BinaryCent is a shady binary options broker operated by Finance Group Corp. Finance Group Corp is an unknown entity, there is no information provided on the website. It was formerly operated by Cent Projects Ltd.and before that the name Suomen Kerran LP appeared in their Terms And Conditions). They do not provide an address for their offices on the domain binarycent.com/en. However, when accessing binarycent.com/de, the following address appears in the Terms & Conditions: 309&310 Office, Albert Street Victoria, Mahe, Seychelles.
Is BinaryCent A Scam?
As long as a court of law doesn’t say BinaryCent is a scam, who am I to say otherwise. But let’s get real for a bit: they are not regulated by a financial authority (even though they blatantly say they are regulated), the name of the operating company has changed a few times already, and the name they give is totally bogus. I am not saying there’s something wrong with Finance Group Corp, it just looks like there is.
Editor’s Note -Why Doesn’t BinaryCent Suck
Eh, this is the hard part. The only thing I can think of is the low minimum deposit ($100 – although in other parts of the website they say $250) and the fact that you can trade cents (lowest trade is 1 cent). This makes them good for practice, but then again, if you want to just practice, you can get a demo account from a bigger broker.
Why Does BinaryCent Suck In 50 Words
Even if you don’t accept a bonus, you will still need to turnover your funds at least once before you withdraw. If you don’t do that, you can withdraw but you will have to pay a fee of 20%. I hate this greedy approach! It’s like “HA, I got your money, now you do as I say!” What if I deposit and decide that trading is not for me or that I simply don’t like what they are offering? I still have to trade my full deposit once or pay a huge fee… no, no, that’s not the way to go.
Should I Open An Account With BinaryCent?
BinaryCent offers Binary Options (BO), Forex (FX) and Contracts For Difference (CFD) and I think the most noteworthy thing about this brokerage is the very low trade size (1 cent), so it makes it appealing to traders who are just starting out in BO, FX, and CFD but want to get a feel of the real market, not demo. Unfortunately, that’s about it, because I don’t see other things that would make me recommend this broker.
The platform is custom built and it’s nothing to write home about, but not disastrous either. The main attraction is the live chat with video, so I don’t think you will pay much attention to the platform features because you will be busy switching between all the beautiful girls who are there to make your stay more pleasurable. If you feel particularly fond of one (or more) of them, you have an option to tip them 1, 10 or 50 bucks. It’s like Hooters for Binary Options… with a bit more clothing.
Ok, video chat with girls is not something I need or want from a brokerage, but there’s something even more bothering: according to them, the brokerage was launched in 2016 and according to web traffic numbers (see above), they probably hit the market in early 2017.
Now, if you take a look at their homepage, you will see they’ve “allegedly” received Best Broker Award (by Fair Binary Options) in the year – wait for it – 2015. Wow, how can this be? I don’t know, but I’ll let you draw your own conclusion.
They also say they are regulated/approved by a website named Forex Regulator (what a confidence-inspiring name) but when checking that website I realized this is just an entity that offers legal assistance in case you want to get your money back from a broker, in exchange for a fee. They are located in Scotland (according to the website) but I’ve found many grammar and spelling mistakes so… I don’t know for sure but I assume that people from Scotland should speak proper English.
To me things are simple: if a brokerage is not regulated, they have to offer outstanding advantages and features to make me open an account and make a deposit, and BinaryCent doesn’t do that.
It’s again up to you to decide: if you consider video chat with girls an amazing feature and don’t care much about the rest, then BinaryCent could be the brokerage for you. If you are looking for other things, then look for other things somewhere else.
Almost everywhere I looked, I found people calling BinaryCent a scam. You know we don’t trust 100% all complaints we find online, but the amount of unsatisfied clients is worrisome. Most people complain that their withdrawals don’t get through and I’d say that’s the worst thing that could happen. Also, some users have claimed that BinaryCent has changed their T&Cs to fit their needs, without prior notice.
Given the high number of complaints, I believe you should be very careful when dealing with this brokerage.
BinaryCent Regulatory Warnings And Announcements
7.18.18 – BinaryCent is warned by New Zealand’s FMA for operating without a license or regulation. More information here.
6.22.18 and 9.20.18 – BinaryCent is warned by the France AMF for operating illegally on two separate occasions.
The bonus starts at 20% for a deposit of 250 USD and can go as high as 100% for a deposit of 3,000 USD. The required turnover before you can withdraw your own money if you’ve received a bonus is 3 times the bonus and your deposit which is a little weird. The bonus cannot be withdrawn and will be used for trading only. If the client withdraws prior to reaching the turnover, the bonus will be canceled and all trading losses will be deducted from the client’s original deposit.
Withdrawals are processed during one hour according to their website, but given the high number of complaints regarding the withdrawal time, I don’t think that one hour is a guarantee. The minimum withdrawal is 50 USD and the method is… whatever the company’s finance team wishes. Yes, according to their TCs, the client cannot request a specific withdrawal method. Only the finance team can decide how you will receive your money. It’s like your money is held hostage or something.
Cent accounts and girls on video chat. The former is relatively good because you can get a feel of real trading without risking much and the latter is totally uninteresting to me, but it is an extra among binary options brokerages.
Trading Bitcoin With BinaryCent
Crypto lovers, rejoice! BinaryCent offers CFD trading on Bitcoin, Bitcoin Cash, Litecoin, Ethereum, ZCash, Monero, Dash, Primecoin, Reddcoin and other cryptocurrencies. Deposits and withdrawals are available using cryptocurrencies but unfortunately, there’s no leverage, so what you have is what you can trade.
User Friendliness 15/20
The website is translated into 8 languages, but it looks half-finished, with hard-to-get information. The FAQ section is not very comprehensive, Demo accounts are not available (although they advertise it I couldn’t find it on the website). The platform is relatively easy to use but clunky and takes ages to load when you switch assets or charts.
Number Of Assets And Expiry Time 14/20
The asset list is only available after registration, so I had to register to get it (fake details, don’t worry): 26 currencies, 2 commodities (gold and silver), 4 stocks and Crypto Currencies (including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, ZCash, Monero, Dash, Primecoin, Reddcoin). This is a very small asset basket, but at least they offer Cryptos and people are going crazy about Crypto Currencies these days. The expiries for Turbo options are between 1 and 6 min (in increments of 1 min). Other expiries are the end of the day and long-term is one month (with increments in between).
Commissions, Support And Effective Return 13/20
There are no commissions to open an account but you will have to pay a 20% fee if you wish to withdraw from an account that has not reached the required turnover. BinaryCent also offers CFD trading, which requires you to pay a spread. This spread is floating and depends on market conditions.
The support is not very knowledgeable but is polite (after all, they are there to smile and be polite). The returns for successful Binary Options investments go up to 80% but fluctuate depending on market conditions.
Deposit, Payment And Bonus 13/20
The minimum deposit is 250 USD and can be performed through Visa, Mastercard, Neteller, Skrill and others (Bitcoin deposits and withdrawals are available). Minimum withdrawal is also 50 USD but the method will be decided by BinaryCent’s finance team. The bonus goes up to 100% be we don’t recommend accepting such a high amount.
Website Extras 12/20
The minimum trade amount is just one cent, which is good for money management. The other obvious extra is the video chat with girls but it is not my definition of professionalism. I call it a gimmick to attract male clients, hence the low score for this category. Bitcoin and altcoins trading is available.