Beware! BinaryFXInvestments.com 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.
BinaryFXInvestments.com looks and feels like a very odd mixture. The best way to explain is to create a mental image of a production team whose idea of a broker is amateurish and confused. The confusing part is well seen in the end product, a website that seems to be in conflict with itself. The information is all over the place, and many things that we found do not belong where we found them. The amateur part is more of a cover for the true nature and purpose of the individuals behind the broker. The following review will reveal that the ultimate goal of the broker is to scam its users!
The account opening procedure is simple and fast to complete, not to mention that it feels like it was created in a rush. After less than a minute, we were in a user area that did not do too well. This user area does not give us hope for BinaryFXInvestments.com, not one bit actually. In fact, things are so bad that there was no trading software to interact with, but more on this experience breaking issue in the relevant review section. Readers, for now, should accept the fact that BinaryFXInvestments.com does not have a trading software, meaning that none of the promoted trading conditions apply here.
The website comes with a bar setting that showcases some 25 languages, but none of them can be clicked on. So instead of having 25 languages like the website teases, we are left only with English.
BINARYFXINVESTMENTS.COM REGULATION AND SAFETY OF FUNDS
The only contact info we found is one that puts the broker in Florida. The United States is the most demanding FX environment in the world, in part because the local CFTC and NFA are so strict with the local brokerages. Their absolutely crushing requirement cannot be met by a simple and untrustworthy entity such as BinaryFXInvestments.com.
Furthemnroie, there are no legal documents to guarantee any sort of client safety and protection from any misconduct by the broker. Basically, BinaryFXInvestments.com can do as it wishes!
Moreover, there is no actual confirmation to be found that the broker is actually regulated.
Thus BinaryFXInvestments.com is UNLICENSED and a risk to all investments!
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
BINARYFXINVESTMENTS.COM TRADING SOFTWARE
Throughout the website, we encountered the possibility that BinaryFXInvestments.com might be offering a trading software, but nothing in the user area was in support of these claims. We didn’t even find a binary options trading software, you know, like the name of the company suggests!
Instead, we found two TradingView charts in the main page of the user dashboard area, which are in essence completely useless and irrelevant. They do not allow for trading and do not represent the trading conditions set forth by BinaryFXInvestments.com.
And so we have to conclude that BinaryFXInvestments.com does not have a trading platform!
BINARYFXINVESTMENTS.COM DEPOSIT/WITHDRAW METHODS AND FEES
The payment methods according to the user dashboard are a bitcoin and ethereum wallet. It is typical of a scammer broker to offer only crypto deposits gateways because this is the easiest way to steal money from a user, since there is no real way of getting it back. There is no minimum deposit. We believe that once a user pays through these wallets, their account will remain at zero. And even if it does not, BinaryFXInvestments.com will replenish their wallets with just enough money in order to encourage them to deposit more. It’s all a very well thought of scammer scheme!
The withdrawal section in the user area reveals all there is to know. The same crypto methods are used for withdrawal, and BTC requ4est can take up to 48 hours to process, which seems unrealistic. There is a 10% fee for all ethereum withdrawals, and 15% for all bitcoin ones. The minimum BTC withdrawal amount is $40, and $50 for ethereum.
Even with all this information presented, we still believe that BinaryFXInvestments.com will not return your invested funds. This is because BinaryFXInvestments.com does not have to, as it is not required to do so by any authority. Do not invest here!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!