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BinaryCent Review 2024

Publisher

April 9, 2024
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BinaryCent Review

Finding a good broker is necessary to begin, or continue your binary options career. Binarycent offers to be the broker that meets the desires of any user around the world. With 100+ assets and a simple interface, BinaryCent could prove to be the go-to place for traders all around the world. The relevant question, however, is if it is the right broker for you.

In this Binarycent Review, we will discuss the broker’s features, observe its trading platform, account types, and fees, and give you all the necessary information that you’ll need when making your choice whether Binarycent is the ideal choice for your options trading career. At the end of this review, you will know whether Binarycent is the perfect choice for you.

 

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What is Binarycent?

Binarycent is an online binary options broker that specializes in the trading of binary options, forex, and CFDs. The broker was founded in 2015 and is currently located in the Marshall Islands. Binarycent provides users with 100+ trading assets to trade forex, crypto, commodities,

As far as regulations go, Binarycent does not fall far from many other options brokers on the market. They present a high trading risk due to the uncertainty of the regulator by popular standards. The broker claims to be regulated by Forex regulators IFMRRC. As far as we can tell, this agency is largely unknown and unrecognized in the financial markets, making its regulatory policies to be untrusted. Having a broker like Binarycent under its list of licensed companies means that its services still cannot be trusted, especially in securing individual funds.

Binarycent offers an intuitive platform that provides users with a quick overview of its services without requiring extensive background checks. There is currently no mobile trading app attached to this broker. All of its services are limited to its website platform. On mobile phones also, the only way to access the platform is via the web. However, users are advised to conduct their trades on a computer or laptop as the platform is not suitable for phones.

The user interface is excellent, and navigating the platform is straightforward. Similarly, the broker’s trading platform operates on a proprietary system accessible directly via the website, eliminating the need for software downloads.

Binarycent equips its platform with various market analysis tools, including chart tools, indicators, and a custom copy trading feature that allows users to replicate expert trades. The platform is user-friendly, allowing traders to set up trades within seconds and providing leverage of up to 1:500. Users can begin trading on the platform with as little as $0.01, with more than 15 currencies available.

In terms of minimum deposits, Binarycent’s requirement is relatively high compared to the standard market price, as users need to deposit at least $250. While this is seen by some as outrageous, the demo account also cannot be accessed without making the initial deposit, betraying the point of a demo account.

One of the most unique features of Binarycent is its very fast withdrawal processes, within an hour of processing time. The platform also offers a variety of payment options for users to select from.

Unfortunately, there isn’t any information about the company on its website for users to learn.

Pros and Cons

👍 Pros👎 Cons
✅ It provides a simple platform for trading❌ Minimum deposit of $250
✅ Quality technical and analytical tools are available❌ Not regulated
✅ Bonuses up to 200%❌ Limited information about the web platform
✅ Fast withdrawal processing❌ A demo account is not free.
✅ Multilingual customer support
✅ Good range of Payment options

 

Binarycent Trading Platform

The Binarycent trading platform is designed to suit the varying styles of traders on the platform. It is a platform that is easy to navigate, with a simple interface for the selection of trading options, as well as tools for maximizing profits on the market.

The Binarycent trading platform is inbuilt, and can only be accessed through the web terminal. This eliminates the need to download software off of the internet, as trades can be done directly and with a few clicks.

The biggest advantage of the Binarycent trading system is that users can open trades with as little as $0.01 and within timeframes as short as 5 seconds for a trade. The platform also offers payouts of up to 98%. This makes the platform highly engaging for short-term traders.

The broker has also integrated various charting tools and technical analysis tools for users to benefit from, including a TradingView terminal for proper market analysis. There is also a copy trading tool available for inexperienced users to copy the trades of successful traders.

In addition, traders can easily switch through markets, especially the forex and CFD markets with a single tap.

 

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Binarycent Demo Account

Binarycent offers a simple demo trading account where users can practice without actually risking any real money. The demo trading platform is the same interface as the real market account. So that means users get real-time market data and access to tools for trading.

