Is Binary Cent Worth Your Investment: A 2024 Comprehensive Review

Homepage of Binary Cent

Summary of Binary Cent Broker

Binary Cent broker, established in 2016, is a versatile forex broker known for its high leverage, low minimum trade size, and multiple trading accounts. Thus, it is highly accessible for both beginner and seasoned traders.

Binary Cent holds a Trading.Biz evaluation score of 3.6, reflecting a thorough review across multiple features. This detailed evaluation ensures that you, as a probable trader, have all the essential information to make an informed decision.

While this broker has a couple of perks, it also has some major drawbacks that users should be aware of. So, come along and join me for this review.

Pros and Cons

The following is a list of the pros and cons of Binary Cent broker.

Pros	Cons
Offers different account types.	Has no regulation compared to other brokers.
Offers multiple bonuses and promotions.	Offers limited educational resources.
Offers copy trading and negative balance protection.	Has high deposit amounts for some accounts.
Has a quick registration procedure.	Doesn’t offer advanced trading platforms.
Provides multiple funding options.
Offers an extensive range of trading instruments.

Evaluating The Highly Impacting Factors

Factors	Average Score: 3.6
User satisfaction	5/10
Regulation	1/10
Educational content	3/10
Webinars	2/10
Spreads and commissions	5/10
Customer support	6/10

Trade with Binary Cent if

• You want a broker with a low minimum trade size.
• You want a broker with different account types.
• You want a broker with different bonuses.
• You want a broker that offers negative balance protection.

Don’t trade with Binary Cent if

• You want a broker with a low minimum deposit amount.
• You want a broker that is regulated by verifiable authorities.
• You are a U.S. resident.
• You want an Islamic account option.
• You like a broker that offers sufficient educational materials.
• You want a broker that offers advanced trading platforms.

Verified Office Address of Binary Cent

Verified Office of Binary Cent

This is the verified office address of Binary Cent:

Trust Company Complex, Ajeltake Road, Majuro, Marshall Islands, MH96960.

Regulation and Security

Regulation

There are claims from other broker reviews that Binary Cent is regulated by the VFSC, which is an offshore regulatory entity based in Vanuatu. However, when I contacted support via [email protected], I got no response and found no information about its regulation on the official website.

Security

Binary Cent segregates client funds from the company’s operational funds to prevent financial mishaps. It also uses Secure Socket Layer (SSL) encryption to safeguard users’ private data from unauthorized access during online transactions.

In addition, Binary Cent offers negative balance protection, ensuring that clients cannot lose more than their deposited funds. Lastly, Binary Cent enforces Know Your Customer (KYC) policies to verify customers’ identities.

Expert Opinion on Binary Cent

Here, the reviewer praised the copy trading feature but called the trading platform a “downside.” He complained about the movement of the candlestick, calling it “laggy,” which made him hesitate to use it.

BLW Online Trading Review of Binary Cent

While this review noted that “Binary Cent empowers traders to capitalize on market opportunities and achieve their financial goals,” it also spoke against its lack of credible regulation.

Solution Seekers Review of Binary Cent

Expert Review of Binary Cent

Binary Cent strongly upholds security measures to protect its client’s interests, including segregated accounts, SSL encryption, and negative balance protection. It also offers passive income opportunities via referral programs and copytrading.

I found its different trading accounts a welcome development, as it caters to traders’ individual preferences. However, I was unsatisfied with its lack of regulation and the limitations of its trading platform. Compared to other brokers, Binary Cent leaves much to be desired.

Signing up with Binary Cent

Sign-up process for Binary Cent

Signing up for Binary Cent is a straightforward process. Here’s how I did it:

• Go to the website.
• Navigate to the top right corner.
• Click “Sign up.”
• Input your email.
• Add a password.
• Add your name and surname.
• Add your phone number.
• Add an account currency.
• Input a promo code (if applicable).
• Agree to the terms.
• Register your account.

Create a Binary Cent account to try out the world of referrals. 

Dashboard of Binary Cent

Dashboard of Binary Cent

The Binary Cent dashboard has a bright background that is comprised of different colors for each icon. This makes it easy to navigate and understand when browsing through. These are the features you should see:

• My trades: This section gives a precise view of all your open and closed trades. It lets traders monitor their trading history and analyze previous and present performance.
• Turbo savings: It is a feature designed to assist traders save a part of their profits quickly.
• Copytrading: This allows less experienced traders to automatically copy the trades of more successful traders, thus increasing their chances of trading success.
• Live trades: This feature provides real-time updates on trades being conducted on the platform.
• Trading content: Here, you can find educational materials, such as articles, tutorials, and videos, to improve your trading knowledge and skills.
• Market analysis: This feature provides in-depth analysis and insights into the financial market, i.e., fundamental and technical analysis.
• Help Center: This is the support section where users can get answers to their queries and access contact information for customer support.
• Trading stats: This feature shows comprehensive statistics about a trader’s performance, including win/loss ratio, average profit, and average loss. It enables traders to evaluate their performance and improve their strategies.
• Marketplace: This feature allows traders to access and buy extra tools and services that can improve their trading experience.
• Invite a friend: This referral program lets traders invite friends to join the broker. Once the new trader registers and starts trading, both parties may receive rewards.
• Live chat: This feature provides real-time customer support on any issues you may be having.

