FinmaxFX Review 2020

FinmaxFX Summary

FinmaxFX is a CFD and Forex broker that is headquartered in Vanuatu, which was founded in 2015. This Forex broker is currently regulated by the Vanuatu Financial Services Commission (VFSC), where it provides over 400 financial instruments throughout 5 financial markets.

This FinmaxFX review will provide a detailed analysis of the different features when you open a FinmaxFX trading account.

FinmaxFX is a CFD trading and Forex broker that offers five different trading accounts to be able to trade 400 financial instruments over 5 financial markets. You will be able to choose from five different trading accounts, and a Demo Account as a form of simulati0n of this Forex broker. This Forex broker allows you to enhance your trading knowledge through its educational section on the website, and you will have access to many trading tools including live quotes and trading strategies.

FinmaxFX Main Features
🛍️Established in:
2015
🛍️Headquarters:
Vanuatu
⚖️Regulations:
VFSC
⚖️Country of regulation:
Vanuatu
💰Minimum Deposit:
$250
🎮Platforms:
MT5, MT4
🎮Demo Account Available:
Yes
💱Leverage:
1:200
💰Withdrawal fee amount:
$25
💰Inactivity Fee:
Yes

Pros

  • Provides Demo Account
  • Regulated by the Vanuatu Financial Services Commission (VFSC)
  • Variety of trading accounts
  • Different asset classes available and wide range of trading instruments
  • Extensive trading tools
  • Different payment methods provided
  • Various educational content

Cons

  • High trading and non-trading fees
  • No 24\7 customer service available

Background

FinmaxFX is a Vanuatu-based Forex broker that was founded in 2015. FinmaxFX aims to ensure that the full potential of an active trader is met. This Forex broker plans on achieving this goal through an implementation plan of a three-level system for delivering data to the trader. Additionally, FinmaxFX offers modern training techniques and stays up-to-date with information in the financial markets.

Safety & Regulation

FinmaxFX is a Forex trading broker that is currently registered by the Vanuatu Financial Services Commission (VFSC), under the license number of 41072. In compliance to the regulations, FinmaxFX must abide by the Anti-Money Laundering and Counter-Terrorism Financing Act of 2014.

This FinmaxFX review will inform you on the protective measures FinmaxFX offers you as an active trader.

Pros

  • Currently registered by the Vanuatu Financial Services Commission (VFSC), under the license number of 41072
  • Compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act of 2014.
  • Currently regulated by the International Financial Market Relations Regulation Center (IFMRRC)

Cons

  • No public information is provided from FinmaxFX

Regulation

MaxCapital limited is the brand of Forex trading FinmaxFX, which is registered by the Vanuatu Financial Services Commission (VFSC) under license number 41072; this Forex trading broker is also regulated by the International Financial Market Relations Regulation Center (IFMRRC)

The VFSC assumes full control and responsibilities of FinmaxFX and ensures that this Forex trading broker is in compliance with international regulations. Additionally, the VFSC ensures transparency and reliability of the Forex trading brokers to its clients.

FinmaxFX Fees

FinmaxFX offers fixed spreads, however, they are considered to be very high spreads. You will find that you are not charged with a deposit fee or an account fee, but you will be charged with a withdrawal fee of 25USD.

This FinmaxFX review will inform you on the different fees that you will be charged with, as an active FinmaxFX trader.

 In regards to trading fees, FinmaxFX does not charge any commissions. However, since the spreads are considered very high, the commissions are integrated into the spreads. FinmaxFX offers high spreads up to 3 pips.

Pros

  • No commissions charged
  • Fixed spreads
  • No deposit fee
  • No account fee

Cons

  • High inactivity and withdrawal fee
  • High spreads

Non-Trading Fees

FinmaxFX does not charge traders with a deposit or an account fee. However, this Forex trading broker charges a high inactivity and withdrawal fee. The standard withdrawal fee with FinmaxFX is 25USD or its currency equivalent. As for the inactivity fee, you will be required to pay 80USD after two inactive months and a $120 inactivity fee for three inactive months. If you are inactive for 6 consecutive months, you will be charged 200USD.

Leverage

You will find that FinmaxFX offers a maximum leverage level up to 1:200, starting from 1:10. The leverage level varies based on the financial asset classes, not the trading account that is chosen.

