Is BinaryCent a Scam? Read This Brutally Honest Review

Not Bad 6.7/10

BinaryCent
Regulated: No

Broker Name:	BinaryCent
Platform:	BO, FX, CFD
Founded:	2016
Bonus:	Up to 100%
Return/Refund:	Average

No. Of Assets:	Low
Regulated:	No
Demo Account:	Yes
Minimum Deposit:	250
US Traders:	Not Accepted

Last Updated 08/24/2021

BinaryCent Review

by Martin Kay

Why Does BinaryCent Suck In 50 Words

Even if you don’t accept a bonus, you will still need to turn over your funds at least once before you withdraw. If you don’t do that, you can withdraw but you will have to pay a fee of 20%. I hate this greedy approach! It’s like “HA, I got your money, now you do as I say!” What if I deposit and decide that trading is not for me or that I simply don’t like what they are offering? I still have to trade my full deposit once or pay a huge fee… no, no, that’s not the way to go, and ThatSucks!

Why BinaryCent Doesn’t Suck in 50 Words

Eh, this is the hard part. The only thing I can think of is the fact that you can trade cents (lowest trade is 10 cents). This makes them good for practice, but keep in mind that the minimum sum to open an account is $250, which will still be stuck on the platform until you reach 1x turnover (if you don’t reach that volume but want to withdraw, you will pay the 20% fee mentioned above). So, if you want to just practice, go and get a demo account from a bigger broker.

Is BinaryCent A Scam?

As long as a court of law doesn’t say BinaryCent is a scam, who am I to say otherwise? But let’s get real for a bit: they are not regulated by a financial authority, the name of the operating company has changed a few times already, and they are allegedly located in the Marshall Islands, which is not really a place known for its tight financial supervision. Bottom line: we cannot call BinaryCent a scam, but we can certainly say there are better alternatives. As always, read T&Cs and be extra cautious when your money is involved.

Notice!: Trading Binary Options with a non-regulated broker carries risk. It is highly recommended to Start trading a regulated broker.

Should I Open An Account With BinaryCent?

BinaryCent is an unregulated broker that offers Binary Options and CFDs on various asset classes such as currencies, stocks, commodities, and others. It is operated by Wave Makers LTD, a company that lists a Marshall Islands address and has no outstanding regulation. BinaryCent was formerly operated by Cent Projects Ltd. and before that, the name Suomen Kerran LP appeared in their Terms And Conditions.

BinaryCent offers Binary Options (BO) and Contracts For Difference (CFD) and I think the most noteworthy thing about this brokerage is the very low trade size (10 cents), so it makes it appealing to traders who are just starting out in the world of online trading but want to get a feel of the real market, not demo. Unfortunately, that’s about it, because I don’t see other things that would make me recommend this broker. Oh and by the way, don’t forget that you will still have to deposit the minimum on $250 if you want to open an account, so the risk is still there.

The platform is custom built and it’s nothing to write home about, but not disastrous either. The main attraction is the live chat with video, so I don’t think you will pay much attention to the platform features because you will be busy switching between all the beautiful girls who are there to make your stay more pleasurable. If you feel particularly fond of one (or more) of them, you have an option to tip them 1, 10, or 50 bucks. It’s like Hooters for financial trading… with a bit more clothing.

Ok, video chat with girls is not something I need or want from a brokerage, but there’s something even more bothering: according to them, the brokerage was launched in 2016 and according to web traffic numbers (see above), they probably hit the market in early 2017. Now, if you take a look at their homepage, you will see they’ve “allegedly” received the Best Broker Award (by Fair Binary Options) in the year – wait for it – 2015. Wow, how can this be? I don’t know, but I’ll let you draw your own conclusion.

In the past, the broker stated on its website that it’s regulated/approved by an entity named Forex Regulator (what a confidence-inspiring name) but when checking that website I realized this is just an entity that offers legal assistance in case you want to get your money back from a broker, in exchange for a fee. However, during my latest visit I couldn’t locate any info regarding this “Forex Regulator” on BinaryCent’s website.

