Unreliable Broker: Binatex Review
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Binatex is a company founded in late 2016 offering binary options trading on its in-house platform, which is quite nice and smooth. It appears to me that the business model is very similar to the one used by IQ Option. In early2017, Binatex launched a massive promo campaign and began to sponsor various websites for displaying large advertisements at these websites.
Is this company reliable? Should one trade with it?
You will learn more in this review.
The introduction of Binatex
Binatex is a broker regulated by Russia’s FMRRC. However, it does not have a licence – neither from CySEC nor from british regulator. I have found out that the company has its headquarters in Scotland, (or so they say) which is hard to believe. Probably, it will be some sort of a virtual p.o. box. Early in 2017, the company launched a big media campaign luring traders for quick profits. I am not sure whether the effect was not the opposite.
Since the early stages, people have been seeking information about Binatex from various reviews. The majority of it is not overly positive. It’s true that on the internet you will also find some positive “reviews” but the reason is simple: Binatex offers everybody who writes a positive review financial reward ranging $200 to $500 and even more if you own a bigger website. I believe that for some web administrators, it is enough to publish anything.
Binatex offers not only english. But alse czech, polish and more languages versions of their website, but this does not mean anything extraordinary. Don’t get fooled. The translations of the website and platform look amateurish; it is clear that the translations were performed either by machine or the quality is awfully poor.
It seems that the only thing I can laud is the broker’s platform, which is really nice and smooth. It offers lots of assets to trade and its look is really simple and elegant. What I don’t like is the minimum profit on some assets, below 60% (… is this a joke or what?) With this broker you can only trade classical binary options and choose from seven expiry periods ranging from 1 minute to 24 hours.
The platform, by the way a copy of platforms used by IQ Option and TechFinancials, contains a box for market news and similar tools, which is useful for fundamental traders. Over weekends, you can trade cryptocurrencies such as bitcoin, litecoin and ethereum. But the profit falls far below 60%, it’s only 10%. (… Are you serious, guys? This must be a mistake?)
The platform also offers some educational materials in Polish, which is fine. But honestly, don’t you think that the free materials at our website are enough? (I mean the series about technical analysis and fundamental analysis)
Binatex demo account
Binatex offers a free demo account, too. If you decide to use a live account you will have to fork out at least USD 10. The minimum per trade is one dollar. I feel that these the two elements are a copycat of IQ Option. It is exactly what catapulted IQ Option close to leading position in the market.
Because the broker is not regulated it can afford offering bonuses. In my opinion, this is something that attracts new (less knowledgeable) binary options traders. Be cautious – this bonus must be traded before you can withdraw. Not too many people are aware of this. (more info about trading bonus).
I personally believe that it is not a wise decision to invest too much in trading with this broker. It’s true, I spent some money to test the platform for you and to write a review. But I wouldn’t surely place large sums such as thousands of dollars. Nevertheless, I fear that a lot of people will get lured by things like their native language and a free demo account.
Whether the demo account is or isn’t rigged, is something I lack evidence for. In a nutshell, I think that it is better to keep away from this broker.
- Neat in-house platform
- Free demo
- Pleasantly low deposit: USD 10
- Czech, Polish, Slovak and other texts are machine-translated
- Absence of licence from CNB and CySEC
- Many complaints online
|Support Types||Although Binax presents its 24/7 support, in reality nobody replies|
|Languages||English, poor Polish, Czech, German...|
|Trading Platform||In-house platform|
|Minimum 1st Deposit||$10|
|Minimum Trade Amount||$1|
|Free Demo Account|
|Commission Info||Unfavourable offer|
|Deposit Methods||Payment card , Qiwi, Yandex, WebMoney|
|Withdrawal Methods||Payment card , Qiwi, Yandex, WebMoney|
|Expiry Times||1 minute, 5 minutes, 15 minutes, 30 minutes, 60 minutes, 4 hours, 24 hours|
|Option Types||Traditional options only|
|US Traders Allowed|
|Overall Score||We don't recommend trading with this broker.|