Binatex Review Scam Complaint

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Overview:

Binatex is a binary options brokerage company owned and operated by Yulanta Business Ltd. It has founded in 2015 and its address is registered in Seychelles, whereas its website mentioned another address in Budapest, Hungary. Company’s information is very misleading as apart of Seychelles and Budapest the company claims to be listed in Cyprus. Binatex is an unregulated binary options broker offering demo account.

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About the Binatex:

Binatex operates on its own customized trading platform which is user-friendly, intuitive, and well built as well as this platform doesn’t required to be downloaded. There is no commission on opening an account with this broker. $50 is the minimum initial deposit that you need to open a real account. Low minimum initial 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 The minimum amount that can be withdrawn from the client’s  account is $10. This is much more acceptable than $100 minimum limit we see with most of the binary brokers. The withdrawal policy stated on the website says tha the withdrawal processing requires up to 3 business days.

Binatex in its paymet methods allows Credit/Debit Cards, WebMoney, and Yandex Money as the source of withdrawal. This is surprising to see that the website doesn’t mention Wire Transfer and if they don’t offer wire transfer, then this broker is the first one to ignore this popular method and this is fishy. In addition, Binatex also allows Bitcoin withdrawal but the content on the website didn’t reveal anything regarding this process. Binatex also provides education material on its website but that too is not up to the mark.

Is Binatex legit or scam?

Binatex is an unregulated binary options broker against whom CySEC has  issued a public warning in 2018 updating the traders about the lack of regulation so they need to be careful when investing with this broker. Many of the clients are not happy with the broker and claim that the platform might have been manipulating the price. On top of everything, the one thing that shows that the broker is a scam is the warning of CySec which is a financial services watchdog. Therefore, it is not recommended to any of the trader to invest their money with this broker as it will be too risky to put your money in their hands.

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