If you have been trading binary options for long, you may well be familiar with the Binarycent name. This website has been around since 2017. As of the time of this writing, it is under new management, and is pretty unrecognizable in many respects. In this updated review, we will let you know whether trading at Binarycent is worthwhile in 2022.
Familiar name, new experience
Binarycent used to be owned and operated by a company called Finance Group Corp. Nowadays, it is run by a company called Wave Makers, LTD, located on the Marshall Islands. This company is not regulated.
Some aspects of the Binarycent experience are unchanged since the time when Finance Group Corp. ran the site. For instance, you can still get support via live video chat. But many other aspects of trading here are completely different.
Opening an account on Binarycent
The minimum deposit amount to get started trading on Binarycent is $20. You can get a match on your first deposit of up to 100% on amounts as high as $25,000 (yes, you read that right—this is a massive bonus). Do not forget that rollover requirements apply to match deposit bonuses.
Transfer methods include credit or debit card, cryptocurrencies (BTC, ETH, altcoins), Neteller, Skrill, Perfect Money, WebMoney, wire transfer, QIWI and JCB. Available account currencies include US dollar, British pound, euro, and Russian ruble.
There are three account tiers:
At the lowest tier, you receive 1-hour withdrawals, a 20% bonus, a demo account, access to the copy trading tool, and 24/7 live video chat support.
At each tier, additional benefits are added. At the Gold level, you get all of these benefits plus a 100% bonus, a master class web session, a personal success manager, and your first three trades risk-free. To clarify, if you lose those risk-free trades, you receive bonus money as compensation. Once again, you can expect rollover requirements to apply to these bonuses.
Trading on the proprietary platform
If you do decide to trade on this site, you will be on a proprietary platform. The platform itself is attractive enough, and allows you to trade a minimum of 10 cents. There is no maximum trade size.
There is essentially only one type of trade available on the site. The three listed types are Turbo, Intraday, and Long Term, but these are all basic High/Low trades with different expiry times. Other websites provide other types of trades such as One Touch, Range, Pairs or Ladder. Considering that you are limited to only one basic type of trade and 27 assets, this is not the most flexible website for trading binary options.
Reputation and Customer Service
Once you have opened and funded your account, you can head on over to the proprietary trading platform. It has a sleek, clean appearance with a dark blue background, and offers easy navigation and some basic drawing tools to use on the charts.
Binarycent takes its name seriously, offering a minimum trade size of just 1 cent. There is no maximum trade size—you are only limited by how much is in your account. This flexibility makes this platform equally accessible to traders with large and small account sizes.
Types of trading instruments include currencies and cryptocurrencies; we count 42 in all. This is not a huge selection, alas. There is also only one type of option: High/Low. But at least there are Turbo, Intraday and Long-Term expiry times available, plus the options for Double Up, Rollover and Early Close. You can follow other traders by clicking on “copy trading” on the left. There, you will also find market analysis and the trading contest.
One thing you will really like about this site is that the maximum payout per trade ranges as high as 98%. That is far superior to what you will find on many other binary options trading sites.
One area where Binarycent does not excel is with respect to fees. Here are the ones to be aware of:
- 5% transfer fee for credit/debit card transfers
- $50 fee for wire transfers
- $10 per month inactivity fee
- Swap fees (0.07% of the face value of the position)
Also, there is a $50 withdrawal minimum when you want to take funds out of your account.
The $10 a month inactivity fee is pretty rough. A lot of binary options brokers will not charge inactivity fees until you have not used your account for a number of months (often about six months). But this site will hit you with a fee for every month you fail to make a trade. So, watch out for that, especially if you are a long-term trader. These fees can really eat into your profits.
An abundance of tools, resources, and support
As we have already discussed in the sections above when we went over the features of the different accounts and what to expect while trading, there are a lot of educational resources and trading tools offered by Binarycent, which is great.