BinaryCent Review 2024
Awards
- Tech Finance - Journal Award - 2015
- iFX Expo Asia Award - 2016
Pros
- Trade binary contracts from $0.10 allowing trading opportunities for all budgets
- Payouts up to 95% are higher than most competitors and increases profit potential
- Simple and straightforward proprietary platform for binary options trading
Cons
- The $250 minimum deposit is higher than most binary options brokers
- Not overseen by any reputable regulator, raising risks and reducing customer protections
- Not available to traders based in the US
BinaryCent Review
BinaryCent is an online broker specializing in binary options, forex, and CFDs. This 2024 review will go over account types, mobile apps, leverage, regulation, and more. Stick around to see if BinaryCent is a scam or not.
BinaryCent Headlines
BinaryCent is a financial trading platform that was established in 2017. It is owned by a management company known as Wave Makers Ltd, a subsidiary of Finance Group Corp (FGC), based in the Marshall Islands.
Their head office is at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro. The Finance Group Corp is also the holding firm of another leading binary options trading platform called BinaryMate.
Trading Platform
BinaryCent uses a proprietary trading platform. Because it is web-based, the terminal can be accessed with any up-to-date browser. This eliminates the need for a trader to download and install software onto their computers.
Despite being browser-based, the terminal works efficiently and comes integrated with numerous tools such as charts and technical indicators. Navigation is also straightforward, making it suitable for beginners.
In addition, the broker recently added a raft of new features to enhance the user experience. Multiple tabs with charts for different assets can be opened simultaneously and fresh scaling options are available. There is also a new and intuitive technical analysis design, additional time options for OTC assets (5, 15 and 30 seconds), plus a reconfiguration of the CFD trading page where Take Profit, Stop Loss and IF functions are clear on spot.
How To Trade At BinaryCent
To make a trade, simply select the asset from the menu in the top left of the platform, choose between ‘Options’ or ‘CFD’, and then fill in the trade details:
- For Options, you will need to specify the duration of the contract, investment size, review the payout, and then click the ‘Up’ or ‘Down’ buttons.
- For CFDs, you will need to choose the order type (market or pending), the position size, leverage, any stop loss or take profit levels, and then click ‘Place Buy’ or ‘Place Sell’
Assets & Markets
3 / 5In terms of assets, BinaryCent offers the following classes:
- Cryptocurrencies
- Market indices
- Binary options
- Commodities
- Options
- Stocks
- Forex
BinaryCent also recently bolstered its suite of OTC assets with payouts up to 95%. This means traders can speculate on popular forex pairs, including the EUR/USD, with a minimum trade size of ¢0.01.
Spreads & Commission
Unfortunately, BinaryCent is not transparent when it comes to trading fees. Binary options traders will pay an initial stake when they buy a contract while CFD investors will play a floating spread. Volatile assets will have wider spreads and may also incur a commission. In addition, transfer fees of 5% are applied when depositing or withdrawing money using a bank card.
Leverage
For forex and CFDs, BinaryCent offers a maximum leverage ratio of 1:500. High leverage is best used by experienced investors since it can increase risks – margin multiplies profits and losses. See our guide to trading on margin for more information.
BinaryCent Payment Methods
BinaryCent accepts several methods which clients can use to fund their accounts, including:
- Cryptocurrency wallets that take Bitcoin, Ethereum, Dash, Litecoin, and other altcoins
- eWallets like Skrill, WebMoney and Neteller
- Major credit cards such as VISA and Mastercard
For withdrawals, the same methods are also supported. Apart from a 5% charge for credit card withdrawals, BinaryCent does not charge any withdrawal fees. With that said, there is a minimum withdrawal of $50. In terms of processing times, the broker guarantees that all requests will be fulfilled within one hour.
Demo Account
The company provides a free demo account for investors who aren’t ready to use real funds. Prospective traders can test the platform and strategies before risking their capital.
The demo account comes with $10,000 virtual cash and can be activated by speaking to customer service. If unused, the account expires after 30 days.
Note, it will show whether you in Demo or Real mode in the top right hand corner of the BinaryCent trading platform.
Bonuses & Promotions
The bonuses offered by BinaryCent range from 20% to 200%, depending on the type of account. Nevertheless, investors should be aware that there are terms and conditions attached to offers. One of the key requirements is the need to fulfill a minimum trading volume (turnover) before withdrawing funds.
Apart from the deposit bonus, BinaryCent also offers ‘Risk Free Trades’ and trading contests.
The risk-free trade promo is awarded to Silver and Gold account holders. The broker promises to compensate their client’s losses if the total balance of the first three trades is negative.
BinaryCent also holds a regular trading contest with a prize pool of $20,000. Every week, 20 winners are selected from the contestants.
Additionally, you can find online promo codes that sometimes offer additional deposit bonuses.
Regulation & Licensing
BinaryCent is a regulated brokerage under the oversight of the Vanuatu Financial Services Commission (VFSC). This is because BinaryCent operates under the corporate umbrella of its holding company, the Finance Group Corp. Unfortunately this isn’t the most trusted regulator and retail traders will receive limited additional security measures.
Additional Features
BinaryCent has a selection of in-depth articles on their Knowledge Base. This is particularly valuable for those new to investing and binary options.
A popular copy trading solution is also available once clients have opened a live account. This allows novices to mirror the positions of more experienced traders. Users simply need to decide how much they want to invest in the ‘$…’ field next to the trader’s name. The ‘Copy Trading’ tab is on the right of the trading platform and traders are ranked by their percentage returns.
The firm also provides a binary options trading robot called Centobot, which has won multiple awards. The software operates and executes trades automatically. BinaryCent says that depending on a predetermined earning threshold, you may double or even triple your money in a single day. In addition, you have the option to test your bots for free.
