PlusOption Is a New and Innovative Binary Options Platform

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Finmax Review

Rating Section

  • Bonuses: 85/100
  • Software:: 80/100
  • Customer Support: 75/100
  • Options Choice: 70/100
  • Overall: 80/100

Summary

The broker has a relatively good bonus system, provides their traders with innovative and easy to use TradeSmarter platform, has a caring support team and offers slightly below average choice of assets to trade. Overall this brokers scores 80/100.

Finmax Introduction

The binary options industry is flooded with brokers, both good and bad. It is not an easy task to filter out the bad ones from the good ones, but if you want to be successful, it has to be done. We are here to help. In this review, we will try to honestly evaluate the good and bad sides of Finmax and try to determine whether the broker can be trusted and indeed whether you should use their services or avoid the company altogether.

Company Information

Finmax is quite a new broker that was founded in 2020 by a parent company Morris Processing Ltd. The company is based at 14 Tsar Osvoboditel blvd. Sofia 1000, Bulgaria and they also have an office in London. European presence is important for the company. Unfortunately, they do not have a license with any official European financial regulator. Let‘s hope they will get one soon. However, they do have a license with an independent financial authority in the Russian – Financial Market Relations Regulation Center. The broker is trying to expand their base and open more offices in Europe and across the World. The company bases their trading platform on theTradeSmarter software.

Assets Available

Despite the fact that Finmax has only 74 assets to choose from, these are more or less equally distributed among four main categories: currencies, stocks, commodities and indices. The currency category contains 25 most traded currency pairs and their crosses. It is more or less what other brokers offer, so the number is satisfactory. In the category of stocks are 31 securities to choose from. This may seem too few, but do not forget, that most binary brokers do not concentrate on stocks, so they do not offer them at all. You will also find 6 commodities on this broker’s list. The majority of brokers will offer just 2 or 3, so 6 is quite good. Finally, there are 14 indices you can trade. The number reflects industry average. The broker could add more currencies or stocks to their list to get among the leaders in binaries in terms of assets.

Bonuses & VIP Programs

We were happy to discover that Finmax has quite a good bonus system. Every depositing trader is entitled to a risk free trade, which can get as high as $1000. You should know that this trade is only valid for your first trade if it ends out of the money. In that case, your lost money is returned back to your account. The broker also offers a deposit bonus system that is based on the type of your account. They offer 4 types of accounts for their customers.

– Bronze

The minimum deposit for the account is $250 (up to $999). Your bonus will be 25% of your deposit amount.

– Silver

Silver account is yours after you deposit $1000 or more (up to $4999). Your bonus will be 50% of your deposit amount.

You can claim a gold account after depositing $5000. Your bonus will be 75% of your deposit amount.

– Platinum (VIP)

This is a premium account with most benefits. Unfortunately, there is not enough information about it. You will have to contact the support team and discuss your specific needs and amount you can afford to deposit as well as terms and conditions for opening the account. You will also be able to get 4% extra profit on your trades and 100% bonus of your deposit amount. That is one of the most spectacular offers we have seen so far!

Fees, Payouts and Trading Features

Finmax has provided everyone with the opportunity to open an account with them for as little as $250. That is the minimum deposit. It is not exceedingly low as there are lots of brokers offering $100 or even $10 minimum deposits. The minimum investment per trade is $5. It is quite good, despite the fact there are lower trade minimums with some brokers. If you are a high roller, the maximum amount per trade is $5000, which is more than most brokers will offer you. Payouts can reach 90% and this is quite good. A lot of brokers offer slightly below 90% payouts.

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Trading Platforms

Innovative and up to date the TradeSmarter trading platform that the company offers is excellent. They state it is meant not only for making profits, but also for getting aesthetic pleasure. Going through all the functions and features that are there makes the platforms feel somewhat intuitive. You can also view TradingView charts with some of the most popular technical indicators on them. The financial news feed is also there, so you can always stay on top of all the market updates. Unfortunately, you can only trade classical High/Low and Above/Below (another version of High/Low) on the platform. A few more possibilities should be offered at some time later. Expiry times vary from 30 seconds to around a year. That is way more than you can expect with any other broker. On the whole, trading features of the platform are excellent.

Mobile

In terms of mobile trading, Finmax is not lagging behind from the leaders in the field as you can trade binaries on your desktop and web browser and on iOS, Windows Mobile and Android devices. Their mobile platform is identical to desktop one and you should not have any problems switching from trading on your pc to trading anywhere in the World on your mobile device. You can download app for iOS from Apple App store and for Android devices from Google Play.