Deposit Fees and Withdrawal Fees
Deposit Fees 25USD
Withdrawal Fees 25USD

FinmaxFX Fees Compared To Competitors
  FinmaxFX OctaFX XM
Account Fee No No No
Inactivity Fee Yes No Yes
Deposit Fee 0USD 0USD 0USD
Withdrawal Fee 25USD 0USD 0USD

Account Opening

FinmaxFX offers five different trading accounts that you can choose from, based on your trading experience. You will be able to choose your trading account when you sign up on the FinmaxFX website with its fast and digital account opening process.

This FinmaxFX review will offer you a step-by-step guide on how to open your own FinmaxFX account.

Pros

  • Different trading accounts available
  • Fast account opening process
  • Process can be done digitally
  • Islamic Account is available for all five accounts

Cons

  • High minimum deposit

Minimum Deposit

For each trading account, there is a different minimum deposit required. With the Micro Account, the minimum deposit required is 250USD, while the Mini Account requires a minimum deposit of 1,000USD. As for the Standard Account, the minimum deposit required is 5,000USD and the Premium Account requires a 25,000USD minimum deposit. Finally, the VIP Account requires a 100,000USD minimum deposit.

FinmaxFX Accounts

  • Micro Account
  • Mini Account
  • Standard Account
  • Premium Account
  • VIP Account

FinmaxFX Trading Accounts

With FinmaxFX, you can choose one out of five trading accounts, based on your trading experience. The first trading account, the Micro Account, requires a minimum deposit of 250USD with a maximum leverage level up to 1:200. The spread for the Micro Account can reach as low as 3 pips, with no commissions charged. As for the Mini Account, there is a required minimum deposit of 1,000USD with a maximum leverage level up to 1:200. The spread for the Mini Account reaches as low as 3 pips with no commissions charged. The Standard Account requires a minimum deposit of 5,000USD with a maximum leverage level up to 1:200. The spread for the Standard Account reaches as low as 3 pips with no commissions charged.

As for the Premium Account, there is a required minimum deposit of 25,000USD with a maximum leverage level up to 1:200. The spread for the Premium Account reaches as low as 3 pips with no commissions charged. The VIP Account requires a minimum deposit of 100,000USD with a maximum leverage level up to 1:200. The spread for the Mini Account reaches as low as 1-2 pips with no commissions charged.

How To Open a FinmaxFX Trading Account

Step One: Fill in the registration form with your personal information and your preferred base currency

FinmaxFX Step -1

Step One: Fill in the registration form with your personal information and your preferred base currency

FinmaxFX Step -2

Step Two: Make a deposit and select deposit method

Step Two: Make a deposit and select deposit method

Deposit & Withdrawal

FinmaxFX offers fast deposits and withdrawals through several different payment methods. You will be able to select your account base currency while registering, choosing from: EUR, USD, and RUB. There is no deposit fee charged, but you will find a required withdrawal fee.

This FinmaxFX review will list the different payment methods that you can use with FinmaxFX.

Deposits

FinmaxFX offers a fast deposit process that will take approximately 1-3 business days. You will be able to select from different payment methods as your method of payment with FinmaxFX. Additionally, you will not be charged with a deposit fee.

Pros

  • Fast deposit process
  • No deposit fee
  • Various account base currencies
  • Different deposit methods

Cons

  • None

FinmaxFX Deposit Options

  • Debit\Credit Card
  • Electronic Payment
  • Bank Transfer

Withdrawals

FinmaxFX provides traders with a withdrawal process that takes up to 3 business days, which is considered fast compared to other Forex brokers in the trading industry. You will have the option of several payment methods to choose from. However, you will have to consider the 25USD or its currency equivalent, withdrawal fee.

Pros

  • Fast withdrawal process
  • Different withdrawal methods available
  • Several account base currencies

Cons

  • Withdrawal fee required

FinmaxFX Withdrawal Options

  • Debit\Credit Card
  • Electronic Payment
  • Bank Transfer

Trading Platforms

FinmaxFX offers one trading platform, the MetaTrader5 platform.  MetaTrader4 is one of the most well-known trading platforms that are used by experienced traders all over the world.

This FinmaxFX review will use MetaTrader5 as a model to analyze the features available for clients with FinmaxFX.

  • MetaTrader5

Web Trading Platform

The MetaTrader5 web trading platform that is provided by FinmaxFX is available for use in many languages, and you will find the platform easy to navigate through. There are more than 30 indicators that can be customized to your trading needs, on whatever operating system you own. Additionally, you will have access to six different pending order types, which are: Market, Limit, Stop, Good Till Cancelled (GTC), and Good Till Time (GTT). These order types are considered the order types needed in basic trading. You have the option of viewing your full portfolio and any past transactions that you have made, to keep updated on your performance. On the other hand, the MT5 web trading platform does not provide price alerts or notifications, and you will have to rely on the initial login process since there is no two-step verification process.

