FinmaxCFD – a review of a fraudulent broker and testimonials from affected clients.
Review of the FinmaxCFD Online Broker
Getting to know a new online broker, FinmaxCFD, is not easy. Let’s analyze the terms of cooperation, regulation, and company registration. It is also important to find out what reviews say on finmaxcfd.com.
Main Company Information
FinmaxCFD was founded in 2015. According to the founders, its purpose was to facilitate investment and earnings through CFDs. The company’s team, according to their claims, consists of financial market experts.
The choice of a broker includes an evaluation of regulation. The official website finmaxcfd.com does not mention any licenses, but third-party sources mention regulation by FSA (Saint Vincent and the Grenadines). A check on the regulator’s official website showed that FinmaxCFD does not have a license.
It is worth noting that caution should be exercised with offshore organizations like FSA, as they are not subject to proper control.
Regarding the legal information about FinMax, the website only provides an image with data. However, this is done to complicate verification. Morris Processing Ltd, a financial operator of the broker, has issues with tax payment and confirming its activities.
The address of the company listed on finmaxcfd.com is no longer valid — the company has moved to London. The company’s director, Oleg Romanyuk, resides in Ukraine.
Terms of Cooperation
In the “Terms of Use” section, it is specified that the CFD broker’s resource belongs to Gatelinas, registered in Lithuania. The website only lists one employee — Director Sergey Kireev. At the time of writing the review, the organization is 1 year and 19 days old.
Review of FinmaxCFD Trading Conditions
The broker offers CFDs for trading various assets, including currencies (25), commodities (4), company stocks (25), indices (6), and cryptocurrencies (11). The list of assets is constantly expanding.
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Pseudo-Advantages of the CFD Broker
The FinmaxCFD website lists “advantages.” Some of them are “Advanced training system” and “Webinars by top traders.” However, customer reviews indicate the inefficiency of these systems.
Account Types
Traders are offered five types of accounts: Bronze, Silver, Gold, Platinum, and VIP. Each type has its own characteristics in terms of minimum deposit and bonus.
Customer Reviews Overview
Positive reviews of FinmaxCFD are considered staged. Among the negative comments, it is asserted that the broker does not have a license, and there is a risk of losing funds when working with them.
Why is FinmaxCFD a Fraud?
There are numerous inconsistencies in the information about this company. A search revealed that FinmaxCFD has a “twin” — FinmaxFX. The companies are related and have similar characteristics, casting doubt on their reliability.
Author: Yegor Tischenko