- March 21, 2017
- Posted by: Michael
- Category: Untrusted brokers/systems
Today we will have a closer look at binary broker binatex. This broker has launched several marketing campaigns all over Europe. But can the broker be trusted? Or did we come across to just another scam? More in a detailed review…
When reviewing a binary broker we always focus whether the company is fully licensed so it would be under constant supervision of regulatory authorities. Binatex does own a licence, but only FMRRC which was given to him by the Russian Federation. Therefore the broker’s presence is in question in other European countries apart from Russia. We tried to search for a CySEC licence or any other European licence, but without any luck. Broker which does not have such a licence should not offer their services to traders from other European countries.
|Minimum trade:||1 USD|
|Minimum deposit||10 USD|
|Demo account||Yes, free of charge|
|Types of options||Classic high/low (payouts around 70%), 60 seconds|
|Trading assets||Currency pairs, stocks, commodities, indexes|
What is Bintex.com – First impression
Binatex is a broker that offers binary options trading. When you visit a website of this broker for the first time you might be a little bit surprised, or at least I was. The main page promises certain income which you can make by trading binary options. The broker also lures traders on the promises of what you can buy with the money you make. But how can the broker be so sure how much I will earn? (if I will). And how can they know that just on the information how big my capital is or how much time I want to spend on trading? At least for me, this is a sign of a scam broker.
The trading platform itself does not look bad, However, the navigation is terrible. It took me over 4 minutes to find out what the payouts on my asset are and another 10 minutes to discover, how can I change an asset. Payouts move around 70%, so nothing special in comparison to the competition. On the platform, you can trade 27 currency pairs, 2 commodities and 3 virtual currencies (BitCoin, LiteCoin, Ethereum).
Minimum trading requirements
In order to start trading with binatex.com, you need only 10 dollars, and trades can be made from 1dollar. The conditions may be familiar to you because the exact ones have trusted broker IQ Option. So in this concern, the broker is doing very well.
Binatex demo account and deposit bonus
At binatex.com you can start trading on a demo account which is for free. When you create a demo account you receive 1 000 imaginary dollars so you could test the platform, your strategies or trading plans. Since the broker does not have the CySEC licence, it is no surprise to me that the deposit bonus is offered here. The deposit bonus was prohibited to brokerages which own CySEC licence for very obvious reasons. Companies very often tried to lure traders to „free extra money“. But in practise traders were almost never able to make rollover the bonus as many times as the broker demanded. And when the trader did not meet this requirement some brokers took advantage of it and made problems to the traders with withdrawals. So even tho Binatex does offer a deposit bonus, I do not recommend to take it to any trader. It is just not worth the risk.
Things I do not like about the broker
- The fact, that its presence is almost all over European market illegal, apart from Russia
- Promises of certain earnings on the homepage
- Misleading advertisements which the broker had paid on some websites.
- Low payouts
- Very difficult orientation on the platform
Final word, is Binatex a scam?
Unfortunately, we can not review binatex.com in a good light. The fact that the broker has paid advertisement all over the Europe even tho it should not operate here (apart from Russia) cannot be simply overlooked. Minimum trading requirements and a demo account are fine, but they are offered also by a trusted and licensed broker IQ Option. The trading platform is quite fine, but the payouts are far behind the competition in this field.
Final verdict: Not recommended, tested competition is several levels ahead.
Average rating of binatex