Pros

  • Available in several languages
  • Customizable indicators
  • Easy to navigate
  • Able to view portfolio and past transactions
  • Available on all operating systems

Cons

  • No price alerts or notifications
  • No two-step login process for verification

Desktop Trading Platform

The MetaTrader5 desktop trading platform is similar to the web trading platform in many ways. With the desktop platform, you can customize more than 30 indicators any way you choose, in any language you want. You can download the MT5 desktop trading platform on any operating system and you can activate price alerts in the form of push notifications on your desktop. There are six pending order types that you can use to trade, which are: Market, Limit, Stop, Good Till Cancelled (GTC), Good Till Time (GTT). Additionally, you can view your past transactions and your full portfolio, so you can keep track on all your past performances. However, you will find the MT5 desktop trading platform to be very outdated in design and it does not provide a two-step login process as a form of verification.

Pros

  • Available in different languages
  • Indicators can be customized
  • Access to your portfolio and past transactions
  • Downloadable on Mac and Windows
  • Price alerts and notifications are available

Cons

  • No two-step login process
  • Outdated design

Mobile Trading Platform

The MT5 mobile trading platform is also similar to both the web trading platform and the desktop trading platform. However, this platform is better for users who prefer to trade on the go. You can use the six pending order types of: Market, Limit, Stop, Good TillCanceled (GTC), and Good Till Time (GTT). As a mobile device user, you can download it on your iOS or Android device; the mobile application is compatible with both operating systems.

There are over 30 indicators that be customized to your liking, and you will find that the design of the trading platform is very user friendly. You can activate price alerts as a push notification on your device, but you cannot use facial recognition or fingerprint recognition as a form of identification for logging in.

Pros

  • Wide selection of languages available
  • Customizable indicators provided
  • Price alerts and notifications are available
  • Downloadable on iOS and Android
  • User friendly design

Cons

  • No facial or fingerprint recognition

Markets & Financial Instruments

FinmaxFX offers over 400 different financial instruments throughout 5 different major financial markets and 3 minor financial markets. You will find that with the variety of different financial instruments, you will be able to remain diverse in your trading assets.

This FinmaxFX review will provide you with the different financial asset classes available with FinmaxFX.

FinmaxFX offers about 400 different tradable products from 8 various financial markets. These financial markets include: Forex, Stocks, Indices, Energies, Metals, Bonds, Commodities, and Cryptocurrencies. You will be able to trade with the most popular currency pairs and metals, along with different types of cryptocurrencies.

What FinmaxFX Offers
Forex Stocks
Indices Energies
Metals Bonds
Cryptocurrencies Commodities

Markets Research & Trading Tools

FinmaxFX offers several trading tools that will assist in enhancing your trading strategies. You will be able to calculate different equations and convert currencies with FinmaxFX trading tools.

This FinmaxFX review will define the different trading tools that you will be able to access as an active trader.

FinmaxFX Tools
Forex Calculator Investment portfolios
Currency converter Quotes of precious metals
Pivot point calculator Margin calculator

Pros

  • Several trading tools available
  • Forex and Margin calculator provided
  • Quotes on precious metals such as Gold and Silver
  • Free trading tools provided0

Cons

  • None

Market Research

FinmaxFX offers different market research materials that will allow you to stay up to date with the current events with the trading world. You will be able to rely on different market research materials that are free and for unlimited use.

This FinmaxFX review will determine the different market research materials available for you.

Pros

  • Market research materials available for free
  • Economic calendar provides past, present, and future events
  • Live quotes available

Cons

  • Have to be a member with FinmaxFX

FinmaxFX provides active traders with four different materials for market research. These materials are economic calendars, cryptocurrency quotes, live quotes stocks, and live quotes currency. These materials will provide you with live updates on price differences with cryptocurrencies and stocks. The economic calendar is an updated calendar on the different trading events around the world.

  • Economic calendar
  • Cryptocurrency quotes
  • Live quotes stocks
  • Live quotes currency

 

Customer Service

FinmaxFX allows traders with a reliable and fast-paced customer service support team. You will be able to reach the customer service team through phone support, email support, or a message forum on the website.

This FinmaxFX review will list the different means of communication to the customer service team.

