Binatex Review

Is Binatex Scam or Legit Broker?

No, Binatex is not safe to trade with. The company is not regulated by any of the authorities. It does not have any serious license that can provide safe trading without any risks. The broker is based in Seychelles, yet has also an office in Cyprus.

What is Binatex?

Binatex is a trading name used by the Seychelles-incorporated firm that also serves an office in Cyprus for the purpose of payment services for the offshore holding company Yulanta Business Ltd.

• Also, the company mentions the logos of the European MiFID regulation and registration with Russian CROFR. However, with all respect to the Russian authority, in fact, it doesn’t regulate daily operation and maintenance of the safest trading environment. In addition, the Binatex company didn’t receive a license from the local Cyprus authority CySEC and only mentions its processing. That means the broker can’t use the MiFID logo, while even currently CySEC issued a warning against investing with Binatex.

   “The Cyprus Securities and Exchange Commission (CySEC) would like to inform the investors and the public at large that the domain Binatex included in the list of not owned or operated by Cyprus Investment Firms (CIFs) which have been authorized by CySEC to provide Investment Services.”

  CySEC, Cyprus.

Binatex Review Conclusion

Even though there is no strict evidence of extreme fraud from the company, their unregulated nature of investment business reveals various questions. Until the moment they receive authorization from the CySEC or any other regulatory body, there is simply no trust in how the funds and clients will be managed.  Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

Binatex Update

Based on our research, the Binatex website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.