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BinaryCent Review - is it scam or safe?

BinaryCent Review - is binarycent.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS
BinaryCent is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Standard $250 1:100 1.4 pips

 

BinaryCent is a hybrid broker offering trading in both forex and binary options on one and the same platform. Besides, it places a focus on cryptocurrencies, which recently enjoy an increasing interest among traders of all sorts.

 

In the present review we will concentrate on the forex trading aspect of BinaryCent.

 

BinaryCent Advantages

 

Wide range of assets available for trade

Whether you are keen on trading FX pairs, CFDs, binary options, cryptocurrencies, BinaryCent has them all. That being said, you can trade in Bitcoin and a number of altcoins both in binary options and in forex mode.

 

Nice in-house all-in-one platform

The web-based trading solution, provided by BinaryCent is an interesting hybrid (forex and binary) trading platform with nice intuitive interface and a lot of useful features. You can switch from the Forex/CFD to Binary interface and vice versa by selecting one of the links in the top left corner of the platform. Besides, mobile apps for iOS and Android devices are also available.

 

The Forex/CFD interface is actually quite advanced with charting provided by TradingView, and all the perks that come with it. Here is a preview:

 

 

BinaryCent' Forex/CGD web platform. Click on the image to zoom in.

 

A lot of payment methods supported

BinaryCent offers its clients a plethora of payment methods. Apart from credit/debit cards, they can use Skrill, Neteller, PerfectMoney, and a lot of cryptocurrencies.

 

BinaryCent Disadvantages

 

Registered offshore, unclear company background

According to the information on its website, BinaryCent is owned by Cent Projects Ltd., which operates on behalf of FGC, "holding financial services license". However, in the User Agreement we found that the company is actually registered in the Seychelles.

 

Companies registered offshore are not licensed, nor monitored by a reliable governmental agency and are generally not recommended.

 

No free demo accounts

This broker offers demo accounts, but you have to open a live one first, which makes no sense. All decent forex brokerages provide the option for free demo accounts, so that traders can taest their services

 

MetaTrader 4 platform not available

BinaryCent uses its own web platform and does not support the MT4. Many brokers who have developed a trading platform of their own, also offer the MT4, because it is top-rated and most traders prefer to trade on it.

 

 

>>Choose a MT4 broker<<

 

Comparatively high initial deposit required

In order to open an account with BinaryCent, one has to deposit at least $250. Such initial investment required is slightly high, considering that this broker is not properly regulated. By comparison, you can start trading with easyMarkets by depositing just $100.

 

Conclusion

 

BinaryCent is hybrid broker (forex and binary), that offers plethora of financial instruments for trade, including a lot of digital assets like Bitcoin, Ethereum, Ripple, etc. It obviously tries to ride the cryptocyrrency wave, as it also accepts deposits in many digital coins. Another strong sides of BinaryCent is its advanced web-based platform, however it feels a bit slow, and cannot be compared to the renown MT4.

 

Despite the above said, BinaryCent is not recommended, because it is not regulated and could be a scam broker. If you are into cryptocurrencies, we suggest that you take a look at the our list of trusted forex brokers that offer trading in Bitcoin and other digital assets.

 

>> Regulated forex brokers offering Bitcoin trading<<

 

Here is our recap of BinaryCent:

 

Pros

Cons

Rich product portfolio

Offshore broker

Advanced proprietary web platform

No free demo accounts

A lot of payment methods

MT4 not supported

 

Comparatively high initial deposit required

 

Latest news about BinaryCent
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Traders` reviews for BinaryCent

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

Pros

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Scammed by binarycent Africa

A total scam that took away thousands from a group of people in South Africa. DON'T INVEST IN BINARYCENT AFRICA.

Shamil Chundan Ramjathan 03/02/2018
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