Read our review and found out if this broker is safe to trade with. Who is FinMax? How is the broker operating? Are your funds safe with the FinMax broker? This and much more read in our review.
| Regulated by: none |
| Headquarters Country: Bulgaria |
| Foundation year: 2015 |
| Supported Platforms: web trader |
Regulation and Security
FinMax is a brand owned by Max Capital Ltd, a company registered in Lithuania. The headquarters of FinMax is in Bulgaria. The company claims on its website that they have VFSC regulation of Vanuatu. However, after we checked the VFSC register, there was no FinMax or Max Capital Ltd. Red flag for FinMax broker at the start.
When it comes to the security of the funds, the FinMax website offers no information at all. Based on this we can conclude that FinMax broker is not safe to trade with.
FinMax Warnings
Since this broker is unlicensed, we decided to check if any regulatory body noticed it and issued a warning. This is what we found.
Spanish CNMV issued a warning against FinMax broker, warning its citizens not to accept any offers from this broker.
Immediately after, Italian CONSOB issued the same warning.
Based on the CNMV warning, the Danish FSA reported FinMax as a scam broker operating with the EU/EEA zone.
After all this, we can conclude that FinMax is a scam broker.
In which countries does this broker work?
Yet again, the FinMax website leaves us without specific information on this broker. Where is it operating? Who are they accepting or not accepting as clients? Since we concluded that this brokers’ transparency is extremely low, we decided to search our answer elsewhere. Based on the regulatory body warnings and FinMax reviews from clients, we can conclude that the main area of this broker is the EU zone, countries like Spain, Italy, Denmark, also Russia.
Since the broker has no license, it cannot provide legal financial services anywhere. Therefore, we advise everyone to be aware of scam activities by FinMax.
Is my money safe with FinMax?
FinMax is a binary options broker that is offering its clients trading with CFDs.
The broker has several types of accounts, and the minimum deposit for the Bronze account is 250$. For the VIP account, clients need to deposit an astronomical amount of 100,000$.
The deposit can be made via debit/credit card, wire transfer, and E-wallets. Money is available instantly, except for the wire transfer where it takes up to 3 business days for the funds to be processed.
To make a withdrawal, the broker requires the account to be fully verified with the proof of identity and residence, along with the picture of your debit/credit card, if this is the method you used for a deposit. According to the website, withdrawals take up to 10 business days, except for the VIP account – 48h.
However, we were unable to find anything about funds safety, Where the funds are kept, or what is guaranteeing the security. Are they segregated from the company’s funds? All this important information is missing, showing us that FinMax is everything but transparent about its actions.
The answer to your question – no, your money is not safe with FinMax.
Scammed by Finmax? What to do?
If you were scammed by FinMax, or you have any issues accessing your funds with this broker, contact us immediately! The first thing you need to do is file a dispute and request a chargeback! For the process to be successful, contact our support team and let them guide you in the best way possible. Get in touch with us now!
Is FinMax a good broker?
FinMax is an unregulated binary options broker. Therefore, we can say it is not a good or legit broker.
Is FinMax regulated?
No, FinMax has no regulation for conducting financial services.
Where is FinMax broker based?
FinMax headquarters is in Bulgaria.
Is Finmax a legit online broker?
No, FinMax is not a legit broker. This broker has no regulation by any regulatory body and is not safe to trade with.
