Independent rating of Forex broker FiNMax

About company

FiNMaxFX is a brokerage firm regulated by Vanuatu Financial Services Commission (VFSC) and the International Financial Market Relations Regulation Center (IFMRRC). The company is one of the founders of the National Association of Forex Dealers (NAFD). It is a winner of numerous awards and prizes.

Trading conditions

The company offers traders the following account types: Micro ($250 minimum deposit), Mini ($1,000 minimum deposit), Premium ($25,000 minimum deposit), and VIP ($100,000). The company provides a rather affordable minimum deposit, which suits those customers who are not ready to risk substantial amounts of funds. The client is given access to all necessary trading instruments right after making the initial deposit. Notably, each account type has a unique set of trading instruments. Thus, a standard account with a higher initial deposit has a wider selection of instruments in comparison to Mini with a lower opening deposit. Details on trading conditions are mentioned on the company’s official website. The VIP account is meant for professional traders as it has a greater choice of important features. Despite a large minimum deposit ($100,000), the VIP account allows experienced traders to reap significant profits. Deposits and withdrawals are made through Visa, Yandex.Money, wire transfer, Qiwi Wallet, WebMoney, Skrill, and Neteller. In order to withdraw funds, users are required to pass verification. Clients should provide the company with a copy of documents that prove their identity and residence address. Withdrawals usually take up to 5 business days. As for VIP accounts, this period is 2 days. If the client does not execute any transaction on a trading platform for more than 2 months, the company will charge a commission. The size of a monthly commission depends on the time of the trader’s inactivity: 2-3 months - a $25 commission, 3-5 months - a $50 commission. In case the margin of the inactive trading account is less than $5 for several months, the broker resets such an account without charging a commission for a deposit. FiNMaxFX has a bonus program. The maximum bonus amount is EUR/USD 500. Thus, clients can receive 50% of the maximum bonus amount as an FTD bonus and 10-15% of the maximum bonus as a second deposit. The FiNMaxFX website provides clients with the following tools: Forex calculator, economic calendar, currency converter, quotes of precious metals, pivot point calculator, margin calculator, quotes of cryptocurrencies, stocks, currency pairs, and investment portfolio.

Trading platform

The company offers such trading platforms as MT5 Desktop, MT5 Web, and MT5 Mobile. Trading instruments include currency pairs, stocks, cryptocurrencies, energy, precious metals, indices, futures, and securities.

Support service

Clients can contact the company by phone, email, or through a feedback form.

Traders’ reviews

Notably, there is plenty of negative feedback about the broker on the Web. Some traders even call FiNMaxFX a scammer.

Advantages:

• regulated broker
• bonus program
• reliable trading platforms
• demo account
• narrow spreads

Disadvantages:

• lack of МetaТrader 4
• commission for withdrawing funds on Micro and Mini accounts
• many negative comments