Finmax – Binary Options Broker

Update on the broker Finmax

Like other brokers in the binary options industry, Finmax has many complaints from clients who claim to have been victimized by this company. Therefore, we recommend great care when trading with this broker.

Among other things, clients claim that Finmax has taken their money or is not allowing them to withdraw funds. We cannot confirm whether these statements are true or not, but we recommend investigating and being careful.

However, if you are interested in trading binary options and other instruments such as Forex and CFD through a recognized and regulated broker, you can try IQOption.

You can get more information about this company in the following guide: IQOption broker review

Review of the Binary Options Broker Finmax

Finmax is a broker specialized in binary options trading which offers the possibility to trade with various types of options (including High/Low, Above/Below, and One Touch) based on a wide range of financial assets like stocks, indices, and commodities, and currency pairs (Forex). It offers a web-based platform with different trading features including prince charts, analytical tools and others.
This broker offers a social trading application which increases trading opportunities for customers, including beginner traders. Also, it offers a signals service.

Type of Broker

Finmax is a Binary Options Broker.

Country of origin

The main offices of this company are located in Sofia, Bulgaria.


For the moment this broker has no regulation.

Underlying Assets

This broker offers its customers the possibility to trade with binary options based on the following financial assets (underlying assets):
  • Forex Market: 25 currency pairs of the Forex market, including the most important such as the EUR/USD, USD/JPY, USD/CHF, and GBP/USD, and other more exotic like the USD/ZAR and USD/SGD. 
  • Commodities: 7 of the most important and traded commodities in the market such as gold, silver, and crude oil.
  • Stock Indices: 20 of the main stock indices in the financial markets. The clients of BetOption have the possibility to trade with binary options based on indices such as the Dow Jones, NASDAQ, S&P 500, FTSE 100, CAC 40, Nikkei 225, and ASX among others.
  • Stocks: 32 stocks of the most important stocks exchanges in the United States, Europe, and Asia including Google, Microsoft, Apple, Nike, HSBC, BAE Systems, Hitachi, Lukoil, and Gazprom among others.

Types of Binary Options

This company offers the following types of binary options to its clients:
  • High/Low binary options: These are the most common and traded binary options due to the fast and high income that offer to the trader and their simplicity compared with other financial instruments. With these options, the trader must predict if the financial asset (the underlying instrument) price will end above or below the entry price (the acquisition price of the option) once the contract expires. Normally, the expiration of the High/Low options offered by BetOption is one hour, however, the client has the possibility to trade with binary options with shorter and longer maturity periods, from 60 seconds to 1 year.
  • Above/Below binary Options: These are similar contracts to the classic High/Low options, in which the binary options trader must predict if the underlying price will end up or down a certain price barrier (the strike price), established by the broker. Unlike the High/Low, options the exercise price is always different from the current market price at the time the option is purchased, so the trader must not only predict market direction but also the magnitude of movement. By its complexity, these options provide a higher payment or performance.
  • 60 seconds binary options: These options consist of High/Low binary options with an expiration period of just 60 seconds. For these reason these derivatives are ideal for traders interested in making money with fast transactions, especially in volatile markets like Forex, oil and gold for example.

Payments Offered by Finmax

-The returns that this broker offer for binary options that expire “In The Money” (successful trades) are the following:
  • High/Low Binary options: 70% to 85% of the money invested by the trader in the option´s contract.
  • Above/Below binary options: up to 88% of the money invested by the trader in the option´s contract.
With binary options that expire Out The Money (losing trades), the trader loses the amount invested in the operation (premium), which is deducted immediately from his trade trading account.

Trading Accounts

The 4 types of trading accounts offered by this broker are:
Trading account type
Minimum deposit required (USD)
Welcome bonus
25% bonus
50% bonus
75% bonus
100% bonus
Amount of underlying assets
More than 75
More than 75
More than 75
More than 75
Personal account manager
Social trading services
Access to education courses
Economic calendar
First money withdrawal is free
Access to free webinars
Access to trading signals
1 month
Daily market analysis
Market reviews
Access to technical and fundamental analysis
Access to two senior analysts

Trading Platform

Finmax has a web-based trading platform (developed by the company) which has the advantage that it does not require downloading or installation, so it can be accessed from any location with an Internet connection. This gives the trader a great advantage as he or she can trade with binary options from anywhere which means greater flexibility. This application is designed specifically for transactions with High/Low and Above/Below binary options, so it has several functions and tools for position management with instruments of this type. 

Among other things, these functions allow the opening of new positions (acquisition of new binary options) and management of options that are still active. Also, this platform offers other trading tools such as updated quotes of the underlying assets offered by this broker, price charts, and others.

In the work area, we can see a graph that we can change to a preferred view. In this area, the trader can access the various timeframes, most popular assets, selected assets, all kinds of expiration periods, technical indicators such as Relative Strength Index (RSI) and SMA, and management and risk information tools on open and closed operations. On the trading platform, there is a window that allows opening trades in just 1-2 clicks.

This platform includes the following additional tools:
  • Double Up: Through this function, the traders have the possibility to increase their investment and double their profits. Basically, when an option is close to its maturity and the trader predicts that the market will continue in the same direction, BetOption offers the possibility to  “do it again” by clicking on Double Up. By doing this, the trader creates a new trade with the same conditions but with the current price of the underlying asset.
  • Hedge: The hedging tool automatically opens a trade in the opposite direction of the original transaction if you begin to doubt the accuracy of your previous decision, ie if you conclude that your current position is going to have a loss. Losses with binary options that end Out The Money can be kept to a minimum.
  • Early Closure: It is a tool created to allow the trader to sell an option back to the broker before the contract expires. In other words, it offers the possibility to close a position before the option expires. This feature can be quite useful when the underlying instrument is moving against the trader, because it allows to cut the losses and potentially make a small profit if the option is In The Money, even momentarily.

 –Through this platform, the Finmax customer can carry out transactions with a minimum volume of $5 while the maximum transaction volume is $5000.

Social Trading Application

Finmax has a network and social trading platform called “Social Radar” which allows to view and copy trades with binary options of any trader (client of this broker), including professional traders with experience in this market. This network is built into the trading platform of Finmax and has a simple interface that offers the possibility to copy any trade of other traders with a single click. It allows to see the positions of other traders on the chart and know their trading decisions so that the customer gets a greater perspective of the market.

Demo Account

This broker offers a demo account with no limit of time.

Payment Options

The clients of Finmax can deposit and withdraw funds through the following payment options: Bank Wire Transfer, Credit Card (the most important like Mastercard and VISA), Skrill, Neteller, Webmoney, and Yandex.
The deposits can be made both in Euros and US Dollars.

Main Advantages of Finmax

  • This broker offers regular promotions to new customers who open an account and deposit funds. The current promotion is a welcome bonus and up to 100%.
  • A proprietary web-based trading platform with a user-friendly interface.
  • Finmax customers can close a trade in advance before the contract expiration (to reduce losses or secure earnings) or increase the amount invested in a transaction with these derivatives.
  • A service of live trading signals.
  • A market alerts service via SMS.
  • The customers have access to a personal account manager.
  • Finmax has a social trading service for all its customers.
  • This broker offers daily and weekly analyses of the market in general.
  • This company provides updated market news.
  • Basic education on binary options through the company website, which includes a free e-book about trading and a comprehensive glossary on these derivatives.
  • Finmax offers the possibility to earn money by promoting its services as a broker through an affiliate program.

Main Brokers Offers

Finmax offers regular promotions for its clients that consist mainly in bonuses for traders that open a trading account and deposit funds. The current promotions of this broker are the following:

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