The Review of Binarycent
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If you are interested in making financial investments, it is likely that you are reading this because you want to do so.
However, this is not a straightforward issue, particularly if you are located outside of the United States (like most people do). You can have all the dedication and perseverance in the world, but if you live in a country that isn’t covered by most brokers (or just good brokers), or if the international brokers that are available to you are too expensive, you might feel like you’re stuck between a rock and a hard place despite your best efforts.
If you were able to identify with any of the statements made in the preceding paragraph, you should investigate Binarycent. Along with providing consumers from all over the world with reasonable access to a variety of markets, this brokerage also provides them with a platform that is quite user-friendly and straightforward.
Before we go any further, there is one thing that has to be made perfectly clear: this is not your normal brokerage. Even though it is a legitimate business, it will not offer you the same services that the majority of brokers that you have probably heard of do because it is controlled by a corporation that is registered abroad.
The trading of asset types such as CFDs, cryptocurrencies, and most importantly binary options constitutes the primary focus of Binarycent’s operations. Trading options carries a level of risk, and there is a school of thought that believes options trading will be the catalyst for the next stock market bubble. Binary options are much riskier than traditional options, but if you go into the trade prepared and know what you’re doing, you have the potential to make a lot of money from them.
Despite being a low-cost and easily accessible brokerage, the firm trades in investments that are high-risk. Binarycent’s low pricing may be enticing to novice traders, but in order to make effective use of the features that it offers, a certain amount of experience and expertise is required.
Let’s get down to the nitty-gritty specifics of this somewhat uncommon brokerage now that we’ve covered the fundamentals of it.
Binarycent is a trustworthy and easily accessible brokerage that provides traders with competitive commissions for the trading of binary options in addition to copy trading tools and an easy-to-use website.
A Few Quick Facts
• The bare minimum for an account is $250
• Stock trades cost nothing, but options transactions cost nothing per trade plus $0.65 each contract.
• Ideal for traders located outside of the United States, traders with limited financial resources, and option traders
• Emphasize the platform’s user-friendliness, accessibility, and cost, as well as its copy-trading function
Rating
• Usability:9/10
6.5 out of 10 for Research and Education
• Help and Customer Service: 8 out of 10
• Commissions & fees:9/10
7.5 out of 10 for Tools and Resources
• Overall:8.5/10
What exactly is this Binarycent?
Binarycent is an online brokerage that operates out of the Marshall Islands and was established in the year 2017. Access to a wide range of asset classes, such as stocks, options, CFDs, and forex, is made available to customers located in countries other than the United States of America at prices that are both accessible and easy to understand.
Regulatory Measures and Precautions
Pros
• Subject to the directives of a governing body
Cons
• A lack of regulatory permits at the tier-1 level
Brokerages that primarily deal in binary options frequently receive a negative reputation. The domain of binary options is rife with fraudulent activity, thus this reputation is not wholly unwarranted. Nevertheless, Binarycent is a legitimate broker, and the Vanuatu Financial Services Commission oversees its operations (VFSC).
It is a distinct brokerage that is managed by the Finance Group Corporation, which also oversees a number of other brokerages as a parent company. However, upon closer inspection, it becomes clear that the majority of these are unfortunate cases of misinterpreting the terms of use, despite the fact that various reviews can be found online claiming that the regulation and legitimacy of Binarycent is subpar and that it is possible to find these reviews.
Now, if this sounds like too much of a general statement, we get that. It does, to some extent; however, we will provide a more in-depth explanation of what we are referring to in the portion of the review that focuses on bonuses and withdrawals, so stay tuned for that!
An Explanation and a Synopsis
A brief introduction of Binarycent is as follows, before we delve any deeper into the specifics:
1. Obtainable to businesspeople all over the world
2. Low required balance for accounts.
3. Provides access to CFDs, cryptocurrency, stock, and option markets.
4. Platform that is both simple and straightforward to use.
5. A solid set of charting tools
6. Bonuses often come with stringent criteria for making withdrawals.
7. Insufficient amounts of educational content and discussion on the market
How to Open an Account, the Different Types of Accounts, and the Minimum Required Deposit
Pros
• Low minimum deposit
• Generous financial incentives
Cons
• Access to the demo account is granted only after successful funding.
Binarycent gives its customers the option to choose between three different account kinds. The amount of money that you put into your account when you first sign up will determine the sort of account that you are given. Every sort of account comes with its own unique set of perks and advantages.
