Binatex Review

Binatex entered the binary options trading arena in 2015. The broker’s platform seems easy to navigate and to some extent even fun but this should not fool you. Even though the layout of the official page looks user-friendly and professional a myriad of customer reviews suggest otherwise.

Binatex review
Min. Deposit:

Trading Platform: Custom

US Clients: Not Available

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First of all, Binatex has its offices in Cyprus and yet it’s not regulated by CySEC. CySEC is the financial regulatory body of Cyprus. In addition to this, the parent firm Binatex Limited is registered in Seychelles and there is an branch in Budapest. More intriguing is the fact that even though there is no branch of the broker in Russia, it is regulated by the FMRRC of Russia. The firm further provides a Russian phone number for support purposes.

Binatex Logo

Getting started with Binatex

Binatex promises its customers very high rate of returns (payouts) of between 60% and 90%. Getting started seems easy because once you fill in your personal details, you are directed to the demo account. The platform offers a number of Forex pairs, commodities, stocks and even cryptocurrencies. Besides Bitcoin, the altcoins included in the platform are Ethereum and Litecoin. Trading signals can be found on the left side of the software screen. Many traders are not aware that in order to withdraw their money, a trading volume of at least 25 times the bonus amount must be reached. In order to be allowed to operate a demo account, a trader is required to deposit $10. This doesn’t really make the demo account free after all.

When it comes to opening an account with Binatex, the first step is signing up. A trader is required to provide personal details in the sign-up form provided. The second step is making a minimum deposit of $250. Trading is the last step which involves a trader picking assets, cryptocurrencies, and forex pairs to trade.

Understanding the platform

Binatex has one of the good-looking platforms in the market even though many trader have come to realise that looks deceive. It is smooth and appealing and as such serves to the firm’s advantage as it lures new unsuspecting clients. The only thing which is not very exciting about the firm’s platform is the low than average minimum rate of return of 60%.

Is Binatex a scam?

Binatex is regulated by FMRRC of Russia which is not a reliable body when it comes to international financial regulatory role. Given that the broker is not licensed by FCA, ASIC, CySEC or FSP, it is safe to say that Binatex is not a ‘licensed’ firm and should, therefore, not be trusted. As mentioned earlier, the firm has a myriad of addresses which makes it mysterious. This makes the firm more likely to be seen as a scam than a legit entity by any diligent trader. The withdrawal of funds information is hidden deep in the legal section. Such information as is with most brokers should be easily availed to the clients.

There are numerous complaints which have been leveled against the broker. Many of these complaints which relate to withdrawals have not yet been addressed. Many traders complain that they are not able to withdraw funds after they have submitted withdrawal requests. Unless Binatex comes forward with solutions to existing problems and questions, its legitimacy quest will continue being elusive.

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