BinaryCent is this a scam? Review and Customers Reviews

The company BinaryCent appeared on the financial market presumably in 2016 and at first specialized only in operations with binary options (Binary Options Brokers). But then, in 2017, the broker opened two more traditional markets for its clients – Forex and CFD (forex brokers rating).

BinariCenter offers private traders favorable terms of cooperation. But is it really a reliable company worth dealing with? Or is it just another scam? Let’s answer these questions in our detailed review of binarycent.com!

 

Terms of trading with BinaryCent

The brokerage brand BinaryCent belongs to Cent Projects Ltd. The head office is located on the island of Mahe (Seychelles). Judging by the list of phones in the section “Contacts”, the broker has representative offices China, Thailand, Singapore, Dominican Republic and Australia. Website itself binarycent.com is translated into 7 languages: English, Russian, Arabic, Spanish, Thai, German and French. Documents and answers to important questions are in English only.

BinariCent offers clients such trading conditions:

• 100% secure trading with data protection – uses SSL (Secure Socket Layer) technology to encrypt transactions and ensure maximum security of users’ personal information;
• min deposit – $250;
• min rate – 10 cents / 0.1 €, max – 3000 $/€;
• counter currency – EUR, GBP, USD, for crypto accounts – Bitcoin, Litecoin, Ethereum, Dash;
• A wide choice of deposit and withdrawal methods;
• the possibility of trading on weekends;
• Profitability – up to 95% per 1 minute (the amount that will be credited to the account in case of a successful transaction);
• leverage 1:100;
• the time display based on Greenwich Mean Time (GMT);
• guaranteed withdrawal of funds within 1 hour;
• trading platform like Proprietary;
• lessons on binary options trading (8 video lessons on trading strategies, models, etc.);
• The ability to copy trades, trade under the guidance of a professional;
• 24/7 round-the-clock customer support;
• A detailed text FAQ about the features of trading and terminal management;
• Web-format master class for Silver and Gold account holders.

BinariCent clients can work with various trading instruments. These are currency pairs (30), precious metals (2), stocks (4) and Cryptocurrencies (15).

Traditional options usually have a long expiration time and are difficult to trade successfully. Whereas trading CFDs from BinaryCent is characterized by a short expiration range (from 24 hours to 60 seconds) and the possibility to earn a fixed return (CFD brokers rating). The broker offers these types of CFDs on its platform:

• Forex: CFD on currency pairs (FX);
• CFD Stocks;
• “Crypto”: CFD in cryptocurrencies.

CFD is a simple and profitable way to make money on short-term market movements (What you need to know about CFD). By correctly predicting where the price of an asset will go (up or down), you can make good profits. Green color on the bets indicates an increase and red indicates a decrease in the rate compared to the previous time period. Everything is very simple and straightforward!

Types of accounts

For convenience, BinaryCent has bundled the most popular services into packages. Their availability depends on the amount of the first deposit. The more the client invests, the more benefits and bonuses he receives. The broker offers 3 types of trading accounts:

• “Bronze. There are no restrictions on the number of instruments available for trading. The account balance must be within $100-500.
• “Silver. The option “first 3 trades without risk”/web-session is added to the possibilities of the previous account, within the framework of which it is possible to trade, using the company’s analytics. The account balance is $500-2500.
• “Gold. Free issuance of Swiss payment card + personal manager. Account balance – $2500-25 000.

 

Platform binarycent.com

The broker offers an exclusive development of BinaryCent Trader. It is available in web format, as well as in the form of downloadable mobile applications. The foreign trade software has all the necessary tools for work. You can work with both classic orders and binary options on one terminal. The BINARYCENT web platform looks like this:

• the central part displays the quotation chart;
• On the left there is a space for selecting the asset to be traded;
• on the right side of the screen you can see the deal settings;
• The upper part contains buttons with additional functions.

The terminal uses a live chart, which is quite convenient. Thanks to this there are no problems with markup or the use of indicators. At the top of the trading software there is a button “Copy Trading”, which is responsible for the section through which you can copy trades of other clients of the company. Besides, there is an economic calendar with filters (time and news), a list of the main market news, opportunities for technical and indicator analysis. Also available are key events and forecasts of asset price behavior under various scenarios.

Broker quotes

Quotes, free real-time charts and expert opinions for BinaryCent are presented TradingView. It is a web service and social network for private traders, based on a technical analysis platform. TradingView has been working on the financial market since 2011 and is trusted by most exchange players. A quote chart from the TradingView website is displayed, for example, when the “Japanese candlesticks” are needed. In fact, there shouldn’t be any problems with analytics. The broker has many different indicators and thechanalysis tools available.

