Binatex Forex Broker

GENERAL INFORMATION AND REGULATION Binatex is an international broker for Binary Options. The company was founded in 2015 and accepts traders from everywhere. The main customers of Binatex are from Europe because the company is based in Cyprus. The Binatex Website is managed by the Binatexia LTD and the Yulanta business Ltd. Binatex is an unregulated broker that offers Binary Options trading on a limited range of assets. It is owned and operated by Yulanta Business Ltd, a company incorporated in Seychelles, with company number 191592. This company is not regulated and is not a prominent figure on the online trading scene. Even though Binatex is a broker regulated by Russias FMRRC only. However, it does not have a licence – neither from CySEC nor from british regulator. Based on the review, it was found out that the company has its headquarters in Scotland, (or so they say) which is hard to believe. Probably, it will be some sort of a virtual p.o. box. Early in 2017, the company launched a big media campaign luring traders for quick profits. I am not sure whether the effect was not the opposite. Therefore, Binatex is not regulated by a major financial authority so we can‘t really vouch for their trustworthiness and on top of that, there have been multiple reports from traders who consider themselves scammed by this broker. Even if there’s no definitive answer, we recommend more caution than usual if you plan on doing business with Binatex. MARKET INSTRUMENT With Binatex you can trade forex, commodities, and stocks. There is a limited asset variety compared to other brokers but in our opinion, you should feel comfortable with it. There is a range from major and exotic currency pairs. The return of investment (yield) is between 70% and 90%. It is depending on the asset and market situation (time). ACCOUNT AND LEVERAGE Bintex provides a multiple trading account with a minimum deposit of $10. But when trying to see the features of each account, we found the website not reachable. It also offers a Demo trading account. If you are new to trading or the Binatex platform you should try the free demo account for trading. It is a practice account with virtual money. You can try out the platform for free and without any risk by using the demo account. If you made a loss it is possible to deposit virtual money on the demo account. It is an unlimited and free account for every trader. Just change with one click between real money and demo account trading. TRADING PLATFORM AVAILABLE Binatex doesn't use MetaTrader as their trading platform, rather it offers a different platform. The platform is available for your computer or smartphone. Download the app for android or apple devices. For beginners and advanced traders, it is very easy to see how the trading on the platform is working. Also, there is a free demo account for practice trading available. You can watch some video tutorials in the education section or ask the support for help. DEPOSIT AND WITHDRAWAL As mentioned before you can start with a minimum deposit of only $10. In this section, we will review the payment methods and conditions for money transactions. Binatex offers more than 10 different payment methods for deposit and withdrawal. Sometimes the payment method is depending on your country of residence. Traders can use credit cards, cryptocurrencies, and electronic wallets like Yandex, Webmoney, VLoad for their transactions. Surprisingly there are no fees for depositing and withdrawing money on the platform. The broker says that withdrawals are made within 24 hours on working days. The money is managed in European banks. CUSTOMER SERVICE The support and service are very rare on this broker. To contact the broker we only found the live chat and the email support but the support is working 24 hours 7 days per week. Sometimes it is quite difficult to contact the broker because a phone number is missing