February 20, 2024

Binanfx Review binanfx.com a Scam Broker? Or Genuine? READ

Binanfx Homepage

Do you want to trade with Binanfx broker? Is Binanfx.com a reliable trading platform? See complete Binanfx review to know about this platform whether to trade or not.

This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.

What is Binanfx?

Binanfx located at Binanfx.com is an offshore brokerage company with a lot of promises for forex traders. The company is based in Melbourne, Australia.

On the website, Binanfx openly presents regulation by the ASIC – Australian Securities and Exchanges Commission. This, you will find out.

In addition, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. More so, it presents a zero spread difference in Buy/Sell.

Deposit and Withdrawal

Binanfx Minimum Deposit:

Binanfx deposit is not provided anywhere on the website. In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.

On its website, the brokerage can accept deposit through credit cards, wire transfer, Neteller, Skrill and Bitcoin.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Withdrawal process:

Binanfx withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements  that must be met before a withdrawal.

Binanfx Platform:

Binanfx platform uses a basic web-based trading platform. This platform is hosted on a completely different domain, chartcandl.com, and is branded differently. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.

Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.

Nothing is said on Binanfx leverage. Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Things You Should Know about Binanfx.com Regulation

First of, Binanfx.com is based in Australia.  We checked the registers of ASIC – Australian Securities and Exchanges Commission but we have not been able to find any evidence that the Binanfx  website is actually linked to this company.

Binanfx is not listed among the licensed brokers in the Netherlands. But another European regulator, Italy’s CONSOB, has deemed Binanfx a fraud and blacklisted it:

CONSOB Database

Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Binanfx Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Verdict:

Binanfx broker appears to be a genuine trading broker, however, that cannot be ascertained. From all indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.

Did you find this post helpful? Please share with us your experience in the comment section below.

Read earlier reviews on Hotcapital-stox, Innotrade-io , Forextimeprime brokers

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