Unreliable Broker: Binatex Review - demo, fees, strategy and more!
Binatex
- Czech, Polish, Slovak and other texts are machine-translated
- Absence of licence from CNB and CySEC
- Many complaints online
Binatex is a company founded in late 2016 offering binary options trading on its in-house platform, which is quite nice and smooth. It appears to me that the business model is very similar to the one used by IQ Option. In early2017, Binatex launched a massive promo campaign and began to sponsor various websites for displaying large advertisements at these websites.
Is this company reliable? Should one trade with it?
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The introduction of Binatex
Binatex is a broker regulated by Russia’s FMRRC. However, it does not have a licence – neither from CySEC nor from british regulator. I have 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.
Since the early stages, people have been seeking information about Binatex from various reviews. The majority of it is not overly positive. It’s true that on the internet you will also find some positive “reviews” but the reason is simple: Binatex offers everybody who writes a positive review financial reward ranging $200 to $500 and even more if you own a bigger website. I believe that for some web administrators, it is enough to publish anything.
Binatex offers not only english. But alse czech, polish and more languages versions of their website, but this does not mean anything extraordinary. Don’t get fooled. The translations of the website and platform look amateurish; it is clear that the translations were performed either by machine or the quality is awfully poor.
Binatex platform
It seems that the only thing I can laud is the broker’s platform, which is really nice and smooth. It offers lots of assets to trade and its look is really simple and elegant. What I don’t like is the minimum profit on some assets, below 60% (… is this a joke or what?) With this broker you can only trade classical binary options and choose from seven expiry periods ranging from 1 minute to 24 hours.
The platform, by the way a copy of platforms used by IQ Option and TechFinancials, contains a box for market news and similar tools, which is useful for fundamental traders. Over weekends, you can trade cryptocurrencies such as bitcoin, litecoin and ethereum. But the profit falls far below 60%, it’s only 10%. (… Are you serious, guys? This must be a mistake?)
Binatex trading platform
The platform also offers some educational materials in Polish, which is fine. But honestly, don’t you think that the free materials at our website are enough? (I mean the series about technical analysis and fundamental analysis)
Binatex demo account
Binatex offers a free demo account, too. If you decide to use a live account you will have to fork out at least USD 10. The minimum per trade is one dollar. I feel that these the two elements are a copycat of IQ Option. It is exactly what catapulted IQ Option close to leading position in the market.
Because the broker is not regulated it can afford offering bonuses. In my opinion, this is something that attracts new (less knowledgeable) binary options traders. Be cautious – this bonus must be traded before you can withdraw. Not too many people are aware of this. (more info about trading bonus).
Recapitulation
I personally believe that it is not a wise decision to invest too much in trading with this broker. It’s true, I spent some money to test the platform for you and to write a review. But I wouldn’t surely place large sums such as thousands of dollars. Nevertheless, I fear that a lot of people will get lured by things like their native language and a free demo account.
Whether the demo account is or isn’t rigged, is something I lack evidence for. In a nutshell, I think that it is better to keep away from this broker.
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Binatex Pros
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Binatex Cons
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Binatex Details
| Broker | Binatex |
|---|---|
| Website URL | binatex.com |
| Founded | 2016 |
| Support Types | Although Binax presents its 24/7 support, in reality nobody replies |
| Languages | English, poor Polish, Czech, German... |
| Trading Platform | In-house platform |
| Minimum 1st Deposit | $10 |
| Minimum Trade Amount | $1 |
| Bonus | 100% bonus |
| Payout | Low!* |
| Free Demo Account |  |
| Deposit Methods | Payment card , Qiwi, Yandex, WebMoney |
| Withdrawal Methods | Payment card , Qiwi, Yandex, WebMoney |
| Expiry Times | 1 minute, 5 minutes, 15 minutes, 30 minutes, 60 minutes, 4 hours, 24 hours |
| Option Types | Traditional options only |
| US Traders Allowed |  |
| Overall Score | We don't recommend trading with this broker. |
This broker gave me the chance to make money! I’ve already earned 120 usd and withdrawn them without any problems!
Good job, I guess that you are one of many. Be careful.
I am a victim of a binary scam. I got ripped off by a scam broker recently it was a hassle to get a withdrawal. I had to hire a recovery company to get my money back. Glad I got a refund.
Hello, that’s a happy ending story there are not many of them. We are happy that you are one of the lucky people who get the money back. We always tell people to be aware of binary options scams.
Binatex.com is a total fraud.
The time when I reached for my withdrawal, these people asked me to invest 20 times of my initial investment in order to withdraw the funds.
They also sent me a payment authorization form and made me an authorized person for the transactions so that in future I can’t reverse it from a bank.
They put my number on the blacklist and my emails were getting bounced back!
Then I got to know about Reclaws International through an advertisement on the internet.
Reclaws assured me that they will help me recover the funds. So hired them.
Hello, you are right. Broker Binatex.com is a scam and we don’t recommend to trade with them. We hope that you get your money back. Next time be more careful with which broke you are giving trust in.
fraud
Thanks for your comment Rumy
Hello thanks for your article.
I reached 3000$ on this platform requested 180$ withdrawal, immediately after that they blocked my account. Saying i used a trading robot… I did not use anything if my brain is called a trading robot then i did use it. These scammers have to go into jail. Biggest thiefs in Binary trading history.
Do not trade and register at Binatex this is a scam
Do not trade and register with Binatex because it’s a big scam
binatex is scam!!! they don’t send money!!!
How can I un-register? I only made one attempt with this broker. Never more.
Hi Hank, I don’t think that you need to un-register. You run no risk if you stay registered. But if you want to feel sure and do it you should perhaps send an e-mail to the broker’s customer support. Step
Binatex AKA 50 bucks down the drain!😀 It was so tempting, especially after three successful trades – I thought this would carry on – but then a reversal arrived 🙂 …and moreover, you must invest 250 usd to be able to withdraw…. For the six dollars am not going to invest another hundreds… 😀 Crazyyyy
how can I transfer money from binathex? on my bank account
Stojance, I am afraid you won’t be able to. However, you should definitely try! Try to use the withdrawal function. If you can’t find it, contact the customer support.