Binatex is an unregulated binary options broker owned and operated by Yulanta Business Ltd, a company incorporated in Seychelles, with company number 191592. The registered address is Suit 1, Sound & Vision House, Francis Rachel str., Victoria, Mahe, Seychelles. They also list an address from Hungary: 1085, Budapest, District VIII, Stahly Street 13, 4th floor.
Transactions are managed by Binatexia Limited, a company incorporated in Cyprus under number HE368207. Their registered address is Demostheni Severi Avenue, 6th floor, office 601, Nicosia, Cyprus.
Is Binatex A Scam?
Binatex was launched in 2015, so they are not very green in this industry, but not a long-timer either. They are transparent regarding their owning and operating company, providing addresses and registration numbers and that’s always a good sign. However, Binatex is not regulated by a major financial authority so I can’t really vouch for their trustworthiness.
The web traffic for their website is very good, around 500K visits monthly but this is a decrease from previous numbers, which constantly reached 1 million visitors in the past and topped at around 3.8 million. Although lately, their traffic has decreased considerably, they are still going strong, which is a sign of a thriving brokerage, with tons of clients and a lot of activity.
Why Binatex Sucks In 50 Words
No regulation! Come on, why do we even have online brokers without regulation? And why would you trade with one? And since we’re talking about things that suck, take a look at how they butcher English. I get it, they are not native English speakers, but maybe they could, I don’t know… hire someone?!?
Why Binatex Doesn’t Suck In 50 Words
They almost force you to get a Demo first and only after that you can open a Real account. As part of the registration, you have to input your email and once you do so, you will be automatically given a 10,000 USD Demo account. You don’t need to give them your name, phone number or to deposit and even a fake email address will do. This is one of the easiest to get Demo trading accounts and that’s a great thing.
Should I Open An Account With Binatex?
Binatex uses a custom trading platform, which is pretty well built, easy to use and intuitive. There’s no download required, similar to all other web-based trading platforms and there are no commissions to open an account.
The website is lackluster and I couldn’t find all the information I needed without going through tons of Legal documents. The minimum deposit is 50 USD according to the Deposit procedure listed on their legal page and on the trading platform itself, but a live chat rep told me it’s 10 bucks. Anyway, 50 or 10 bucks, it still is a very, very low deposit (maybe that’s why this brokerage has such a huge web traffic).
Education material lacks almost completely from the website but I could find some interesting training videos on the trading platform itself, as well as some signals, which will only become available once you open a real account.
Basically, this brokerage is built with the trading platform as a central focus, and not much fluff around it. Most of what you will find is right on the platform and apart from that, there’s not much info. I am not sure I like this approach very much but it’s definitely better than having pages of text praising a brokerage’s so-called achievements and status as the best in the world. The very low minimum deposit makes them appealing but the lack of proper regulation makes me have second thoughts.
Some people have complained that Binatex manipulates price on their platform and others have said they cannot withdraw after making a profit. We cannot verify these claims but to be honest, I am surprised by the relatively low number of complaints compared to the huge web traffic they have. Overall opinions are mixed, with both happy and unhappy customers.
Binatex Regulatory Warnings And Announcements
03/10/2018: CYSEC has warned that Binatex and their owning company are not regulated by them and that investors should check the official CYSEC website before conducting business with brokers that claim to be regulated or in process of regulation. Read full warning here.
Starting from a minimum deposit of 50 USD, you will be eligible to receive a 100% bonus but the sum cannot be withdrawn and instead it can be used for trading, as leverage. To withdraw your own money/profits, you will have to complete a turnover of 25 times the bonus amount.
The minimum withdrawal is 10 USD and the processing time is up to 3 working days. From the limited information they give, I understand that withdrawals can be made through credit cards, Yandex Money and WebMoney but they don’t say anything about wire transfers. As a special method, they allow Bitcoin withdrawals but they don’t give any other information about the procedure.
There really isn’t much that can be considered an extra at Binatex. Most things are average or below average but if I have to mention something here, that would be their Signal service. However, just like about anything else, the service is poorly explained and I have doubts about its profitability.
User Friendliness 16/20
Writing this review was difficult because information is hard to locate and their English is not exactly great, which certainly doesn’t help. I am sure this would be frustrating for anyone who lands on their page so they lose some user-friendliness points. The website is translated into 25 languages, they offer a Demo but I didn’t find mobile versions of their trading platform.
Number Of Assets And Expiry Time 16/20
Binatex offers binary options on a few currency pairs, a very limited number of stocks, Gold & Silver and something called CryptoIndex. It is totally unclear what this is, or if it’s a real index, so treat it as a high-risk product.
Overall, it’s a very thin basket that should be definitely expanded. At least in the past, they offered some cryptocurrencies but now all that’s left is this CryptoIndex. It’s possible that more assets become available when you deposit real money but we have no means of knowing if that’s the case. The expiry times are also very limited (1, 5, 15, 30, minutes, 1H, 4H and 24H) as well as the option types: just Up/Down.
Commissions, Support and Effective Return 17/20
There are no commissions to open an account or to deposit (which is normal for all brokers). I tried to contact support twice: the first time a rep joined the chat but wouldn’t talk to me and the second time a rep joined and answered my questions without much hassle. The effective return goes up to 90%, which is very good if it remains constant throughout the trading day.
Deposit, Payment And Bonus 17/20
Deposits can be made through credit cards, Neteller and Bitcoin. Withdrawals can be made through credit cards, Yandex Money, WebMoney and Bitcoin with a processing time of up to 3 working days. The bonus is 100% and can be awarded for minimum deposits of at least 50 USD; the turnover is 25 times the bonus.
Website Extras 13/20
Trading Tournaments, trading signals, and technical analysis are all available to users with Real accounts. This is nothing to write home about, but it will do.
Binatex Overall Ratings: 79/100