platinum account, with a minimum of $25,000. At this point, you can enjoy benefits such as +4% return on each trade. This account is more suited to more experienced traders. You get quite a good value with all additional education tools including webinars, daily analytics, trading signals and much more.
When it comes to trade types, FiNMAX keeps it simple by offering only 2 types. High/low trades for when you want to predict if the price of an asset will go up or down in the specified time. High/low trades offer predicting if the asset will finish above or below the price set by the broker. While the payouts differ from one account type to another, all of FiNMAX’s offers seem realistic when compared to its competitors.
Withdrawal Speed SCORE: 30%
Same methods apply for both deposits and withdrawals. Traders can transfer their funds in several ways including credit and debit cards (Visa and MasterCard), as well as via a bank transfer, QIWI and Yandex Money. Minimum deposit amount is $250, and you will be able to start trading in minutes.
When it comes to withdrawals, the situation takes a different turn. We were not able to test out all withdrawal methods available to Russian users and had mixed results with the other. Once your withdrawal is cleared, you can expect to wait anywhere from 1 to 14 working days to receive your funds in your account. While this is not so unusual for Wire transfers, as they are closely connected to the bank you are using, it was very surprising when opting for credit cards.
Regardless of their target audience, we would like to see more options for making deposits and withdrawals in the future with a drastic decrease in waiting times. While the trading conditions were fairly decent, this is something that leaves a bad taste in the mouth in the long run and should be addressed immediately.
Customer & Assistance SCORE: 90%
As we mentioned earlier, the website is available in several languages and thankfully this translates well to customer support. FiNMAX has done a good job when it comes to client outreach as you can reach out to them in several languages including English and Russian.
There are several methods you can talk to someone at FiNMAX. You can choose from email, live chat, or a direct call feature where you leave your number and have a support representative call you back.
Every option seems viable, but if you prefer a quick response, live chat would be the way to go. Throughout every conversation we had, we were happy to note a very high level of professionalism and effective problem-solving skills, and FiNMAX should be commended for this.
Education and Tools SCORE: 50%
Your experience will vary drastically based on what account type you chose at the beginning of your journey with FiNMAX. When you look at it as a whole, their website does offer a wide range of educational materials, ranging from videos, eBooks, webinars, analysis, videos and much more.
The problem comes with the fact that many of these excellent tools are locked behind higher-tier accounts. This way, they will be off limits to the less experienced traders who could use the help in the beginning. On the other hand, industry veterans will jump right in those premium trading accounts where they will be able to enjoy all those educational benefits.
We would love to see a restructuring of these account types, as for now it seems harsh to ask for additional money just to get access to educational materials, especially when there is so much free content on the web. A case can be made for convenience, but it seems like it goes against the user-friendly approach FiNMAX seems to be going for overall.
There is a lot to like about FiNMAX. Their website is clean and easy to navigate. While we would love to see more tradable assets, it’s good to know the essential ones are already there. Trading conditions seem fair, if not too simple, but it has proven to be a good strategy for them so far.
Getting the maximum out of FiNMAX for now seems to depend on your own online trading experience and knowledge. Those who are not new to this game will find a good broker with a decent track record. New traders on the other hand will find it more challenging to get into FiNMAX. $250 is not a small amount to get started, and especially when compared to poor education material on offer at that basic trading level, most new traders will probably look elsewhere to make their first trading steps.