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Binatex Review – Don’t Let This Broker Scam You
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Binatex broker is yet another in the line of offshore shady brokers. Not only that they are not secure, but they are openly lying about security. This is, to be honest, quite a bad start. Binatex is under the ownership of Yulanta Business Ltd registered in Seychelles. In fact, they are in business since 2015. Besides they are offering binary options trading. Which is banned all across Europe.
But what makes this broker suspicious and how to recognize red flags, find in this detailed Binatex review.
|Broker Type||Offshore scam broker|
Is Binatex Broker a Scam or Legit?
Binatex broker was trying to lure clients with statements that they are regulated by CySEC (Cyprus). However, CySEC denied such a statement in 2018 and clearly warned traders about this broker. Important to realize is that the Binatex website is now shut down. With this in mind, you can expect them to be back in business soon. Just under a different name.
Because of security reasons, binary options trading is banned in many countries. That’s just one more reason not to trust this broker. Instead, you can look for Tier 1 regulated brokers like FCA, BaFin, or ASIC. Unfortunately, Binatex doesn’t have any of those trusted licenses.
The main benefit comes with security. Negative balance protection, compensation funds, and transparency. That’s what you can get with Tier 1 regulated brokers.
What Options Do Traders Have for Online Platforms?
In general, we never expect much from shady scam brokers like Binatex. They were offering a quite user-friendly, but web-based platform. Those platforms, especially in binary options, were often the object of manipulation. That’s how brokers were making traders believe unreasonable things.
Their proprietary web-based platform is nothing but a basic trading view chart. Of course, with some basic trading features. Not only that they don’t provide advanced trading tools but also social trading, copy trading, or advanced EAs.
We wouldn’t recommend anyone using such a platform. Especially knowing that Meta Trader or cTrader can offer you vastly more options. On the positive side, Binatex was offering a demo account for their traders. This is a quite good choice for traders to exactly see why never to get into binary options trading. Especially not with the Binatex investment scam.
Does Binatex Offer Different Types of Accounts?
Often trading companies offer different account types to motivate traders to deposit more money. In general, with binary options, it’s similar to gambling. If you are right you double the investment. Simple as that. But with the Binatex broker scam, the plan works differently. Instead of account types, you can deposit $100 and start building up from there.
Important to realize is that upon registration you have to complete verification of your account. With scam brokers, you should never reveal your personal information.
Market Instruments Traded by Binatex
Besides a poorly designed website and fairly bad platform, they didn’t offer any extraordinary trading instruments. Moreover, there are only a couple of those. There are 3 groups:
- Forex – USD/GBP, AUD/NZD, GBP/JPY
- Commodities – natural gas, platinum, crude oil
- Shares – Coca-Cola, Adidas, Nike
This broker lacks some of the important options for traders. Those are cryptos and indices. In fact, some traders are using indices to determine overall stock prices. And vice versa.
Another key point is that this is almost like gambling. Traders are trying to guess if the price will reach the target in some time. It can vary from 60 seconds up to 24 hours. That’s why regular trading is way more efficient and logical.
After all, you should always look for a Tier 1 regulated broker, where you know all terms and conditions. And of course where you have a higher level of security.
Deposit and Withdrawal Options
On the positive side, Binatex broker doesn’t charge any deposit or withdrawal fees. Now, since the site is shut down they don’t charge anything at all. Luckily for traders. But now, you know what are key signs to recognize an investment scam.
Anyway, some of the funding methods are:
- Bank cards
Also, the only good option here is cards. In this case, traders can request a chargeback and get their funds back! Cryptocurrency transfers are hardly traceable and not a favorable option for scam brokers. Especially knowing that traders experienced many withdrawal issues. As can be seen in any Binatex broker review.
On the other hand, all these methods have actual fees. Those are from the payment provider and they vary from country to country.
How Can I Get My Money Back If Binatex Scam Me?
Since they don’t have a regulator you need to look for other options. Our fund recovery team can build you a plan for how to recover your funds. Let us hear your story. Don’t be ashamed if you were scammed by a Binatex broker.
Whether you were using a debit/credit card or crypto transfer, our team knows what is the next step. Book your free consultation today and start your chargeback process!
- A non-regulated offshore broker.
- They offer worldwide banned binary options trading.
- Many negative reviews.
- The website is shut down.
- Non-trusted trading software.
FAQs About Binatex Broker
What Is The Minimum Deposit For Binatex?
The minimum deposit requirement was $50. Luckily, this broker's website is shut down and you can’t deposit there anymore.
How Long Do Binatex Withdrawals Take?
According to the broker up to 24h. However, some Binatex reviews show us a different picture where traders couldn’t get withdrawals at all.
Is Binatex a Trustworthy Broker?
To sum it up, no! They don’t provide any security or transparency to their traders.