A worthy option for traders around the world, FinmaxFX is a well-equipped CFD market maker broker offering leverage on over 400 tradeable instruments within its award-winning platform. Traders will find that FinmaxFX serves all their needs capably within the MetaTrader 5 (MT5), and that much of the value it provides to clients comes in the form of complimentary extras like deposit bonuses up to 100%, live webinars and guidance from analysts, and expert daily market reviews. Favorable trading conditions like spreads from 3 pips, no commissions, and 200:1 leverage then help traders to mobilize their strategies in live markets.
Russian owned and operated, this broker is regulated by two agencies, the IFMRRC and VFSC. These are the Financial Market Regulation Center and the Vanuatu Financial Services Commission, respectively. As such, FinmaxFX takes care to deploy technologies to protect clients’ funds and information, and over 20,000 active accounts can attest to their broker’s role as a secure custodian. They also appreciate a bevy of more creative perks including the broker’s own FinInvest portfolios, which represent a smart basket of stocks, commodities and other assets. Ultimately, FinmaxFX is a suitable place for both beginners and advanced traders who want a reliable set of tools and perks, backed up by knowledgeable and accessible service.
Pros and Cons
Pros
- 400+ tradeable instruments including custom portfolios
- Five account types starting with a $250 deposit
- Up to 200:1 leverage on all accounts
- Excellent educational and analytical resources
- Generous deposit bonuses up to 100%
Cons
- No support for US, Canada, Japan-based investors
- Higher starting spreads
Recommended For
Those who have just $250 of starting capital to begin advancing their trading careers will find an impressive Micro account to fit their needs well, and with support for over 100 countries and multiple languages, that means FinmaxFX brokerage services are accessible to people both financially and geographically. The minimum deposit for the VIP account is $100,000, so those with ambition and the capital to take larger positions in the market or make use of more sophisticated tactics can do so. With up to 200:1 leverage, those with a larger risk appetite are also well served by the platform’s margin trading capacities.
For any trader, however, the quality of trading tools is a more relevant variable for their choice of membership, and FinmaxFX satisfies in this regard. It’s provision of advanced indicators and charts through MT5, as well as a constant stream of its own analyst team’s reports and market reviews stand out among peer brokers, and they can be a great jumping off point for beginning traders and experts who can employ supplementary insights. A great customer service experience is central to any trader’s daily success as well, and users can appreciate that FinmaxFX’s support team performs well and responds quickly.
Top Features
- Elaborate Asset Variety: There are 400+ tradeable financial instruments on FinmaxFX’s platform, including 272 stocks, 40 cryptocurrencies, forex pairs, commodities, bonds, indices, and futures. Additionally, FinmaxFX portfolios offer three different baskets of popular assets for clients to diversify their trading capital.
- Five Account Types: Five different accounts with very similar essential perks separated by minimum deposit await traders. For as low as $250, traders can access a Micro account or deposit $100,000 or more for the VIP account, which has lower fees for withdrawal and faster processing, more weekly webinars, and daily market reviews.
- Wealth of Analysis and Education: One of the most interest and appealing parts of the FinmaxFX offering is its selection of educational and analytical resources. In the education section there is a webinar library, video lessons, eBooks, and a glossary of popular trading terms. In the analytics section, members will find technical reports, financial news, market reviews and information on various investing strategies.
- Leverage & Negative Balance Protection: Up to 200:1 leverage is provided to clients who want to magnify their trading capital. Negative balance protection is provided to all accounts, and with deposit bonuses starting from initial deposits of $500, FinmaxFX goes a long way to ensuring that traders put their money to work.
- Accessibility: The MT5 platform is effortlessly easy to pick up and experienced users who know how to mobilize different order types and chart indicators will appreciate advanced features and functionality. FinmaxFX’s 24/7 customer support is also highly accessible and accommodating, delivering users added comfort.
