Unreliable Broker: Binatex Review

Binatex
NOT RECOMMENDED > Show recommended brokers

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.

16 May 2017: Today, the Czech National Bank has officially warned about the broker’s activities at its website. Don’t get bamboozled! More info

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.

Binatex platform

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?)

Binatex trading platform

Binatex trading platform

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).

Recapitulation

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.

Summary
Review Date
Broker
Binatex
Rating
51star1star1star1star1star

Pros

  • Neat in-house platform
  • Free demo
  • Pleasantly low deposit: USD 10

Cons

  • Czech, Polish, Slovak and other texts are machine-translated
  • Absence of licence from CNB and CySEC
  • Many complaints online

Details

Broker Binatex
Website URL binatex.com
Founded 2016
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
Advantages 100% bonus
Payout Low!*
Free Demo Account Yes
Fees Yes
Commissions Yes
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 No
Overall Score We don't recommend trading with this broker.

3 Responses to “Binatex”

    1. Hi Hank, I don’t think that you need to un-register. You run no risk if you stay registered. But if you want to feel sure and do it you should perhaps send an e-mail to the broker’s customer support. Step

  1. Binatex AKA 50 bucks down the drain!😀 It was so tempting, especially after three successful trades – I thought this would carry on – but then a reversal arrived 🙂 …and moreover, you must invest 250 usd to be able to withdraw…. For the six dollars am not going to invest another hundreds… 😀 Crazyyyy

Leave a Comment

General Risk Warning:
The financial products offered by mentioned companies carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.
Copyright © 2017. All Rights Reserved. x Binary Options