Deposits and Withdrawals

Finmax supports a lot of ways for depositing and withdrawing your money. You can use debit/credit cards, bank transfer (wire transfer) and a lot of the most popular e-wallets (Neteller, Qiwi Wallet, Webmoney and etc.). Minimum withdrawal is $25. In order to withdraw your money you will have to supply the support team with all the necessary documents proving your id and address before they confirm your transaction. This is done for the sake of security and in compliance of anti money laundering laws. It may take up to 5 days for your money to reach your account. However, if you have a gold or VIP account it will probably be done in one business day. Wire transfer will cost you $50, so you may choose other methods to withdraw.

Customer Support

The broker has proven that they really care about their customers. They provide live support 24/7 and the best way to contact them is on live chat, that can be found on their website. The support team responds quickly and deals with your issues efficiently. Alternatively, you can chat with them on Skype, send them an email or even call them. The fact that they support seven different languages on their website is amazing as only top brokers offer that. Before you contact them, be sure to look through the FAQ’s, as your question might already be answered there. That section could be expanded though, as there aren’t too many questions there. Other than that, customer support is excellent.

Extra Features and Resources

The company offers a lot of extra features and resources. You can try a demo account for free. If you feel you need to familiarize yourself with their trading platform, it is a good opportunity to find out what is where and how things work on the platform. Test it without risking any money. There is also an educational page on the website, where you can get lots of educational videos, listen to webinars about different aspects of trading binary options, familiarize yourself with trading strategies that are for both novice and advanced traders. If you are new to trading there is also a glossary which you may refer to for some trading vocabulary and jargon that might be new to you.

Verdict

Having taken into account all of the above mentioned points we can safely say that Finmax is definitively not a scam broker, but rather a reliable financial operator offering qualitative services to their customers.

Some of the benefits the Finmax trading platform offers users include:

  • Regulated by an independent financial authority
  • Attractive bonus system
  • User friendly and state of the art trading platform
  • Huge base of extra resources
  • Free demo account
  • Customer oriented support team
  • Some fees for withdrawals
  • Few assets to choose from

Some of the frequently asked questions about the Finmax trading system include:

What is maximum amount per trade?

The maximum amount is currently capped at $5000. However, you can purchase a few options with maximum amounts if you want to invest more than $5000 on a specific trade.

Are my profits taxable?

You should contact your tax authorities as all profits are taxable according to laws of your country of residence.

What are the ways of depositing?

All deposit methods are indicated on the Finmax website. You can make deposits via debit/credit cards, wire transfer or e-wallets.

What assets can I trade with Finmax?

You can trade assets across four major categories: currencies, stocks, indices and commodities. Asset list can be found on the Finmax website.

Unauthorised binary options firms

On 3 January 2020, binary options became a regulated investment product, meaning that all firms trading in binary options need to be authorised by us.

Below is a list of firms without authorisation that we understand are offering binary options trading to UK consumers. This list is based upon information that we have received from consumers, partner agencies and from monitoring the binary options market. Many of these firms claim to be based in the UK but we believe that most of the addresses they provide are false and that the firms are actually based overseas. We are examining each of these firms to determine whether any are genuinely operating from within the UK.

Many of the firms in the list will use a trading name but will also claim to be operated or owned by a separate company which may be based overseas. In the list below, where relevant, we have included both the trading name, the ‘Firm Name’, and the operator/owner company, the ‘Owner/Operator’.

AnyOption Review – A Scam or Legit Online Binary Options Broker?

General Risk Warning! your capital may be at risk

About the company

When choosing a binary options broker, one of the most important factors to consider is their credibility. Anyoption ranks well among the brokerage firms that are credible. Founded in 2008, They can be considered one of the first companies to offer binary options trading services. Owned by Ouroboros Derivatives Trading Limited, it’s one of the few reputable financial trading companies that are regulated by the Cyprus Securities and Exchange Commission (CySEC) as well as governed by the European MiFD regulations. Their CySEC license number is 187/12. Within Europe, AnyOption is licensed to operate in different countries. Among these is Britain where it’s licensed by the British FCA to operate under reference number 603634. AnyOption is also licensed to offer their services to binary options traders in other regions across the globe. Visit AnyOption/regulation to know whether AnyOption is licensed to offer their services in your country.

AnyOption scam or legit binary options broker?

AnyOption has been in business for close to a decade now. To date, Europe remains the region that has the strictest policies aimed at protecting traders from scam binary options brokers in the world. However, since its launch, AnyOption has managed to grow its portfolio of binary options traders from across the globe by providing world class services and good returns on investments.

A little bit more details

Looking at AnyOption web traffic for the last 6 months, about 550,000 binary options traders visited the site. Over a third of these came from Germany. The remaining two-thirds included binary options traders from the United Kingdom and other countries across the globe. The fact that the highest percentage of traders come from heavily regulated European countries is an indicator that AnyOption is a trusted brokerage firm. The site hasn’t experienced any web traffic spikes or dips over the 6 month period we’ve been closely monitoring it. A steady web traffic flow usually indicates that growth is consistent.

