Beware! Binany is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There is obviously something not quite right with Binany. The website is not structured properly, the name is very goofy and childish, and the website attempts at making its services seem light and bearable when in reality things are very suspicious. This review uncovers the truth behind Binany.
We registered with the utmost ease and were immediately given access to a dashboard area with a functioning platform. Based on the terminal revealed to us, Binany is definitely a binary options trader. Furthermore, judging from the VPN we used and the base currency choices, this binary options trader is directed towards more exotic nations. There is no EUR or USD as base currencies.
For those that do not know, binary options traders allow users to bet on whether the price of a given asset descends or ascends. It’s basically gambling on the pricing of financial instruments. There is no spread and no leverage amounts. Users can bet on forex currency pairs, ETS, Indices, OTC, gold, and cryptocurrencies. However, some of these were unavailable as of writing this review. We believe that there was an issue with the platform.
The website can be translated into English, Malaysian, Vietnamese, Thai, Indonesian, Arabic, Spanish, Portuguese, Uzbek, French, and Afrikaans. The selection of languages confirms our theory that Binary is aimed at peoples from more exotic countries.
BINANY REGULATION AND SAFETY OF FUNDS
There are two important things to cover here, both revealed in the Client Agreement. The first one is that the place of provision of the services of Binany is in Seychelles. The Seychelles Financial Services Authority (FSA) is the official FX regulator in the country. Unfortunately, Binany is not included on the FSA’s list of regulated entities.
The second thing of importance is the place of management of the company in Cyprus. In this European nation, it falls into the hands of CySEC, one of the FX’s industry best regulators, to issue licenses to wanna-be brokers. Rest assured that Binany is not regulated by CySEC.
Furthermore, there is actually no mention that the firm is regulated anywhere. These aforementioned claims just speak of the company being registered somewhere.
And so, Binany is NOT HOLDING A LICENSE and is thus offering illegal binary options trading services.
You might as well be throwing your money out the window if you invest in an unregulated broker. Before doing so, we urge all readers to check for a license. This is imperative! Usually, those that have an FCA and/or CySEC license are the ones for you, for these two regulators are best at what they do! These two watchdogs, alongside other overseers, include in their regulatory repertoire a long list of crucial requirements that all brokers must meet and must continue to abide by once they get licensed. What’s more is that the FCA and CySEC, as well as others, have included compensation funds. Thus all users of brokers under these agencies will be reimbursed, up to a point, should the brokers become insolvent.
BINANY DEPOSIT/WITHDRAW METHODS AND FEES
According to the payment area, the only way to deposit funds into an account is through DusuPa, which actually allows users to deposit through a card or a bank transfer. The minimum deposit is 300 NGN, or Nigerian Naira. This amounts to $0.79.
The withdrawal method is the same as the depositing one, DusuPay, however, users can only withdraw through bank transfers through DusuPay. According to the Terms and Conditions, the minimum withdrawal amount is $15. The funds are transferred within 3 days of the request being made.
There is a turnover amount that must be met prior to withdrawing. Should the user withdraw before meeting this requirement, he or she will be charged by 20% of the withdrawable amount! The Terms and Conditions define “turnover” as “the sum of all Transactions made by the Client since the last Deposit was deposited in the Account”, meaning that the user has to turn over an amount equal to all her previous transactions from her last deposit in order to withdraw. It is confusing, but it should not bother users too much, because they should not have deposited here in the first place.
This is an unregulated company, and as such should not be trusted with your money! Stay away!
How does the scam work?
If you feel that something is not right, better stop doing what you are doing because you are probably being scammed!
The main scammer scheme is being used by most fake brokers out there! The only difference from broker to broker is noticeable in the approach, but the structure and idea remain ubiquitous.
The first step in this popular scam is the pop-up ads, or those annoying sidebar ads on certain websites, most notably social media ones. By means of these fake ads, the scammers lure in unsuspecting users to a form or a cover-website, where these same users are asked to give their names and contact information. If these are given away, and they mustn’t, the user will start receiving emails or getting contacted on the phone by representatives of the scam website asking you to deposit/invest an initial sum.
Should one deposit, he or she has fallen into the trap. Now he or she will start receiving calls from the pro scammer, or as they are referred to, the account managers. These people are good at what they do, and they are capable of charming anyone into depositing a second time. The cycle goes on for as long as the user keeps investing. Once a user gets suspicious, the broker usually cuts all communications with him/her by deleting the account or not replying to the client. Another popular method is stalling withdrawal requests.
What to do if scammed?
The very first move of the scammed ones should be to file for a chargeback. The good news is that VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the investment has been made through a bank transfer then there are two main things that the user can do to save his or her funds. Either immediately change both bank user name and password, or contact the bank and follow their instructions., What’s important is not to delay action!
NEVER invest in unregulated brokers through bitcoin or any other form of cryptocurrency. Payments made this way are almost all the time untraceable, and so once they are through they cannot be refunded!
Another very crucial piece of advice is to stay away from recovery agents, or similar “helpful” individuals or service providers. These are most of the time scammers that promise to get your money back in return for a piece of the pie. However, they require payment before the “recovery” is done. Once the payment goes through, they will disappear along with your money.