Binarycent review: Is it a Scam or a Legitimate Broker?

This Binarycent review aims to determine if this binary options platform is a legitimate trading opportunity or a potential scam. Binarycent is owned by Finance Group Corp, based in Vanuatu, and operated by Suomen Kerran LP, located in Scotland. It’s important to note that this broker is unregulated and accepts traders from the USA.

Binarycent Unregulated Status and Website Issues

One immediate concern in this Binarycent review is the platform’s unregulated status, especially given its acceptance of USA traders. The overall impression of the Binarycent website itself is that of an unfinished project.

For instance, the FAQ section is notably sparse, lacking comprehensive information, and some tabs are entirely blank. This lack of detail contributes to a sense of unreliability and potential dishonesty.

Binarycent Account Tiers and Minimum Deposit

Should you consider opening an account after this Binarycent review, there are three tiers available:

• Bronze
• Silver
• Gold

The Binarycent minimum deposit is $250, which is standard across the industry. However, a significant advantage is the ability to place trades with as little as 10 cents, a much lower threshold than the typical $10-$25 on most other binary options platforms. This feature is beneficial for those seeking to minimize risk.

Binarycent Accepted Currencies and Payment Methods

Binarycent supports deposits in USD, EUR, GBP, and RUB. Additionally, clients can use various cryptocurrencies as their trading account unit. The platform offers a wide range of deposit and withdrawal methods:

• Credit/Debit Card
• Wire Transfer
• Bitcoin
• Litecoin
• Ethereum
• Perfect Money
• QIWI
• Neteller
• WebMoney
• OKPay
• Alipay
• Skrill

Binarycent Demo Account and Inaccuracies

There’s confusion regarding the availability of a Binarycent demo account. While a customer testimonial mentions one, no other part of the site confirms its existence. This is concerning, especially as the same page contains other inaccuracies.

For example, the site falsely claims over 100 assets when only 27 are available. It also states you can trade stocks, currencies, indices, and commodities, but in reality, only currencies (including crypto) and commodities are offered.

Binarycent Features and Educational Resources

Binarycent is not particularly feature-rich. Even Gold account holders receive only a few extra benefits, such as a personal success manager, a prepaid card, and three risk-free trades. Educational resources are limited to basic trading videos and the FAQ section, with mentions of web sessions.

Binarycent Withdrawal Problems and Fees

Regarding fees, Binarycent is relatively straightforward. There’s a minimum withdrawal threshold of $50. A $50 fee applies only to international wire transfers; otherwise, there are no withdrawal fees. This helps to mitigate potential Binarycent withdrawal problems related to excessive charges.

A turnover fee of 1x applies even if you don’t accept a bonus. You can avoid this by paying a 20% fee for your withdrawal. While not ideal, it’s less severe than the 20% fees seen on some other platforms for all withdrawals.

Trading on Binarycent

Binarycent utilizes a proprietary trading platform. The platform is visually appealing and allows for trades as low as 10 cents, with no maximum trade size. However, the trading options are quite limited.

Despite listing “Turbo,” “Intraday,” and “Long Term,” these are essentially all basic High/Low trades with varying expiry times. Unlike other platforms offering One Touch, Range, Pairs, or Ladder trades, Binarycent provides only one basic trade type across its 27 assets, making it less flexible for binary options trading.

Binarycent Scam Allegations and Reputation

A curious detail on the Binarycent homepage is a logo claiming “Best Broker 2015 Fair Binary Options.” This is highly questionable for two reasons: the site launched in 2017, and a Binarycent review on Fair Binary Options is decidedly unfavorable. This discrepancy raises significant concerns about a potential Binarycent scam and the platform’s honesty.

The fact that Binarycent is unregulated and accepts Binarycent USA traders, combined with these inconsistencies, contributes to a negative perception. Traders should exercise extreme caution when considering this platform.

Verdict

Based on this comprehensive Binarycent review, several red flags emerge. The platform’s unregulated status, the unpolished and inaccurate website content, limited trading options, and misleading claims regarding awards and assets all point towards a potentially unreliable broker.

While the low minimum trade amount and diverse payment options are appealing, the overall lack of transparency and the concerns about a Binarycent scam outweigh these benefits. Potential Binarycent withdrawal problems could also arise due to the platform’s questionable operational practices. Traders, especially Binarycent USA traders, should consider more reputable and regulated alternatives.