BinaryCent is a binary options brokerage aimed for smaller traders. The low minimum deposit and trade requirements do a fair bit in ensuring that the company remains relevant for retail traders. Some aspects do require gradual improvements, but BinaryCent is a fairly reliable company.
The binary options market is as unique and diverse as some of the other leading financial markets in the world. However, most binary options brokers and trading companies have similar traits and characteristics that define the conventional norms in binary options trading. That said, the market also witnesses some unique binary options products and exceptional services that may crop up in the industry once in a while.
BinaryCent is one of the newest brokers in the market that knows a thing or two about catering to diverse traders’ requirements. The company has brought out a revolutionary binary options trading platform that aims to satisfy the needs of the smaller retail trader. Hence, it is only our innate duty towards our readers to offer a comprehensive BinaryCent review that is honest and forthcoming about all the details about trading with the company. We take a close look at the broker’s product specifications and will attempt to find out whether BinaryCent is indeed a genuine company for investing in the market.
BinaryCent Company Data & Licensing Information
BinaryCent cannot be considered as a regulated entity, even though the company is owned and operated by Suomen Kerran LP, a Scottish company located in the UK. Suomen Kerran is an official entity of the Finance Group Corp, which is a registered entity in Vanuatu, under the Vanuatu Financial Services Commission. Despite the company’s different origins, existing clients have not reported any serious issues while trading with the company.
It is also worthy to note that BinaryCent is operated by the same company that operates the BinaryMate binary options brokerage. Therefore, it is normal for traders to witness similarities between the two brokers, but both operate as independent firms that have different finances and different company strategies. BinaryCent is more oriented towards the smaller investor, while BinaryMate is aimed at the mainstream market.
BinaryCent is a spanking new binary options broker, as the parent company Suomen Karren LP and the FGC launched the brokerage only in 2017. Therefore, it is certainly not possible to determine the long-term viability of the company without analysing the broker’s performance over an extended period of time. Although traders are assured of high-quality services that enhance the protection offered to investments, we don’t expect the broker to exceed the regulatory protection offered by other regulated binary options brokers.
BinaryCent Assets & Underlying Financial Instruments
The FGC, under its Suomen Karren LP brand, is one of the more advanced binary options brokerages that offer a comprehensive array of financial assets, which covers all the major financial markets of the world. The BinaryMate platform is also an excellent choice of broker for traders that are looking for the most all-inclusive market access to indulge in different financial markets, including Forex, commodities, stocks, indices, and cryptocurrencies. However, BinaryCent does not offer as many underlying assets as its BinaryMate counterpart and is slightly subdued in nature. For more reference, we have compiled a list of all the available assets and have listed them below:
Forex: USD/SEK, USD/RUB, USD/JPY, USD/CNH, USD/CHF, USD/CAD, NZD/USD, GBP/USD, GBP/JPY, GBP/CHF, GBP/CAD, GBP/AUD, EUR/USD, EUR/NZD, EUR/JPY, EUR/GBP, EUR/CHF, EUR/CAD, EUR/AUD, CHF/JPY, CAD/CHF, AUD/USD, AUD/NZD, AUD/JPY, AUD/CHF, AUD/CAD
Commodities: Gold, Silver
Crypto: Bitcoin, Litecoin, Ethereum, LTC/BTC
Stocks: Lufthansa, Deutsche, BMW
We can’t fathom any reason why BinaryCent wouldn’t offer the complete list of assets available under the BinaryMate banner to BinaryCent clients. Even though the choice of assets can keep a vast majority of traders pleased, we would have certainly expected the company to offer further flexibility when it comes to choosing the assets. As of now, traders will have to be content with the slightly lower number of financial assets that are available through the BinaryCent trading platform.
BinaryCent Payouts, Binary Options Products & Fees
Traders might not be too impressed with the choice of underlying instruments, but the company does provide some amazing payouts for its assets. BinaryCent offers up to 90% ROI for some of its underlying instruments, while the minimum payout is 60%. Unfortunately, traders can’t opt for any refunds, as the broker only supports the traditional high/low trading concept. Traders have the option of choosing from three different types of binary options, the Turbo, the Intraday, and the Long-term binary options. The option expiry times are dependent on the type of option, and the minimum expiry time for Turbo options is 60 seconds.
Some other leading brokers may offer lower expiry times such as 30 seconds, but 60-second options are among the most popular binary options in the market. The long-term binary options are available for expiry times as significant as 48 hours, which means that traders can anticipate market movements for up to two days in advance. While we feel that the BinaryCent account offers a more traditional brokerage, we sure miss the opportunity to tweak the trades or exit trades well before their closing time. Binary options trading should offer a bit more flexibility to traders and features such as rollover and double up can certainly make things interesting for investors.
One of the chief attractions of opting for a BinaryCent trading account is the ability to start trading with as low as 10 cents. The minimum trade size of $0.10 can indeed help traders to minimise their capital outflow and manage their risks in trading more efficiently. But don’t worry about the maximum investment, as traders can invest up to $1500 per trade. Therefore, the sheer advantage of BinaryCent is that the broker allows their clients to create a flexible trading strategy that not only helps in conserving funds but also keep binary options trading emotionally balanced.
Traders might wonder if there are any fees to enjoying a low-risk trading environment. In fact, almost all binary options brokers don’t charge any type of fees or costs for trading. BinaryCent does not charge any convenience fee for providing its services, and you should be careful about any broker that requests you to pay for their services.