The demo trading account is free to users after opening an account with Binarycent. The account comes with a complimentary $10,000 of virtual funds for practice. The demo account also comes with a quick tutorial on how to start trading in case the user is inexperienced. The interface is simple and easy to navigate. Traders can also switch between the demo account and a real account at any time through the option at the top of the trading screen.

 

Binarycent Account Types

To meet the varying demands of traders on the platform, Binarycent has provided three auxiliary accounts for its customers. These are Bronze, Silver, and Gold. These various account types suit the different trading styles and offer different features for traders on the platform. Let’s take a look at the distinguishing features.

 

Bronze Account

The bronze account is the lowest of the account types for users to select on Binarycent. The account comes with a minimum deposit of $250, 24/7 live video chat, a Demo trading account, access to copy trading tools and a 20% deposit bonus.

 

Silver Account

The silver account is the most commonly traded account on the broker. Like the Bronze account, the Silver account also provides a demo trading account, 24/7 Live video chat, and access to copy trading tools.

The difference in accounts begins with the minimum deposit amount. For the silver account, users cannot deposit less than $1,000 into their accounts.

The account also comes with a 50% bonus, three “free” risk-free trades, and access to a Master class (web session).

 

Gold Account

The Gold account features all of the features from the Silver account, and:

  • 100% bonus
  • Minimum deposit of $3000
  • A personal success Manager.

All of the account types on Binarycent process withdrawals within an hour of the request time.

 

Binarycent Assets and Markets

Binarycent is an options and CFD platform that provides traders with the following assets on its platform:

  • Forex pairs
  • Cryptocurrencies
  • Stocks
  • Indices
  • Commodities

Contract for Difference (CFD) trading provides leverage of up to 1:500, allowing traders to amplify their exposure to financial markets. In contrast, binary options offer potential payouts of up to 95%, based on correct predictions of asset price movements.

Furthermore, CFDs offer access to a diverse range of over-the-counter (OTC) assets, including both major and minor forex pairs. These assets can be traded with a minimum contract duration of just five seconds.

In summary:

  • CFDs: High leverage (1:500) and broad asset selection.
  • Binary options: High potential payouts up to 95%.

 

Binarycent Fees, Commissions, and spreads

Binarycent fees are not clearly stated on the website, making it lack transparency and trust in that area.

 

Commissions

BinaryCent does not charge any additional commissions for deposits or withdrawals. For each trade, the commission amount varies based on the trading amount.

 

Spreads

BinaryCent offers floating spreads for CFD (Contract for Difference) and binary options trading. Unlike fixed spreads, floating spreads can vary depending on market conditions.

Unfortunately, there is no specific fixed rate for spreads, but clients can enjoy leverage of up to 1:500 with a 95% profit margin rate.

 

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Getting Started With Binarycent

Binarycent has provided a fairly simple method for users to get started on the website. To begin trading on the broker, there are three easy steps that you need:

  • Signup with Binarycent
  • Fund the account
  • Start trading

 

Binarycent Signup Process

Signing up on Binarycent has been made straightforward for even the newest of traders. In a few seconds, you can get started on Binarycent. All you have to do is head over to the website and click on the signup option.

 

Once there, you will be asked to input your email, form a strong password, and input your phone number, after which you will choose what currency you wish to open the account with. Agree to the terms, and click next. That’s it! You have successfully opened an account with Binarycent.

 

Fund your account

The next step for you is to fund your account. This will require that you select an account type that you wish to trade with. The minimum deposit amount is $50 for the Bronze account. Silver account will require $1,000, and Gold, $3,000.

After selecting an account type, you will need to select your payment method. The options available are bank cards, electronic payments, and cryptocurrency payments. Proceed to process the payment, and once it has been confirmed, it will be reflected in the account.

 

Start Trading

The last step is to begin trading on Binarycent. Go over to the trading platform, and switch from the demo account to the live account. Select an asset, analyze the markets, and open a trade. The timeframe for trades is as low as 5 seconds to as long as 1 month. The payouts on trades can be as high as 95%.

 

Binarycent Deposits and Withdrawals

Binarycent provides a fast and effective selection of payment methods for deposits and withdrawals. Let’s observe a few of them.

