Reason to avoid: No License
Listed Date: November 15, 2018
Top 3 Regulated Forex Brokers
Beware Binatex is an Non-Licensed Broker. It is NOT SAFE to trade.
- Company name:
Binatexia Ltd. Yulanta Business Ltd.
- Registration Address/ License:
Seychelles. Cyprus. No License, No Regulation.
Binatex is a trading name used by the Seychelles incorporated firm that also serves 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 the 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.”
Even though there is no strict evidence of an extreme fraud from the company, their unregulated nature of investment business reveal various questions. As until the moment they receive an authorization from the CySEC or any other regulatory body, there is simply no trust in how the funds and clients will be managed. Moreover, the offering from the broker doesn’t look like very attractive there are much more competitive conditions available, and among the Brokers that confirmed their maintenance and sustainability. Therefore, we advise choosing among CySEC regulated Brokers, firms from the UK or similar firms with appropriate license to deliver and offer trading service to international clients.