Complaints about Binarycent
Over the course of my trading career, never have I ever stumbled across such a humongous collection of broker complaints. Almost all the complaints are genuine.
Although making a deposit at Binarycent is a piece of cake, making a withdrawal is usually impossible. This is mainly attributed to their 100% turnover bonus requirement which is unreasonable to say the least.
They are such low-lives to even scam a couple of bucks from this trader who couldn’t help but voice his disappointment at ForexPeacearmy.
Here is what he had to say.
“Of course, they always quote their Terms which have been changed to best fit their words. Luckily, I have black on white their old Terms with a timestamp where it is completely clear that they had changed some text in their ToS, especially the minimum withdrawal amount to $50.
These people will simply not pay you! Stay away from such fraudsters! “
I also agree with this other trader.
“Hello I am posting so others do not get scammed like we did. My name is Rebekah Short. In early December we deposited $10,000 with BinaryCent.com. Yes, I know that was our first mistake. 🙁
After quickly realizing things were not all that they seemed, we asked to withdraw our funds. They said there was a 20% penalty….even after a few hours. Fast forward 4.5 months….we’ve called, emailed probably 100 times. At first they faked that they were working on it, then eventually they wouldn’t even respond. We have kept after them, perhaps it’s pointless, we just hate the thought of losing our hard earned money that way. Please avoid them at all costs! We’d love to get our money back even if we did have to take the 20% penalty at this point. It’s still better than nothing. :-(“
They ran away with $10k! That’s unacceptable!
Here they “stole” $1k after accepting a withdrawal request.
“I have emails now going back over a week. I requested to have my money withdrawn. The request was initially rejected. Then after having to beg and plead with them it was finally approved. However, the money is nowhere to be found now. Its not in my “binary cent account” nor is it back in my coinbase account. The support staff appears to be a bunch of scumbags that pretend to listen to you and keep telling you to email the finance department. The “finance dept” has no number or any way to actually speak to someone. I have over 30 emails between me and my “success manager” as well as the finance dept. I even accepted their 20% commission on almost $1000 usd and I still don’t have my money. This is one of the frustrating experiences of my life”
Binarycent Trading platform manipulation
I found several price manipulation complaints. With price manipulation, a trading platform freeze is a common occurrence and an “out of the money” outcome is guaranteed.
Here is what a trader had to say.
“Binarycent stole me hundrend of €…manipulation of the price…the support was absent….i can’t write good en english…i just can say Binarycent is shit…avoid it!!!!”
And another one…
“took money pretty quicky.. said i was closing a trade at double profit but never received either stake or profit.. tried to talk to the live chat but there just laughing at you and cutting you off or telling you to email support who were no help at all.”
Review of BinaryCent trading broker
Introduction of the review
Binarycent is a relatively new binary options broker established in 2017. Binarycent is owned and operated by finance group Corp. From their website, there’s no mention of their main offices or any regional office for that matter.
When this review was been written, Binarycent was yet to get a license from any regulatory body. A simple check at CySEC’s website returned zero results which means they are even yet to apply for a license.
As you can see in the screenshot of their homepage below, they say “Reagulated” but you cannot find anywhere on the website the regulator body or commission.
Trading Platform, Minimum trade, Trading Assets &Expiry Times
Binarycent offers trade on a proprietary trading platform. The platform is available online and you only need a stable internet connection to start trading. In addition, when using the trading platform, I was not prompted to install any third-party software. In terms of accessibility and navigation, the platform functions seamlessly. However, the trading platform does not execute trades fast enough and the platform tends to freeze a lot. Also, their price quotes are questionable. Unlike most reputable binary options brokers, they are yet to release a mobile trading platform. As a result, using the desktop version will be your only option and it could be of little use if you are a frequent traveller.
Binarycent offers an acceptable range of trading assets including currencies, commodities, indices and stocks. Assets available can be traded with several options including the classic Call/Put. Although they offer a wide array of expiry durations, they currently don’t offer 60 seconds trading. Their payouts are relatively low where a trade can attract a payout as low as 65%.
Withdrawals and deposits with Binarycent
Binarycent offers an assortment of deposit methods. I was able to deposit using my credit card. However, I could have deposited using cryptocurrencies such as Ethereum, Altcoins and Bitcoin, Neteller, Skrill, Perfect Money and Vload. The deposit reflected almost instantly.
However, when I tried to make a withdrawal, they took their time before accepting/denying my withdrawal request. Actually, I was not able to withdraw from this broker.
There are no hidden fees on open positions. What you see is what you get. However, I was charged standard transaction fees when making a deposit.
Binarycent Demo Account
Binarycent offers a demo account. However, you have to commit financially before you are granted access to the demo platform. Of course, the profits or losses made on the demo platform are not transferrable to the live version.
BinaryCent review summary & Your reviews
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