BinaxTrade Review – Who Is Behind BinaxTrade Broker?
BinaxTrade website shows no information about which company owns and runs the site. The home page provides visitors with an address in the UK. That may as well be completely fake since there’s no company name to uncover their identity.
Trying to get more info about the company is pretty much futile. Because save for the words of praise for their own business, nothing concrete is said. The About Us section of the website shows a ridiculously poor edit of a business license.
Even if it wasn’t completely fake, no business license guarantees that brokers can operate without being regulated by jurisdictional regulators.
Besides the aforementioned, it is extremely difficult for a broker to obtain dual regulation that would allow them to freely operate in the UK and US simultaneously as BinaxTrade makes it look. Only some of the top brokers in the industry are able to say they meet the conditions needed for this.
In addition, you should avoid brokers who try to manipulate you, such as FundsProMax, Palo Traders, and Finutrade.
|Address||71-75 Shelton Street Covent Garden, London|
|Phone||+1 (323) 546‑6594|
BinaxTrade Regulation and Safety of Funds
Since the company states its HQ to be situated in London, UK, naturally an interested investor will check the FCA database. Sadly upon checking if BinaxTrade is regulated with FCA, the answer is no.
This means that BinaxTrade is yet another unlicensed and unregulated shady broker company. No one’s funds could ever be safe with a non-regulated brokerage firm. For that very reason, it is better not to invest at all than invest with a scammer broker and fall victim to theft.
Since no obvious regulations apply to BinaxTrade, it proves that this company probably doesn’t meet the conditions necessary to operate. One of them is the minimum capital the company must possess in order to keep the business going. Another condition is client funds segregation, transaction reporting, and others.
Considering the fact that BinaxTrade is not regulated by the jurisdictional regulator (FCA), we can conclude that the safety of investors’ funds is endangered. This is usually the case with newly registered scam brokers who are only after taking customers’ money and getting away with it unpenalized.
Trading Software at BinaxTrade
A common practice among most scammers is to offer a seemingly functioning trading platform to make users think they’re trading while scammers take their funds. Designed to leave an impression of trading and funds growing, these trading platforms are just imitations of a real thing.
Looking into what BinaxTrade has to offer, we cannot find even that much. Not even a bad copy of a working trading platform is available on this site. The users actually have the option to choose between so-called farming packages. These farming activities refer to a time-consuming online gathering of resources.
In order to invest and trade, the user needs an actual trading platform and it is mandatory for the broker to provide one. This is yet another red light from this untrustworthy broker.
BinaxTrade’s Deposit and Withdrawal Methods
The website offers mixed information about deposit amounts. When joining BinaxTrade, users can choose between different packages with promises of winning big and fast in a very short period of time.
While the only allowed way of depositing is BTC, the minimum amount isn’t clearly disclosed. It seems from the FAQs page that a minimum deposit of $500 is required, while the maximum sum isn’t limited.
Another worrying piece of information about BinaxTrade is that it only allows deposits to be made in cryptocurrencies. This is the most widely used method by scammers. They keep their anonymity this way.
To make other methods of money depositing available, they have to go through procedures that reveal their actual identity. Therefore, deposits via credit/debit cards, PayPal, and others are not possible. Trading in cryptocurrencies is an irreversible process, making this transfer a one-way thing, so scammers can get away with theft.
As for the withdrawal policy, the FAQs page says the withdrawal is possible once the package chosen expires. Unreasonably high fees are common when attempting money withdrawal from scammers.
The unfortunate thing about that is the user’s money is being taken again but with minimum or zero probability of it coming back.
How the Fraud Was Carried Out
Every experienced scammer has to be eloquent and patient enough to trick their newest victim into investing. To achieve that, they will undoubtedly promise attractive deals, professional service, and fast money. Everything a hoping investor needs to hear, they will say it.
The problem is that it doesn’t stop at just taking your deposit without you suspecting anything. They will never be content with just that. The mission is to get you to invest more and more every time.
So you think you are accumulating funds and growing your capital, but in fact, you were dragged into a vicious circle that hardly has a positive outcome for you.
Ruthless cyber thieves will charge you huge fees and ask you to pay them in advance in case you ask for a withdrawal. The only way to actually get money back from a scammer who stays anonymous is if they decide to give it back to you.
But this is not something they prefer doing. The conclusion is to be extremely cautious about who you give your money.
The Best Forex Brokers
There is no reason to invest in something that sounds too attractive and too good to be true. Every legit broker company has to be regulated and licensed for its operations. There are plenty of acclaimed companies to go to if you are thinking of investing.
To avoid being scammed by fake brokers, please try to visit as many forums as possible, and read useful reviews by other investors and knowledgeable resources.
Also, do proper research on every broker that catches your interest. It is risky to put your funds under the control of a firm that seems even slightly suspicious.
Below is a table that shows some of the most widely recommended brokers, including the state they operate from, minimum deposit, and respected website. Feel free to use that information in your best interest.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFXCom|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Being another one of the newly registered scam brokerage companies, it is not recommended to invest money on this site. Many warning signs can be detected right from the start. You don’t even have to be an experienced trader to figure out that a company that isn’t regulated is probably a scammer.
With shady online trading businesses flourishing nowadays, it is important to understand the value of good information. Doing research and checking every site you are thinking to invest your money on is a precaution that should not be neglected.
BinaxTrade’s website with its inability to provide full transparency and disclose relevant information about itself is an obvious case of an unlicensed broker trying to scam. Potential investors need to know this, in order to protect themselves from losing the funds, they plan to invest.
In case a scam has happened, acting quickly is of vital importance. Contacting authorities but also sharing the experience and knowledge helps prevent more scams. Scammers will always be present and try to perform cyber crimes, but if anything can be done, there should not be hesitation.
If you are a novice to online trading platforms and are looking for a broker, do acquire the necessary knowledge before you even start thinking of investing. Reading reviews on different brokers, especially those with questionable reputations might save you from being scammed.
Have some negative experiences with this or other brokers? Please share it with us and help us increase awareness.
FAQs About BinaxTrade Broker
Are My Funds at Risk in Case of Bankruptcy?
BinaxTrade broker is an unlicensed broker company, which makes investors’ funds absolutely unsafe.
What Are The Payment Systems You Operate With?
The only actually allowed payment system on BinaxTrade’s website is cryptocurrency.
How Can I Withdraw My Profit?
There’s little to no chance to withdraw profit from an untrustworthy broker site, despite their claims about it being possible.