If you are here to find out whether Binax Trade is scam or legitimate before investing in this company, then you made the right decision. Read this review to understand that BinaxTrade.com is a outright scam that you have to avoid in order not to lose your deposit.
About Binax Trade
Binax Trade claims to be a reliable, simple and innovative portal trade online. Traders can trade multiple assets including crypto currencies, stock indexes, commodities and Forex with a simple Forex based platform.
Minimum deposit to start trading with Binax Trade is $250 and there are over 20 payment systems to take money from you.
Binax Trade boasts of fastest trading using modern technologies.
Should you trust Binax Trade?
It didn’t take us much time to realise that Binax Trade is a bogus broker that you have to stay away from. It is a fraudulent trading platform that will take money from people and doesn’t allow any withdrawal. They are certainly not licensed anywhere in the world.
The broker provided a document that appears to be a US broker license.
The document you probably saw on their website is not a real US license.
A real financial license For Forex broker in USA is issued by the US Commodity Futures Trading Commission(CFTC) and the National Futures Association (NFA). Only when a broker bears these licenses, it is authorized to solicit funds from US clients.
Which means that Binax Trade is faking documents on its official website. The lack of appropriate license also means that its investment offer is illegal, because it is not authorized by a US financial regulator.
So the company is lying and breaking the laws in the USA at the same time. This alone makes it a very dangerous investment platform that everybody should avoid.
- Binax Trade is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like Binax Trade do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Is Binax Trade Safe?
Binax Trade is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
Binax Trade is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How Binax Trade works?
It is risky trading with an unregulated broker like Binax Trade, as most of them turn out to be scams. Problem starts immediately you make a deposit to a scam platform. They will use many tactics to make you deposit more.
Scammers will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
Binax Trade will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
Binax Trade is a scam Forex or CFD broker that is not registered nor authorized anywhere in the world. In fact, the broker is breaking serous laws in UK and the US.
No legit broker will fake their address or forge documents in order to feign legitimacy.