Binarex Broker Review

Binarex is a binary exchange model which offers no form of bonus or VIP programme to its clients, but does boast impressive, easy to use, cutting edge trading software which can be used either on a desktop PC or via a mobile device thanks to the 100% web based trading platform. Their customer support services can be accessed around the clock in a number of ways including via the convenient live chat option, however there is a definite lack of underlying assets, with only around 27 available for trading across the classes of commodities, currencies, stocks and indices.

Intro

Binarex is not a traditional broker, but instead they are a binary exchange model. This company has been created to bring transparency to the industry and to help traders to receive the best possible executed on their exchanged traded platform. The Binarex platform is designed to elininate the need for a middle man and offers a similar experience to that found at a global stock exchange. They provide a set of financial instruments which offer investors a pre-defined level of reward and risk for every trade. Investors pay a premium to open their binary exchange position and this reflects the contract’s value. When entering the market with a binary exchange contract, the client is already aware of the maximum profit or loss that they could experience beforehand.

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Company Information

Binarex is a relatively new binary options exchange rather than a traditional broker. Developed by Tradologic and owned by Finex Securities Ltd, they are based in Vanuatu. At the present time, this company is not yet regulated or licensed by any recognised body or authority, however they have applied to CySEC for a license and it is currently under review and is expected to be accepted soon. In the long run, they are also interested in obtaining a CFTC license in the USA. This broker uses strong 128 bit SSL encryption across its website to protect its clients’ personal details and financial transactions and appears to be reliable.

Assets Available

Binarex only offers around 27 assets for trading including:

Currencies – 10

Stocks – 9

Commodities – 3

Indices – 5

Bonuses & VIP Programs

There is no evidence of Binarex offering its clients any bonuses, whether they are newly registered or existing clients,  or any type of VIP programme for high volume traders.

Mobile

Binarex offers a convenient 100% internet based trading interface which allows seamless and speedy access as well as fast trade execution without the need for any installations or downloads of memory intensive software. This also means that traders are not tied to their PC and can access their trading account and place trades from any internet enabled device as long as they are connected to the web from any location in the world and at any time.

Deposits and Withdrawals

It is possible to deposit funds quickly and easily into a Binarex account by simply clicking on the Funding tab inside the Binarex trading platform. Clients can choose from any of the following payment options:

• Credit cards
• E-wallets
• Bank transfer

Secure payment are quickly processed so clients can begin trading quickly. All payments are protected by SSL encryption and the minimum amount permitted to be deposited into a trading account is $250.The maximum amount for a single transaction is set at $10,000. Funds can be withdrawn easily by clicking on the Withdrawal tab in the funding page. Clients simply choose the amount they wish to withdraw and the method by which they wish to be paid. Credit card withdrawals can only be received up to the original amount deposited and any excess will be sent to the client via bank transfer.

Customer Support

The Binarex client support team can be contacted via several methods to respond to queries and to resolve any issues which may occur.

• Telephone
• Web Form
• Email
• Live Chat

Support is available around the clock and the website is available in 3 languages – Chinese, Japanese and English.

Extra Features and Resources

Binarex does not appear to offer any free educational resources to its clients apart from a glossary which explains all of the key trading terms that new investors are likely to encounter when starting out in the binary exchange market.

Verdict

If you are considering choosing Binarex as your preferred binary options broker, there are a number of positive factors to consider, however there are also some disadvantages too:

Pros

• Cutting edge trading software that is suitable for use by both experienced and novice traders
• 100% online trading interface requiring no installations or downloads
• Multilingual website
• Strong SSL encryption
• e-Wallet payment methods available
• Round the clock customer support
• Live chat support option available
• Unusual binary exchange model for extra transparency and fairness

Cons

• Not regulated or licensed at the present time (although a license has been applied for)
• No free educational resources
• Commissions are charged on each trade
• Minimal assets available for trading
• No dedicated mobile app

FAQ

Can I trade with Binarex using my mobile device?

Increasing numbers of traders are choosing to execute trades from their mobile devices like smartphones and tablets on a regular basis, so companies like Binarex are mobile optimising their platforms to ensure that they offer seamless access to trading accounts and trade executions from any internet enabled device through the provision of a 100% web based platform. As no software needs to be downloaded or installed, it is possible to use the online trading interface on any type of Android or iOS device from anywhere in the world.

Does it cost anything to register with Binarex?

It does not cost the client anything to register with Binarex and there are no hidden costs or fees to worry about.

Is Binarex a secure site?

Binarex is in the process of having its license application approved by CySEC at which point it will become a licensed and regulated broker. Binarex ensures the security of its clients’ personal and financial information by offering strong 128 bit SSL encryption across its website for its clients’ protection.

Does Binarex offer educational resources?

Although Binarex does not offer any educational resources such as ebooks or video tutorials, it does offer a helpful glossary and Frequently Asked Questions section which help new traders to learn more about the common terms used in binary options trading and enables them to find out more answers about the most commonly posed questions regarding investment.

How much commission do I have to pay with this broker?

When trading with Binarex, a commission of $1.50 is charged for opening a trade, for existing a trade before it expires or if your trade is profitable when it expires. No fee is charged if the trade is out of the money when it expires. Binarex ‘s fees are among the lowest across the binary options industry and if you fund your new account with a minimum of $500 there will be no fees to pay during your first few days of trading.

How do I register with Binarex?

It is very quick and simple to register with this broker. Their homepage features a quick sign up web form where you can easily and swiftly enter your details. It takes under 5 minutes to register for this broker’s services and accounts can be accessed 24/7. As soon as your account is approved you can place your first deposit and begin trading immediately.

Can I use an e-Wallet payment method to trade with Binarex?

Binarex  has realised that many modern traders like to have a wide variety of banking options available to them for making deposits and withdrawals. They have therefore supplied a selection of convenient payment methods for their clients’ benefit, including traditional options like bank wire transfers and credit and debit cards as well as the more modern online options like e-Wallets.

Can I contact Binarex instantly if I have a problem?

The Binarex customer support team is available for their clients’ benefit in order to address any isssues and answer questions around the clock. Customers can use the telephone helpline or email address, or even the web form on the broker’s website to contact the customer service representatives. There is also a live chat option available for instant support.

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