They also say they are regulated/approved by a website named Forex Regulator (what a confidence-inspiring name) but when checking that website I realized this is just an entity that offers legal assistance in case you want to get your money back from a broker, in exchange for a fee. They are located in Scotland (according to the website) but I’ve found many grammar and spelling mistakes so… I don’t know for sure but I assume that people from Scotland should speak proper English.

To me things are simple: if a brokerage is not regulated, they have to offer outstanding advantages and features to make me open an account and make a deposit, and BinaryCent doesn’t do that. It’s again up to you to decide: if you consider video chat with girls an amazing feature and don’t care much about the rest, then BinaryCent could be the brokerage for you. If you are looking for other things, then look for other things somewhere else.

BinaryCent lists the address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, phone number +1-8299476393 (English), and email [email protected].

BinaryCent Complaints

Almost everywhere I looked, I found people calling BinaryCent a scam. And since you’re here, just take a look at the amount of people complaining in the comments section below this review. You know we don’t trust 100% all complaints we find online, but the amount of unsatisfied clients is worrisome. Most people complain that their withdrawals don’t get through and I’d say that’s the worst thing that could happen. Also, some users have claimed that BinaryCent has changed their T&Cs to fit their needs, without prior notice.

Given the high number of complaints, I believe you should be very careful when dealing with this brokerage.

Notice!: This broker is rated average among our members and staff. Start your trading career with a Top Rated Broker Now!.

BinaryCent Regulatory Warnings And Announcements

7.18.2018 – One of the previous owning companies of BinaryCent was warned by New Zealand’s FMA for operating without a license or regulation. More information here.

6.22.2018 and 9.20.2018 – BinaryCent is warned by the France AMF for operating illegally on two separate occasions.

5.12.2019 – BinaryCent was added to the CFTC Red List. More information here.

BinaryCent Bonus

The bonus starts at 20% for a deposit of 250 USD and can go as high as 100% for a deposit of 3,000 USD or more. If the client withdraws any sum before reaching a 3x turnover, then the bonus will be canceled and all trading losses will be deducted from the client’s original deposit. The bonus cannot be withdrawn and will be used for trading only.

BinaryCent Withdrawal

Withdrawals are processed in one hour according to their website, but given the high number of complaints regarding the withdrawal time, I don’t think that one hour is a guarantee. The minimum withdrawal is 50 USD and the method is the same as the one used for deposit… or whatever the company’s finance team wishes. Yes, according to their TCs, the client cannot request a specific withdrawal method. In case the original method fails for any reason, only the finance team can decide how you will receive your money.

BinaryCent Extras

Cent trades and girls on video chat. The former is relatively good because you can get a feel of real trading without risking much and the latter is totally uninteresting to me, but it is an extra among binary options brokerages. BinaryCent also offers the possibility to copy the trades of other clients.

Trading Bitcoin With BinaryCent

Crypto lovers, rejoice! BinaryCent offers CFD trading on Bitcoin, Bitcoin Cash, Litecoin, Ethereum, ZCash, Monero, Dash, Primecoin, Reddcoin, and other cryptocurrencies. Deposits and withdrawals are available using cryptocurrencies.

BinaryCent Ratings

User Friendliness 15/20

The website is translated into 8 languages; the FAQ section is not very comprehensive; Demo accounts are available only after funding a real account and specifically contacting support, asking for a Demo. The platform is relatively easy to use but a bit clunky. US clients are not accepted.

Number Of Assets And Expiry Time 14/20

The asset list is only available after registration, so I had to register to get it (fake details, don’t worry): 26 currencies, 2 commodities (gold and silver), 4 stocks, and Crypto Currencies (including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, ZCash, Monero, Dash, Primecoin, Reddcoin). This is a small asset basket, but at least they offer Cryptos and people are going crazy about cryptocurrencies these days. The expiries for Turbo options are between 1 and 6 min (in increments of 1 min). Other expiries are at the end of the day and the long-term is one month (with increments in between).

Commissions, Support, And Effective Return 13/20

There are no commissions to open an account but you will have to pay a 20% fee if you wish to withdraw from an account that has not reached the required turnover. BinaryCent also offers CFD trading, which requires you to pay a spread. This spread is floating and depends on market conditions.