Overview
- Type of Broker Market-Maker
- Regulation & Licensing Financial Market Regulation Center (IFMRRC) Vanuatu Financial Services Commission (VFSC)
- Accepted Jurisdictions Over 100 countries
- Assets Offered Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrencies, FinmaxFX Portfolios
- Platforms Available MetaTrader 5 (Desktop, Web, Mobile)
- Mobile Compatibility iOS, Android
- Payment Types Accepted Credit/Debit Card, Bank Transfer, Skrill, Yandex Money, Neteller, QiWi Wallet, Webmoney, ePayments, Jeton, Bitcoin
Account Types
|
Features |
Micro Account |
Standard Account |
VIP Account |
|
Account Currencies |
USD, EUR, RUB |
USD, EUR, RUB |
USD, EUR, RUB |
|
Available Leverage |
Up to 200:1 |
Up to 200:1 |
Up to 200:1 |
|
Minimum Deposit |
$250 |
$5,000 |
$100,000 |
|
Starting Spreads |
From 3.0 pips |
From 3.0 pips |
From 3.0 pips |
|
Commission Per Trade |
0 |
0
|
0 |
|
Decimal Pricing |
Up to 5 decimals
|
Up to 5 decimals
|
Up to 5 decimals
|
|
Swaps/Rollovers |
Yes |
Yes |
Yes |
|
Trading Instruments |
59 FX Pairs 10 Commodities 28 Indices 5 Bonds 272 Stocks 40 Cryptocurrencies 3 FinmaxFX Portfolios
|
59 FX Pairs 10 Commodities 28 Indices 5 Bonds 272 Stocks 40 Cryptocurrencies 3 FinmaxFX Portfolios
|
59 FX Pairs 10 Commodities 28 Indices 5 Bonds 272 Stocks 40 Cryptocurrencies 3 FinmaxFX Portfolios
|
|
Min. Lot Size Per Trade |
0.01 |
0.01 |
0.01 |
|
Max Lot Size Per Trade |
50 |
50 |
50 |
|
Demo Account |
Yes |
Yes |
Yes |
|
Swap/Rollover Free |
Yes |
Yes |
Yes |
|
Copy Trading Support |
Yes |
Yes |
Yes |
Compliance & Regulation
FinmaxFX is overseen by not one, but two regulatory agencies with a history of fair and focused enforcement. The first is the Financial Market Regulation Center (IFMRRC) of Russia, which is where the broker and its holding company originate. The Vanuatu Financial Services Commission (VFSC) has FinmaxFX in its regulatory line of sight to ensure compliance with its rules as well. Accordingly, the broker capably serves over 100 jurisdictions in a structured and authorized manner.
Regulators ensure that brokers under their supervision maintain the highest standards of security and transparency for customer information, funds, and their own web assets and trading platforms. What results is an ecosystem where traders are confident that the system is working towards their best interests. Though the jurisdictions accepted by FinmaxFX do not include some of the larger audiences such as the United States, Canada, Japan, and a few others, it nevertheless manages to span most of the globe and has picked up a growing audience of over 20,000 traders.
Pricing
It’s always nice to see that there are no commissions on trades, so investors really only need to consider the spread when trading. These spreads are posted very transparently on FinmaxFX’s platform, which is a relief to see given the opacity of some of the competition, and though they’re on the higher end of the industry range, starting from 3 pips, the inclusion of 200:1 leverage offsets this drawback to a degree. Other fees include penalties for inactive accounts, which acquire this status once there hasn’t been a trade made in 2 months’ time.
Inactivity fees are a monthly occurrence and depend on how long the account has been inactive. From two to three months the fee is $80 per month, then $120 and $200 for three to six- and six-months’ inactivity, respectively. There are also withdrawal fees applied depending on the payment method, though these are reduced as one’s balance and account type climb upwards. Withdrawal fees range from 3.5% to 7.00%, and there’s a flat $25 fee assessed for wire transfer withdrawals. The upper bounds of 7.00% concerning withdrawal is for Bitcoin. Additionally, swaps and rollover fees are present, the only exception being Islamic accounts which are absent these fees.
Reliability & Security
It’s difficult to measure any broker’s comprehensive reliability, but possible with a close eye on customer service, the dependability of its market analyses, and the technological tools it has assembled to protect clients and private web assets. FinmaxFX’s customer service is ready to respond to any request at any time of day, and on the rare occasion that a test issue couldn’t be capably handled, it was passed onto a more experienced supervisor or technical support person. Though average users won’t encounter many unanticipated problems due to the known sturdiness of MT5, it’s always nice to know that there’s a team waiting in the wings to help traders bypass difficulties.
Criticizing the timeliness or the accuracy of FinmaxFX’s daily resources is hard, because they arrive like clockwork. All accounts from Standard and above gains access to daily signals, and there is daily analysis published on the website for others, which can be used as an indicator of what to pay attention to, what might happen, and how an expert can take advantage. Finally, it’s worth mentioning security standards and technology if reliability is being examined. With a policy to protect the confidentiality of the personal data of its customers—regardless of how these data were received—technical methods such as Secure Socket Layer, encryption, and more are put to work to ensure that this guarantee of protection is fulfilled.
