Review of the suspicious broker Binomax and feedback from affected traders.
Review of the suspicious broker Binomax and reviews from affected traders
Binomax is a binary options broker that claims to offer the highest level of payouts to clients and provides unprecedented support. Despite the stated goal of full customer satisfaction, there have been many negative reviews about binomax.com recently on the internet. To understand the unreliability of this information and determine what is really hidden behind “Binomax”, it is worth conducting a detailed review of the company, examining all available data about it, its trading conditions, and reputation.
Brief analysis of information about “Binomax”
According to the information presented on the binomax.com website, in 2012 a group of experienced traders decided to establish a brokerage company to provide advice to clients and assist in making the right investments. However, in reality, the site was only registered in 2016, which raises doubts about the accuracy of the information provided. This inevitably raises concerns about the reliability of the broker. Nevertheless, based on feedback from former clients, “Binomax” still has its own client base.
The broker is registered in the offshore zone of Saint Vincent and the Grenadines. Equally interesting is that other brokers are also registered at the provided address, some of which are already classified as blocked sites. Many of these companies have accumulated a significant number of negative reviews and complaints.
Trading conditions
Binomax offers its clients classic binary options such as Up/Down with various expiration times, allowing traders to choose suitable strategies. The basic assets for trading are currency pairs, commodities, and cryptocurrency.
The maximum return on options reaches 80%, while the website claims that clients can earn up to 200% of their initial investments. The minimum investment amount is 10 USD, with average investments being around 50 USD. The trading platform is available on all devices, providing convenience for trading at any time.
Among the free services, Binomax provides a demo account and 5 insured trades for new clients. However, the educational system is not presented in sufficient detail, which may hinder newcomers in familiarizing themselves with binary options.
Review of stocks and bonuses
The broker offers clients one bonus program called the “Deposit Bonus,” but the specific conditions and bonus amount are not disclosed. Obtaining the bonus requires the use of a promo code, which can easily be obtained by watching ads or visiting partner sites of binomax.com.
The amount earned using bonuses can be withdrawn after the trading turnover exceeds 30 times the amount of bonus and deposit funds.
Profit withdrawal process
Depositing funds into the account is not difficult for traders, but the withdrawal process may be subject to certain limitations.
Binomax may request additional documentation when withdrawing funds, which can affect withdrawal times ranging from 1 to 3 days. Withdrawals are only available through the method used for depositing. The broker allows clients to use bank cards, transfers, and e-wallets for fund withdrawals.
However, there is no information on the financial terms of conducting transactions and maintaining the account on the binomax.com website. Regular changes in this data for various reasons, including market conditions, can lead to unexpected fees and costs when withdrawing profits.
Client reviews
After analyzing numerous reviews on trading forums, it becomes clear that Binomax is often referred to as a scam and a suspicious broker.
Researching the feedback suggests that the broker refuses to pay profits, fails to meet service quality obligations, and arbitrarily blocks accounts. Many clients note unwarranted demands for account deposits and threats from company representatives. There are also accusations of using trading robots to manipulate trades and the inability to withdraw earned funds.
Binomax reserves the right to disclose clients’ personal information to partner organizations, raising questions about the further use of this information.
Conclusions
Unfortunately, the broker Binomax does not confirm its reputation as a reliable partner. Dubious information on the website, lack of transparency in financial conditions, and negative client reviews make it a questionable choice for investment. We recommend being cautious of this project and refraining from investments. If you have arguments that may influence such a decision, please share them in the comments on this review.
Author: Sasha Chaika
Also read: DIF Broker: detailed review and real client reviews.