Pros

  • Several means of communication
  • Fast-paced customer service team
  • Reliable and relevant response

Cons

  • Not available 24\7

Means Of Communication

  • Phone support
  • Email support
  • Message forum

The FinmaxFX customer service is a very helpful and reliable tool, in the case that you fall into a problem while trading. You will find that the responses are reliable and relevant, with the customer service team responding at a fast pace. As traders, you can reach the customer service department through the phone, email, or message forum on their website. However, the FinmaxFX support team is not available 24\\7.

Client Education

FinmaxFX provides different client education resources that will allow you to build up your trading knowledge. You will be able to learn more about the trading industry through videos, webinars, e-books, and an unlimited Demo Account.

This FinmaxFX review offers you a step-by-step guide on how to open your very own Demo Account.            

FinmaxFX offers you with a variety of client education resources, including video lessons, webinars you can attend, reading material in the form of e-books, and a free Demo Account. You can use the Demo Account and the Glossary at any time for a hands-on approach to trading education.

How To Open a Demo Account

Step One: Fill in the registration form with your personal information and your preferred base currency

FinmaxFX Step -1

Step One: Fill in the registration form with your personal information and your preferred base currency

Conclusion

FinmaxFX is a Vanuatu-based Forex broker that was founded in 2015. FinmaxFX aims to ensure that the full potential of an active trader is met. This Forex broker plans on achieving this goal through an implementation plan of a three-level system for delivering data to the trader. Additionally, FinmaxFX offers modern training techniques and stays up-to-date with information in the financial markets.

FinmaxFX is a CFD trading and Forex broker that offers five different trading accounts to be able to trade 400 financial instruments over 5 financial markets. You will be able to choose from five different trading accounts and a Demo Account as a form of simulati0n of this Forex broker. This Forex broker allows you to enhance your trading knowledge through its educational section on the website, and you will have access to many trading tools including live quotes and trading strategies.

Overall, FinmaxFX is a legitimate Forex broker that is worth investing with. This Forex broker offers the client’s best interest with each step they take.

finmaxfx
$250
Min. Deposit
100%
Bonus
Regulated byVFSC
Leverage1:200
Customer Support24/5
Open Account

FinmaxFX Overall Performance

  • Safety and Regulation 98% 98%
  • Deposit and Withdrawal 98% 98%
  • Market Research & Trading Tools 97% 97%
  • Broker Fees 98% 98%
  • Trading Platforms 97% 97%
  • Customer Service 99% 99%
  • Account Opening 98% 98%
  • Market & Financial Instruments 97% 97%
  • Client Education 99% 99%

Frequently Asked Questions

Is FinmaxFX A Good Broker?

FinmaxFX is a CFD trading and Forex broker that offers five different trading accounts to be able to trade 400 financial instruments over 5 financial markets, including more than 45 currency pairs. You will be able to choose from five different trading accounts, and a Demo Account as a form of simulati0n of this Forex broker. This Forex broker allows you to enhance your trading knowledge through its educational section on the website, and you will have access to many trading tools including live quotes and trading strategies.

Is FinmaxFX Legit?

FinmaxFX is a legitimate Forex broker that is currently registered by the Vanuatu Financial Services Commission (VFSC), under the license number of 41072, in compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act of 2014. In addition, FinmaxFX is currently regulated by the International Financial Market Relations Regulation Center (IFMRRC) 

How Long Do FinmaxFX Withdrawals Take?

FinmaxFX withdrawals take approximately 1-3 business days.

What Is The Minimum Deposit For FinmaxFX?

For each trading account, there is a different minimum deposit required. With the Micro Account, the minimum deposit required is 250USD, while the Mini Account requires a minimum deposit of 1,000USD. As for the Standard Accuont, the minimum deposit required is 5,000USD and the Premium Account requires a 25,000USD minimum deposit. Finally, the VIP Account requires a 100,000USD minimum deposit. 

Is FinmaxFX Regulated?

MaxCapital limited is the brand of Forex trading FinmaxFX, which is registered by the Vanuatu Financial Services Commission (VFSC) under license number 41072; this Forex trading broker is also regulated by the International Financial Market Relations Regulation Center (IFMRRC). The VFSC assumes full control and responsibilities of FinmaxFX and ensures that this Forex trading broker is in compliance with international regulations. Additionally, the VFSC ensures transparency and reliability of the Forex trading brokers to its clients.

Is FinmaxFX An ECN Broker?

No, FinmaxFX is not an ECN broker.

Is FinmaxFX Safe?

FinmaxFX is a Forex trading broker that is currently registered by the Vanuatu Financial Services Commission (VFSC), under the license number of 41072. In compliance to the regulations, FinmaxFX must abide by the Anti-Money Laundering and Counter-Terrorism Financing Act of 2014.