There have been debates about the legality and practicality of binary options for several years now, and the broker Binarium only contributes to them. Operating since 2012, this service currently has a mixed reputation. Some users claim that after a hacker attack, which was not confirmed, the broker stopped withdrawing clients’ funds.
Who are Binarium and why should you stay away from them?
It should be taken into account that Binarium does not have an actual registration, and the address specified as the headquarters location belongs to another brand. Representatives of the platform explain that they work in the jurisdiction of Cyprus, but at the same time in the user agreement indicate that the firm operates under the laws of the offshore zone of St. Vincent and the Grenadines. Work, by the way, began only in 2017, since earlier the domain update did not occur.
Not so long ago in external sources, experienced traders provided clear arguments confirming the broker’s fraud. Earlier, the website of the scammers, which turned out to be as many as two – binarium.com and binarium.expert – posted a licence from the Central Registration and Financial Markets Authority and information that the activity is regulated by CySEC. The Cypriot regulator knows nothing about this scam, but the CROFR is already known in the network as a pseudo-organisation issuing licenses to everyone. It has nothing to do with the Central Bank of Russia, which makes Binarium a scam.
The conclusion from this can be made as follows:
- Binarium operates illegally and does not have the right to conduct brokerage activities;
- Binary options are banned in the EU, and in the Russian Federation they are not recognised as a trading instrument, which does not distinguish Binarium broker from a casino;
- the service openly lies about its history, does not disclose personal data and uses other people’s data.
Additional proof is not needed. Binarium is a scam that allowed customers to withdraw only small amounts, and after leaving a request for a large amount either blocked accounts or ignored all letters and calls. Now the broker does not withdraw funds from the Binarium site at all.
Terms of trading binary options on the broker’s platform
It should be noted that the service does not provide a detailed description of trading accounts, but warns that everything depends on how much money the client has deposited and what trading turnover he has. Since Binarium’s official website is literally two tabs and the main page, the information here has to be gathered bit by bit.
| Minimum deposit | 300 roubles |
| Deposit and withdrawal of funds | bank cards, electronic systems, cryptocurrencies |
| Trading instruments | currency pairs and cryptocurrencies |
| Additional features | connection to a trading room with daily signals, analytical tools and a personal manager |
All negative reviews left about Binarium are actively replaced by positive reviews and comments. They are all written according to a template – the broker is good, promises of golden mountains are fulfilled correctly, and it gives you money. Real clients still cannot withdraw their money.
In deciding whether or not to open an account here, you should rely not only on the reviews published about Binarium, but also on the actual lack of a licence.
