Investing > Binarycent Review

Binarycent Review

Binary options are a risky yet profitable game - and if you’re outside the U.S., you’ll want to give Binarycent a closer look.

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Reviewed by
Updated September 29, 2021

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If you’re reading this, there’s a fairly certain chance that you want to invest money.

But this is no simple matter – especially if you live outside the US (like most people do). You can have all the dedication and tenacity in the world, but if you live in a country that isn’t covered by most brokers (or just good brokers), or if the international brokers available to you are too expensive, you might feel like you’re stuck between a rock and a hard place.

If you’ve recognized yourself in the paragraph above, you’ll want to take a look at Binarycent. This brokerage offers affordable access to various markets to customers around the world, along with a rather user-friendly and intuitive platform.

However, let’s make one thing clear before we move on – this isn’t your typical brokerage. It is owned by a company that is registered offshore, and although it is legit, it won’t offer you the same things like most brokers you’ve probably heard about will.

Binarycent’s main focus lies on asset classes such as CFDs, cryptocurrencies, and most of all binary options. Options trading is risky – and some speculate that it is precisely options trading that will lead us to the next stock market bubble. Binary options are even riskier – but, provided you know what you’re doing ahead of time, they can also be very profitable.

Although this is an affordable, accessible brokerage, it deals in risky investments. While the low price might be appealing to beginners, successfully using the features that Binarycent provides requires a fair level of skill.

Now that we’ve gotten the basics out of the way, let’s get down to the nitty-gritty details of this fairly unique brokerage.

Binarycent is a reputable, accessible brokerage that offers competitive commissions for binary options trading, as well as copy trading features and an intuitive platform.

Fast Facts

  • Account Minimum: $250
  • Fees: Stocks: $0/trade; Options: $0/trade + $0.65/contract
  • Best for: Traders outside of the US, traders with a low budget, options trading
  • Highlight: Accessibility, affordability, user-friendly platform, and copy-trading feature

Rating

  • Usability: 9/10
  • Research and Education: 6.5/10
  • Customer Service & Help: 8/10
  • Commissions & fees: 9/10
  • Tools & Resources: 7.5/10
  • Overall: 8.5/10
Visit Binarycent on Binarycent’s website

What is Binarycent? 📖

Founded in 2017, Binarycent is an online brokerage based in the Marshall Islands. It offers clients outside of the U.S. affordable and user-friendly access to a variety of asset classes, including options, stocks, CFDs, and forex.

Regulation and Safety 📚

Pros

  • Regulated by a government agency

Cons

  • Lack of tier-1 regulatory licenses

Brokerages that focus on binary options often get a bad rap. And it isn’t entirely undeserved – fraud is common in the binary options space. However, Binarycent is a legitimate broker – regulated by the Vanuatu Financial Services Commission (VFSC).

It is a subsidiary of the Finance Group Corporation, which also manages a number of different brokerages. Although various reviews online can be found stating that the regulation and legitimacy of Binarycent is subpar, upon closer inspection, it becomes apparent that most of these are unfortunate cases of misinterpreting the terms of use.

Now, if this sounds too vague – we get it. It sort of does – but we’ll explain in more detail what we’re referring to in the section of the review that focuses on bonuses and withdrawals.

Overview and Summary

Before diving into further details, here’s a quick overview of Binarycent:

  1. Accessible to traders worldwide
  2. Low account minimum
  3. Offers exposure to CFDs, crypto, stocks, and options.
  4. Intuitive and user-friendly platform
  5. Good charting tools
  6. Steep withdrawal requirements associated with bonuses
  7. Lack of educational content and market commentary

Account Opening, Account Types, and Minimum Initial Deposit 💵

Pros

  • Low minimum deposit
  • Generous bonuses

Cons

  • Demo account available only after funding

Binarycent offers clients three distinct account types. The account type that you’ll get depends on the initial deposit that you make. Each account type comes with different bonuses and benefits.

The first and most accessible option is the bronze account. It requires a minimum initial deposit of $250 and comes with a 20% bonus – allowing you to open bigger positions right from the get-go. This account type offers clients 24/7 access to live video chat support, a copy trading tool, and guaranteed 1-hour withdrawals, as well as a demo account.

The silver account requires a minimum initial deposit of $1000. It comes with a 50% bonus and offers all of the benefits that the bronze account does, as well as an online master class and three risk-free trades – trades that will be refunded if they end up losing you money.

The final account type is the gold account. It requires a much larger minimum deposit – at least $3,000. However, it offers investors a 100% bonus, all of the benefits of the silver account, as well as access to a personal success manager.