 

Deposits

To fund your BinaryCent account, you have several options:

Major Credit Cards: You can use VISA and Mastercard for quick deposits.

Cryptocurrencies: BinaryCent accepts Bitcoin, Ethereum, Dash, Litecoin, and other altcoins via crypto wallets.

eWallets: Skrill, WebMoney, and Neteller are also supported.

The minimum deposit required to open an account with BinaryCent is $250.

 

Withdrawals

BinaryCent ensures fast and secure withdrawals. All withdrawals are guaranteed within 1 Hour. Withdrawal methods include:

Credit/Debit Cards: Instant transfers with VISA, MasterCard, and many others.

Bank Wires: Transfer funds using bank wires.

Digital Wallets: BinaryCent accepts various digital wallets, both country-specific and international.

BinaryCent does not charge transfer fees, but third-party fees may apply. Note that during weekends and public holidays, funding time may be delayed.

 

Binarycent Regulation and Licensing

As far as regulations go, Binarycent is not a trustworthy broker. It claims to be licensed by the IFMRRC, which is a largely unrecognized regulatory body.

The licensing of any broker ensures the safety of user funds, especially in cases where the broker engages in illegal financial practices. Binarycent isn’t licensed by any known regulatory body or government agency, making it an unreliable platform.

Even though there are measures in place to secure customer funds, it is still a major drawback for certain potential traders.

 

Binarycent Bonuses

BinaryCent rewards its traders with bonuses based on their initial trading deposits. The bonus amount depends on the deposit size and can reach up to 100%.

  • Bronze Account: For deposits of a minimum of $250, traders receive a 20% bonus.
  • Silver Account: With a minimum deposit of $1,000, traders enjoy a 50% bonus.
  • Gold Account: Gold account holders receive an impressive 100% bonus.

One-time trading credits and bonuses are given to customers as part of Binarycent’s promotional campaigns. The terms and conditions governing bonus incentives are subject to change, and a majority of these bonuses have time limits.

 

Binarycent Customer Support

Binarycent offers a top-notch customer support system that brings ease and convenience. Users can decide to reach customer support via email, or direct call across six different call lines. They also offer multilingual support in English, Spanish, Chinese, and more.

The responsiveness, helpfulness, and efficiency of BinaryCent’s support staff have been highly acclaimed by traders. BinaryCent promises to respond to all inquiries within a day, whether you have questions, need help or want to solve a problem.

 

Binarycent Security

SSL Encryption

BinaryCent ensures the security of personal data through SSL (secure sockets layer) encryption. SSL encryption is widely used across the internet to protect data during transmission.

 

Verification by Visa and Mastercard

BinaryCent is verified by Visa Inc. and Mastercard Inc which adds an extra layer of trust and security to their services. These verifications help ensure the legitimacy of the platform and its adherence to industry standards.

 

Client Fund Safety

Despite being an unregulated broker, BinaryCent takes client security seriously. They store client funds in European banks, which provides an additional level of safety for traders.

 

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Bottom Line

There have been many speculations about the safety of funds on Binarycent. The truth is that this broker, though unregulated, has done well to ensure that user funds have remained safe over the years.

Another thing to note about the platform is that while its homepage mentions that the minimum deposit is $250, you can access the bronze account with as little as $50. This is quite contradictory, and may even be seen as unprofessional by some.

Above all, Binarycent provides a great trading platform that appeals to any class of traders and is easy to navigate. Potential users can open an account with this broker at their own risk, and be sure to have gone through all of the pros and cons of the broker that have been highlighted in this review.

 

FAQs

Is Binarycent available in the US?

No – Binarycent is not available to US traders due to its regulatory issues and the concerns that follow it.

 

Is Binarycent Good for Day Trading?

Binarycent is a good broker for day traders. Day traders can open trades for as little as 5 seconds.

 

How long does it take to process Withdrawals On Binarycent?

Binarycent processes Withdrawals within an hour of request. This applies to all the account types on the platform.

 

Is Binarycent A Safe Broker?

According to our research, Binarycent provides good features and security for user funds. There is no other cause of doubts about the platform except that it is unregulated. Aside from that, Binarycent poses as a safe broker.

 

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