The BinaryCent Trading Platform
Traders who are familiar with the BinaryMate platform will be able to spot numerous similarities between the BinaryMate and the BinaryCent platform, not that it is a bad thing. The online trading interface is an independent web-based interface that can be accessed through a web browser. The eye-catching interface is certainly an efficient and reliable trading platform, and shouldn’t offer any troubles for most users. The BinaryCent trading platform is incredibly easy to get accustomed with, and traders can access all of their account features without facing any difficulties.
If you are a beginner trader, the BinaryCent platform offers plenty of assistance to get you going. Even the live video chat feature is a unique novelty feature that provides a human touch to the proceedings. The BinaryCent interface is an excellent binary options trading platform, and can apparently pull its weight when pitted against all the other leading platforms in the market.
BinaryCent Mobile Trading
BinaryCent mobile users can access their accounts either through the BinaryCent web trading interface or through the mobile apps for iOS and Android operating systems. The Web Trader works as a great mobile trading tool, which simply requires the trader to point their smartphone or tablet’s browser to the platform URL. Alternatively, the broker also offers free downloadable apps through the Google App store and the Google Play store, which should provide a more convenient and safer alternative to browser-based trading.
BinaryCent Accounts & Account Funding
Since BinaryCent offers the ability to trade in cents, it is evident that the broker does not stipulate any high minimum deposit requirements for its trading accounts. There are three different types of trading accounts at BinaryCent, the Bronze, the Silver, and the Gold accounts. Traders are only required to deposit a minimum of $10 for the Bronze account, which is available for all deposit amounts up to $100. Traders will be able to rejoice that BinaryCent has allowed its traders to deposit a smaller amount for trading, which not only controls the risk but also allows a large section of the retail trading market to invest in the binary options trading product.
For accounts that are larger than $100 and up to $300, the Silver account offers slightly better account conditions such as a master class web session with top traders and up to 3 risk-free trades. The Gold account is the premium account option, which requires a minimum investment of $301, but offers all the Silver account benefits along with a personal success manager and a Swiss prepaid card. Traders must also note that the broker only accepts deposits up to $5000.
Another significant advantage of a BinaryCent account is the deposit and withdrawal options and the broker’s commitment towards fast processing for both funding options. Deposits are usually made instantly, while withdrawals are processed within an hour. Some withdrawals may take up to 6 hours to process, but the average withdrawal time of 1 hour is certainly impressive. Funding methods include Visa, MasterCard, JCB, American Express, Union Pay, Neteller, Skrill, Perfect Money, WebMoney, QIWI Wallet, Yandex Money, Bitcoin, OK Pay, and AliPay. The broker does not charge any fees for both deposits and withdrawals.
The BInaryCent bonus offerings are categorised according to the deposit amount and the category of account. Bronze account holders get access to the lowest bonus of 20%, which is slightly less than what the average binary options broker pays to its clients. We have seen brokers offering close to 50% for smaller account holders. There is a 50% bonus offered by the company, but it is reserved for silver account holders. Gold users can receive a 100% bonus, but the bonus is usually dependent on several trading conditions.
The first three trades are offered as risk-free trades for Silver and Gold account holders, which are provided as trading credits in the event of a loss. The risk-free trades are offered on top of the existing bonus and come with the same trading conditions as the regular bonus.
BinaryCent Demo Accounts
The BinaryCent demo account is not what you would expect from a mainstream binary options broker. Traders will have to make a deposit before they are allowed access to a demo account, which is contrary to the popular consensus. A majority of binary options companies offer a free demo account either for a limited or an unlimited period. The most important aspect of demo trading is to understand the platform concepts and to get familiar with the trading platform. However, BinaryCent requires its clients to make a real deposit before demo trading, which eradicates the overall integrity of a demo trading account.
BinaryCent Customer Support Department
BinaryCent follows the same customer service principles that are applied to the BinaryMate brokerage. Traders receive access to a live video/text chat feature that ensures 24X7 support throughout the trading week. The live chat feature provides a human touch for traders, and it is certainly a great feature for traders who require constant access to a verifiable person behind the live chat interface. Despite the live video support feature, we would advise BinaryCent to improve the overall experience by offering better training to the customer service representatives. Nevertheless, the BinaryCent customer service aspect is at par with the industry standards.
Extra BinaryCent Trading Features & Resources
BinaryCent keeps it brief and straightforward for traders by offering a short collection of market analysis and charting tools. The company does not cover major market events; neither does the company offer timely news or analysis of the underlying assets. It is up to the trader to analyse the markets and come up with their own conclusions for trading. BinaryCent also refrains from providing any trading signals, and the risk for all trading activities rests with the trader.
- Traders can start trading from 10 cents.
- Low minimum deposit requirements.
- Innovative customer service through video chat.
- Respectable bonus structure.
- Feature-rich trading platform. BinaryCent also provides dedicated platforms for mobile trading.
- Not regulated or licensed according to modern standards.
- Paid demo account is not suitable for all traders.
- The choice of assets is lower than its BinaryMate counterpart.
Can I get A Free Demo Account?
No, BinaryCent only provides a paid demo account. The demo account is only available for traders who make a deposit into their live trading account.
What Are The Minimum Deposit Requirements?
Traders can invest as low as $10, and the minimum trade size starts from $0.10.
Is BinaryCent A Scam?
No, there haven’t been any instances to suggest that BinaryCent is a scam.
What Is The Withdrawal Time?
Withdrawals are processed within an hour and can take up to a maximum of 6 hours. BinaryCent offers one of the fastest withdrawals in the market.
TRADE AT BINARY CENT