Is Binetrix Legit or a Scam?
The answer is unfortunately clear: Binetrix is a scam broker to be avoided at all costs. While they may present themselves with slick marketing and promises of success, their lack of regulation, hidden fees, and negative customer experiences paint a clear picture of a fraudulent operation. Here’s a closer look at the red flags and why you should steer clear of Binetrix:
What is Binetrix?
The business is based in Saint Vincent and the Grenadines. We were unable to locate any information regarding rules on their website. As such, we ought to handle our money very carefully in this situation.
It is purported that Binetrix provides contact via Facebook, LinkedIn, and WhatsApp. It simply returns you to the standard contact form and provides you with a UK phone number if you choose to attempt those alternatives.
Binetrix Details
Regulated by | Unregulated Offshore Broker |
Is This Company Safe? | The absence of licenses makes any site unsafe! |
Known Websites | https://binetrix.com |
Have Warnings from | N/A |
Registered in | Saint Vincent and the Grenadines |
Operating since | 2022 |
Trading Platforms | WebTrader |
Maximum Leverage | N/A |
Minimum Deposit | 1,000 EUR |
Deposit Bonus | Up to 100% |
Trading Assets | Commodities, Shares, Indices, and Cryptocurrencies |
Free Demo Account | Not available |
How to Withdraw from This Company? | No payout history from the previous traders. If this happens to you, you should contact us. |
Deposits and Withdrawals
The minimum deposit is 1.000 EUR, which is more than normal. All you have to do is keep in mind that a few regulated businesses provide micro accounts so you can see how everything operates.
Retractions are dubious. When you seek a withdrawal from Binetrix, they need to confirm it again because they are not licensed. They can also invent any excuse not to pay out.
Account Types
Binetrix offers six account types with varying spreads, leverage, and minimum deposits. However, these tiers seem designed to confuse rather than empower. High leverage, especially for beginners, is a recipe for disaster, while the lack of transparency about spreads makes it difficult to accurately assess costs and potential profits.
Red Flags and Warning Signs
Binetrix Broker received multiple regulatory warnings in 2023. In February, the Finnish FIN-FSA released the first one. According to the warning, the regulator has reason to believe that the aforementioned company is a fraud.
On June 5, 2023, Spanish CNMV came next. This warning states that the business provides financial services without the necessary authorization. Later, this alert was reposted in Bulgaria and Slovenia, among other EU members.
Ultimately, binetrix.com was one of the five offensive websites that the Italian CONSOB prohibited on June 28, 2023. Additionally, the Belgian FSMA’s website featured the Italian warning.
Customer Complaints and Negative Reviews
Numerous customer complaints paint a grim picture of Binetrix’s practices. Common grievances include:
- Difficulty withdrawing funds: Many users report being stranded with their money, unable to access their profits or even their initial deposits.
- Hidden Fees: High spreads, commissions, and inactivity fees erode profits and make it difficult to turn a positive return.
- Poor Customer Support: Getting help from Binetrix is reportedly an uphill battle, with unresponsive live chat and email support frustrating customers seeking assistance.
Got Scammed by Binetrix? We Help Victims!
If you’ve fallen victim to Binetrix’s scam, know that you’re not alone. Organizations like Broker Complaint Alert can assist with recovery efforts. After you complete the form, you will get a free consultation call from our professionals and will get some recovery service recommendations to help you recover the lost funds.
If you’ve experienced financial losses with companies like WealthPro365, Exorays, or Cylwex, please report it using the form below.
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