Why Does BinaryCent Suck In 50 Words
Even if you don’t accept a bonus, you will still need to turn over 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, and ThatSucks!
Why BinaryCent Doesn’t Suck in 50 Words
Eh, this is the hard part. The only thing I can think of is the fact that you can trade cents (lowest trade is 10 cents). This makes them good for practice, but keep in mind that the minimum sum to open an account is $250, which will still be stuck on the platform until you reach 1x turnover (if you don’t reach that volume but want to withdraw, you will pay the 20% fee mentioned above). So, if you want to just practice, go and get a demo account from a bigger broker.
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, the name of the operating company has changed a few times already, and they are allegedly located in the Marshall Islands, which is not really a place known for its tight financial supervision. Bottom line: we cannot call BinaryCent a scam, but we can certainly say there are better alternatives. As always, read T&Cs and be extra cautious when your money is involved.
Should I Open An Account With BinaryCent?
BinaryCent is an unregulated broker that offers Binary Options and CFDs on various asset classes such as currencies, stocks, commodities, and others. It is operated by Wave Makers LTD, a company that lists a Marshall Islands address and has no outstanding regulation. BinaryCent was formerly operated by Cent Projects Ltd. and before that, the name Suomen Kerran LP appeared in their Terms And Conditions.
BinaryCent offers Binary Options (BO) and Contracts For Difference (CFD) and I think the most noteworthy thing about this brokerage is the very low trade size (10 cents), so it makes it appealing to traders who are just starting out in the world of online trading 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. Oh and by the way, don’t forget that you will still have to deposit the minimum on $250 if you want to open an account, so the risk is still there.
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 financial trading… 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 the 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.
In the past, the broker stated on its website that it’s regulated/approved by an entity 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. However, during my latest visit I couldn’t locate any info regarding this “Forex Regulator” on BinaryCent’s website.
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.
BinaryCent lists the address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, phone number +1-8299476393 (English), and email [email protected].
Almost everywhere I looked, I found people calling BinaryCent a scam. And since you’re here, just take a look at the amount of people complaining in the comments section below this review. 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
7.18.2018 – One of the previous owning companies of BinaryCent was warned by New Zealand’s FMA for operating without a license or regulation. More information here.
6.22.2018 and 9.20.2018 – BinaryCent is warned by the France AMF for operating illegally on two separate occasions.
5.12.2019 – BinaryCent was added to the CFTC Red List. More information here.
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 or more. If the client withdraws any sum before reaching a 3x turnover, then the bonus will be canceled and all trading losses will be deducted from the client’s original deposit. The bonus cannot be withdrawn and will be used for trading only.
Withdrawals are processed in 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 the same as the one used for deposit… or whatever the company’s finance team wishes. Yes, according to their TCs, the client cannot request a specific withdrawal method. In case the original method fails for any reason, only the finance team can decide how you will receive your money.
Cent trades 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. BinaryCent also offers the possibility to copy the trades of other clients.
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.
User Friendliness 15/20
The website is translated into 8 languages; the FAQ section is not very comprehensive; Demo accounts are available only after funding a real account and specifically contacting support, asking for a Demo. The platform is relatively easy to use but a bit clunky. US clients are not accepted.
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 small asset basket, but at least they offer Cryptos and people are going crazy about cryptocurrencies these days. The expiries for Turbo options are between 1 and 6 min (in increments of 1 min). Other expiries are at the end of the day and the 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 and Altcoins deposits and withdrawals are available). To deposit via bank transfer you will have to invest a whopping 5,000 USD because that’s the minimum allowed. The minimum withdrawal is 50 USD and has to be performed via the same method used for the deposit. 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 10 cents, 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, as well as copy trading.
BinaryCent Ratings: 67/100