Binatex is 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. In the past they’ve claimed to be regulated by the Financial Market Relations Regulation Center (FMMRC), which is a non-commercial organization created for the purpose of regulating the quality of services provided by brokers and dealing centers. However, they no longer make this claim on their website.
Is Binatex A Scam?
The brokerage 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 and they no longer claim to be regulated by FMRRC.
During my previous visits, when I clicked on link to Binatex’s FMRRC license (provided on the homepage of Binatex), I was directed to the license certificate of a company named Enchanted Business Solutions LP. I don’t know if this company is part of the same group as Yulanta Business Ltd and Binatexia Limited and I believe I shouldn’t possess any detective skills if I want to know who I am dealing with. At the time of writing this, the license for Enchanted Business Solutions LP has expired. There is no longer a link from Binatex to FMRRC.
The web traffic for this website is still very good, with 1.7 Million visitors in March 2018 (17% of visits come from Bulgaria, 16% from Romania and about 13% from Georgia), with a high of 3.8 Million during the last 6 months. 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
On their website you will find a little box that lets you calculate your potential profit. It has 3 sliders: Investment Size, Hours Per Day and Consecutive Days. This is one of the most misleading features that I’ve ever seen on a broker’s website! If you invest 600 bucks and trade for 21 consecutive days, 10 hours per day, you will be able to buy a house… according to Binatex. Let me tell you something: that is totally unrealistic. Maybe on paper, it can be done, but in the real world of trading, nope.
Why Binatex Doesn’t Suck In 50 Words
They almost force you to get a Demo first and only afterward 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 1,000 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 Demos and that’s a great thing.
Should I Open An Account With Binatex?
Launched in 2015, Binatex uses a custom trading platform, which is pretty well built, easy to use and intuitive. There’s no download required, similar to the majority of binary options trading platforms and there are no commissions to open an account.
The website is lackluster and I couldn’t find a Frequently Asked Questions section or any of the usual information that’s available on other websites (account types, deposit and withdrawal procedures, asset index, etc.) so I had to read through tons of Legal documents to get that info. The minimum deposit is 1 USD according to their “Deposit procedure” listed on their legal page, but a live chat rep told me it’s 10 bucks. Anyway, even if it’s 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 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.
We could find a complaint about the fact that Binatex manipulates price on their platform and some other traders complained that they couldn’t withdraw after making a profit. We cannot verify these claims but to be honest, I am surprised by the low number of complaints compared to the huge web traffic. If things change in the future, we will update this section. Since our last visit, the complaints started to pile up but still in “normal” parameters. There are more complaints but there are also happy customers.
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 5 working days. From the limited information I was given, I understand that credit cards and wire transfers can be used for withdrawals but on their website I can also see some e-wallets. I don’t know if those are there just for show or if you can actually use them.
Telling their clients they can buy a house after 21 days of trading, starting with a measly 600 bucks investment… yes, that’s extra. But on the other hand, almost all binary brokers say stuff like that one way or the other. Anyway, they organize some sort of trading Tournaments that you can participate in and win “monetary rewards”. I don’t know exactly how these work because they require a Real account.
User Friendliness 16/20
Writing this review was incredibly difficult because they don’t show even basic information on their website. I am sure this is frustrating for anyone who lands on their page without reading this review first, so they lose some user friendliness points. The website is translated into 25 languages, they offer a Demo and mobile versions of their trading platform.
Number Of Assets And Expiry Time 18/20
Binatex offers 39 currency pairs but only 20 were available on the platform and the rest were greyed out. The currency market moves 24/5 and I am not writing this on a weekend, so I don’t understand why half of them weren’t available.
Apart from currencies, they have 22 stocks, Gold, Silver, Litecoin, Bitcoin and Ethereum. Overall, it’s a very thin basket (no indices, just 2 commodities) and it should be widened soon. 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 16/20
Deposits can be made through credit cards and wire transfers, but the latter can take as long as 30 – 45 working days, so you’ll need a lot of patience. Withdrawals can be made through the same methods, with a processing time of up to 5 working days. They don’t mention how much it will take until the money will reach you. 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 12/20
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