Deposit/Withdrawal in Binary Cent

Here are the deposit and withdrawal options that Binary Cent makes use of:

Deposit

Depositing funds on Binary Cent

Binary Cent accommodates different types of traders by offering multiple account types with their respective features. Deposits can be made through your account dashboard via the “Add funds” option. There are instructions on how to select your preferred payment method. These methods include:

• Wire transfers: You can deposit funds via USD, EUR, or GBP and
  The transfer takes 1-5 business days to process. It is suitable for larger deposits.
• E-wallets: They support multiple currencies, reflect instantly, and support multiple currencies. The acceptable types include Skrill, Neteller, PerfectMoney, and WebMoney.
• Credit/debit cards are the most common method used because they are convenient and reflect almost immediately. Visa and MasterCard are the most accepted cards, with USD, EUR, and GBP being the most used currencies.

Each method has varying details, but the most viable option is via credit/debit cards.

Withdrawal

Withdrawing funds from Binary Cent

Withdrawals on Binary Cent require traders first to turn over their deposit amount through trading. If these conditions are not followed, early withdrawals may incur a 20% fee. The processing speed of withdrawals is within the hour, and the fees depend on the payment method.

The following are the withdrawal methods for Binary Cent:

• Bank transfers: While it is typically processed within the hour, the funds might take 3-5 business days to reflect in the client’s bank account.
• E-wallets: Binary Cent supports several options, like Skrill, Perfect Money, and Neteller, as they are convenient and reflect within the hour.
• Credit/Debit cards: With Maestro, Visa, and MasterCard, it should typically take one hour for your funds to reflect. Nonetheless, due to the bank processing period, it might take a couple of days for your funds to appear in your account.
• Other methods: Alternative methods like Perfect Money and local transfers should typically require an hour to reflect.
• Cryptocurrency: With cryptocurrencies like Bitcoin, Litecoin or Ether, your funds reflect within the hour.

As seen above, most methods offer quick processing time, so choosing the most viable option depends on preference.

Trading Conditions on Binary Cent

Trading Conditions on Binary Cent

Binary Cent offers diverse trading conditions that different categories of traders may appreciate. They are

• It enables deposits in currencies such as USD, EUR, and GBP, as well as cryptocurrencies like BTC and ETH, amongst others.
• It allows funding via platforms like major credit cards, cryptocurrencies, Skrill, WebMoney, Neteller, and PerfectMoney.
• Its average spread for EUR/USD is 0.6 pips.
• The maximum profit margin from transactions is 95%.
• The minimum investment amount is 10 cents.
• It provides different account types like Gold, Silver, and Bronze, as well as a demo account.
• It offers a leverage of up to 1:500.
• The minimum deposit for a Bronze account is $250, for a Silver account, $1,000, and for a Gold account, $3,000.
• It provides an extensive range of financial assets (currency pairs, forex, commodities, etc).
• It offers negative balance protection.
• It secures clients’ funds by providing segregated accounts.
• It provides an affiliate earning program.

Binary Cent provides different accounts to accommodate users’ varying trading preferences, strategies, skill levels, and risk tolerance.

How to start Trading with Binary Cent

How to start trading on Binary Cent

Before I could begin trading on Binary Cent, I had to complete the following steps:

• I visited the Binary Cent website, registered, and logged in.
• I selected an account type.
• I deposited funds into my account (keeping in mind the different minimum deposits for each account type).
• I installed a trading platform (MT4 or MT5).
• I explored the platform.
• I practised with a demo account.
• I placed and monitored my trade.

Useful tools for traders by Binary Cent

Useful tools for traders by Binary Cent

These are tools that helped me make more informed decisions when I traded on Binary Cent:

Technical Analysis Tool

With charts and indicators, you can analyze price patterns, data, and trends to gain quantitative information and predict the price movements of financial assets.

Technical Analysis

Market News

This feature provides the latest updates in the financial ecosystem, which could impact your trading.

Market News

Investing Opportunities on Binary Cent

Investment opportunity on Binary Cent

Binary Cent offers two ways for clients to increase their earnings: Copy trading and Turbosavings.

Copy Trading

Binary Cent’s auto-copy feature enables traders to copy the trades of successful traders in real time while maintaining control over their accounts. It works in a sequence.

Its dashboard lists the top 10 traders over the past 30 days for easy access. Then, you can choose your desired trader, enter your preferred trade size, and click ‘copy.’

Turbosavings

Turbosavings is a feature that provides a high and secure interest rate based on your investment. This could encourage you to deposit and save a larger sum of funds.

It offers up to 128% APY, daily payouts, and instant withdrawals, basically helping you increase your earning potential while increasing your savings.

Turbosavings 

Affiliate Program of Binary Cent

Affiliate program of Binary Cent

Binary Cent offers an affiliate program via the ‘Invite a friend’ option. To qualify for this, register, and then you will be provided with a referral link. As the name suggests, you can invite others to join the broker by sharing your referral link.

You then get to earn a 20% reward from the deposits your friends bring to the table. It is a lucrative opportunity for both parties. Furthermore, this option provides easily accessible performance metrics like total referrals, referral balance, and rewards.

Create a Binary Cent account to sign up for the affiliate program.

Conclusion

Trading on Binary Cent gave me mixed feelings overall. First off, it is an easy broker to register on, with some passive income sources and different accounts to choose from, depending on your preferences.

Then, it has several security measures that safeguard your funds, trading tools to improve your experience, and various trading instruments for diversifying your portfolio.

However, its trading platforms leave much to be desired, with the obvious absence of the advanced Meta Trader 4 (MT4) or Meta Trader 5 (MT5). It also lacks sufficient educational resources, and its lack of regulation doesn’t inspire confidence.

To that end, I don’t think its overall features compare favorably to those of other trading brokers. Thus, if you still choose to trade on this broker, be wary of its downsides.