Brokerage company Binarycent didn`t have time to gain sufficient experience in working in financial international markets. Since 2017, the forex broker has been providing access to trading and many investment programs. This company is owned by a legal entity Finance Group Corp., which is registered in the offshore zone. Therefore, to track the actual owners of the company is very difficult.
At this stage, the company has one single regulator, VFSC from Vanuatu. This control member doesn`t have sufficient authority. Therefore, it is difficult to understand how the broker’s activities will be transparent and independent.
Binarycent Trading Terms
The company works only with binary options. This means that all transactions are opened through a browser-based trading platform with a short expiration date.
Basic trading conditions:
• The minimum deposit is $ 250;
• The minimum bid is $ 0.10;
• Average expiration time – 1 hour;
• The number of financial instruments – about 100.
The fx broker can open one of three types of accounts: bronze, silver, and gold. The difference isn`t significant. In the gold type of account, they offer also only personal help from the manager, an increased bonus on the initial deposit. Silver account type starts at $ 1,000, and gold at $ 3,000.
As indicated on the official website, the client has a demo account available for testing. Additionally, for training offers access to the recorded webinars and master classes (only for premium accounts). The number of training materials can be called limited.
To replenish the account, you must pass the basic verification. Of course, since Binarycent is not a full-fledged Forex broker, verification is not necessary here. Therefore, registration will take only a few minutes. You can use credit cards (VISA, MasterCard), cryptocurrency, and e-wallets to replenish the deposit. The withdrawal is carried out on any details without restrictions.
Features of trading on Binarycent
Once again, we note that this company is focused exclusively on trading in binary options. Accordingly, you will not be able to open long-term Forex transactions. You can trade through the platform built into the site. The expiration time is 1 hour. The task of the trader is to predict in which direction the price of an asset will move.
The maximum yield for each transaction is 95%. For example, if you bet $ 100 and correctly predict the outcome, then the profit will be as much as $ 95. This format of trade causes controversy among many traders and investors. Formally, trade is not carried out on foreign markets. Therefore, it is impossible to know the liquidity provider.
In some cases, the broker provides a promotional code that provides access to the five insured transactions (if they are unprofitable, the money will simply be returned to the account).
Support service
The big advantage of this broker is the work of the support service. There is an online chat widget on the home page. The manager on the other side of the screen is working on the camera – you will always see the face of the one who answers you. In the process of writing this review, we have not once checked the reality of the shown picture. In an online chat, the manager works, not the bot. This allows you to specify any information regarding trading conditions, registration, withdrawal of funds.
Binarycent trading terminal
The broker provides access to the trading terminal online. The interface of the platform resembles the terminals of other companies specializing in binary options. Unlike Metatrader, which is familiar to many people, no third-party analysis tools can be added to the Binarycent online terminal.
Only basic settings are available to the user: asset type, chart timeframe, forecast, rate size. In addition a short expiration time, you can choose long-term trading. But it also trades in binary options format, without entering international financial markets.
Binarycent has not yet formed attractive and promising trading conditions for traders from different parts of the world. The lack of a clear and well-known regulator raises some questions about the integrity and transparency of the company. Binary options, as a trading format, was banned in the United States, and several other countries. Therefore, it cannot be argued that this is an independent way of making money.
There is no tutorial on the Binarycent website. The only help that a client can count on is consulting a manager in an online chat.
The company periodically holds tenders for the largest number of transactions or the largest trade turnover. Thus, the broker increases equity capital, attracting new customers. It is unlikely that such contests can be called attractive and aimed at the benefit of the participant himself.
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