The bronze account is the entry-level choice and the one that’s easiest to get. It takes an initial deposit of at least $250 and comes with a bonus of 20%, enabling you to establish larger positions right from the beginning of your trading experience. In addition to a sample account, customers who choose this type of account will have access to live video chat support around the clock, a copy trading tool, and guaranteed withdrawals within an hour.
The silver account requires an opening deposit of a minimum of one thousand dollars. It comes with a bonus of fifty percent and provides all of the benefits that are provided by the bronze account. In addition, it provides access to an online master class and three risk-free transactions, which are trades that will be repaid to you if they wind up being unprofitable.
The last sort of account available is called a gold account. It demands a considerably bigger minimum deposit – at least $3,000. However, it provides investors with access to a personal success manager, in addition to a 100% bonus, all of the privileges that come with the silver account, and so on.
It is important to keep in mind, however, that the initial deposit you make can be more than $3,000 if you so want. Due to the fact that the maximum amount of money that you can initially invest with this brokerage is $25,000, you will have a total of $50,000 to trade with as a result of the bonus that is offered by the brokerage.
Buying and Selling Platforms
Pros
• Web-based system that is intuitively designed for users
• Copy trading as an available option
• Well-made mobile app
Cons
• Does not provide access to standard trading platforms such as MT4 and MT5
Users have access to Binarycent’s own web-based trading platform when they sign up for an account. It is quite nicely designed and simple to browse, and the whole experience for the user is quite natural. The portal provides access to economic news, chart patterns, and charting patterns, as well as advanced charting and drawing capabilities. Additionally, the platform enables sophisticated charting and drawing tools. The brokerage offers support for a variety of charting styles, including classic charting in addition to the Japanese candlestick method.
Copy trading is something that will be available to users of Binarycent via the web-based platform. You are able to imitate the trades of other investors who are more experienced and proven than you are and who have good track records that are publicly available thanks to the copy trading option. Copy trading is an excellent tool for novice traders since it makes it much simpler to meet the minimum turnover requirements and enables you to learn from more experienced traders in a straightforward and natural manner.
The straightforward appearance of the trading program offered by Binarycent.
The brokerage company now offers a mobile app version of their platform, which can be downloaded for free on tablets and mobile devices running either iOS or Android. The design philosophy behind the web-based platform and the mobile app are same, and the mobile app can be downloaded and used without cost. In addition to this, it provides the same functionality as the web-based platform, however in a format that is more suitable for use on mobile devices. In addition, one-click trading is supported on each of these platforms.
Assistance to Customers
Pros
• Accessible in a plethora of different languages
• Available to communicate with by phone, video, live chat, and email
Cons
• Not available on weekends
The customer service provided by Binarycent is, on the whole, satisfactory. The customer service team is reachable Monday through Friday, all day and night, via email, phone, video chat, and live chat, as well as through an online contact form. Their hours of operation are 24 hours a day.
The customer service provided by the brokerage is helpful and prompt, and it is offered in a variety of languages, including English, Chinese, Russian, Czech, Filipino, Arabic, and Afrikaans, among others.
Binarycent provides a customer support service that is of an excellent quality; nevertheless, this service is not available around the clock, which is a significant drawback. Trading the assets that this brokerage has to offer can frequently necessitate prompt thought and reactivity, which is something that is hindered by the regrettable truth that this is the case.
Choosing the Right Investments
Pros
• Over 150 tradable instruments
• A leverage of one to one hundred
• A diverse offering of cryptocurrencies that can be purchased
Cons
• Most available assets are risky
• An offering of poor quality in the FX market
Stocks, commodities, indexes, FX, and cryptocurrency trading are all available on Binarycent’s platform. These asset types can be traded using contracts for difference (CFDs) or options (with the exception of forex). The maximum amount of leverage that can be used is one-hundred to one (100:1). Bear in mind, however, that Binarycent is not a forex broker that specializes in the market; as a result, its services in this sector are likely to lag behind those of other brokers.
Overall, Binarycent offers a little more than 150 different traded products; however, the majority of traders will likely be interested in indices and binary options. Binary options are an investment opportunity that has a high level of risk but has the potential to yield extremely high returns, in contrast to indices, which offer a somewhat lower risk but also lesser potential earnings. You can also trade commodities; however, this is a far less enticing alternative given that trading commodities involves an even higher level of risk and calls for a greater level of expertise.
