Beware! Binaryeasytrade 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.
Binaryeasytrade tries to convince that it is a “fully licensed and regulated broker” that has received numerous awards for its customer service. The extremely poor quality of the website is enough to cast a heavy shadow of doubt over these claims.
Fact checking quickly confirms that this is not a broker at all, but an obvious and low-effort scam scheme. You should stay away from this website.
BINARYEASYTRADE REGULATION AND SAFETY OF FUNDS
The legal information on the Binaryeasytrade website is scarce and contradictory, and after checking, it proves to be also completely false.
It is unclear which entity is behind the website. The name “binaryeasytrade Capital Inc” can be seen on the main page. In the “Regulation” section, three other companies are mentioned – “binaryeasytrade COMPANY LTD”, “AA business solutions SDN BHD” and “binaryeasytrade trading Capital”. They are said to be registered in Saint Vincent and the Grenadines(SVG), Malaysia and Hong Kong respectively.
SVG is an offshore zone that does not regulate brokers. Тhe Financial Services Authority (FSA) of St. Vincent and the Grenadines has repeatedly issued warnings on this issue, with the latest such warning dated 23 June 2021.
Malaysia also does not formally regulate brokers. The name listed on the Binaryeasytrade website appears to be that of a random import and export company that has nothing to do with Binaryeasytrade.
To operate in Hong Kong, a broker must be licensed by the Hong Kong Securities and Futures Commission (SFC). However, there is no company with such a name on that regulator’s register:
Binaryeasytrade apparently uses names of companies that do not exist or that have nothing to do with the alleged broker. Even if Binaryeasytrade did have one of these licenses it claims, that would not give it the right to operate in the United States where it claims to be based:
To operate as a forex broker in the United States, a company must be registered with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). There is no broker with a name including “Binaryeasytrade” in the NFA database:
If you want to trade on the financial markets without getting scammed, you should choose a broker that is truly licensed by a regulatory institution like Financial Conduct Authority (FCA) in UK, Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
BINARYEASYTRADE TRADING SOFTWARE
On the Binaryeasytrade website, one can read claims that the industry’s most popular trading platforms are available – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). But this is not true at all. Binaryeasytrade only offers a very unconvincing imitation of a trading platform that lacks even basic functionality. The platform only allows “trading” of EUR/USD and shares of Apple and Gazprom.
There are more than enough licensed brokers offering clients the MT4 and/or MT5 experience to their clients. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
BINARYEASYTRADE TRADING CONDITIONS
There is no description of the different trading accounts on the Binaryeasytrade website, nor systematic information on the terms and conditions of trading. We understand from the deposit menu that the minimum amount Binaryeasytrade accepts is 25 USD. It would be far wiser to open a micro account with a legitimate broker, many of which offer low minimum deposits.
Regarding the spread, the information is contradictory – the main page of the website mentions 0.2 pips for forex, and the table with typical spreads – 2 pips. Since Binaryeasytrade is not a genuine broker and does not even have a real trading platform, these values do not matter.
For the leverage offered, the incredible level of 1:2000 is indicated:
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The EU and UK EU regulators limit leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. In the US, where Binaryeasytrade claims to be based, the maximum limit is 1:50.
BINARYEASYTRADE DEPOSIT/WITHDRAW METHODS AND FEES
Nowhere on the website are the fees and conditions for depositing and withdrawing funds described.
HOW DOES THE SCAM WORK
Stories of people getting rich from cryptocurrencies tempt many to try their luck in the financial markets. But you have to be very careful not to fall into the clutches of the many scammers lurking in the online space. These scammers only pose as brokers and lure you in with promises to take on the confusing aspects of investing for you.
If you make contact with such scammers they will first convince you to give them a small initial sum of a few hundred dollars. They may even fool you for a while that your investment is generating incredible profits to convince you to give them a larger amount. But your money won’t really be invested. And when you try to withdraw your supposed profits or even your deposit, you will find that it is impossible.
The scammers may tell you that all your investments have been lost by a sudden change in the market. Or they’ll point you to clauses hidden in their Terms and Conditions that say withdrawing your money is only possible after you meet impossibly high minimum trading volume requirements. And they can simply disappear because these scam sites hide behind fake names and offshore companies that are not subject to rules and regulations.
WHAT TO DO WHEN SCAMMED
If you find yourself a victim of scammers, you should inform the relevant authorities in your country and spread the word online to warn other potential victims. However, the chances of getting your money back are not high.
If you used a credit/debit card for the transactions, you could ask for a chargeback. However, such requests can be disputed if you have provided the fraudsters with proof of identity such as a copy of an ID. Under no circumstances should you trust people on the internet who claim they can recover your money for an upfront fee. These too are certainly scammers.