Global Broker governance & inquiry App

Score

0123456789
.
0123456789
0123456789
/10

BinoTrader

Austria|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://binotrader.com/

Website

Rating Index

Contact

support@binotrader.co
https://binotrader.com/
Rottalgasse 2, 8010 Graz

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Check whenever you want

Download App for complete information

Warning: Low score, please stay away!
Previous Detection : 2024-02-26
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

WikiFX Verification

Users who viewed BinoTrader also viewed..

XM

9.04
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4/5 full license
Official website

Sway Markets

7.68
Score
1-2 yearsRegulated in AustraliaAppointed Representative(AR)Self-developed
Official website

FXGlory

7.62
Score
5-10 yearsRegulated in United KingdomCommon Business RegistrationMT4/5 full license
Official website

CPT Markets

8.20
Score
5-10 yearsRegulated in United KingdomMarket Making(MM)MT4/5 full license
Official website

BinoTrader · Company Summary

Aspect Information
Company Name BinoTrader
Registered Country/Area Austria
Founded Year 2022
Regulation Unregulated
Market Instruments Binary Options
Minimum Deposit €50
Fees Commissions: 10% - 20% per trade, Inactivity Fee: €5 per month after 12 months
Trading Platforms Proprietary web-based interface
Customer Support Email address (support@binotrader.co)
Deposit & Withdrawal Various methods including credit/debit cards, bank transfers, and e-wallets

Overview of BinoTrader

BinoTrader, founded in Austria in 2022, operates as a binary options trading platform. The platform primarily focuses on binary options, offering a simple and user-friendly interface, basic charting tools, and a demo account for practice. However, its advantages include various payment methods for users. Despite its establishment in Austria, BinoTrader operates without regulatory oversight, posing potential risks for traders. The platform's limitations include a narrow asset selection, restricted order types, a lack of advanced features, and occasional technical glitches reported by users, signaling potential challenges in its overall functionality and user experience.

Overview of BinoTrader

Is BinoTrader legit or a scam?

BinoTrader operates without regulatory oversight. This absence of supervision raises questions about consumer protection and transparency.

Investors using BinoTrader face heightened risks, as there are no established standards or authorities ensuring fair practices. The unregulated nature will lead to potential fraud or malpractices, jeopardizing the financial security of users.

Pros and Cons

Pros Cons
Simple trading interface Unregulated
Basic charting tools Limited asset selection,primarily focusing on binary options
Demo account availability Restricted order types
Various payment methods including credit/debit cards (Visa, Mastercard, Maestro), bank transfers, and e-wallets (Skrill, Neteller) Lack of advanced features
Occasional technical glitches and downtime
User complains includes frustrations with the trading environment, inadequate tools, unprofessional customer service etc

Pros:

  1. Simple Trading Interface:

  • BinoTrader boasts a user-friendly interface, making it accessible for traders, especially beginners. The platform prioritizes simplicity in its design for easy navigation.

2. Basic Charting Tools:

  • The platform provides essential charting tools, including price charts, indicators, and drawing tools. This allows users to perform basic technical analysis to inform their trading decisions.

3. Demo Account Availability:

  • BinoTrader offers a demo account feature, allowing users to practice trading with virtual funds before committing real money. This feature is valuable for users looking to familiarize themselves with the platform's functionalities.

4. Various Payment Methods:

  • Users have the flexibility to choose from various payment methods, including credit/debit cards (Visa, Mastercard, Maestro), bank transfers, and e-wallets (Skrill, Neteller). This variety caters to different user preferences.

Cons:

  1. Unregulated:

  • BinoTrader operates without regulatory oversight, posing potential risks for traders. The absence of regulatory authority raises questions about consumer protection and transparency.

2. Limited Asset Selection:

  • The platform's asset selection is relatively narrow, primarily focusing on binary options. Traders looking for a wide range of traditional assets like stocks and currencies will find the options limited.

3. Restricted Order Types:

  • BinoTrader supports only basic order types, such as 'Call' and 'Put.' This limitation restricts the variety of trading strategies that users can employ on the platform.

4. Lack of Advanced Features:

  • The platform lacks advanced features commonly found on more established platforms, including automated trading, algorithmic trading, and complex order types. Users seeking sophisticated trading strategies will find the platform lacking.

5. Occasional Technical Glitches and Downtime:

  • Users have reported occasional technical glitches and platform downtime. These issues can disrupt the trading experience.