One dollar and one cent is the minimum amount that can be traded. Binarycent has quickly become one of the most popular binary options brokers available thanks to its diverse investment possibilities and low minimum trading requirements.
The fact that Binarycent provides investors with access to a big range of cryptocurrencies is a benefit that comes as something of a surprise but is nevertheless very welcome. These investors are trying to capitalize on the rapid expansion of the cryptocurrency sector.
The brokerage places a particular emphasis on alternative cryptocurrencies and gives customers access to more than 15 of them. These cryptocurrencies include Dash, Litecoin, and Monero, among others, but are not limited to these three. There are a variety of cryptocurrencies accessible, including Ethereum, Bitcoin, Bitcoin Cash, and Ripple. Some of these cryptocurrencies have bigger market capitalisation than others. In addition to the fact that you can trade any of these cryptocurrencies, you can also put money into and take money out of your accounts using them.
Funding of Accounts, Withdrawals, and Related Fees
Pros
• Withdrawals that are guaranteed per hour
• Financial support through use of credit cards, bank transfers, cryptocurrency wallets, and other online services
Cons
• A fee of $50 for wire transfers made internationally
• A fee of 5% for withdrawals made with credit cards
Binarycent gives you a number of options to choose from when it comes to funding your account. The brokerage company will take wire transfers from your bank, payments made with your credit card, a number of different cryptocurrency wallets, and numerous online payment methods including Neteller, Webmoney, and Skrill.
You can put money into your Binarycent account using a variety of different payment methods.
So, what exactly happens during withdrawals? To begin, the brokerage ensures that withdrawals will be processed within an hour. Even while this is very helpful, in order to acquire a good understanding of how withdrawals work with Binarycent, you need a more comprehensive review.
For instance, there is a fee of 5% associated with withdrawals made from credit cards, and the minimum amount required for a transaction is $50. To put it another way, withdrawals lasting one hour are wonderful, but you should hold off on passing judgment until you get more information. In addition to this, the brokerage retains the authority to demand a copy of a valid form of identification alongside the submission of each and every withdrawal request.
When it comes to costs, the significant withdrawal fee of 20% is the most crucial one to note because it is the most common. However, there are a few other costs involved, the most of which are not disclosed right away. A $10 account maintenance fee will be assessed against your balance at the end of each month in which you do not execute a trade. There is a fee of $50 associated with international wire transactions.
Bonuses
Pros
• Low minimum deposit
• Generous financial incentives
Cons
• Access to the demo account is granted only after successful funding.
When it comes to binary options brokerages in general, the most important thing to look out for is the bonuses they offer. In light of this, how would you rate Binarycent’s performance?
Bonuses are a great perk, but taking use of them is entirely up to you. If you accept a bonus offer, you are also agreeing to the terms and conditions that go along with it. The most significant of these requirements is that, in order to withdraw money from your account, your account must first meet a certain threshold for the amount of trading volume, often known as turnover. To be more explicit, you need to have a turnover that is three times bigger than your initial investment – including the bonus. This requirement applies whether you are playing for real money or for free.
To simplify things, let’s say you paid $3000 upfront for a gold account. This would mean that you had a gold account. You are eligible for a bonus of an additional $3000; but, in order to receive this bonus, you are need to have a turnover of at least $18,000 ($3000 original deposit plus $3000 bonus multiplied by 3). That is quite a severe requirement; you will have to engage in quite a lot of trading before you can actually start to see the results of your hard work.
On its website, the brokerage company makes all of this information quite plain. On the other hand, the majority of investors do not complete their research, and as a result, this specific aspect has led to a multitude of unfavorable reviews online as well as charges of fraud. Let there be no confusion on this point; these terms, despite their negative nature, do not violate any laws nor are they fraudulent. In addition to this, bonuses are not required. If you do not wish to be bound by these conditions, you have the option of declining the bonus that has been offered to you.
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Education and Scientific Investigation
Pros
• Powerful tools for creating charts
• Copy trading as an available option
Cons
– Extremely deficient in terms of the amount of educational content
• Included on the website are a basic glossary and a FAQ.
Binarycent is a reasonably priced and easily accessible brokerage; yet, there is a severe dearth of educational content, which significantly reduces the brokerage’s appeal to new traders. To put it another way, the kind of investment that you can do through this brokerage calls for a significant amount of knowledge, and if you don’t already possess it, you won’t be able to acquire it through the brokerage.
Binarycent does not provide any instructional content in the form of videos, platform tutorials, or courses at this time. The website does include some elementary explanations relating a variety of terminology, however these explanations are typically elementary and only scratch the surface.