Keep in mind, however, that you can put down an initial deposit that is bigger than $3,000. In fact, the maximum amount of money that you can initially invest with this brokerage is $25,000 – which would leave you with $50,000 to trade with due to the bonus that the brokerage offers.

Trading Platforms 📈

Pros

  • User-friendly web-based platform
  • Copy trading feature
  • Well-made mobile app

Cons

  • Lacks access to commonplace platforms such as MT4 and MT5

Binarycent offers users access to its proprietary web-based trading platform. It’s quite well-designed and easy to navigate, and the user experience is intuitive. The platform supports sophisticated charting and drawing tools, and also offers access to economic news, tips on technical analysis, and chart patterns. As far as charting methods go, the brokerage supports both Japanese candlesticks as well as traditional charting.

Binarycent users will also gain access to copy-trading via the web-based platform. The copy trading feature allows you to copy the trades of other, more experienced and proven investors that have solid and publicly available track records. Copy trading is a great feature for beginners – it makes it much easier to fulfill the minimum turnover requirements, and allows you to learn from expert traders in a simple, organic fashion.

Binarycent Mobile trading app
The simple design of Binarycent’s trading app.

The brokerage also has a mobile app version of their platform that is available for both iOS and Android devices, as well as tablets. The mobile app is free to download and use and follows the same design philosophy as the web-based platform. It also offers the same functionality as the web-based platform, although optimized for smaller screens. Both of the platforms also support one-click trading.

Customer Service 🛎️

Pros

  • Available in a variety of languages
  • Accessible via email, live chat, video, and by phone

Cons

  • Not available on weekends

Binarycent’s customer service is satisfactory overall. The CS team is available Monday to Friday, 24 hours a day, and can be reached via email, phone, video chat, and live chat, or through an online contact form.

The customer support that the brokerage offers is helpful and responsive and is available in a few different languages – including English, Chinese, Russian, Czech, Filipino, Arabic, and Afrikaans.

Although the quality of the customer support that Binarycent offers is good, the lack of true 24/7 support is a notable downside. Trading the assets that this brokerage offers can often require quick thinking and responsiveness – something that is hampered by this unfortunate fact.

Investment Selection 💰

Pros

  • Over 150 tradable instruments
  • Leverage of 1:100
  • Wide variety of available cryptocurrencies

Cons

  • Most available assets are risky
  • Substandard forex offering

Binarycent offers exposure to stocks, commodities, indices, forex, and cryptocurrencies. These asset classes can be traded either via options or CFDs (with the exception of forex). The maximum amount of leverage that can be taken on is 1:100. Keep in mind, however, that Binarycent isn’t a dedicated forex broker – so services in that area will probably lag behind competitors.

All in all, Binarycent has a little over 150 tradable instruments, but most traders will be interested in binary options and indices. While indices offer slightly lower risk and lower profits, binary options can be enormously profitable – but they’re also a risky thing to invest in. You can also trade commodities, but this is a much less appealing option, seeing as how they are even riskier and require more knowledge to trade.

The smallest trade that can be placed is $0.1. The investment selection and minimal trade requirements make Binarycent one of most popular binary options brokers available.

A surprising but welcome advantage is that Binarycent has a sizable selection of cryptocurrencies for investors looking to take advantage of the rapid expansion of the crypto market

In particular, the brokerage focuses on altcoins, and provides clients with access to more than 15 of them, including but not limited to Dash, Litecoin, and Monero. Cryptocurrencies with larger market caps such as Ethereum, Bitcoin, Bitcoin Cash, and Ripple are also available. All of these cryptocurrencies are available for trading, but you can also deposit and withdraw your money through them.

Account Funding, Withdrawals, and Fees

Pros

  • Guaranteed 1-hour withdrawals
  • Funding via credit card, bank transfers, crypto wallets, and online services

Cons

  • International wire transfer fee of $50
  • 5% credit card withdrawal fee

Binarycent offers a variety of ways to fund your account. The brokerage accepts transfers via bank, credit card, a variety of crypto wallets, as well as plenty of online services such as Neteller, Webmoney, and Skrill.

There is a number of ways you can fund your Binarycent account.

So, what about withdrawals? Well, first of all, the brokerage guarantees 1-hour withdrawals. While this is excellent, you need a more holistic overview to get a proper idea of how withdrawals work with Binarycent.  

For example, credit card withdrawals come with a 5% fee, and the minimum withdrawal amount is $50. Put simply – 1-hour withdrawals are great but reserve your judgment until you see the bigger picture. On top of that, the brokerage reserves the right to ask for proof of identification with each individual withdrawal request.

When it comes to fees, the most important one to mention is the steep 20% withdrawal fee. But there are a few other fees, most of which are not stated up-front. If you don’t make a trade during any given month, you will be charged a $10 account maintenance fee. International wire transfers come with a $50 fee.

