Binarycent Forex Broker

Binarycent Forex Broker - Complete Information Guide

1. Broker Overview

Binarycent is an online trading platform established in 2017 and is operated by Wave Makers Ltd., a subsidiary of the Finance Group Corp. The company is headquartered at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands. As a private entity, Binarycent primarily serves retail clients interested in trading binary options, forex, and CFDs.

Since its inception, Binarycent has focused on providing a user-friendly trading experience with a low minimum deposit requirement, making it accessible to novice traders. The platform is designed to cater to a diverse clientele, offering a wide range of assets and trading tools. Over the years, Binarycent has achieved several milestones, including the introduction of a proprietary trading platform and mobile applications for both Android and iOS devices.

The business model of Binarycent is centered around retail forex and binary options trading, allowing users to engage in various financial markets with minimal investment. The broker is known for its competitive payouts and unique features, such as copy trading and risk-free trades.

2. Regulation and Compliance Information

Binarycent claims to be regulated by the Vanuatu Financial Services Commission (VFSC); however, this regulatory body is often considered less reputable compared to other established financial authorities. The lack of stringent regulatory oversight raises concerns regarding investor protection and the safety of client funds.

The VFSC does not provide a license number for Binarycent, and the specifics of its regulatory license are not publicly available. The company maintains a policy of client fund segregation, ensuring that client deposits are kept separate from operational funds. However, there is no participation in an investor compensation scheme, which could provide additional security for clients in case of broker insolvency.

Binarycent adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring clients to verify their identities before trading and withdrawing funds. This involves providing identification documents and proof of address to ensure compliance with international standards.

3. Trading Products and Services

Binarycent offers a diverse range of trading products, primarily focusing on:

• Forex Currency Pairs: The platform provides access to several major and minor currency pairs, allowing traders to engage in forex trading.
• CFD Products: Binarycent offers CFDs on various asset classes, including indices, commodities, stocks, and cryptocurrencies. This enables traders to speculate on price movements without owning the underlying assets.
• Binary Options: The core offering of Binarycent, binary options allow traders to predict the price direction of assets within specific time frames, with potential payouts of up to 95%.
• Cryptocurrencies: The broker has expanded its offerings to include popular cryptocurrencies, allowing traders to diversify their portfolios.

The platform frequently updates its product offerings, adding new assets to meet the demands of the market. However, the specific frequency of updates and the addition of unique trading instruments remain unspecified.

4. Trading Platform and Technology

Binarycent utilizes a proprietary web-based trading platform that is accessible via modern web browsers. This eliminates the need for software downloads, providing a seamless trading experience. The platform is designed to be user-friendly, featuring various tools for technical analysis, including charts and indicators.

While Binarycent does not support MetaTrader 4 or 5, its web platform includes advanced charting capabilities and allows for one-click trading. The mobile application is available for both iOS and Android devices, offering similar functionalities to the web platform and enabling traders to manage their accounts on the go.

The execution model employed by Binarycent is not explicitly stated, but the platform claims to provide efficient trade execution. The broker's servers are located in secure data centers, although specific details regarding the technical infrastructure are not disclosed. API access and automated trading features are not mentioned in the available information.

5. Account Types and Trading Conditions

Binarycent offers three distinct account types, each tailored to different levels of traders:

• Bronze Account: Requires a minimum deposit of $250 and offers a 20% deposit bonus. Traders have access to live video chat support and a demo account.
• Silver Account: Requires a minimum deposit of $1,000 and provides a 50% deposit bonus. This account type includes additional features such as risk-free trades and access to a master class.
• Gold Account: Requires a minimum deposit of $3,000 and offers a 100% deposit bonus. Gold account holders receive personalized support from a success manager and enjoy enhanced trading features.

The leverage offered by Binarycent varies, with a maximum of 1:500 for forex and CFDs. The minimum trade size is set at $0.10, making it accessible for traders with limited capital. The broker does not charge inactivity fees, but there is a 5% fee on credit card withdrawals.

6. Fund Management

Binarycent supports a variety of deposit methods, including bank transfers, credit/debit cards, and electronic wallets. The minimum deposit requirement is $250, while the minimum withdrawal amount is set at $50. Deposits are processed quickly, typically within a few hours, while withdrawals are claimed to be processed within one hour.

However, a 5% fee is applied to credit card withdrawals, which may impact the overall profitability for traders. Other withdrawal methods do not incur additional fees, but third-party charges may apply. The broker emphasizes transparency in its fee structure, stating that there are no hidden fees associated with deposits or withdrawals.

7. Customer Support and Educational Resources

Binarycent provides customer support through various channels, including email, phone, and live chat. The support team is available 24/7 and offers assistance in multiple languages, including English, Chinese, and Russian. However, some users have reported delays in response times, particularly for more complex inquiries.

In terms of educational resources, Binarycent lacks comprehensive training materials, making it challenging for beginners to gain the necessary knowledge to trade effectively. The platform offers basic market analysis tools, but there are no webinars or in-depth tutorials available.

8. Regional Coverage and Restrictions

Binarycent aims to serve a global market, with active clients from various countries, including Australia, the United Kingdom, South Africa, and many others. However, it does not accept clients from the United States, Canada, and certain other jurisdictions due to regulatory restrictions.

The broker's focus on providing accessible trading services is evident in its low minimum deposit requirement and wide range of supported payment methods. However, prospective clients should be aware of the regulatory landscape in their respective regions before engaging with the platform.

In conclusion, while Binarycent offers a range of attractive features for traders, including low minimum deposits and a user-friendly platform, its lack of robust regulation and comprehensive educational resources may deter some potential clients. As with any investment, traders are advised to conduct thorough research and consider their risk tolerance before engaging with the Binarycent broker.