Finmax FX is a forex broker that launched in 2015. According to the brokers’ website, finmaxfx.com, FinmaxFX is owned and operated by Max Capital Limited. The company alleges that based in Malta. The broker’s visitors are mainly from Russiai. Their website supports English, Russian and Arabic languages.
In this Finmax FX review, you will find the answers to some questions. Exemplarily: Is Finmax FX a scam or a legit forex broker? What are the account types, spreads and leverage? What is the amount of FinmaxFX minimum deposit? Is Finmax regulated? For more, keep reading!
I reviewed Finmax FX based on the following criteria.
- MT5 supported
- Many CFDs, including cryptos
- Various payment methods
- Customer support quality
- MT4 is not supported
Finmax FX Regulation and Investor Protection
My followers know that security comes at the beginning of the most important issues for me. Therefore, I also pay attention when examining the reliability levels of brokers. I do research not only in terms of regulation and licensing issues but also in terms of customer experience and complaints.
Brokers in the European region have sought alternative regulation due to ESMA restrictions. However, I can say that Finmax is already advantageous in this regard. As I mentioned at the beginning of the article, most of the visitors of Finmax’s official website are already from Russia. Therefore, Funmax chose to obtain a license from Russian regulator IFMRRC.
So, let’s think why is the regulation important for brokers? I can answer this question by explaining the regulators’ requirements. For example; FCA regulated brokers must hold £730,000 in their bank accounts as minimum net capital. Besides, this account should be held separate from clients’ funds and operational accounts of the company. If the company goes bankrupt, the clients’ funds are guaranteed by the Financial Services Compensation Scheme (FSCS) for up to £50.000.
Finmax FX Account Types
Finmax FX offers 5 different account types. These are micro, mini, standard, premium and VIP account types. Significant differences between account types stand out in terms of bonuses and webinar support.
The Micro account can be opened with a deposit of as little as $250. $1,000 is sufficient to open a Mini account. Opening a Premium account requires a minimum deposit of $25,000.
The base currency of trades is USD, EUR, and RUB for all account types. The spreads are good. The most important point here is that you can benefit from distinctive services such as bonus and webinar. If you start by opening a standard account, you can also get signals. The maximum leverage offered by Finmax is 1:200 but you can select a leverage from 1:10 to 1:200.
FinmaxFX supports MetaTrader5 (MT5) platform. It is an advantage for a broker who offers any of MetaQuotes’ platforms. MT5 is similar with its pre version the MetaTrader4. Even MT4 is still the most popular platform among all brokers, their interfaces are about same and they share lots of functionalities such as the solid charting, the Expert Advisors (EAs), and more. You can download the platform to your Pc or iOS/Android mobile devices. You can use the platform without downloading on the web.
Finmax FX offers its clients more than 45 forex pairs, various CFDs to trade. This is another advantage of this broker. In addition, the broker offers commodities, indices, stocks and some of the most popular cryptocurrencies: Bitcoin, Ethereum, Ripple, Dash, Tron, Cardano, and others.
FinmaxFX’ website support 3 languages. These are English, Arabic and Russian. This is enough for most of investors. I want to ask something about the broker and the chat supports were very good in English.
Deposit and Withdrawal Methods
Deposit and Withdrawal Methods
The payments methods offered by Finmax FX are not very wide range but I can say it is enough. Clients are able to deposit and withdraw to and from their accounts with major credit/debit cards, wire transfer. You can also use popular e-wallet systems such as Skrill, Neteller, Webmoney, Yandex, and others.
FinmaxFX forex broker focuses on Russian clients. The broker supports the MT5 platform and provides online trading in a wide range of financial products. Finmax FX offers also several account types and trading condisiton in these account are very good.