Binatex Review 2023: broker scam or legal

The online broker Binatex continues, to this day, to offer binary options. These assets are illegal almost everywhere, with most brokers having long since disappeared. The broker began its operation in 2015, avoiding strict regulations against binary operations by placing its headquarters in Vanuatu. The Pacific island nation is a known offshore haven, also denounced by the European Union for its lack of cooperation in international finance law.

Regulators Continue to Warn Against Binatex

While most binary options brokers either disappeared or transitioned to CFDs and forex, like 24Option, Binatex has stuck with it. Because they are providing widely illegal and dangerous assets, many financial regulators have issued warnings against the broker. CySEC, the financial regulator of Cyprus, put out a warning in 2018, clarifying that the broker has no license or authorization within Cyprus. Beyond a simple warning, Bulgaria has added the broker to their blacklist of blocked websites within the country.

Warnings From Financial Regulators

Since we’ve already determined the binary options are illegal in the EU, we have to say that the company owner of Binatex, Binatexia LTD, has been suspended. Therefore, the broker is not regulated. That’s confirmed by warnings coming from CySEC, the Spanish CNMV, and the Italian CONSOB. All of these regulatory bodies are warning citizens against Binatex scam.

Trading Conditions

To start with the broker takes a deposit of $10, standard for binary options brokers. The minimum trade amount is $1. Their payouts range from 70 to 90%, depending on the specific asset and the expiry time. This is a very broad range. Traders can set up a demo account to take a closer look at the payouts for specific assets. The broker has binary options on a wide variety of underlying financial instruments, including forex, stocks, commodities, and so on.

Binatex App and Trading Platform

Binary options brokers always have very simple platforms with few features and limited charting tools. The idea is to keep the training environment simple to match the simplicity of the asset. Binatex has a browser platform that fits this general trend. In addition to their browser platform, the broker has the Binatex App. The app is even more simplified, featuring large green and red buttons for up and down. The broker tries to encourage traders to make trades often and quickly, driving up their trade volume.

Put Chargebacks to Work for You

In conclusion, binary options are a bad deal every time. You shouldn’t need a specific warning against a binary options broker to know to avoid them. Dealing with an unregulated offshore broker opens you up to the risk of losing all your funds. Without any oversight, these brokers do as they please. When your money is being held hostage, contact us to implement an effective chargeback plan.