BinaxTrade Review: Untrustworthy Broker

BinaxTrade Review: Untrustworthy Broker

BinaxTrade claims it is a reliable, innovative, and simple platform. Their fees are also lower compared to their competitors. All you need to do to earn the advertised returns is to open an account with the broker. The firm trades bonds, indices, forex, and commodities. These products are profitable. You will earn passive income in the financial markets.

BinaxTrade Review, BinaxTrade Company

However, you should not forget the volatile nature of these assets. The price keeps changing. Therefore, you can either make losses or profits depending on the next market direction. Legit companies minimize the risks while maximizing the returns. 

Unfortunately, BinaxTrade fails to disclose its regulatory status. The first thing to check is if a scheme is operating legally. Refrain from doing business with offshore schemes. Another major red flag is the venture’s anonymity. The broker fails to disclose the qualification of its teams.

Ensure you know the people handling your funds. What financial background do they have? Can you earn passive income with them? Scammers’ anonymity is to limit the authority from tracing them down. It is beyond reasonable doubt that you cannot trust the broker. Review

BinaxTrade states it has over 100 tradable assets. They guarantee no commission charges. Investors can also withdraw and deposit cash swiftly. The company attributes its success to the latest technology use. Orders are placed on time and accurately. 

Moreover, traders can trade around the clock. If you encounter any hitch, you can count on customer support. The entity is also adding more profitable assets continuously. Our main concern is the lack of trading performance.

BinaxTrade would not shy away from displaying the performance report if there are actual trading activities. The broker features an earning curve. It indicates the latest withdrawal. However, it is impossible to verify whether these are their actual customers.

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Ponzi schemes are tactical and will try to rip you off. They come up with alluring strategies. Before depositing cash, ensure you perform a thorough background check on the venture. 

Here are some of the best crypto companies. These companies have audited performance reports. You can also earn passive income without panicking about your safety. The brokers will also help you develop excellent training skills. 

BinaxTrade Trading Conditions 

The company provides technical analysis tools to help traders maximize their opportunities. They have 8 indicators, trend lines, and 4 different chart types. Novice traders can utilize the social trading feature. Sadly, there is no trading tool available. Investors cannot access a demo account. Review, Features

BinaxTrade fails to provide trading conditions and terms. Instead, it features bogus investment packages. A company that is trading forex will have all the necessary information. You will know the leverage and spread to expect. 

The suspicious broker has 7 investment plans—the minimum deposit range from $200 to $2500. A 20% ROI is advertised. However, the duration it takes to earn the profit is left out. Additionally, there is no proof of payment. It is expected for such a high payout to attract more audience. 

Unfortunately, the traffic visiting BinaxTrade is questionable. There are no investment products or services on the website. The people behind the platform will steal your money.

Withdrawal and Deposit 

BinaxTrade states it has over 20 payment methods. However, what is available is crypto payments and perfect money. These options are futile. You cannot trace down your funds. Additionally, it is impossible to issue a chargeback. Scammers try their level best to retain victims’ cash. 

The table of the latest withdrawal is compromised. There is also contradicting information on the minimum amount to deposit. In the account area, the amount is $250, while in the deposit area, it is $100. Such errors show a lack of professionalism. 

BinaxTrade withdrawal option features e-wallets, debit and credit cards. The Anti Money Laundering Policy mandate brokers to use the same deposit methods for withdrawal. Something is off with the company. There are way too many red flags to assume. 

Contact Details and Customer Feedback 

BinaxTrade office address indicates the broker operates from the United Kingdom. Investors can reach the support via email or phone call. However, we do not know the quality of customer service to expect. Scammers abandoned their victims when they least expected it.

The Ponzi scheme has several positive reviews from alleged users. There is no single customer dissatisfied with the entity’s services. This should raise eyebrows because there is a lack of complaints, even with the best brokers in the market. 

We did note that BinaxTrade is using stock images. It confirmed our suspicion that the scheme is unreliable. Refrain from opening an account with a company simply because there are endorsements online. 

Some scammers will even pay marketers to leave positive remarks. Ensure you obtain reviews from third-party websites. At least on these websites, the brokers have no way of manipulating the statements. 

BinaxTrade Regulatory Status

BinaxTrade claims it operates from the United Kingdom. However, the company is not in the Financial Conduct Authority (FCA) database. The financial body is responsible for approving brokers. A company should have a 730K Euro capital to be licensed. 

The vast amount proves the financial capacity of a platform. Scammers cannot afford the capital. Therefore, they choose offshore regions. Why spend all that money while they intend to defraud customers?

BinaxTrade does not segregate accounts. The money you cash in goes to the con artists’ pockets. You cannot recover the cash. Withdrawal requests will also not be honoured. The company breaks the law for their lack of transparency. Eventually, the scheme will shut down its operations. Those who will have ventured with the scheme will suffer the most. 

Another worrying factor is the lack of terms and conditions policy. The withdrawal requirements are not featured. Genuine companies will have all the necessary information available to the public. You will be well aware of the charges and what is expected of you. 

binaxTrade Fund Safety 

The company is not offering security to customers. It is unwise to share your data with discrete people. They can use it for criminal purposes. Ventures that care about their customers do not hide their identity. 

Unfortunately, BinaxTrade does not report its daily transactional reports to the financial bodies. How else will traders know what is happening behind closed doors? Do not be surprised when you learn the scheme manipulates data.

Traders can also lose more money than what they initially deposited. There is no negative account balance protection. Additionally, be wary of ventures that guarantee huge returns. The market is risky, and nobody knows the next outcome. It is only scammers that promise such ridiculous profits. 

Final Verdict 

BinaxTrade is a new broker in the market. The entity lacks a trading history. The only security measure the firm has is acquiring an SSL certificate. Still, your data is not secure since you deal directly with scammers. Finally but not least, the trading environment created by BinaxTrade is unconducive. 

Ensure you invest with the best crypto companies in the market. There are better brokers in the industry. These are transparent and reliable platforms. Their legal documentation is clearly outlined. They also charge reasonable fees. Customer support is also professional. You can count on them whenever you can an issue.    



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