6. User Complaints:

  • Negative feedback from users includes frustrations with the trading environment, unfriendly interface, inadequate tools, unprofessional customer service, high spreads, and issues with account management. These complaints collectively signal potential dissatisfaction among users.

Market Instruments

BinoTrader distinguishes itself through its unique focus on binary options trading. Notably, the platform, flagged by the Austrian Financial Market Authority, does not facilitate conventional asset trading such as stocks, bonds, or currencies. Binary options, the core trading instrument on BinoTrader, are derivatives that allow users to speculate on the price movement of various assets without owning them.

Binary options operate on a straightforward premise—users predict whether the price of an underlying asset will rise or fall within a specified time frame. The absence of traditional asset classes reflects BinoTrader's specialized approach, catering to traders seeking opportunities in binary options exclusively. Users should be aware of the platform's emphasis on this specific financial instrument and carefully consider the associated risks and rewards before engaging in trading activities on BinoTrader.

Market Instruments

How to Open an Account?

Below is the step-by-step guide on how to open an account on BinoTrader:

  1. Registration: Begin by visiting the official BinoTrader website. Locate and click on the “Register” button. Provide the required information, including your email address and a secure password.

2. Verification: Upon successful registration, you need to verify your email address. BinoTrader will send a confirmation link to the email you provided. Click on the link to confirm your registration and proceed to the next steps.

3. Account Information: Log in to your newly created account and complete your profile by providing necessary personal information. This typically includes details such as your full name, contact number, and residence address.

4. Financial Information: Submit relevant financial information as required by BinoTrader. This involves specifying your preferred currency, linking a payment method, and providing any additional details necessary for funding your trading account.

5. Compliance Documentation: To comply with regulatory standards, BinoTrader requests certain documents for identity verification. Prepare and upload the necessary documents, which include a government-issued ID, proof of address, and, if applicable, financial statements.

6. Deposit Funds: Once your account is verified, proceed to deposit funds into your BinoTrader account. Navigate to the deposit section, choose your preferred payment method, and follow the prompts to complete the transaction. Ensure that your account is adequately funded before initiating any trades.

How to Open an Account?

Commissions & Fees

BinoTrader imposes commissions ranging from 10% to 20% per trade, with the specific percentage determined by various factors.

The nature of the underlying asset significantly influences the commission rate, with more volatile assets generally incurring higher fees.

Additionally, the chosen expiry time plays a crucial role, as shorter durations tend to result in higher commission percentages.

In addition to trading commissions, BinoTrader enforces an inactivity fee. After 12 months of account dormancy, users are subject to a €5 inactivity fee per month.

Fee Type Details
Commissions 10% - 20% per trade, depending on:
Underlying asset: Volatiler assets generally have higher commissions.
Expiry time: Shorter expiry times typically incur higher fees.
Trade amount: The commission percentage decreases slightly for larger trades.
Inactivity Fee €5 per month after 12 months of inactivity.

Trading Platform

BinoTrader's trading platform operates through a proprietary web-based interface, offering a simple and user-friendly experience that appeals to beginners venturing into the trading realm.

The platform provides essential charting tools for technical analysis, including price charts, indicators, and drawing tools. Additionally, users have the option to practice trading with virtual funds through a demo account, allowing for a risk-free exploration of the platform's functionalities.

However, the platform has notable limitations. BinoTrader's asset selection is comparatively narrow, primarily focusing on binary options, and its support for order types is restricted to basic options like 'Call' and 'Put.' Moreover, the absence of advanced features, such as automated or algorithmic trading, makes the platform unsuitable for users seeking more sophisticated trading strategies.

The reliance on proprietary software introduces the potential for vendor lock-in and limits customization options. Users should also be aware of occasional technical glitches and platform downtime, as reported by some traders, underscoring the importance of considering reliability when engaging with BinoTrader.

Trading Platform

Deposit & Withdrawal

BinoTrader offers a variety of payment methods for users to fund their trading accounts. Accepted credit/debit cards include Visa, Mastercard, and Maestro, providing a conventional and widely-used option.

Traditional bank transfers are also permitted, allowing users to fund their accounts through this established and familiar financial channel.

In addition, BinoTrader supports popular e-wallets, with Skrill and Neteller being among the accepted options, providing users with flexibility in choosing their preferred digital payment method.

For those looking to initiate live trading on the platform, BinoTrader imposes a minimum deposit requirement of €50. This minimum deposit amount serves as the initial funding threshold for users to open a live trading account.

