Are you considering whether or not to trade with FINMAXFX? If yes, this review is for you!
I have been trading with this broker since 2018 and have had a good trading experience. But it is not enough – I’m always looking for perfection.
To be honest, this broker has nearly met all of my needs; however, it still has some drawbacks.
In this review, I would like to share with you guys my experience with FINMAXFX.
This is an unbiased FINMAXFX review, so I believe you will find what you need to decide whether or not to trade with this broker.
FINMAXFX – Forex broker review.
Regulator: VFSC, iFMRRC
Base currency: USD, EUR, GBP, RUB
Minimum deposit: $250 on Micro account, $1,000 on Mini account, $5,000 on Standard account, $25,000 on Premium account, $100,000 on VIP account
Leverage: Up to 1:200
Spreads: 1 – 3 pips
Platforms: MT5 DESKTOP, MT5 WEB, MT5 MOBILE
|Why trade forex with FINMAXFX. |
Multiple trading products in various financial markets – Ultra-fast order execution – Advanced trading platform – Negative balance protection – 24/7 support (for special clients)
FINMAXFX Broker Review
Regulation – 4.8
FINMAXFX has a high level of regulation. The broker is licensed and regulated by the Vanuatu Financial Services Commission (VFSC) – one of the most reputable regulators in the word – under license number 41072. Besides, it is also regulated by the Financial Market Relations Regulation Center (iFMRRC) under license number 0395 AA V0131.
Trading Instruments – 4.9
FINMAXFX offers more than 400 trading products for traders, including Forex currency pairs, stocks, commodities, indices, precious metals, energies, cryptocurrencies, and bonds. Traders can trade over 250 stocks from around the world and 30+ popular cryptocurrency.
Trading costs – 4.0
FINMAXFX’s spreads are not the tightest in the industry. For Forex currency pairs, spreads vary from 1.5 to 3 pips on EURUSD; sometimes, they can go up to 5 pips.
Spreads also depend on your type of account. If you choose to open a VIP account, the highest-class one of this broker, the spread can be as low as one pip.
The broker charges no commissions on trades.
Withdrawal and deposit methods – 4.9
At FINMAXFX, you can fund their accounts through various payment methods: Credit/Debit Card, Bank Transfer, E-wallets (Skrill, Neteller, QiWi Wallet, Webmoney, Yandex Money, and ePayments). Almost all deposits of clients are instantly processed, with the broker charging no transaction fees.
Your withdrawal requests will be handled to the method you used to deposit to your trading accounts. Withdrawal time and fees will depend on your type of account.
|Account types||Fee||Withdrawal time|
|Micro||Yes||Up to 48 hours|
|Mini||Yes||Up to 48 hours|
|Standard||One free withdrawal/month||Up to 48 hours|
|Premium||No||Up to 24 hours|
|VIP||No||Up to 5 hours|
The broker protects their clients’ funds in segregated accounts with tier 1 investment grade banking institutions.
Trading Platforms – 4.5
FINMAXFX offers the MetaTrader 5 trading platform (MT5) usable on PCs, browsers, and mobile devices.
This is the successor of the legendary trading platform MetaTrader 4 with various significant improvements: more time frames and built-in technical indicators, more pending order types, real volume data, integrated economic calendar, and many more.
Trading tools – 4.5
FINMAXFX provides traders with a wide range of trading tools such as an economic calendar, a real-time news feed, technical indicators, trading calculators, etc.
Trade Execution – 4.9
Ultra-fast order execution. No requotes and very few slippages were detected.
Customer care and support – 4.7
FINMAXFX’s customer service is available five working days a week from 8:00 to 20:00 (GMT+3). Supported languages include English, Russian, French, German, Arabic, Italian, Portuguese, and Spanish.
Our Forex Broker Review Criteria
Here are the criteria we used to review and pick the forex brokers on this list out of the hundreds of forex brokers out there.
Regulation – Trading with an unregulated broker means your deposits will not be safe. With a regulated broker like FINMAXFX, your deposits are protected by the Investor Compensation funds of the VFSC and iFMRRC. You can claim compensation of up to 50,000 USD in the unlikely event of FINMAXFX’s bankruptcy.
Withdrawal and deposit methods. The more payment options, the better. At FINMAXFX, you can deposit money to your trading account using 8 payment methods: Credit/Debit Card, Bank Transfer, Skrill, Neteller, QiWi Wallet, Webmoney, Yandex Money, and ePayments.
All traders love fast withdrawals. Do you want to wait for weeks just to get your money after making withdrawal requests? Of course not! Forex brokers normally process traders’ withdrawals in less than 7 working days. FINMAXFX does it in 2 days.
Costs and fees – The lower the trading costs, the better. Forex traders often have to pay 2 types of fees: spreads and commissions. FINMAXFX charges no commissions, but their spreads are relatively high compared to other FX brokers’. Some famous brokers out there like XM or Exness offer spreads from only 0.2 pips.
Platform and trading tools – Trading platforms can be considered as weapons of traders. Can you feel confident going into a battle with weak weapons in hand? Of course not! That’s why you should always trade with a broker who provides powerful trading platforms and tools. The most popular platforms in the industry are MetaTrader 4 and MetaTrader 5. Some brokers even offer cTrader – an advanced platform with many unparalleled features.
Trade execution – This is a highly important factor in determining whether or not to trade with a broker. Only stay with brokers offering fast order execution. You want to get in when you hit buy or sell and get out when you hit close. Markets don’t wait, okay?
Regarding trade execution, FINMAXFX is one of the brokers satisfying me the most.
Customer care and support – Believe it or not, you will face lots of issues when trading. Can’t log in. Can’t trade. Connection lost. Anything can happen, and that’s why you need good customer service, which is available at least 24/5. The broker’s representatives should be multilingual.
Final thoughts on FINMAXFX.
Looking for a comprehensive broker? Give FINMAXFX a try. Their trading conditions rank among the best in the industry (though they still have some drawbacks such as high minimum deposit and wide spreads).
Do you trade with FINMAXFX? Share with us your trading experience in the comments section below.