User Experience
Opening an account with FinmaxFX is easy if you’re from an eligible country, which don’t include some such as the USA, Japan, and Canada. Just click on the ‘Sign Up’ button on the top right-hand side of the website and then fill out the form, which includes your country of origin, name, phone number, deposit and account currency, and email address for validation. You can then enter the Personal Dashboard without validating, though if you want to verify your identity, deposit, and trade in live markets you must do so. In the client area the first thing to see is your accounts aligned in different tabs, each with a visible available balance, relevant trading conditions like active leverage and more. You can have multiple accounts with FinmaxFX so this is where you’ll see an overview of each.
To gain access to live markets, find the Upload Documents section in the Personal Account dropdown menu. Here is where you’ll upload a passport photo to FinmaxFX (fully private and protected) to verify your identity and the deposits and withdrawals of your preferred payment method. After you’re verified you can deposit by clicking the Add Funds button in your account tab on the Dashboard. Also front and center on the Dashboard is the button to launch the trading platform, which is set to Web by default. Click on it to see FinmaxFX’s web version of the MT5, which launches immediately inside the browser. Before opening the chart window you’ll choose which account to connect to, including a free demo version.
Along the top side of MT5 in any format (web, desktop, or mobile), you’ll see File, View, Insert, Charts, Options, and Help. Most traders live in these five tabs, as they offer access to the range of indicators and charting tools that are the foundation of many trading strategies. On the left-hand side you’ll see the list of assets available depending on the class selected and clicking on any makes its chart visible in the main window. Red and blue buttons dominate the top left side of the chart—these are part of the one-click trading module—but one can also open a trade by right clicking the live asset’s chart or any asset in the left list. After choosing your order type and position details, leverage, and getting the spread, your order appears in the window below.
Final Thoughts
For traders seeking a destination that caters to more niche needs in terms of leverage and tradeable assets, FinmaxFX delivers. By offering leverage with a minimum deposit to many jurisdictions around the globe with few restrictions, FinmaxFX caters to advanced risk appetites and experienced traders who wish to take larger positions on multiple exotic assets (such as cryptocurrencies) and a set of custom, creative asset portfolios.
The traditional instruments are all present as well, and thanks to an impressively deep library of educational materials and daily insights, FinmaxFX manages to keep beginners in the loop capably. All traders will love the prompt customer support and steady uptime of the MT5, which provides a nice platform of support for any strategy, and thanks to FinmaxFX also for any payment method—even Bitcoin.
Trading Platform Screenshots
Contact Info
14 Tsar Osvoboditel blvd. Sofia 1000, Bulgaria.
FAQs
Q: How is FinmaxFX able to support so many cryptocurrencies?
A: With CFDs, or Contracts for Difference, FinmaxFX is able to offer a comprehensive range of derivatives based on many financial instruments including cryptocurrencies. However, FinmaxFX offers a bigger range of options compared to most alternatives which stick to Bitcoin almost exclusively.
Q: How do Bitcoin deposits and withdrawals work?
A: To deposit Bitcoin, you’ll merely select this option in your Personal Account area and then we will generate BTC wallet address for you to deposit money to. Once the payment is confirmed the appropriate amount of fiat currency is then deposited to the corresponding account. Note that users do not own actual Bitcoin when a position is opened on the FinmaxFX MT5 platform.
Q: What does Market Maker mean?
A: Marker maker is a description of the type of trade execution model supported by FinmaxFX. Market maker is a simple term to indicate that FinmaxFX seeks to optimize the liquidity of the markets made available to clients, so the dealing desk gets involved to buy from or sell to willing traders.
Q: How do I get the deposit bonus?
A: The first-time deposit bonus is available to all new traders, and only requires that they deposit at least $100, verify their account, and agree to the terms and conditions. Once they’ve fulfilled these requirements, they’ll get a scaling bonus up to 100% on a maximum of $500 deposited. Redeposit bonuses of up to 15% are also given out on occasion by management and the head desk.
Q: Why is the MT4 not included?
A: FinmaxFX relies on the MT5 platform exclusively, for its improvement upon MT4 but also for the functionalities that they have in common. Traders who use MT4 will experience a smooth transition when shifting to MT5 and can access assistance from the FinmaxFX support team if needed.
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