FinMaxFX

FinMaxFX carries itself like a legitimate broker, offering its services with accompanying information and details. Yet we cannot shake the feeling that something is not quite straight. Read on to see if the slate is clean.

First of all FinMaxFX gives us three separate locations to work with. We shall see into each one of these.

First off, in the Terms and Conditions, the opening paragraph locates the website in both Bulgaria and Lithuania.

It says that the website is operated by Gatelinas, UAB in Lithuania, but its operational offices are based in Sofia, Bulgaria. In Lithuania the main regulator of the financial market is the Bank of Lithuania which directly reports to the government. The official database of the Bank of Lithuania is devoid of any search results for both the holding company and the broker.
Next, in Bulgaria the license issuer there is the Financial Supervision Commission, which, too, had no results when looking for both names.

In the footer of the website, the broker claims that it is located in Seychelles. However, here there is a crucial contradiction; it says that the operating company is Max Capital Limited F2m, which is obviously not the same as the one stated in the Terms and Conditions.

Either way, there was no mention of the company in the Seychelles Financial Services Authority’s database of regulated entities.

Nevertheless, Gatelinas, UAB holds a license from the FMRRC, which is a non-governmental, independent Russian license issuer founded in 2011. Most importantly, it does not possess the authority to enforce the law in case of fraud.

Since this license is not in any way tied to any proper authorities, and works mainly in the self interest of Russian brokers, we have to pass it as trivial.

Before concluding, we wish to point out that the Contact Us page gives us a whole load of international contact numbers, including one in Canada and Australia.
By now we have interpreted the signs, and have seen the big picture…FinMaxFX does not hold a license from any official government-tied license issuing agency, and as such we have to deem in UNREGULATED and a risk to all those that invest in it.

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

The leverage is capped at 1:200. This leverage immediately rules out FinMaxFX as being regulated by any EU financial overseer, for ESMA has issued a decreed limiting all EU/UK leverages to 1:30.

The EUR/USD spread is around 2.8 pips which is not lucrative at all (taken from demo account). The broker offers also binary options trading.

Users are given the following instruments: Currency Pairs, Stocks, Commodities, Indices, and Crypto.

The website is available in English, Russian, Spanish, Portuguese, French, German, Italian, Polish and Arabic… this is quite a the selection of languages.

FinMaxFX LOGIN

The platform at FinMaxFX allows for binary trading, and Forex/CFD trading.

The platform that allows for binary trading serves its purpose. The terminal is rather user friendly, and there are even tutorial videos.

The terminal used for Forex/CFD trading is lackluster, and cannot hold on its own when compared to the mighty MT4. It does have a certain aesthetic to it, but the options for customization are limited.

The maximum leverage that can be used here is 1:200, while the EUR/USD spread is 2.8-2.9 pips, which is not at all favorable for traders.
Note: the cost of trade was taken from a demo account, so the spread most certainly depends on the account type in use.

The platform is solely browser based. There is a section promoting a mobile version, as well as a desktop version, but we were unable to find any link to an app-store, nor to a direct download button for the desktop one. One can speculate that these are given only to verified users once they open a live trading account.

FinMaxFX MINIMUM DEPOSIT

The minimum deposit is $250. This is for the Bronze account. The minimum is capped at $100 000 for the VIP Account.

Methods for depositing are clearly laid out: MasterCard, Visa, WebMoney, Bank Transfer, QIWI, bitcoin, PerfectMoney, and Interkassa (crypto).

Due to the broker’s lack of an authoritative regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

FinMaxFX WITHDRAWAL TIME AND FEES

The minimum withdrawal is $10, and $50 if withdrawing via Crypto.

Before making a withdrawal, one must get a vocal or written confirmation by the client’s personal manager. After that, the time for withdrawing is 7-10 days. Any sort of confirmation needed for a withdrawal is a sign of shady activity.

In the Account Types page, certain account types have a withdrawal fee attached to them that is undisclosed. For the Bronze and Silver the first withdrawal is free, as for the others there is no info on the charge amount. The Gold Account type gives you one free withdrawal per month. The Platinum and VIP Accounts offer free-of-charge withdrawals.

However, on a rather well hidden portion of the website, the broker gives us all withdrawal methods and their subsequent processing fees:

ADDITIONAL FEES AND TAXES

The fees at FinMaxFX , solidify the fraudulent nature of the broker.

There is a charge of $25 for client who deposited via Wire Transfer and who did not reach the turnover that is the same amount as the deposited sum.

The brokerage fees clients for the trading platform, not for its usage, but just for the matter of it being there.

Upon registering the client confirms that the company may deduct taxes from an account. These taxes may or may not be tied to any applicable law, and clients will have no right to protest if such taxes seem unjust. The clause is rather confusing to grasp, and so we leave it to you.

The sleeper account fee is activated after 2 month of inactivity. The fee is based on the time that the account stays inactive.

For example from 3-6 months the charge is $120, which is extremely exaggerated.

There is of course a trading volume requirement for withdrawing an amount that has a bonus attached to it. However, said trading volume value has not been specified.

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. The broker will probably refuse to return your money by constantly postponing your withdrawal. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

FinMaxFX is a peculiar broker. Technically it is regulated, but the license issuer works independently, meaning that anyone with the necessary “means” can get approved for a license. Furthermore, the broker actually works pretty well and handles its operation like a legit, albeit somewhat sloppy, broker, yet one must not ignore all the fees and inconsistencies found throughout its written texts. We advice traders to let this one go, and aim for more resourceful brokerages.