Bonuses ➕

Pros

  • Low minimum deposit
  • Generous bonuses

Cons

  • Demo account available only after funding

Bonuses are the biggest areas of concern when it comes to binary options brokerages in general. So, how does Binarycent fare in this regard?

Bonuses are very appealing, but they’re also optional. If you agree to take up a bonus, you also agree to certain terms and conditions. The most important of which is this – your account has to have a minimum amount of trading volume or turnover before you can withdraw money from your account. To be more specific, you have to have a turnover that is three times larger than your initial deposit – including the bonus.

To put it into simpler terms, let’s say that you put down $3000 for a gold account. You get an additional $3000 as a bonus – but you have to have a turnover of at least $18,000 ($3000 initial deposit + $3000 bonus X 3). That’s pretty steep – it requires quite a lot of trading before you can actually see the fruits of your labor.

All of this is clearly stated by the brokerage on its website. However, because most investors don’t do their research, this particular point has led to a bevy of negative reviews online, and accusations of fraud. Let’s make this 100% clear – while these terms are unfavorable, they are not fraudulent or illegal. On top of that, bonuses are optional – if you don’t want to be subject to these terms, you can refuse the offer of a bonus.

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Special:

Use Tokenist code LIMBO20 to get a 200% bonus on your first deposit.

Education and Research 🔬

Pros

  • Powerful charting tools
  • Copy trading feature

Cons

  • Greatly lacking in educational content
  • Basic glossary and FAQ on website

Although Binarycent is affordable and accessible, the lack of educational material seriously lessens how appealing the brokerage is to beginners. Put simply, the type of investing that you can do via this brokerage requires some serious know-how – and if you don’t have it, you won’t find it through the brokerage.

There are no educational videos, platform tutorials, or courses available through Binarycent. The website does offer basic explanations regarding various terms, but these explanations are often basic and skin-deep. 

There’s no glossary, no webinars, and overall, education is one of the weakest links when it comes to this brokerage’s offering. The copy-trading feature is interesting, and can be used to supplant education – but cannot stand alone as an educational resource. Put simply, you’ll should have a good grasp of how to trade binary options before you open an account with Binarycent.

When it comes to research, things are a little brighter. Although the brokerage doesn’t offer market analysis, third-party research, or trading ideas, the charting tools at your disposal (provided by TradingView) are quite powerful – but then again, you have to know how to use them. Binarycent does offer a demo account – however, unlike most brokerages, you can only gain access to a demo account by opening and funding a live account first.

Advantages 👍

Binarycent’s main selling points are usability, affordability, and accessibility. If you’re outside the U.S., getting access to a brokerage can be tough – either due to stringent minimum funding requirements or simply a lack of access.

Binarycent allows investors around the globe to invest quite easily, and without putting up a large sum of money. The platform is well-designed and user-friendly, the investment selection is quite satisfactory, the customer service is helpful, and the charting tools at your disposal are quite powerful.

Disadvantages 👎

Although it is affordable and easy to use, Binarycent isn’t a good choice for beginners overall. The harsh withdrawal requirements, lack of educational materials, and lack of research and market commentary mean that beginners should steer clear – which is a shame considering the bargain price.

Although fees are low overall, the occasional withdrawal fee, as well as the 20% fee levied if you haven’t achieved the required turnover can easily put a dent in your profits.

Conclusion ✍️

Choosing a broker to make a deposit with is always a big deal, so kudos for reading this through to the end. We hope we’ve been able to provide actionable and useful information, as well as some advice along the way. Binary options are some of the murkier waters of the investment world, but Binarycent is one of the few reputable brokerages that operate in this space.

If you have a solid knowledge base for trading binary options, CFDs, and other complex financial instruments, then the accessibility and well-made platform of Binarycent make it a great choice – so long as you read the fine print.

Binarycet FAQs

  • Is Binarycent Legal in the USA?

    No, Binarycent does not offer services in the U.S.

  • Can You Rollover on Binarycent?

    Yes, Binarycent supports a rollover feature. When first using it, the duration of the trade will be extended by 100% - and all subsequent uses will extend the trade by 30%. For all subsequent uses of this feature, the initial investment will also be raised by 30%.

  • Is Binarycent Regulated?

    Binarycent is regulated by the Vanuatu Financial Services Commission (VFSC). Although this does provide some oversight, offshore regulating bodies have less stringent requirements than tier-1 jurisdictions such as the U.S. and the U.K.

  • How Long Does It Take to Verify a Binarycent Account?

    In general, most users’ applications will be verified within three business days.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.

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