Binetrix Review: Don’t Risk Trading with This Firm
Binetrix is a fraud broker based in St. Vincent and the Grenadines. It is an unauthorized entity that holds no licenses for the service they seemingly offer. This is not the problem for the scammers, as the primary purpose of their website is not online trade, but stealing honest people’s money.
The greatest risk this fake broker presents is the lack of any regulation. This means there are no safety nets that would be required by law from a legitimate broker. All your money is at risk as soon as you make an initial deposit, as the swindlers have made sure none of the money will ever be eligible for withdrawal.
|Address||Suite 334, Beachmont Business Centre, Kingstown, SVG|
|Bonuses||Up to 100%|
Binetrix Reliability – License and Fund Security
Being based in St. Vincent and the Grenadines is what we would call a red flag. Although there are many legitimate brokers who have based their company in this tax haven, they have all acquired a license from one of the top regulators. Binetrix doesn’t have a single license, and this is where the problems begin.
As we know, St. Vincent and the Grenadines is a country that does not regulate Forex and other online brokers. On the website of FSA, their main financial regulator, we are greeted with a message that informs us about this very problem. What this means for us is that Binetrix is not bound by any law or rule, they exist unchecked.
To help our readers understand the risks involved with an unregulated broker, here is what conditions a broking company in the EU must satisfy before being authorized to offer their services:
Conditions of a Broking Company in the EU
- Starting deposit of €730,000
- A compensation scheme of €20,000
- Leverage 1:30
- Negative balance protection for the client’s account
- Segregated bank accounts
- No Bonuses
- Transactions must be reported to the financial regulator
We can clearly see that Binetrix breaks some of these rules of regulation. With this scam broker deposit bonuses are as high as 100%, something that is forbidden with most financial regulators worldwide. The only countries that allow bonuses are the US and Canada, and we will touch up on that.
To ascertain our claims, we have taken the liberty of checking if Binetrix has any licenses at all. For this reason we have searched the databases of Canadian IIROC and the US’s SEC which do allow bonuses, as well as the UK’s FCA and CySEC from Cyprus that do not allow bonuses. Needles to say, there have been no results with any of these regulators. This makes it certain – Binetrix is an unlicensed broker that has no respect for the law.
Trading Platform Overview at Binetrix
So far in this Binetrix Review we have seen how this fraud company has no trading license. We will examine other business parameters of this scammer in order to make a good comparison with legitimate brokers worldwide. One of the more prominent points of scrutiny is a trading platform.
This part of the review will be easy, because there are no trading platforms whatsoever. We can see that a mobile trading app is offered on the main page of Binatrix’s website, but there is no indication of what this mobile app might be. Charts that we can see on their website are imported assets from TradingView, and offer minimal interactivity.
Legitimate brokers are oriented towards client satisfaction and ease of conducting business. For this reason, they will usually offer some of the renowned software such as MetaTrader 4 or MetaTrader5. Most of these companies will also have their own custom software, developed to tackle the ever evolving market.
Binetrix Trading Account
Currently, registrations on Binetrix’s website are closed, and it is impossible to create an account. This might indicate that the scammers are getting close to pulling the rug under their victims, and shut the operation down. Viewing the website’s history however, has shown us what account types were typically offered. As suspected, there are no demo accounts, only live ones.
These are the accounts that are usually available on the site:
- Opening – €1,000, no interest
- Horizon – €5,000, 3% interest
- Heritage – €15,000, 4% interest
- Fortune – €50,000, 5% interest
- Great Fortune – €150,000, 6% interest
- Infinite – €300,000, 7% interest
Most legit brokers allow traders to use all their instruments and platforms with as little as US$100 initial deposit, and some go as low as US$1 for a minimum deposit. Binetrix not only rips you off, but also mentions no trading parameters for the account you are opening in the first place!
Binetrix Deposits and Withdrawals
It is obvious that Binetrix attempts to fake their legitimacy by imitating established brokers worldwide. For this purpose they advertise a wide variety of popular funding methods, such as cards and e-wallets. The reality is somewhat different, as the only funding methods these frauds do accept are bank card payments.
These are the funding methods Binetrix advertises:
- Bank Cards (Visa, MasterCard)
- Bank Wire transfers
- E-wallet (WebMoney, QIWI)
Bank Cards are compliant with a safety feature that allows users to charge back their money if they have made a mistake. Binetrix has made a loophole regarding this, as they ask for a hefty deposit commission. This way, even if you do want to charge back your transaction, Binetrix still takes their share. Minimum deposit with this scam is €1,000.
Because Binetrix adheres to no legal regulations, they can get away with a pretty hefty compliance document on their website. In this document, we can see a 2-5 day wait time for withdrawal approval. The more alarming part of the document is that Binetrix reserves the right to withdraw any bonuses, indebting the client, or to deny withdrawals or withhold any funds they deem fit.
Binetrix Trading Instrument
We have again been hampered by the inability to open an account with Binetrix. Without an account, it is impossible to see any of the information regarding trading conditions with this fake broker.
There are a number of data streams on their website’s main page, however, and the information in it is streamed from the TradingView website. In this stream we can see that Binetrix leans heavily on Cryptocurrency trading, but with some other instruments such as Commodities and Stocks.
As it has become clear that Binterix is a fraud, and seeing how there are no trading platforms in the first place, all these instruments are there just to attract victims. Without a trading platform, you cannot speculate anyway.
How Does the Scam Perform?
Their website is an advertisement for services they are not authorized to provide. The website itself is professionally made and offers what seems to be an investment opportunity of a lifetime.
Since it is impossible to even see the trading platform or trading conditions without opening an account and making a deposit, the victim will feel compelled to do so. The trap is triggered the moment an account is opened, as the frauds only seek to get an initial investment from the victim.
Now that the account has some money in it, it is already losing it. A fixed deposit commission has already made a dent in it, and a bonus outweighs the initial deposit, making it impossible to withdraw money as per Binetrix’s Compliance document. As time passes, an inactivity fee of €25 is charged monthly, until all the funds have been bled dry.
Binetrix is an investment scam that preys on new prospective retail traders. It is an unregistered, unregulated company that doesn’t adhere to any financial law. Their website is a lure to squeeze out an initial deposit, which is very pricey.
We advise our readers to steer clear of this fraud. After making a deposit, a victim will see that there is no trading platform, and all the instruments on the website are a complete sham. The swindlers have placed certain loopholes in their Compliance document, which makes it nearly impossible to withdraw any money from their company after the first investment has been made.
FAQs About Binetrix Broker
What Kinds of Accounts Does Binetrix Have?
Binetrix only offers live trading accounts, which differ by deposit amount. The minimum deposit may range from €1,000 up to €300,000.
How is My Security Ensured When Using Binetrix?
There are no security mechanisms in place that protect the trader at Binetrix. It is an unregulated company that doesn’t have a license for their services.
What Funding Methods Are Accepted at Binetrix?
Although a number of methods are advertised on the scam website, currently only Bank Card payments are accepted.