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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.