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FiNMAX Review 2021: Unregulated Broker Still Carries Binary Options

FiNMAX

FiNMAX is an online broker that provides CFDs, forex, and binary options. While binary options are outlawed in most countries today, this broker avoids those regulations by operating out of Seychelles. Their parent company, Max Capital Limited, has its headquarters there. The broker also lists an office address in Bulgaria, although our FiNMAX review was unable to verify that information. However, it is clear that this broker has no license to operate within Bulgaria, or anywhere for that matter.

Deposit Bonuses That You’ll Never Withdraw

The broker primarily offers binary options, much like fellow Seychelles broker Binary Uno. Binary options are an oversimplified asset that can mislead beginner traders. Furthermore, FiNMAX offers deposit bonuses. This practice is generally for drawing in large numbers of new traders. The broker essentially doubles the initial deposit, but bonus conditions keep those funds permanently locked up.

FiNMAX Review 2021

Trading With FiNMAX

The broker’s payout on bets is around 83%, depending on the asset. This is typical for binary options brokers. The minimum deposit with this broker is $250, high for binary options but average for CFD and forex brokers. The broker offers binary options, CFDs, and forex, giving them a large variety of assets overall.

Additional Warnings

A carpet ban from the ESMA against binary options should be enough to demonstrate that traders should stay away. However, the Spanish CNMV has issued a specific warning against this broker. Their warning clarifies that they have no authorization to provide financial services within Spain.

Reach Out to Recover Your Funds

Despite the bans and warnings, binary options brokers continue to reel in new clients. We’re here to help traders whose broker has locked their funds behind obscure bonus conditions. Call us today to hear more about what a chargeback can do for you.