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 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.
Is Binatex A Scam?
Binatex was launched in 2015, so they have some experience under the belt, but on the other hand, they can’t be considered long-timers 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 we can’t really vouch for their trustworthiness and on top of that, there have been multiple reports from traders who consider themselves scammed by this broker. Even if there’s no definitive answer, we recommend more caution than usual if you plan on doing business with Binatex.
Should I Open An Account With Binatex?
Binatex is an unregulated broker that offers Binary Options trading on a limited range of assets. It is owned and operated by Yulanta Business Ltd, a company incorporated in Seychelles, with company number 191592. This company is not regulated and is not a prominent figure on the online trading scene.
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, still is a very, very low deposit (maybe that’s why this broker has such 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.
Binatex registered address is Suite 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. They can be contacted at the phone at 8 (800) 333-20-67 and email [email protected].
Transactions are managed by Binatexia Limited, a company incorporated in Cyprus under the number HE368207. Their registered address is Demostheni Severi Avenue, 6th floor, office 601, Nicosia, Cyprus.
Lots of people have complained about Binatex, ranging from price manipulation allegations to failed withdrawals, to blocked accounts, and more. We cannot verify these claims and of course, some problems could be attributed to the customers’ lack of understanding of the Terms and Conditions but the number of complaints is too big to overlook completely. Overall opinions are mixed, with both happy and unhappy customers but we recommend extra caution.
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 the full warning here.
Binatex does offer bonuses, but according to their legal documents, these are Company’s funds and cannot be withdrawn. However, they can be used to trade and to produce profits, and – this is the good part – you can always withdraw your invested funds and potential profits even if you didn’t reach the bonus turnover. Once you trade bonus*25, you will be allowed to withdraw but the bonus will not be canceled.
Bottom line: you can withdraw before you reach the turnover but the bonus will be canceled. If you reach the turnover, you can withdraw and the bonus will still be in your account, so you can use it to trade without any risk to your money.
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. In the past, they allowed Bitcoin withdrawals but now they specifically mention that this method is no longer supported.
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 anything else, the service is poorly explained and I have doubts about its profitability.
User Friendliness 14/20
Writing this review was difficult because the 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 14/20
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 16/20
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 but it fluctuates to the downside often during the day.
Deposit, Payment, And Bonus 16/20
Deposits can be made through credit cards, wire transfers, and a few e-wallets. Withdrawals can be made through the same methods used for deposits, with a processing time of up to 3 working days. The bonus goes up to 100% and can be awarded for minimum deposits of at least 50 USD; the turnover is 25 times the bonus; your funds can be withdrawn before the turnover is reached.
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: 73/100