Binatex Review

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Binatex is licensed as a binary options broker in Russia. It was opened in 2015 and is officially owned by Yulanta Business Ltd whose registration number is 191592 and which is based in Victoria Mahe, Seychelles. According to Binatex official website, the registration number of the firm is HE 368207 and the postal address is 1080 Cyprus. The physical address is in Nicosia, along Demostheni Severi Avenue. The firm also has an office in District VIII, Stahly St in Budapest, Hungary. The confusing address list and registration information of the firm alone should stop every trader on his or her tracks and take a more careful look at the firm.
Binatex Review
Min. Deposit: $250            Demo: N/A

Platform: Custom            Bonus: N/A

Regulation: N/A                 US Clients: N/A

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Binatex has not been a favourite platform for many traders and rightly so. The firm has been hiding behind the many addresses and territories, and traders are at a loss when it comes to pinpointing where the firm is located or licensed exactly.

Binatex Scam

About the company

According to the owners of the firm, Binatex was formed so as to combine the best trading practices and ideas in binary options. They further say that a trader is offered the best choices because the firm offers all the necessary tools to ensure comfortable, efficient and easy trading experience. Even though the site is supposed to be in Czech, Polish and Slovak languages, the translation is done by machines and while at it very poorly. Very little investment has been put towards making the clients of the broker satisfied.

According to the firm’s platform, there are technical tools which provides comfortable trading for both beginner and professional level traders. There are more than 50 basic assets which traders can opt to trade. The site further states that the firm has received 6 international awards among them Best Platform Winner and Creative Broker Winner have been won. One can’t tell where or who awarded these awards or even the criteria used to award them.

The licensing and registration

Binatex is regulated by FMRRC of Russia. This makes the firm one of the few ones with a mysterious operating network since its parent company is registered in Seychelles. The binary broker is not regulated by the internally acclaimed CySEC or the British based regulator. In May 2017, the Czech National Bank did issue a warning with regard to the broker’s activities at its website.

Customer support

The firm boasts of having a knowledgeable support team which is available 24/7. The firm provides an email in case a client has any query concerning anything. According to the website, the average response time when a client sends an email is 19 minutes. The firm also has a Facebook page where it interacts with clients. Moreover, the three different offices situated in Hungary, Cyprus and Seychelles offer support services to clients. But according to the many online reviews, all this information is just but a PR stunt and the customer support is very good at being elusive and giving shoddy answers.

Rarely do customers receive their funds after the promised 24 hours after withdrawing them. The firm also indicates that there is a free demo account which allows beginners to hone their skills before jumping into trading with real money. However, take a closer look at the demo account and you will realise that you should first part with $10.

Is it a good firm to open a trading account at?

A plethora of things which Binatex says on its website are not entirely true, at least if the customer reviews are to be believed. There are instances when the credibility of the broker has been put to question like when the Czech National Bank issued a warning about the firm. While positive reviews about Binatex can be found easily, traders are warned that some of those reviews were bought by the firm. Binatex is accused of having paid between $200 and $500 for each of the colourful reviews.

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