Binatex Review – Is Binatex a Scam? In Our Honest Opinion We Say YES It Is!

The provision of a Demo account has become one of the major distinctions for online trading platforms and Binatex takes it one step further by almost forcing the traders to first go for the Demo account before opening the real trading account…

Binatex Broker Website Screenshot

Some of our followers are interested in trading with this promising broker and requested an in-depth Binatex review. The platform offers currency pairs, commodities, stocks and binary options. The broker introduces a new concept, CryptoIndex, but we think that this is something risky at this stage as we don’t think that it is a real index.

Before making a decision, it is important to know the truth about the company operating this platform. It is also important to consider Binatex scam alerts from regulatory authorities. This review will cover all considerable aspects you need to go through in order to have a clear idea about the legitimacy and reliability of this platform.

Binatex Review Summary

Cost: $250+

Recommended: No (See Our Top Ranked Legit Program Here)

Rating: 0/100

Summary: Binatex has received warnings from regulatory bodies & as far as we can see the company does NOT hold a license to carry out it’s services which is a huge red-flag. We would never ever recommend trading with an unlicensed broker – especially not with one that has received warnings for bad practices, so we advise steering clear of Binatex. If you have already lost money to them though then keep reading to see how you can get it back.

Quick Navigation

If you came here to just find out some specific information about Binatex then we have some good news – we’ve put together some quick links below which will allow you to easily navigate through out in-depth review.

 

Binatex Background

Yulanta Business Ltd (company number 191592) owns and operates Binatex. The platform was introduced in 2015 & the company’s primary address appears to be Suite 1, Sound & Vision House, Francis Rachel St. Victoria, Mahe, Seychelles.

The website also mentions another address as follows:

  • 4th Floor, Stahly St. 13, District VIII, Budapest 1085, Hungary.

Binatexia Ltd. manages the processing of financial transactions. The company is listed in Cyprus. Company Number is HE368207.  The address for this company is Demostheni Severi Avenue, 6th Floor, Office 601, Nicosia, Cyprus.

Binatex has its own customized trading platform that is user-friendly, intuitive, and well built. The platform doesn’t require downloading. Opening an account doesn’t require the traders to pay any commissions.

Finding specific information on the website is a bit hectic because we had to go through a number of legal documents to find out what we had been looking for. $50 is the minimum deposit you need to open a real account. Upon asking the support team, we were informed that the minimum deposit required is actually $10. Low initial minimum deposit is what attracts hundreds of traders to an online trading platform. This is why the new trading platforms have brought it down from the conventional $250 minimum deposit.

The education material is not up to the mark but we are happy with some training videos that are really helpful for the beginners. In addition, the platform serves with useful signals but they are only accessible to the traders having real accounts.

The good thing about the website is that it doesn’t talk too much about online trading. The content on the website is too the point and it only talks about what the platform actually has on offer. Unlike other brokers, this platform avoids praising its services or exaggerating too much about its achievements.

The Demo Account gives you $10k virtual currency but it asks for your email address to get registered. You don’t have to provide your name or your phone number. We even managed to open a Demo account by using a fake email so there is no need to worry about the leakage of information.

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Is Binatex Regulated?

Binatex is NOT regulated. CySEC issued a public warning against Binatex on 03-10-2018 updating the traders about the lack of regulation so they need to be careful when investing with this broker.

We don’t have any information or hint about the licensing process neither did the representatives ever talk about any attempt made to get a CySEC license.

Binatex Complaints

The major complaint about Binatex is that it lacks regulation. The platform looks good, sounds reliable, and feels comfortable but the lack of proper regulation frustrates us. We would love to see this broker getting a license from CySEC.

A few clients are not happy with Binatex claiming that the platform might have been manipulating the price. These complaints are not reliable and there is no proof available to second such complaints.

We found some complaints here and there but most of them failed to provide any proof of what they have been talking about. It might be the case of malicious activity to stigmatize a trading platform.

Binatex Withdrawal

$10 is the minimum amount you can withdraw from your account. This is much more appreciable than $100 minimum limit we see with most of the brokers. According to the withdrawal policy stated on the website, the withdrawal processing requires up to 3 business days.

Binatex entertains Credit/Debit Cards, WebMoney, and Yandex Money as the methods of withdrawal. We were surprised to see that the website doesn’t mention Wire Transfer and if they don’t facilitate wire transfer, then this platform is the first one to ignore this popular method.

In addition, Binatex also allows Bitcoin withdrawal. We tried our best to find out the process of Bitcoin withdrawal but the content on the website didn’t reveal anything regarding this process.

RECOMMENDED: Go here to see the legitimate websites for earning money online

 

Is Binatex a Scam?

Since 2015, Binatex scam alerts haven’t been too many. The number of complaints against this platform is also quite low. But we are still not confident about Binatex because the company hasn’t yet considered the licensing from CySEC.

On the other hand, Binatex is still attracting 500k visitors per month which is suggestive of heavy traffic. But keep in mind that the number of visitors to their website has actually decreased because it touched 1 million visitors a month during 2017.

Our Verdict on Binatex

Thumbs Down

We are convinced that the traffic to Binatex website dropped significantly after the issuance of the CySEC warning. This decline will surely convince the management to think seriously about their legitimacy and legal status. The platform seems pretty appealing but we would love it much more if it gets regulated.

Scammed By Binatex? Reclaim Your Money!

Since publishing this review we have been contacted by several people who claim to have been scammed by Binatex. They mentioned that Binatex promised profits & encouraged them to deposit more money but the profits never came – or they did come but at a later date Binatex blocked withdrawals.

Whilst that in itself is not good news, there is thankfully some light at the end of the tunnel as we have put together a free money reclaim guide which shows you exactly how you can get your money back from a binary options scam.

So if you have lost money to the Binatex scam then we highly recommend that you check out our guide here as it’s completely free & to date it’s helped thousands of people to reclaim their money from scam binary options brokers.

A Much Better Way To Legitimately Make Money

If you haven’t already traded with Binatex then we don’t recommend it – and if you have but you are looking for a better way to make money without having to risk losing your funds then you have landed in the right place.

Here at Stopping Scammers we do indeed come across many scams in the make-money space however now & then we do actually also come across some legitimate opportunities too. They are few & far between that’s for sure, but we’ve come across some that work VERY well.

Out of all of the work from home opportunities we’ve come across though there has been 1 in particular which has stood out from all of the rest & and as a result we have given it the title of our number 1 recommendation for working from home.

You can get access to it by clicking the link below:

About the Author:
Hi, I'm Dale, the founder of Stopping Scammers. I fell victim to an online scam many years ago & I launched this website, as a result, to protect others from making the same mistake. I now earn a living working online after discovering a legitimate method called affiliate marketing & I aim to share what I've learned to help others to do the same. You can report a scam here or you can see the legitimate methods for earning online here. I truly hope you find this website helpful.

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