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Is FINMAX Scam or 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, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

• 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.

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 groups of financial instruments such 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.

• 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, 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, FINMAX or any other non-regulated broker may use and manage the client’s money in any manner with no imposed consequences.

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. 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 U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for FINMAX, you are only permitted to trade with U.S-regulated platforms.

FINMAX Deposits & Withdrawals

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

Trading 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 PCs and laptops. However, it is fully adapted to mobile devices which allows you to trade with comfort from any location, wherever 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.

FINMAX Review Conclusion

Based on our research, even though the trading offering might seem attractive, there are many questions in regard 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. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and TMGM.

Finmax Updates

Based on our findings and research Finmax website is unavailable to reach, so probably Broker no longer operates. Besides, we recommend avoiding Binary Options and offshore brokers. 

Is GrandCapital Scam or Legit broker?

We advise our readers, not to use GrandCapital as it is an offshore entity. GrandCapital is owned by GrandCapital Ltd., which is an offshore company registered in St. Vincent and the Grenadines.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
• According to the GrandCapital website, the broker is registered with the Financial Commission under the number 24598 IBC. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

What is Grand Capital?

Grand Capital Ltd is an incorporated company that has operated for 11 years. Originally a Russian company, it performs the operation through its registered offices in St. Vincent and the Grenadines and Seychelles, along with 40 offices around the world as claimed by the company.

• The company has achieved some significant results in its trading offerings alike enabling high-quality connection to the markets through ECN bridges (Read more about ECN Forex Trading), Web-Based terminal, access to over 330 assets, as well as offering comfortable conditions for investment with copy trading and other additional sources to cover the needs of various traders. Moreover with the received awards and the titles ‘Best Broker’, ‘Best trading technology and more from world publicity and organizations.
• Nevertheless, there is no confirmation about the regulatory compliance and the necessary protection of the clients, which enables international investors to trade rest assured. Also, the range of trading instruments includes options that put trading capital at risk, including trading on CFDs, and binaries along with an extreme level of leverage that comes up to 1:2000, and is considered a highly adventurous trading.

Overall Grand Capital Ranking 

Based on our revelations regarding the safety and regulations issues of Grand Capital, we do not rank positively Grand Capital, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Grand Capital Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Grand Capital Alternative Brokers

As our research finds revealed issues with the safety of Grand Capital, here are much better Alternatives to Grand Capital with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• eToro – Good for CopyTrading and Cryptocurrency Trading
• Dukascopy – Excellent for Shares, Futures Trading
• BlackBull Markets – Good for High Leverage Trading

Grand Capital Deposits and Withdrawals

Grand Capital offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature, there are no strict guarantees on payment procedures. 

• Deposits via bank card take about 15 minutes to be accomplished. Bank transfers take 24 hours for the funds to be transferred.
• Withdrawals via bank transfers take 24 hours and there is a 1% commission. Transfers through electronic payment systems take 3 days on average. Based on the transfer method, there is a 0,5%-1% commission. 

Grand Capital Review Conclusion

We advise all investors and traders to avoid Grand Capital and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

• Overall ranking and experience for Grand Capital is Negative