Account Types
To meet the varying needs of its clients, BinaryCent offers three different types of accounts: Bronze, Silver, and Gold.
Bronze Account
- Minimum deposit of $250
- Live video chat support
- 20% deposit bonus
- 1-hour withdrawal
- Copy-trading tool
- Demo account
Silver Account
- Minimum deposit of $1000
- Live video chat support
- 1-hour withdrawal
- 50% deposit bonus
- 3 risk-free trades
- Copy-trading tool
- Demo account
- Master class
Gold Account
- Minimum deposit of $3000
- Live video chat support
- 100% deposit bonus
- Personal manager
- 1-hour withdrawal
- Copy-trading tool
- Demo account
- Master class
BinaryCent also offers a Rollover feature. This paid service essentially allows you to extend your trade for 100% of your desired timeframe on the first use. Each subsequent use will let you extend by up to 30%.
The cost of a rollover is $1 = 1 rollover. With that said, free rollovers may be available based on your deposit and account type.
Trading Hours
There is limited publicly available information about the firm’s operating hours. However, crypto is traded 24/7 and forex markets are open through several major sessions each trading day:
- Tokyo – 7 pm to 4 am EST
- Sydney – 5 pm to 2 am EST
- London – 3 am to 12 pm EST
- New York – 8 am to 5 pm EST
Customer Support
3 / 5Support services are provided 24/7. Traders who need help can reach out to the team through live chat, email at support@binarycent.com, web contact form, or call them directly.
The firm offers multi-lingual support:
- Thai – 02-21345671
- Chinese – 3-395-0396
- English – +1-8299476393
- Russian – +7-499-3806317
- Singapore – 965-65425142
- Australia – 61-8-5550-7288
Security
The broker protects payments with SSL-certified 256-bit encryption, 3D secure protocols, and by using a Visa or MasterCard secure code. The broker keeps client funds in European banks for added protection. Two-factor authentication is not available at the login stage, however.
BinaryCent Verdict
BinaryCent offers its own browser-based trading platform, mobile app, and educational resources. You can open an account with a minimum deposit of $250 and start investing from $0.10, making it a good option for beginners. You can also trade cryptocurrency, CFDs, forex, indices, and stocks. However, the firm is best known for binary options, which have an earning potential of up to 95% in 60 seconds.
FAQs
Is BinaryCent Suitable For Day Trading?
Several factors make BinaryCent a popular platform for day traders. You can invest in various asset classes, including forex, commodities, stocks, cryptocurrencies and indices. Binary options can also be traded in as a little as 60 seconds. In addition, the minimum investment requirement is just $0.10 per trade. This gives you the ability to stretch your capital to cover more market positions.
What Is The Minimum Deposit To Open A BinaryCent Trading Account?
The minimum deposit requirement is $250 for Bronze, $1000 for Silver, and $3000 for the Gold account.
How Fast Can My BinaryCent Withdrawal Request Be Processed?
BinaryCent guarantees that all withdrawal requests are processed within an hour. However, it should be noted that it could take several days before the amount is posted to your debit card or bank account.
Is BinaryCent A Reliable Broker?
BinaryCent is a reliable trading broker. It is part of the Finance Group Corp that owns several leading online trading platforms.
What Kind Of Trading Platform Does BinaryCent Have?
The firm uses a proprietary web-based platform that has been developed exclusively for the Finance Group Corp. The APK application is also available for download as a mobile app from the Play Store or the App Store.
What Is The Maximum Leverage Available At BinaryCent?
The maximum leverage provided is 1:500 for CFDs and spot forex.
Can I Deposit And Trade Using Bitcoin Or Other Cryptocurrencies On BinaryCent?
Yes – 14 different cryptocurrencies are supported for account balances.
Can I Trade On BinaryCent From The USA?
No – regulations prevent the broker from being able to operate in the United States.
Top 3 Alternatives to BinaryCent
Compare BinaryCent with the top 3 similar brokers that accept traders from your location.
- Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
- RaceOption – RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.
BinaryCent Comparison Table
| BinaryCent | Videforex | World Forex | RaceOption | |
|---|---|---|---|---|
| Rating | 3 | 3.4 | 4 | 3.5 |
| Markets | CFDs, Forex, Stocks, Cryptos, Options, Commodities | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Binary Options, CFDs |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $250 | $250 | $1 | $250 |
| Minimum Trade | $0.01 | $0.01 | 0.01 Lots | $0.01 |
| Regulators | VFSC | – | SVGFSA | – |
| Bonus | 20% – 200% deposit bonus | 20% to 200% Deposit Bonus | 100% Deposit Bonus | 20% – 200% Deposit Bonus |
| Education | No | No | No | No |
| Platforms | Own | TradingView | MT4, MT5 | TradingView |
| Leverage | 1:500 | 1:500 | 1:1000 | 1:500 |
| Payment Methods | 11 | 8 | 10 | 9 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | Videforex Review |
World Forex Review |
RaceOption Review |
Compare Trading Instruments
Compare the markets and instruments offered by BinaryCent and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| BinaryCent | Videforex | World Forex | RaceOption | |
|---|---|---|---|---|
| Binary Options | Yes | Yes | Yes | Yes |
| Expiry Times | 5 seconds – 30 days | 5 seconds – 1 month | 1 minute – 7 days | 5 seconds – 30 days |
| Ladder Options | No | No | No | Yes |
| Boundary Options | Yes | No | No | No |
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | Yes | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | No | Yes | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | No | Yes |
| Options | Yes | No | No | No |
| ETFs | No | No | No | No |
| Bonds | No | No | No | No |
| Warrants | No | No | No | No |
| Spreadbetting | No | No | No | No |
| Volatility Index | No | No | No | No |
BinaryCent vs Other Brokers
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