The support is not very knowledgeable but is polite (after all, they are there to smile and be polite). The returns for successful Binary Options investments go up to 80% but fluctuate depending on market conditions.

Deposit, Payment, And Bonus 13/20

The minimum deposit is 250 USD and can be performed through Visa, Mastercard, Neteller, Skrill, and others (Bitcoin and Altcoins deposits and withdrawals are available). To deposit via bank transfer you will have to invest a whopping 5,000 USD because that’s the minimum allowed. The minimum withdrawal is 50 USD and has to be performed via the same method used for the deposit. The bonus goes up to 100% be we don’t recommend accepting such a high amount.

Website Extras 12/20

The minimum trade amount is just 10 cents, which is good for money management. The other obvious extra is the video chat with girls but it is not my definition of professionalism. I call it a gimmick to attract male clients, hence the low score for this category. Bitcoin and altcoins trading is available, as well as copy trading.

BinaryCent Ratings: 67/100

Notice!: This broker is rated average among our members and staff. Start your trading career with a Top Rated Broker Now!.

29 Responses to “BinaryCent”

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Alisson De Souza Alonso
03/22/2022 13:15

DO NOT USE THIS!!!
I deposit 5k and manage to double the account in a short period of time. I made some small withdrawals and few days ago due to a medical emergency I tried to withdrawal the rest of the money, about 7 k , so they send to me this:
Binarycent Compliance
Thu 17-Mar-22 5:39
Hello!
Please be advised, that security check was applied to your trading account and we had to block your trading account due to suspicious activity on it.
We regret to inform you that we can not accept your registration with us and can not allow you to continue trading any further closing your account effective immediately.
Your deposits (rest deposited funds) will be fully refunded, please provide us with your bitcoin address in text format so we could send you the funds.
Regards,
Pablo K.
Financial Support
I did nothing wrong, absolutely nothing, they froze my account and I unable to even reach the customer service.
Stay way from this thieves.
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S. Thompson
01/14/2022 20:29

Do Not Use This Broker
Binarycent advertises fast withdrawals (within one hour), and it is not true. Technically speaking, you should be able to withdraw quickly because it is a liquid market, but Binarycent will hold your money when you make a withdrawal request. Do Not Use them! I’ve been trying all week to withdraw (made initial request on Monday morning). Note today is Friday, and they still have not released my funds. They first assigned a “success manager” to me, and I told her in writing that I didn’t want any help. She waited 24 hours to respond and offered her help again. I told her again that I only wanted my money and nothing else from them. Then, she stated she would have to call me to “verify the transaction”. When she finally called (on Wednesday), she told me that it was fully verified and that my withdrawal would be sent for processing after we hung up. (Keep in mind they heavily advertise a one-hour processing time for withdrawals). Yet, here we are two MORE days later, and they are still withholding MY own money from me. Save yourself the trouble, and do not use this broker.
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Fredrick
12/20/2021 05:22

BinaryCent review by Fredrick
This site is a scam. Do not use BinaryCent. I used BinaryCent for approximately 9 months, I deposited $15,000 and managed to bring my account up to $85,000 at one point. I had lots of wins, lots of losses, then several months later when I went to withdraw, they told me I could not withdraw.
I spent several months trying and they would not give me ANY of my money. I spent months talking to them back and forth and kept getting the same automated responses from “Vitaly”.
At the end, I deposited $15,000, tried to withdraw $50,000, got 0. Lost my initial deposit and all my profits.
DO NOT USE BINARYCENT. IT IS A SCAM.
They are a cancerous team, good riddance to them. Karma will sneak up on them and they will lose all that they have stolen.
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Ryan Eaves
11/04/2021 12:55

Warning stay away
Their worst in the casinos they don’t want you to withdraw your money. They will hold on to it and question why you want to withdraw your money. and then come up with a reason to cancel your account because you are withdrawing your money.
Once you make a decent profit and decide to withdraw they’ll email you to bribe you with a bonus to not continue with withdrawal. I refused bonus then another email stating after review of my verified account btw all of a sudden it suspicious activity on it so it was closed. I’m still waiting for my initial payment request it’s going on 3 weeks when the site clearly stats payments processed within 1 hours”
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Lars Lottrup
10/25/2021 20:31