Customer Support

BinoTrader's customer support falls short, marked by an unreliable connection that exacerbates users' frustrations. Traders encounter frequent issues reaching out for assistance due to the platform's unstable support connection.

The provided contact options, such as the email address (support@binotrader.co) and website (https://binotrader.com/), prove ineffective in delivering prompt and consistent support. The physical address, Rottalgasse 2, 8010 Graz, offers little solace as the platform's overall customer support experience remains marred by communication challenges, hindering users from receiving timely and reliable assistance.

Customer Support

Exposure

Users' experiences with BinoTrader reveal patterns of unease.

One user expresses skepticism about the platform's legitimacy and raises alarm over the abrupt termination of their lifetime account after approximately 70 days of trading. This unexpected move contradicts the initial purchase agreement for an unlimited-time account, casting doubt on BinoTrader's transparency and adherence to promised terms.

Another user adds to the negative sentiment, describing the trading environment as frustrating, with an unfriendly interface, inadequate tools, and unprofessional customer service.

Additionally, a third user highlights a disturbing scenario where a substantial payment precedes account issues and a lack of explanation from BinoTrader. These user exposures collectively paint a worrisome picture, indicating potential operational inconsistencies, unmet expectations, and questionable business practices on the platform, significantly influencing traders' trust and satisfaction levels.

Exposure

Conclusion

In conclusion, BinoTrade provides a binary options trading platform with both advantages and disadvantages. On the positive side, it offers a simple and user-friendly interface, basic charting tools, and a demo account for practice. The availability of various payment methods, including credit/debit cards, bank transfers, and e-wallets, adds flexibility for users.

However, the platform faces significant drawbacks, operating without regulatory oversight, which raises questions about consumer protection. The narrow asset selection, restricted order types, and the lack of advanced features limit the platform's appeal for traders seeking sophisticated trading experience.

FAQs

Q: Is BinoTrader regulated?

A: No, BinoTrader operates without regulatory oversight.

Q: What is the minimum deposit required to open an account?

A: The minimum deposit on BinoTrader is €50.

Q: What market instruments does BinoTrader offer?

A: BinoTrader primarily focuses on binary options trading.

Q: How is customer support on BinoTrader?

A: Users have reported issues with unprofessionalism and unhelpfulness in customer support.

Q: What are the fees associated with BinoTrader?

A: BinoTrader charges commissions ranging from 10% to 20% per trade, and there's a €5 inactivity fee per month after 12 months.

Broker Information

Company Name

BinoTrader

Company Abbreviation

BinoTrader

Regulatory Status

No Regulation

Platform registered country and region

Austria

Company website
Phone of the company

--

Twitter

--

Facebook

--

Instagram

--

YouTube

--

Company address
  • Rottalgasse 2, 8010 Graz

Linkedin

--

WhatsApp

--

QQ

--

WeChat

--

Customer Service Email Address
  • support@binotrader.co

Company Summary

User Reviews

Sort by content

  • Sort by content
  • Sort by time

User comment

3

Comments

Write a review

FX1592069555
more than one year
I purchased a lifetime account with BinoTrader on July 23, 2023, uncertain about their legitimacy. However, my skepticism grew when, despite engaging in approximately 70 days of trading, they abruptly terminated my account on October 3, 2023, citing it as a 30-day account. This move contradicted my initial purchase of an unlimited-time account. I am unsure whether BinoTrader is a scam, but if possible, I would rate them zero. The termination of my account after a brief period of active trading raises serious concerns about their business practices.
2024-01-09 18:34
Reply
0
0
空。格
more than one year
Frustrating! Their trading environment was not user-friendly and lacked good trading tools. The customer service was also unprofessional and unhelpful. I traded with them for less than a week and left due to their high spread. Happy that I have left it earlier and I won’t want you guys to use this broker as well.
2023-03-22 12:05
Reply
0
0
铁血丹心64970
more than one year
After paying $1000, I found myself fall into their traps. Before I started real trading, my account was stuck in certain “unnamed” situation. More irritated, they gave no explanation and let me wait and wait.
2023-03-07 10:21
Reply
0
0
TOP
Select Country/District
United States
※ The content of this website abides with local laws and regulations.
You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
consumer hotline:006531290538
Official Email:support@wikifx.com;
Mobile Phone Number:234 706 777 7762;61 449895363
Telegram:+60 103342306
Whatsapp:+852-6613 1970;+44-7517747077
License or other information error corrections, please send the information to:qawikifx@gmail.com
Cooperation:fxeyevip@gmail.com