Binarytradeplus – otherwise going by the name BinaryTradeOption, appears to have everything a South African trader would need: a user-friendly platform, an extensive education center and attractive trading conditions. With a false license and address though, this broker instantly raises one red flag after another.
We therefore decided to carefully look into this company and discover how they work and whether they are in fact a scam. Read our full review and verdict below to find out.Conclusion: We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10! Between 74-89 % of retail investor accounts lose money when trading CFDs
Binarytradeplus has only one account available for South Africa investors to trade with. With a regular $250 deposit, South African users can begin trading with Forex, CFDs and Binary Options with this broker.
Having only one account type is a huge disadvantage for any broker. It means they cannot cater to different trading levels and offer the required conditions. A complete beginner will need and look for more simple and straightforward features than an experienced trader.
Binarytradeplus has chosen a simple approach which seems to cater to the South African beginner in trading.
Trading Platform and Assets
South African investors can trade a variety of assets with Binarytradeplus, from forex and CFDs in major markets like commodities, stocks and indices, to binary options. They do not offer cryptocurrency trading.
Binarytradeplus also appears to have interesting trading conditions, all of which are listed below.
- 1:50 leverage (increased upon request)
- No margins
- Tight spreads
- Large range of instruments
- High returns on successful trades
The broker offers two trading platforms investors can choose between, a web-based platform and a mobile app. Details on each platform are given right below.
Web-Based Trading Platform
In order to trade via the Binarytradeplus web-based platform, all South African users need to do is log in to their account through their PC or laptop. This means all they really need is an internet connection. There is no need for unnecessary downloads and installations that would overload the PC or laptop.
Mobile trading is known to be the most convenient way to trade. It allows South African users to trade on-the-go through their mobile devices anywhere and anytime they want.
The Binarytradeplus mobile app can be found in the App Store and Google Play, which means it is accessible on both IOS and Android devices.
Before starting to trade, it is essential every beginner get a proper education on how to trade, all the available assets, basic trading terms and the risks involved. Licensed companies even ask South African investors basic trading questions upon registration, to make sure they are ready.
Binarytradeplus claims to have a variety of education resources and tools available to help investors learn all about trading, when in fact none of these resources were found. When clicking on any education link, we would just come to a blank page.
This means Binarytradeplus has lied yet again regarding what exactly they offer, trying to appear legitimate to South African users.
A good customer support team is very important for all companies. It instantly separates the professional companies with the non-professional ones. User satisfaction should always be their top priority.
South African users can reach the Binarytradeplus support team through email, fax and phone. There is no live chat available.
Binarytradeplus claim to be operated by B.O Tradefinancials Ltd – which is not true. They have also given a false address on their website, so it remains unclear who owns this company and where they are.
They offer various payment methods, such as credit card (Mastercard, Visa, Maestro), wire transfer, Skrill and Western Union. However, we want to make it clear that South African traders are not advised to make any deposit with Binarytradeplus.
After discovering one red flag after another through our review, Binarytradeplus was found to be a scam that South African investors should stay away from at all costs. This broker has lied about their license, company and education center. It seems they want to appear legitimate through a professional-looking website and false claims, when in fact they are scamming people out of their money.
Conclusion: Instead of wasting your time with another scam in the industry, trade directly with an award-winning regulated broker like IQ Option!Conclusion: We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10! Between 74-89 % of retail investor accounts lose money when trading CFDs
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