Customers who are in search of a binary options website, which caters mainly to customers in Europe and Eastern Europe may be curious about Binatex. This binary options website is owned and operated by Yulanta Business Ltd., and is based in Seychelles. The site does not accept customers from the USA.
Overall, I was not very impressed with Binatex, though the site does have its positives. It is not regulated, and while it alludes to “6 international awards,” there was zero in the way of information concerning these awards. Information on the website itself is quite sparse. There is a page of frequently asked questions, but it is buried in the deposit/withdrawal section and is easy to miss.
Opening a Demo or Real Account on Binatex
One of the things I did like about Binatex is that it is ridiculously easy to get started. Just click on the blue button in the upper right-hand corner of the page which says “Start Earning,” and fill in your email address. You are not asked for any further information at this point.
Once you put in your address, you will automatically be taken to the trade page, and a demo account will be opened on your behalf. You can start demo testing immediately without depositing any money. There are no hoops to jump through. It is wonderfully simple. Your password is emailed to you.
At this point, if you so choose, you may upgrade to a real account (just click in the upper right-hand corner of the trade page on the blue “Real Account” button to do this).
You will be asked for you email address again. Once again, your password will be sent to your email address. You then need to input your phone number.
You now have a real account, and can click in the upper right on the blue “Deposit Funds” button to make your first deposit.
Account and Bonus Tiers on Binatex
As of right now, the only deposit method listed is credit card, which is not so great. The minimum deposit size is just $10 however, which is great.
There are deposit tiers:
- Min: $10, 100% bonus
- Novice: $50, 100% bonus
- Skilled: $300, 100% bonus
- Expert: $1,000, 100% bonus
- Professional: $3,000, 100% bonus
Strangely, the bonuses were all 60% or less when I checked previously, but when I referenced the deposit page again, they had changed. Perhaps the company randomizes their offers. If you wish, you may reject the bonus.
I will mention at this juncture that there is also a promotion on called “Lucky 50.” This is a drawing where 50 customers are selected at random to receive $100 each.
Coming back to the account tiers, there is no difference between them aside from the bonus amounts. All of the tiers include the same features.
Trading on the Binatex Proprietary Platform
The Binatex trading platform is proprietary, rather than being a white label product like SpotOption. It is elegant, straightforward, and easy to use.
On the left at the top, you will see a chart for the asset which is open. You can select other currencies or stocks from the dropdown (there are no indices or commodities).
On the right is the trade ticket where you can put in an amount (anything from $1 to $1,000), and select an expiry time (anything from 1 minute up to 4 hours). You can then pick “High” or “Low” (the only trade type offered). The payout can be viewed below that.
Across the bottom of the trade page are several more features. On the far left you can view trading signals or watch training videos. In the center of the page you can view the tournaments which are currently running. Your trade history and open positions are displayed on the far right.
The selection of training videos as well as the articles on the site actually seems to be pretty good. These materials do not just introduce you to the basics, they actually go into real strategies which you can use to profit.
Fees on Binatex
One of the more confusing aspects of Binatex is the fee structure. The website contains contradicting information.
In the FAQ, under “What are your withdrawal and deposit fees?” the site states, “We do not charge fees to withdraw means from account.” Nonetheless, on another part of the site (at the bottom of the page), I saw a statement that implied that commissions were charged for deposits and withdrawals.
The terms and conditions page mentions a $10 minimum for withdrawals. The only other fee it mentions are commissions of “3% of each transaction made by the affiliate’s customers up to 50% of the amount of deposits.”
This means that affiliates earn 3% on every transaction for the customers they refer (up to the stated limit). Does it imply that 3% is taken as a fee directly from those customers? With this language, it is hard to say, so this too is very hazy.
Binatex Customer Service
Another major drawback with Binatex is the lack of real-time customer service. If you want to reach the team, you can only do so by using a web form or by sending an email. There is no telephone number and no live chat. This to me is a big red flag. It does not necessarily mean you cannot trust the company, but it does mean that if you need help fast, you may not get it.
Conclusion: Binatex Stands to Improve
Are there some good things about Binatex? Yes. The instant demo account is pretty awesome, and the training videos and articles actually are helpful for those who are trying to learn strategies. Aside from that though, there are some issues which are concerning. With no live customer service, unclear fee terms, only one deposit method available, and informational gaps on the site, Binatex comes across as a bit unprofessional. If they polish up their game, they might eventually be worth a second look. Until then, there are better sites for trading.