FinmaxFX Review 2020
FinmaxFX is a regulated trading broker that offers its clients access to trade over 400 financial instruments across different asset classes, such as indices, currencies, forex, commodities, and stocks via the highly advanced MetaTrader 5 trading platform. They offer competitive spreads from 1 pip and leverage of up to 1:200.
FinmaxFX Review 2020, Pros & Cons
- The sophisticated MetaTrader 5 trading platform
- A range of trading tools
- A selection of educational resources
- Multiple account funding options
- Over 400 trading instruments
- Broker is located offshore
- No US clients
- Not the lowest spreads
- No live chat support
In this detailed FinmaxFX review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FinmaxFX is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including FinmaxFX.
FinmaxFX Review: Summary
FinmaxFX is an online financial services provider that offers forex and CFD trading through award-winning trading platforms, with reasonable spreads, rapid trade execution speeds, and 24-hour live support. Clients also get access to a range of trading tools and educational resources.
FinmaxFX Review: Regulation
FinmaxFX is the trading name of Max Capital Limited, which is authorized and regulated by the Vanuatu Securities and Exchange Commission (VSEC) with license number, 41072 and is also authorized by the Vanuatu Financial Services Commission (VFSC). The broker also has the official regulation of the International Financial Market Relations Regulations Center (IFMRRC).
FinmaxFX Review: Countries
The broker states that it does not open accounts for residents of certain jurisdictions, including Japan, Canada, and the USA.
Some FinmaxFX features and products mentioned within this FinmaxFX review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
FinmaxFX Review: Trading Platforms
The broker provides traders with the sophisticated MetaTrader 5 trading platform. It is widely used by traders around the world for its intuitive and user friendly interface. The platform offers advanced financial trading functions, as well as superior tools for technical and fundamental analysis. It supports automated trading using trading robots and copying trading signals.
MT5 is available as a desktop application for Windows and Mac computers; a WebTrader that runs directly on most modern web browsers, and a mobile app that works on Android and iOS devices. The mobile trading platform is useful for those who need to access their trading account and manage positions whilst on the go from anywhere in the world provided there is an internet connection.
FinmaxFX Review: Trading Tools
The broker provides clients with a range of useful trading tools, which are geared towards enhancing their overall trading experience. They include analytical tools, such as Financial News, Technical Analysis, Market Reviews, Trading Signals, and an Economic Calendar.
FinmaxFX Review: Education
On the broker’s ’Education’ page, you will find a good selection of educational resources to help you hone your trading skills, including webinars, glossary, video lessons, and E-books.
FinmaxFX Review: Trading Instruments
FinmaxFX offers over 400 financial instruments across different asset classes, including indices, currencies, forex, commodities, and stocks for trading online.
FinmaxFX Review: Trading Accounts & Fees
The broker offers a wide variety of trading account types, which are designed to suit each trader’s needs and capital. The account types include Micro, Mini, Standard, Premium, and VIP Accounts. The required minimum deposits range from $250 on the Micro to $100,000 on the VIP Accounts.
As broker fees can vary and change, there may be additional fees that are not listed in this FinmaxFX review. It is imperative to ensure that you check and understand all of the latest information before you open a FinmaxFX broker account for online trading.
FinmaxFX Review: Customer Service
The broker’s customer support is available during working hours (08:00 to 2:00 — GMT +3) via telephone and email.
FinmaxFX Review: Deposit & Withdrawal
The broker accepts the following payments methods:
- Bank transfer
- Credit/Debit Cards (Visa, MasterCard, Maestro)
- E- Payment Processors — such as Neteller, Skrill, QIWI, YandexMoney, Webmoney, and more.
FinmaxFX Review: Account Opening
To open a trading account, click on the ’Open Account’ icon and fill out the form and submit. You will need to verify your documents and fund your account to start trading online.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
FinmaxFX Review: Conclusion
FinmaxFX is a multi-regulated broker that offers over 400 tradable assets for trading via the MT5 platform. They provide traders with educational resources and some helpful trading tools. The broker is located offshore and the trading brokers review team did not find them to have the lowest spreads whilst there is no online chat support.
Trading Forex and CFDs on margin carries a high level of risk due to leverage and may not be suitable for everybody. You could sustain a loss of some or all of your initial trading capital and therefore you should not deposit money that you cannot afford to lose.