Binatex is an online broker that offers binary options. Binary options are a risky investment product that is illegal in many countries across the globe. Yulanta Business Ltd is the company that owns Binatex, which started operations in 2015. This company operates out of Seychelles, a country that many brokers register with to avoid stringent financial protections standard in other nations. This practice is similar to how other firms, like 70Trades, also use Vanuatu as a haven.
Binatex is Unregulated and Denounced by Several Agencies
Binatex isn’t under the regulation of any of the significant financial authorities like the FCA or CySEC. Therefore, this arrangement means that any funds transferred to the broker don’t have readily available avenues to recovery. In 2018, CySEC issued a warning that explicitly stated that Binatex is not under their jurisdiction and has no registration with the regulatory body. They warned that investors should check CySEC’s official website to verify any claims of registration.
Bulgaria also took action against this firm in 2018, when it and 40 other brokers had their websites blocked within the country. Their Financial Supervision Commission stated that Binatex was providing investment services within the country without the proper authorization. While it might be possible to access their website from other countries, binary options are illegal in most countries, and Binatex would not be legally able to provide their services. Countries in the EU, the United States, Canada, and many countries within the Middle East and South America, all prohibit trading the binary options.
Binatex – Unique Trading Platform and Low Deposit are Main Selling Points
The firm offers it’s users a proprietary trading platform for trading binary options. The platform is web-based, and the layout is intuitive. Binatex doesn’t provide traders with any educational resources to learn about the risks of trading binary options. So, they’ve built the marketing focus around their trading platform, advertising it as easy to learn and use. They also have a relatively low minimum deposit of 50 USD, further enticing new investors to trade with them.
Recovering Funds Lost Trading Binary Options
Those who have lost money trading binary options with Binatex or other brokers could have substantial legal standing to recover their lost funds. The European Securities and Markets Authority, the FCA, the ASIC, CySEC, and many others prohibit this kind of trading. We are familiar with negotiating the complex pathways to recovering funds from unregistered brokers. If you believe that a broker has misled you in your investing, please contact us with your story. Our team will review the details and find the best solution for your case.