When it comes to the services that this brokerage has to offer, education is one of the areas that is lacking the most. They do not have a glossary, and they do not host webinars. The copy-trading feature is intriguing and has the potential to serve as a substitute for education; yet, it is not adequate on its own as an educational resource. To put it another way, you need to have a solid understanding of how to trade binary options before you can register for an account with Binarycent.
When it comes to research, things are starting to look a little bit better. Despite the fact that the brokerage does not offer market analysis, third-party research, or trading suggestions, the charting tools that are available to you (given by TradingView) are pretty powerful; nevertheless, in order to make full use of these tools, you will need to be familiar with how to utilize them. A demo trading account is available with Binarycent; however, in contrast to the majority of other brokerages, you will not have access to the demo trading account unless you have first opened and funded a real trading account with Binarycent.
Advantages
The ease of use, reasonable prices, and broad availability are three of Binarycent’s most compelling selling points. It may be difficult to open a brokerage account if you are located outside of the United States, either because of stringent minimum funding requirements or simply because there are no brokerages available to you.
Binarycent makes it possible for people all over the world to invest with relative ease and without having to put up a significant amount of capital. The platform is well-designed and easy to use, the investment selection is more than adequate, customer service is responsive, and the charting tools that are available to you are quite powerful.
Disadvantages
Binarycent is not a viable option for novice traders in general, despite the fact that it is inexpensive and simple to use. Beginners should avoid this investment opportunity because of the stringent withdrawal conditions, the absence of teaching resources, as well as the absence of research and market commentary. This is unfortunate given the attractive pricing point.
Even while fees are quite minimal overall, the odd withdrawal fee, as well as the 20% fee that is charged if you haven’t reached the needed turnover, can easily make a hole in your income.
Features of Trading Platforms and Their Payouts
The trading platform utilized by BinaryCent is comparable to those utilized by other binary options brokers. Although they advertise payouts of up to 90%, the most fall in between 70% and 80%. Any trading account that is used on this platform will often see payouts in the range of 65 to 85%.
The trade choices, which include turbo trading, intraday traders, and long-term trades, determine the type of payout that will be received.
Turbo trades are the same fast trades as other fast trades such as CFD trading; however, the time it takes to complete a turbo trade can range anywhere from 30 seconds to a maximum of 15 minutes. These kinds of trades are common among people who are just beginning their careers as CFD traders. When trading foreign currency, you should always exercise extreme caution because losing money can happen very quickly.
Intraday trading should only be undertaken by market participants with significant prior expertise. You can perform an analysis of the data over a period of several days before actually placing the trade, as the name suggests. These kinds of exchanges can last for more than a day. You still need to be on the lookout since the value of the item may not work out the way you had anticipated it would. Traders that focus on the long term may hold positions for as long as five weeks. Before beginning to trade such positions, it is expected of you to have a thorough understanding of the benefits and drawbacks associated with those positions.
Regulation
Anyone who has ever participated in binary trading is well aware of the significance of having appropriate regulation. The Vanuatu Financial Services Commission, often known as the VFSU, is in charge of overseeing BinaryCent. Finance Group Corp. is the holding company that the broker reports to in order to conduct business.
Another customized trading platform that operates within the mainstream binary trading market that BinaryCent is associated with is called BinaryMate. When it comes to BinaryCent, the fact that it requires such a small amount of money upfront makes it more conducive to working with novice traders.
Mobile Trading
The mobile app enables users to access their trading accounts from their mobile devices, which has led to an increase in the number of people who are interested in trying out the mobile bespoke trading platform.
Trading with BinaryCent through the mobile app is a straightforward process that requires little mental effort. This is due to the fact that the mobile website’s mobile version is user-friendly and straightforward to navigate. Even people who are unfamiliar with the system will have no trouble using it.
The mobile application retains all of the capabilities that are available on the web-based trading platform. The app will make it possible for you to view your entire trading history as well as any transactions that have been completed.
Before you can trade or even use the app, you will be required to verify your mobile phone number. This is important to keep in mind. It’s possible that some people won’t have success with this strategy. However, the company takes these measures in order to guarantee the safety of both your financial information and personal details.
Different kinds of accounts and the perks that come with them
When an individual is ready to start trading, they should think about opening one of the three primary types of accounts. There is a bronze trading account, a silver trading account, and a gold trading account among them.
