Is Binarycent A Safe Broker?
Binarycent has been in the binary options trading industry since its start in 2015. The broker is not a scam and is safe to trade with. The broker is regulated by the Vanuatu Financial Services Commission (VFSC).
For many investors and traders, the primary concern before delving into a platform is its legitimacy and safety. Binarycent is a binary options broker that has been operational since 2015 and caters primarily to traders interested in binary options trading.
The platform is a subsidiary of the Finance Group Corporation, which oversees several other brokerages. It is regulated by the Vanuatu Financial Services Commission (VFSC). Despite this regulation, it's essential to highlight that the broker's activities are not licensed or supervised by any other major financial authority.
Binarycent was bestowed with the "Best Broker 2015" award by Fair Binary Options. Potential users are offered three distinct account types and can explore the broker's trading conditions via a demo account. Many Binarycent reviews show that the broker is safe to trade.
Is Binarycent legit?
Binarycent is a legitimate broker offering services in binary trading. A crucial factor attesting to its legitimacy is its regulation by the Vanuatu Financial Services Commission (VFSC). Nevertheless, it's worth noting that no major financial authority oversees Binarycent. Additionally, its recognition as the "Best Broker 2015" by Fair Binary Options further lends credence to its operational legitimacy.
Is Binarycent legit in my country?
Binarycent operates as an online broker, focusing primarily on binary options, Forex, and CFDs. It's unavailable to residents of the United States due to strict regulations. However, the broker is open to clients from many nations, including Nigeria, South Africa, and Brazil, among others.
It is always advisable for potential users to visit Binarycent's official website or reach out to their support team to determine the broker's availability and legitimacy in their respective countries. The broker got about forty six thousand visits on it’s official website from various countries globally.
Is Binarycent regulated by governments?
The primary and only regulatory body overseeing Binarycent's operations is the Vanuatu Financial Services Commission (VFSC). No other higher financial authority or governmental organization regulates or supervises Binarycent's activities.
Is Binarycent a scam or safe?
Binarycent has been in the binary options trading industry since its start in 2015. The broker is not a scam and is safe to trade with. The availability of three distinct account types and a demo account allows users to get a feel for the platform. The broker won the "Best Broker 2015" award for its credibility.
Its regulation by the VFSC backs legitimacy. However, the absence of regulation by a higher financial authority warrants caution. Binarycent's commitment to its clientele's safety is evidenced by its strong identity verification protocols, which safeguard client deposits and ensure trading account security. Binarycent keeps the data of their current and former customers safe. Moreover, the broker updates its data protection policy regularly to ensure the safety of their customers’ data.
Binarycent pros and cons
Here are some pros and cons of Binarycent broker:
👍 Pros:
• Swift registration. For many traders, a seamless and hassle-free sign-up process is essential. Binarycent has streamlined its registration, making it straightforward. Instead of navigating through convoluted steps, potential users can set up their accounts without unnecessary complications, ensuring they can get started without delays.
• Regulated by VFSC. The broker is regulated by the Vanuatu Financial Services Commission (VFSC).
• Rapid withdrawals. One of the areas where brokers often face criticism is the withdrawal process. At Binarycent, this process is expedited. Clients have remarked on the efficiency of fund withdrawals, appreciating the option to choose their preferred withdrawal methods and the speed at which requests are processed.
• Multiple account options. Binarycent provides a choice of three distinct account types. Each is designed to cater to the varying preferences and requirements of their clientele, allowing traders to pick an account that aligns best with their trading strategies and financial goals.
• Award recognition. In 2015, Binarycent was honoured with the title of "Best Broker" by Fair Binary Options.
👎 Cons:
• Lack of major regulation. Regulation provides a safety net for traders, ensuring that brokers adhere to standardized practices. While the VFSC oversees Binarycent, it lacks regulation from prominent global financial authorities. This limitation might raise concerns for those who prioritize extensive regulatory oversight.
• Limited educational resources. Especially for beginners, educational resources play a pivotal role in understanding trading activities. Binarycent's platform needs to catch up in this area, with a noticeable absence of training materials. This gap can challenge traders eager to expand their knowledge and refine their trading skills.
• High minimum deposit. For many, especially those new to trading, the initial deposit can be a significant barrier. Binarycent's relatively high minimum deposit requirement might deter potential traders who are hesitant or unable to commit a substantial amount upfront.
FAQs
Is Binarycent regulated in the US?
No, BinaryCent is neither regulated nor available for operations in the United States.
What is the minimum withdrawal from Binarycent?
The minimum amount that clients can withdraw from Binarycent is $50.
How does Binarycent work?
Individuals can set up an account on Binarycent, go through the verification process, deposit funds, and commence trading in binary options.
What is the minimum deposit for Binarycent?
To start trading on Binarycent, a minimum deposit of $250 is required.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).