Few brokerage firms with a web presence provide their address. The registered address is 24, 28th October Avenue, 2nd Floor, 2414 Engomi Nicosia, Cyprus.

Why should beginner binary options traders consider AnyOption?

First, AnyOption has been offering brokerage services for over 9 years. New binary options brokerage firms might come with nifty features and packages. But being in the game for long gives you some assurance that the brokerage firm isn’t going to go under anytime soon. This, however, doesn’t mean that AnyOption doesn’t offer innovative packages. The company provides great learning resources and tools, and refunds of up to 20%. You’re also provided with several binaries options that include 0-100 trading, Dynamics, Bubbles and many more. It’s also available in 7 different languages making it easy to get started regardless of the region you come from.

Downsides?

AnyOption is undoubtedly one of the best online binary options brokers available today. The company offers a host of easy to use tools, many binary options to trade and a user-friendly interface. Compared to other brokers, AnyOption’s returns are a bit modest. The offer a 20% bonus on newcomers and an average 71% effective return. However, AnyOption has been objectively introducing new binary trading options to enable traders to get high returns on their trades such as DYNAMICS and Bubbles.

The Bubbles Trading feature was introduced in February 2020 as a replacement for 0-100 options. This is a drag and a drop feature that enables you to place a circle (bubble) to the right of the current price. You can then change the size of the circle. As the price changes, it will either inflate or deflate the bubble. Upon expiry, the bubble could burst, meaning you’ve made money on your trade. If it doesn’t burst, you’ve made a loss.

Hint: if you intend to use this options trading tool, you should note that creating a big bubble initially means that your return will be lower. However, making your bubble big is a good way to manage risk especially if your strategy involves taking small profits over an extended period of time.

Do you want to try out Bubbles Trading feature? Click the link to check it out yourself on the official website of AnyOption.

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Anyoption demo account

There is always that question for beginner traders, is there a Demo? No, they do not offer a Demo account. so if the demo is one of your criteria I recommend you to look at the other top brokers. But on the other hand, they offer you to look at the platform and check all their features. So for the more expeditions trader, this can be a very interesting platform to have a look around in what they have to offer.

Is opening an account recommended?

AnyOption is considered one of the pioneers of online binary options trading. This brokerage firm is composed of experienced options traders and risk management experts. AnyOption also boasts as the first options trading broker to create a browser-based platform. The online binary options trading platform has been used as the base for many of the popular online binary options trading companies. However, through innovation, AnyOption’s web platform remains ahead of the pack by offering unique tools, learning resources and user support for traders. One of the popular white label binary options platforms that are based off the AnyOption platform is SpotOption.

It’s no secret that new binary options brokers focus on offering new options and ways to trade such as the popular Boundary Options and Range Options. Rather than follow this trend, AnyOption’s approach is to develop new tools that make trading easier. For example, the company developed the Option+ and the Binary 100. The former tool allows you to take your earnings or minimize losses while the latter is designed for traders accustomed to the US CFTC binary options trading.

Simplicity and ease of use are the hallmarks of the AnyOption’s user interface. You can view up to four traded options on your screen. A markets news feed is placed below the assets tab making it easy to know when to buy or sell. Keeping track of any purchased binaries is made easy through a colored profit line. If you cannot access the AnyOption online platform, you can subscribe to their SMS service. AnyOption will send you a text message before or after the expiry of your trade. There’s also a share option allowing you to share your wins, trades, and strategies with other traders.

As new brokers come up with new options, AnyOption has stuck to traditional binary option trading methods but continues to innovate and create new tools aimed at helping traders reduce risk and make money. This is the primary reason why AnyOption is recommended for new as well as experienced traders.

AnyOption complaints?

No matter how good a business might be, there’s bound to be client complaint or even legal proceedings placed against it. AnyOption is no exception. In order to find out what real traders say about AnyOption, we used a simple method, searching in Google. We used keywords such as AnyOption scam, AnyOption fraud, and AnyOption, a trader complaints. The searches revealed a handful of complaints published in different places such as forums and blog post comments. What was surprising is that many of these complaints were quite detailed. Another surprising discovery is that over 95% of these complaints were from traders who lost their money after making high-risk trades.

It’s important to note that deciding to trade binary options carries some risk regardless of the brokerage firm you invest your money with. That said, AnyOption provides many learning resources to help beginner traders understand the binary options trading business.