 

BinariCent Demo Account

As for opening a student account, the portal binarycent.com the details of trading on it are not disclosed. Access to the demo account is limited and is provided only after making a real deposit. Using a demo account, you can also trade on weekends. The entire trading process is carried out via a web terminal.

 

Mobile application

BinaryCent offers the #1 mobile app to download to tablets and smartphones. It can be downloaded directly from the website of the brokerage company binarycent.com (App Store or Google Play).

 

BinaryCent bonuses

The broker offers private traders 2 types of bonuses:

• Welcome. Depending on the type of account (replenishment amount). “Bronze” clients bonus 20%, “silver” – 50%; “gold” – 100%.
• “The first 3 risk-free trades”. Owners of “Silver” and “Gold” accounts can receive compensation for 3 losing trades. That is, if the total result of the first 3 trades will be negative, BinaryCent will compensate the loss in the form of a bonus and by the rules of the bonus program.

For crypto accounts the conditions are slightly different. When depositing to bitcoin account, trader is entitled to +5% in the form of guaranteed amount (no additional conditions) and +100% in the form of bonus (requires correct workout). The bonus is paid in that currency, which the client chose during registration. The maximum bonus that the user can count on during the year can be 100,000 euros or dollars, depending on the currency of the client account.

 

Deposit and withdrawal

You can make a deposit and withdraw funds from your account at BinaryCent in one of the following ways:

• by using credit or debit Visa/MasterCard;
• via Payment Systems – Bitcoin, Perfect Money.

Cash deposits are strictly prohibited. The broker does not charge the client any commissions for depositing by any of the listed methods. In addition, it does not withhold taxes. The user himself is responsible for complying with the tax requirements in his country. Funds become available for trading immediately after the broker receives them from the client. It is possible to withdraw funds from the trading account from $50. All requests for withdrawal are processed within 1 hour. But sometimes the verification may take more time. For example, if the client did not provide all the necessary documents on time. Also please note that the broker has the right to cancel the account with the balance less than 1 cent if such balance exists on the account for more than 90 calendar days.

 

Complaints about BinariCent

Reviews about the broker’s activities are varied. Some like the conditions of cooperation with it, others do not. Usually, traders complain that they cannot make a transaction for some reason. And this can happen for a number of reasons:

• investing an amount below the minimum allowable amount;
• insufficient funds on the balance sheet;
• there is no time to exercise the option before expiration.

In the reviews of traders, we also noticed that they are comfortable to work directly on the platform thanks to the use of a live chart. And as for “losing” the deposit and other financial troubles, the broker warns all users about the risks. Before registering and depositing with BinaryCent, take into account that trading binary options has a high level of risk and can lead to the loss of large sums of money.

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BinaryCent broker regulator

BinaryCent is managed by Cent Projects Ltd. registered at 309&310 Office, Albert Street Victoria, Mahe, Seychelles. Generally, brokerage activity should be regulated by the Seychelles Financial Services Authority (SFSA) or Seychelles Licensing Authority (SLA). But we did not find such licenses at the broker in question.

User Agreement binarycent.com

The “Agreement” spells out the rights and obligations of the parties, the conditions of cooperation between the broker and the clients. It contains all the important information – from the payment rules to the bonus policy. From here we learn that in some cases the broker can suspend its activity or revise the client’s transactions:

The document spells out how disputes are resolved and customer complaints are handled:

The success of working with the company depends on the authenticity of the information the user provides. If a person initially gives incorrect personal data, then there may be problems with the withdrawal of funds. That is, the client himself is responsible for the authenticity of the submitted documents:

 

Is BinaryCent a scam?

Broker BinaryCent has recently appeared on the market, so it is too early to draw any conclusions about its activity. In addition, the company Cent Projects Ltd. warns about the high level of risk of trading binary options. And that it is not responsible to any individual or legal entity for financial losses caused by operations on the website binarycent.com. In general, BinaryCent does not hide its contacts, has a head office, albeit in the Seychelles, and technical support service. But this broker is unregulated, which makes us doubt its reliability. We hope that in the near future the company will have licenses for financial activity.

Slippage is rare. This can occur during periods of low liquidity or high volatility. For example, after economic events or news reports. This is considered to be a normal element of CFD trading. Therefore, such claims to the broker are inappropriate. There are both positive and negative reviews about BinariCent. But it is difficult to judge the quality of the brokerage company’s work based on them. Even because many of them are written at the request of our competitors. We can’t call BinaryCent a scam! But the broker obviously has work to do, starting even with the question of licensing.

 

Conclusion

Broker BinariCent Originally, the deposit of $10 was interesting, but now the deposit cannot be less than $250. Not every experienced trader will dare to trade binary options with such an amount, to say nothing of the beginners in this business. But in general, the company offers profitable and interesting terms of cooperation, so the site may be of interest to professional exchange players.