Binanfx – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Binanfx - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://binanfx.com
Founded: 2020
Regulations: Not Regulated
Languages: English
Deposit Methods: Wire Transfer
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: 250+
Types of Assets: Forex, Commodities, Cryptocurrencies, Index, Sharing CFDs
Trading Accounts and Conditions
Binanfx provides hardly any information about their trading accounts and trading conditions.
We do not know if this broker offers a variety of account types. We also don’t really know what the trading conditions actually are. On their home page, this broker states that they have spreads starting from 0.0 pips and leverages that are up to 1:500. However, there is no minimum deposit requirement mentioned directly. The broker only states that they have a wide range of funding and then they show a $0 upwards sign – we don’t really know what this means. There is also no mention of commissions and other fees.
Binanfx – Advantages
There are no advantages to trading with Binanfx.
Binanfx – Disadvantages
Given below is the list of disadvantages that tells us that Binanfx is a scammer:
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Unregulated and Blacklisted Broker
The first clear sign of Binanfx’s fraud is the fact that they are unregulated and blacklisted. Let us explain in detail.
Regulated brokers ensure that all their corporate details – their parent company, their location, contact details and their regulation status – are clearly updated on their websites.
With scammers, most of these details are either missing or fabricated. In Binanfx’s case, it is both. We find that on their homepage, this broker claims to be regulated by the ASIC – the Australian Securities and Investments Commission, and that their brokerage is run by a company called N 26 PTY LTD.
However, when we went through their Terms and Conditions section, we found out that this broker had named the Netherlands as their base of operations and not Australia.
It is a simple matter to verify these claims. We first checked the ASIC’s online database to see if this broker was regulated by that authority. We found out that Binanfx was not, in fact, regulated by them. We also checked the Netherlands’ AFM’s – the Netherlands Authority for the Financial Markets – online register. Once again, we came up empty. This broker is not regulated by either authority.
The interesting thing is that during our search for this broker’s regulatory status, we found out that another European regulation – the Italian CONSOB (Commissione Nazionale per le Societa e la Borsa) – did have something on Binanfx.
The CONSOB has blacklisted this broker for operating in their jurisdiction illegally. The regulator clearly states that this broker cannot be trusted and is running a scam.
This is more than enough evidence to let us know that we cannot trust Binanfx at all.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Platform
We also have numerous issues with Binanfx’s trading platform.
Regulated brokers make sure that they offer their clients the best trading software in the market such as the MetaTrader 5 platform. Such kind of a platform offers traders a wide range of tools for trading.
However, with Binanfx, we find that this broker offers their clients a very poorly constructed trading platform, one that barely functions at all. Added to this, we find that this trading platform isn’t even licensed under their name; there is a completely different domain name given in this platform: www.chartcandl.com.
In our research, we also found out that this very trading platform is also used by another scam broker – www.makeprofit24.com.
All of this tells us once again that Binanfx is a scammer, and with the evidence mounting, they could actually be part of a serial scam operation.
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Issues with Trading Conditions
We also need to point out all the issues we found with Binanfx’s trading conditions – or lack thereof.
First, we do not have any information on the types of trading accounts they offer. Regulated brokers offer their clients a range of trading accounts, each with their own customized trading conditions. With this broker, there is zero information about this aspect of their service offering.
We also have not information on the minimum deposit, though the broker does claim that you can start an account with a zero balance. This does not make any sense since a trader needs some funds to be able to start trading with a broker.
As for the spreads, which the broker states start at 0.0 pips, we have no way to verify if this claim is true or not. Added to that, we do not have any information on the commissions and fees, so this is just more incomplete information.
The leverage of 1:500 clearly tells us we are dealing with a scammer, since leverage ratios in the EU have been capped at 1:30!
Just by looking at Binanfx’s trading conditions we can tell that we are dealing with a shabby scam operation.
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Lies About Payments
On their website, Binanfx claims to offer a wide range of payment methods – Visa, MasterCard, Neteller, Bank Transfer, Skrill, and Cryptocurrency (Bitcoin). It sounded really good, so we decided to verify it by checking their payments section.
We found out that none of these payment methods actually work! In fact, there is only one way that you can make deposits with this broker, and that is via wire transfers. And this information was only available to us in the withdrawal menu – not the deposit menu!
We need to point out that most wire transfers are irreversible transactions. This means that once you have made a payment using this payment method, it is not possible to get your money back. And this is exactly what scammers want.
This is why they offer payment methods that have irreversible transactions. In fact, most scammers prefer to use cryptocurrency payments since these transactions are not only irreversible but also anonymous!
Conclusion
Binanfx is not a broker that you can trust; they are scammers and investing with them will lead to loss of funds.
Binanfx
Pros
- None
Cons
- Unregulated and Blacklisted Broker
- Issues with Trading Platform
- Issues with Trading Conditions
- Lies About Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more