How strong is AnyOption Regulated

AnyOption is fully licensed by several financial regulatory bodies including CySEC, MiFID and the British FCA. As we conducted our research on this broker, we discovered that it has actually had legal action taken against it by CySEC. AnyOption’s parent company Ouroboros Derivatives Trading Limited was fined 235,000 Euros by CySEC for non-compliance with a number of sections of L.144 (I)/2007. Some of the reasons why the business was fined included inappropriate advertising material and failure to keep transparent procedures regarding complaints. This action was taken early 2020. Other than that AnyOption has managed to avoid being on the wrong side of the different financial regulators.

Withdrawing your profits or cash balance

One of the common complaints binary options traders have is that it’s difficult to withdraw their profits of accounts balance. AnyOption offers traders two withdrawal options, by a credit card or Wire Transfer

Every withdrawal request is processed within 48 hours and deposited to your account within 2 weeks.

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Anyoption Beginner Trader bonuses

Opening an account with AnyOption doesn’t automatically guarantee that you’ll get a bonus. In order to get one, you’ll need to contact your account representative to get details of any bonuses on offer. AnyOption bonuses are 15X which is a bit low compared to what’s offered by many competing brokers who offer between 20X and 30X bonuses. You have the choice to accept or reject any bonus offer. If you accept it, you have 3 months to reach the turnover.

One thing that makes AnyOption stand out is that you can actually withdraw your account balance even before you reach the bonus turnover. Your money isn’t held by the broker just because you haven’t reached the bonus turnover.

Tools and resources provided by AnyOption

AnyOption online trading platform provides a wide range of tools and resources to help the beginner binary options trader make winning trades. Among the tools and resources available are Social Trading, Bubbles Trading, a Trading Academy, DYNAMICS and Option +.

User friendliness

AnyOption is a web-based platform. Accessing your account only requires an internet-enabled device with a modern web browser. There’s no software to download or update. The platform is well designed with an intuitive user interface. Every tool or asset you need is accessible through a few mouse clicks.

The website is available in 7 international languages including Swedish, French, Dutch, English, German, Spanish and Italian. This makes it accessible to users from different nations.

Beginner traders will also find AnyOption a good binary options trading broker thanks to their rich collection of training resources.

Anyoption Deposit, withdrawals and bonuses

The minimum amount you can deposit into your account is $200. You can place your deposit via wire transfer, credit card or E-Wallet. Withdrawals can only be done via wire transfer or credit card. This helps AnyOption comply with international anti-laundering laws. Bonuses are available. However, you’ll need to contact your account representative to know whether you qualify for bonuses.

For withdrawals, the fees charged will depend on the withdrawal method, amount withdrawn and the number of withdrawals made per month. Here’s a breakdown:

– Wire transfer withdrawals attract $30 fee for more than one withdrawal per month

– Credit card withdrawals attract a minimum of $30 or 3.5% of the withdrawal amount

– For E-Wallet withdrawals, Neteller and Skrill withdrawal attract 3.5% and 2.5% fees respectively

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Contact and Support

AnyOption offers 24/7 customer support via telephone and email. They also offer a live chat option which is fast and efficient. The Support is available in English, Spanish, Dutch, Italian, France, Swedish, Polish, Portuguese.

Out of the money Refund

With regard to effective return, AnyOption’s in-money trades attract a 65% to 80% payout. This is a bit low compared to many competing brokers. However, the company makes up by offering an out of money refund of between 5% and 25% which is quite rare among binary options brokers.

Number of assets you can trade and trade expiry time

As with many online brokers, AnyOption offers over 100 assets to trade ranging from stocks to forex. As of the time of writing, AnyOption asset index includes 17 currency pairs, 83 stocks, 27 indices and 4 commodities. Besides traditional currency pairs, forex traders can also buy and sell Bitcoin through this platform.

By the end of 2020, AnyOption was trailing many of its competitors with regard to the expiry times offered. This changed early 2020 with the introduction of new features such as DYNAMIC which allows you to get in and out of a trade within seconds.

Website features, tools, and resources

AnyOption has a number of exciting features which make trading easy even for inexperienced binary options traders. DYNAMICS which came as a replacement for the 0-100 Options allows you to get in and out of a trade within t the expiry time placed on purchased assets.

Traders without access to the internet enabled device can also get SMS updates regarding their accounts. The availability of many learning resources makes it a beginner friendly platform. However, compared to competing online brokers, AnyOption lacks some essential tools and features such as a real-time Virtual Demo which has become somewhat like a standard for all online binary trading platforms.

Overall, AnyOption has proven to be among the leading online binary options trading platforms available today. Launched in 2008, it’s one of the oldest online binary options brokers. Fully licensed and regulated by some of the top European Financial Regulatory bodies, traders can rest assured that it’s not a scam business. AnyOption offers many tools and resources to help beginner traders learn about the markets as well as over 100 asset options. If you’re looking for a legit binary options broker, AnyOption is a good place to open an account.

Thank you for visiting.

Read our other broker reviews

General Risk Warning! your capital may be at risk

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