There was not enough information to make an informed decision about this system in order to rate them as a scam or a legit one.
We recommend you to Proceed to an Approved Broker with Demo Account OR find a Reliable Robot to trade with form the table below:
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Binatex is a binary options broker established in 2015. This means that it has been more than a year they have entered the binary options trading arena. When doing a research on this broker to verify if they are legit or not, we could not find much information about them online. This is the reason we carried out a full-fledged investigation on them to find out if it is worth investing with this broker.
If you have come across this name and would like to learn more about them, read this complete review.
How To Trade with Binatex?
On the surface, it appears that Binatex is an easy to use broker. They look very friendly and professional. Even their website has been designed pretty well. But if you take a closer look, you will find certain things that will create doubts about this broker.
We have no idea about the trading platform Binatex operates on. Details about the trading process is missing from their website. Even vital information about this broker and the company that owns it are missing. We don’t think that the trading process is as smooth as they are trying to claim. Moreover, they have only about 50 assets available on their website.
How To Get Started?
Just like other brokers, traders have to complete three steps when getting started with Binatex. However, we don’t advice traders to sign up with them because we still have questions regarding their legitimacy. The details we have provided below is for information purpose only.
- Sign Up – traders are required to fill in the required details in the sign up form.
- Make a Deposit – the minimum deposit requirement is $250.
- Trade – the process requires traders to choose assets, trading options and expiry times and then execute trades. While trades can result in profits, there are concerns regarding withdrawals.
What is the Cost?
According to the broker, it is free to sign up. But before traders can invest on assets, they have to make a deposit. The minimum amount required by Binatex is $250.
Is Binatex a Scam?
Binatex is possibly a scam and we have many reasons to make this claim. The first reason is that they are not a regulated broker. The second is that there is hardly any information available about this broker or its company on the internet. The address they have mentioned on their website cannot be verified.
Another red flag is that their terms and conditions are quite vague. They haven’t mentioned anything about their withdrawal and bonus policy. Usually, brokers must outline their terms and policies in a separate section on their website to help traders understand what is required of them. But, it seems like this broker has a lot to hide.
Moreover, complaints about them are plentiful and the broker has taken no initiative to resolve the issues faced by its members. Most of these complaints are related to withdrawals. Traders claim that there are not able to withdraw their earnings after they submit withdrawal requests. Their withdrawals are automatically declined and the broker doesn’t even provide valid explanation for it. So the conclusion we can reach about their legitimacy is that they are not legit and therefore not a safe broker.
Point to Note:
Binatex claims to offer demo trading features with $1000 demo credit. While this is an important feature that is useful for traders who are looking to become familiar with the trading platform, Binatex uses this feature to entice traders and make them invest money with them. While the results during demo trading is impressive, they are poor when traders enter live trading. Because of the inconsistency in results, it can be said that the broker doesn’t have honest intentions.
Customer Support Service
There are several means of communication available, but it is quite hard to get into contact with their customer support representatives. Traders can choose from email, telephone and live chat service to reach their staff. But our personal experience tells us that their team is unresponsive and unprofessional. It appears that they don’t have adequate knowledge about the subject. They usually take a long time to respond to questions. We weren’t happy with the way they spoke to us and our call was also put on hold for a long time.
Binary options is a lucrative industry, but traders must proceed with caution when it comes to choosing a binary options broker.
In our opinion, Binatex is not the kind of broker any trader will want to partner with. Their trading platform lacks special features and they also don’t have a good selection of assets and trading options. Overall, this broker has failed to impress our team of investigation and we advise traders against signing up with them.
After our research we concluded that Binary Online does not provide a demo account.
The lack of practice account and risk free trading makes this broker unsuitable for traders who want to learn how to trade without losing their investment.
I am David Raines, a Binary Options trader with years of experience in online trading. I write reviews of Binary Options Brokers, Auto Trading Software and Signals Providers.