Easy to use - impossible to withdrawl your money
STAY AWAY!
It is impossible to get your mony out of their system!
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Sharonda Thompson
06/11/2021 16:35

Avoid Binarycent at all costs!
Binarycent will not process my withdrawal. They’ve cancelled my withdrawal request and stated that the customer I referred has to turnover their account before I make a withdrawal. However, I did not accept the referral commission offered. I emailed them back and told them to look at the account and they will see that the commission is still sitting there available for me to transfer it, but I am not accepting it because I don’t want to be bound by the terms of accepting it. They’re now ignoring me. No response. I will try to put this review on as many platforms as possible to warn people to stay away from this company. Please warn everyone you know. Save yourself, your friends and family time, money and headache and use an upstanding broker. Binarycent is not the one. They will steal your money and ignore you.
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Walter Hines
05/24/2021 13:33

Binarycent WARNING!!!
I invested $545 with this broker. Their third party Debit card company took $45 to transfer the money into crypto currency. Afterwards, another $32 disappeared. They promised to set up a demo account which was actually linked to my real account and when I tried to withdraw my money, they said that I would be charged a 20% commission for not rolling over the money in the account by 100% (meaning I needed to make at least twice the amount of money, in trades, that was placed into the account). DO NOT INVEST YOUR MONEY INTO THE BROKER!!!! THEY ARE A SCAM! You have been warned!
Walter Hines
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Alex
05/03/2021 21:05

Don't give you your money back...
I’ve been waiting for 5 days already, while the chat assistants told me 24 hours is the wait time. Someone wrote me offering to give me bonuses, i replied and rejected, but never heard back. Then I receive e-mail from him that since he didn’t hear from me he will close the ticket!
The chat agents are just ignoring…
WHere’s my money?
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Yuhao Ko
10/13/2020 21:08

BINARYCENT review by Yuhao
It all seems to be fine before I started cashing out my profit. That being said, when I tried to cash out my profit, an account manager reached out to me and tried to persuade me not to cash out the money. I rejected him because I want to secure what I have invested to the account. But after 5 mins, I got another email from Binarycent saying that my account was block due to suspicious activity. I reached out to them so many times and never got feedback. All my money just disappeared because of “Suspicious activity.” I was frustrated because I paid so much effort and time and money in this broker but got nothing back. I am not losing money, I just got scammed by them. So for people who want to apply for this broker, please be aware you will get nothing back!
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Vishal kumar
05/27/2020 13:14

Binarycent review by Vishal
This website has scammed me .
I had requested for withdrawal of 1560$ , and as per t&c it should be proccesed with in 1 hrs but now more that 72 hrs completed , they haven’t proccesed the withdrawal request.
Even customer care not replying my mails , they have fully ignored me
My registered mail [email protected]
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Dail
10/21/2018 01:07

Binarycent is a scam i couldn't
Binarycent is a scam i couldn’t take my money out they always rejected I spended more than 2 month trying and I did everything they said I lost 15000 dollars please stay away ! You just gonna loose your money !
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Pavol
10/05/2018 16:54

Hello
Hello,
I am from EU from Slovakia (central Europa).
BinaryCent copy trading trading is scam. Success rate of best providers was only 42%.
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Walter Standley
08/01/2018 14:22

Frauds like Binary Cent
Frauds like Binary Cent, BinBot Pro, Maximus Edge Crypto Bot and all of the rest of the scams, oh I forgot the Qprofit system, Option Robot.Com, Binary Options Auto Trader, let’s face it, there’s not enough hours I’m willing to give to these leaches. DON’T SIGN WITH A UNLICENSED BROKER. It’s not even that simple as some of the licensed brokers are in on some scams. ASIC, FSA and CYSEC seem to be the most powerful regulators, so I would be happy signing with a broker that is licensed by these regulators. New SCAMS are being thought up as I am writing this article. Test the broker you want to sign with, if they call you seconds after you fill the form, it’s a safe bet that they are, either too eager or scammers, the latter are usually scammers.
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- Marc
  09/17/2018 17:39
  