On the trading platform, the bronze account is the most fundamental level of account that you can obtain. The minimum amount that can be deposited into this account is $250. Even with such a low initial investment, you will still be eligible for a bonus of 20%. This is the good news. Free demo accounts are also available, in addition to other benefits like as live video chats with the customer care team and a withdrawal time of just one hour.
A minimum deposit of one thousand dollars is required in order to open a silver account. You can also anticipate receiving a bonus of 50%, bringing the total amount in your account to $1500. However, before a trader can request their first withdrawal, they are required to have a minimum of 40 successful trades under their belt. In addition to these essential elements, the account provides you with three risk-free trades, live chats, a manager specifically assigned to your account, and a web-based master class.
Those users who are interested in additional features and bonuses should consider upgrading to the gold account. This account requires a minimum deposit of $3,000 in order to open it. You will receive a bonus worth one hundred percent if you do that. Your opening balance is now $6,000 after this transaction. Before being able to withdraw your funds, you will need to achieve certain minimum trading requirements, just like with the other trading accounts.
Trading contests, risk-free trades, and copy trading capabilities are some of the unique benefits that are included with each and every one of the brand’s binary options trading accounts. Having access to the demo account gives you the opportunity to hone your abilities before you start dealing with your own money.
Transactions for Deposits and Withdrawals
The trading platform that is accessible via the mobile app as well as the web-based platform make it simple to make deposits and withdrawals. This particular trading site, like many others, would acknowledge payment through credit cards, alternative cryptocurrencies, Ethereum, and perfect money.
However, there is a transfer fee of 5% applied to all transactions made with major credit cards. Not BinaryCent, but the company that processes credit card payments will charge you this fee.
Those who want to withdraw money from their silver or bronze account will find that the same techniques are available to them as were utilized to deposit money into their accounts. The broker asserts that the processing of your withdrawals can be completed in one hour. A characteristic that is significantly more rapid than the majority of trading platforms.
Check the minimum withdrawal amount that applies to your specific BinaryCent account before attempting a withdrawal; also, you may be required to authenticate ownership of the account. This is pretty normal to avoid fraudulent activity.
Take into consideration that there is a possibility of experiencing delays while funding or withdrawing money from the trading account on weekends or public holidays.
Price and Associated Fees, along with Commissions and Spreads
It is not unusual to locate a broker whose costs, fees, commissions, and spreads are not the same as those of other brokers. Before making the decision to trade with such a broker, it is essential to spend sufficient time learning more about the aforementioned factors.
Commissions are generally understood to be the fees that a broker will charge a client in exchange for conducting trades on the client’s behalf. When using BinaryCent, it is important to check the trading account features in order to gain an understanding of the commission that is expected of you.
Options such as trading in market indexes and CFDs are available through BinaryCent. You are responsible for covering the spread at this location. The spread is calculated based on how the market is currently performing. When you first open an account, there will be no commission charges; nevertheless, there is a possibility that you will be charged a fee of 20% if you make a withdrawal from your account.
Conclusion
Congratulations on making it this far in the article; selecting a broker to make a deposit with is always a huge thing, and you’ve shown dedication by reading it all the way through. We have high hopes that we have been able to provide information that is both actionable and helpful, as well as some guidance along the road. Binary options are among the more ambiguous areas of the financial industry; yet, Binarycent is one of the few credible brokerages that is active in this sphere.
If you have a solid knowledge base for trading binary options, CFDs, and other sophisticated financial products, then the accessibility and well-made platform of Binarycent makes it a perfect alternative; however, you should be sure to read the fine print before making a decision.
Binarycet FAQs
• Is it Okay to Use Binarycent in the United States?
The answer is no; Binarycent does not provide its services in the United States.
• Is Rollover Support Available on Binarycent?
The rollover function is one that is supported by Binarycent. When it is used for the first time, the duration of the deal will be prolonged by 100%; however, using it again will only increase the duration of the trade by 30%. In addition, the initial investment will be increased by a factor of 30% for any and all subsequent applications of this function.
• Does the Government Oversee Binarycent?
The Vanuatu Financial Services Commission is in charge of overseeing Binarycent’s operations (VFSC). Despite the fact that this does provide some oversight, regulatory bodies offshore have less stringent requirements than tier-1 jurisdictions like the United States and the United Kingdom.
• How Much Time Is Needed to Complete the BinaryCent Account Verification Process?
In general, the applications of the vast majority of users will be verified within three days of business.