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Binex Review - is it scam or safe?

Binex Review - is binex.trade scam or good crypto exchange?

RATING: 2 / 1 REVIEWS ForexBrokerz Binex
Binex is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Leverage Trading Fee
Standard 1:3 0.20%

 

Like many other similar projects, Binex started out with a token crowd sale. It has achieved its crowd-sale target of 18 million USD worth BEX and has now entered a pivotal testing phase prior to the official launch of the exchange scheduled for August 28th.

 

Singapore-based Binex is planned as a decentralized cryptocurrency exchange where users will be able to trade in BTC, ETH, USDT and its native token BEX, which is based on an ERC20 Standard.

 


Binex Advantages


Competitive trading fees 

Binex plans to apply a fixed fee of 0.2% on all trades, and says it may  introduce a maker-taker, volume-based tiering at a later stage.This is a competitive pricing which is in line with the industry average of 0.20-0.25%.

 

BEX tokens generate recurring income

The native token of the exchange BEX entitles token holders to a 70% share of the daily revenue generated at Binex. This sounds like  good offer.

 

Margin trading to be available

Another advantage of Binex is that it intends to offer margin trading to its users. It mentions leverage levels of 1:2 and 1:3 and also notes that this may incur additional fees  or interest on the borrowed amount. Leverage increases buying and selling power by providing traders with virtual capital. That being said, some forex brokers offer higher leverage levels for trading in cryptocurrencies.

 


>>Bitcoin forex brokers<<

 


However, keep in mind that those companies actually offer cryptocurrency CFDs, which isvery different than going at an actual exchange, so be sure to read our guide before venturing forth.


2FA will be supported

The exchange will place emphasis on security and is building a 5-layered system that includes 2FA and other security features. The 2FA is a popular and nice security measure, which prevents someone who somehow obtains your password from accessing your account (they will also need your mobile phone).


Listing the actual company 

Binex names the legal entity which is behind it, Cryptex Pte Ltd., as well as the country of their operation. While this is not much, other companies in the crypto space share less with potential customers.

 


Binex Disadvantages


Not launched yet

Of course, the major disadvantage of Binexis that it is not operational yet. When it launches, there may be bugs and other issues. Besides, we are about to see whethere everything goes as planned.


Only several coins, no fiat currency support 

 

 

As we mentioned in the beginning, Binex will offer trading in BTC, ETH, USDT and BEX. This is a rather limited crypto portfolio. Most exchanges offer a wider selection of altcoins, and many of them also support fiat currencies. The latter is especially convenient for newbies who are yet to enter in the world of cryptocurrencies and don’t have wallets yet. In case you are one of them and would appreciate the opportunity to deposit directly with your credit card, check out the below link.

 


>>How to buy Bitcoin with a credit card<<



Conclusion


The develiopers of Binex promise that it will be “technologically upgraded and profoundly intuitive” platform for trading in cryptocurrencies. It is planned to go live on 28th Aug 2018.

 

The company owning the brand, Cryptex Pte Ltd., is registered and headquartered in Singapore. Like most companies in the crypocurrency space, it is not regulated. Those of you who would rather trade with a licensed entity, may check out the link below.

 

 

 >> Our list of regulated bitcoin forex brokers <<

 


Here is a summary of the current state of Binex:

 

Pros Cons
Competitive trading fees Not launched yet
BEX tokens generate recurring income Only several coins
Margin trading to be available No fiat currency support
2FA will be supported Not regulated
Listing the actual company  

 

Latest news about Binex
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