BinaCryptoFX Review: A warning from FSC

BinaCryptoFX (binacryptofx.com) is an unregulated platform with a warning from FSC. Bina Crypto FX is also a clone of idealfxhub.com. The two have similar website aesthetics, which make them the same. Unfortunately, with a warning from FSC, a lot of investors will fail to get the memo. And this is why we must expose the platform’s callous ways. Those who have invested with binacryptofx.com have a lot to lose. Please find out more in our exclusive BINACRYPTOFX REVIEW.

A Brief Overview of BinaCryptoFX

With a leverage of up to 1:500, BinaCryptoFX is about to take your funds. The platform is without a doubt a sorry excuse of a trading platform. We will expose the reasons why you should avoid Bina Crypto FX.

The platform claims to offer the lowest commissions and a chance to trade with over 1,000 trading instruments. Spreads start from 0.0 pips with features such as automatic and copy trading available.

Investors are also called upon to use signals that the platform claims are highly accurate. To top it all off, the platform claims to have won several accolades. These are all false claims meant to sign up more investors.

What we have is a classic clone platform that uses the same web design to fool investors. These two platforms will net naïve investors from all continents. And that’s why we must put an end to this atrocity.

You should invest safely and wisely with reputable investment strategies. These include coin staking, DeFi, and Masternoding. However, you stand a better chance with groundbreaking and innovative investment strategies.

Your priority before investing with a platform is to do due diligence. Please try and find out what other investors have gone through with the platform. It helps give you a better and more informed way to invest.

Accounts BinaCryptoFX

BinaCryptoFX offers a single account for all investing and trading purposes. Although the homepage claims there’s no minimum deposit, the account page says otherwise. In addition, the platform claims that one account offers endless capabilities.

Let’s check out the features that come with their single account;

With the single account, investors get commissions of $2.5 per side per $100k traded volume. You also get $1 per side per 100 shares and EFTs. There are no commissions for cryptocurrencies and indices.

Retail clients get maximum leverage of 1:500 while others get leverage of up to 1:1000. The stop-out level is marked at 5 percent. There are several types of orders execution models on the platform.

Trading methods include automated, copy, and manual. For clients of the Muslim faith, the account offers SWAP-FREE options. Hedging and one-click trading is allowed as well as negative balance protection.

Account Features

We have to mention the high leverage imposed on traders. The high leverage means you end up losing a lot in the event of an unfavorable trade. That’s why regulators put a lid on the maximum leverage.

For instance, in Europe, the maximum leverage on all assets is set at 1:100. On the other hand, the United States puts a cap on leverage at 1:50 for retail traders. So when you make losses, the platform greatly benefits from it.

Assets and Trading commodities

You get to trade with five classes of trading instruments. These include commodities, crypto, forex, indices, and shares. When it comes to commodities, the platform offers a bunch of them, including cocoa and wheat.

Crypto assets include over 30 leading coins such as Bitcoin, Cardano, Tether, Ripple, and more. In addition, you get to trade crypto against leading forex pairs such as EUR and USD. With crypto being a volatile market, hundreds take part.

Forex trading happens to be at the core of the trading platform. You get to trade with exotic, major, and minor currency pairs. There are over 50 currency pairs available on the platform. It allows investors to spread risks even with small forex markets.

Indices allow investors to take part in the international markets scene. You get to trade with international markets such as DAX, FTSE, NIKKEI, S&P500, and more. In addition, investors love spreading risks with global markets thanks to the different time zones.

Stocks make up over 55 percent of all trading. So you get to own a piece of a company for a short time. Available stocks include those of the FAANG Group. These are seen as the most traded stocks in the market.

Awards and accolades

To try and make the platform appear reputable, there are several accolades on the platform. These include Technology Company of the year 2019 and World Finance Company 2018. Unfortunately, all these are false awards.

These are mere logos with no proof they belong to the platform. If Bina Crypto FX did win these awards, their name would be engraved on them. That’s how we know that the platform is downloading logos and placing them on the homepage.

BinaCryptoFX License and Registration

BinaCryptoFX is not a licensed or registered platform. You won’t get the documents you need to prove their legitimacy. There’s a warning out from the FSC regarding the clone platforms. And this is enough to stay away from the platform.

You should check with regulators to confirm whether a platform is regulated or not. Without any regulation, you don’t stand a chance to get fair trading conditions. Make sure to check with ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC.

Other reputable regulators include FCA, FINMA, NFA, and the SEC. These regulators work to ensure all parties adhere to strict regulatory guidelines. That’s why it’s important to have them in your corner.

Business Holder

The disclaimer at the footer of the homepage names TopFX as the owner of the platform. Remember that this is a clone platform similar to idealfxhub.com and invcryptotrade.com. Information on the actual owner is not available.

And this makes Bina Crypto FX an anonymous investment platform. It would be best if you stayed away from anonymous investment platforms. There’s no way you can recover your funds once the platform decides to shut down.

Contact and customer support

It would be best if you were keen on how fast a platform responds to queries. Try and test their effectiveness in responding to calls and emails. With Bina Crypto FX, this is not possible. The phone number listed rarely goes through; it’s a virtual line.

Sending an email won’t do you any good. The platform won’t respond to withdrawal requests via email. And this is proof the platform is in no shape of offering a conducive trading environment. Avoid platforms that limit access to their support structure.

Funding Accounts

The platform avails several funding methods to make it easier for members to invest. You get to fund your account using bank and wire transfers. There’s no option of funding accounts using cryptocurrency.

We don’t recommend you do such a thing. Withdrawing funds from the platform is a major hassle for members. Moreover, beginners and newbies will likely fail to withdraw funds on their first request. And this is why you need to stay away.

Fund Protection and safety BinaCryptoFX

Your funds are far from safe with a platform that fails to offer meaningful trading practices. The platform fails to deposit the required amount with regulators to provide trading services. Instead, authorities use the funds to act as insurance cover for deposits made by members of the public.

Verdict

Please stay away from binacryptofx.com as it’s a clone platform.

You stand a better chance of engaging with the crypto community on matters relating to crypto.