On-line since: About the company: FinmaxFX is a brokerage company that provides services following the EU’s Markets in Financial Instruments Directive (MiFID). The broker appeared in the market in 2017. The company belongs to Max Capital Limited. It is licensed by the Vanuatu Financial Services Commission (VFSC) and is one of the pioneers of the National Association of Forex Dealers (NAFD) creation. Trading conditions FinmaxFX offers its clients such trading instruments as currency pairs, cryptocurrencies, metals, shares, energy, and indices. Traders may choose from six types of trading accounts, including Micro, Mini, Standard, Standard +, Premium, and VIP. Every trading account type has its own trading conditions. Opening a demo account, novice traders have an opportunity to polish their skills and try their hands at a trading platform. To start trading on a live account, traders should deposit just $10. The company offers a leverage of 1:200. Spreads are floating from 3 pips. On the company’s website, traders can find educational material, including Forex glossary, webinars, e-books devoted to currency trading as well as up-to-date analytical materials. Trading platform FinmaxFX provides its clients with the MT5 trading platform that supports various trading strategies. The platform contains numerous indicators, which allow traders to perform a comprehensive analysis. Traders may also use the web version of the platform as well as versions for tablets and mobile devices. Support service The company’s support service is available 24/5. Traders may contact account managers. In addition, there is a feedback form and a live chart as well as phone numbers and the office address on the website. Deposit and withdrawal of funds Opening an account with FinmaxFX, traders can deposit and withdraw funds by means of credit cards, wire transfer as well as using the most popular payment systems (Skrill, Yandex.Money, Qiwi, WebMoney etc). The withdrawal of funds takes 5-7 days. However, for holders of the VIP account, the process takes just 48 hours. If a client does not trade on an account for two or more months, the company reserves the right to charge a monthly commission. If there are just 5 USD, EUR, GBP on a trading account and it is inactive for over a month, the balance will be reset to zero. Feedback Reviews on the company’s services are rather controversial. According to some comments, FinmaxFX is a scammer. However, there are comments that unveil reliable cooperation with the broker and honest withdrawal of funds. Clients emphasize competent training for beginners and up-to-date analytical articles from FinmaxFX. Advantages and disadvantages Pros:
Cons:
Conclusion FinmaxFX was established in 2017 and is quite a young broker. The company has a registration and a license to perform online trading. It is a part of Lead Capital Corp. Ltd., a large holding, which has been providing reliable services for 10 years already. The broker provides its clients with access to numerous trading instruments, an advanced trading platform, and reasonable initial deposit. On the Net, one can come across negative reviews written by traders who are not sure about the honesty and reliability of FinmaxFX, but they are not numerous. At the same time, the company may boast of a large number of positive comments from customers.
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I had my ups and downs with them but they are constantly improving their trading conditions. I have a trading account with a first deposit of $125 and I applied for a 100% bonus. So I started to trade on MetaTrader 4 with $245. The platform works fast and the broker is not manipulating the prices during volatility times. To withdraw and deposit I use Wire Transfer and never had issues. Their support team is always polite and helpful.
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