  Nice idea not to sign up
  Nice idea not to sign up with an unregulated broker. But when ESMA and the FCA stop me from signing up with regulated brokers then they don’t leave much choice. Or quit trading…….
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Bee
07/26/2018 04:50

I just wondered did you get
I just wondered did you get back the money? I try to complain to broker investigator.
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Trader Moe
06/30/2018 16:04

Seriously
Seriously, if you want to get my money, show me regulation and license not girls.
If I want to chat with lightly dressed girls, there are other much better websites for that purpose…
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Rebekah Short
04/14/2018 20:04

Binarycent is 100% a SCAM
Binarycent is 100% a SCAM! We put in $10K, have been trying for over 4 months to withdraw our money and no one helps or will do it. I am spreading the word. 100% guaranteed!
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- John
  08/25/2018 18:49
  
  Hi Rebekah short
  Hi Rebekah short,
  Are u speaking the truth I invested 5000usd and I am able to withdraw profits freely from binary cent they are a good broker.
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  - Tharika
    09/10/2018 22:39
    
    Even I have invested money in
    Even I have invested money in binary cent via Eliteoptionstrading now they say that my account doesn’t exist.
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    - Vishal kumar
      05/25/2020 15:05
      
      Binarycent frouds
      Also , my withdrawal request of 1560$ is not proccesed , they have fully ignored me , not replying any mails or messages
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Danny
03/28/2018 22:01

Binarycent stole me hundrend of €
Binarycent stole me hundrend of €…manipulation of the price…the support was absent….i can’t write good en english…i just can say Binarycent is shit…avoid it!!!!
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ian
01/17/2018 02:52

took money pretty quicky
took money pretty quicky.. said i was closing a trade at double profit but never received either stake or profit.. tried to talk to the live chat but there just laughing at you and cutting you off or telling you to email support who were no help at all.
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Neil Ally
01/14/2018 15:09

I have emails now going back
I have emails now going back over a week. I requested to have my money withdrawn. The request was initially rejected. Then after having to beg and plead with them it was finally approved. However, the money is nowhere to be found now. Its not in my “binary cent account” nor is it back in my coinbase account. The support staff appears to be a bunch of scumbags that pretend to listen to you and keep telling you to email the finance department. The “finance dept” has no number or any way to actually speak to someone. I have over 30 emails between me and my “success manager” as well as the finance dept. I even accepted their 20% commission on almost $1000 usd and I still don’t have my money. This is one of the frustrating experiences of my life.
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- Brad Smiley
  03/05/2018 03:48
  
  Yes
  Yes, same here. Very similar situation with the same amount of money that I have resigned to kiss goodbye. I feel your pain completely.
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Khutso Mohale
01/12/2018 22:03

i used binarycent before
i used binarycent before, they wont allow you to withdraw more than you have deposited, they closed my account for winning too much and this also happened to 3 of my friends. NEVER put money in that platform.
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AL
01/11/2018 10:47

Slow lagging platform which freezes in
Slow lagging platform which freezes in the middle of trades, and horrible customer support.
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Mitchell Jaffe
01/04/2018 16:13

They claim one hour withdrawal
They claim one hour withdrawal, but then you find out its not one hour and they keep your money. BEWARE! You have been warned.
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- ashik
  01/10/2018 14:05
  
  how much time they took form
  how much time they took form you brother…??
  Because as i had heard i can trade on 0.10 $
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- Ray Abernathy
  03/22/2018 21:28
  
  Please I begging ever trader out
  Please I begging ever trader out there stay away from the crooks .It take me a whole of 5 minutes to see this amateur platform to realize i wanted out . I asked for my deposit back and They was like you need to turn your account 1 time or They charge you a 20% fee. There is a spread in price when you make your trade no instant position is made a huge gap from where you get in . They are complete jokes . Definitely go with a different broker .
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