BinaryCent is a broker and trading platform offering binary options, forex trading, CFDs, and cryptocurrency trading. Launched in the late 2010s, it markets itself heavily to retail traders looking for accessibility and fast-paced trading. With features such as very low minimum trade sizes and multiple payment options (including cryptocurrency) BinaryCent is designed to attract beginners and very short-term speculative traders.
BinaryCent is not regulated by any of the stricter financial authorities and traders using BinaryCent do not have much in the way of legal trader protection, e.g. when it comes to pricing transparency, segregated accounts, and the ability to enforce withdrawals when the broker is stalling.
Very Low Minimum Trade Size
One of BinaryCent’s biggest marketing points is its very low minimum trade size. On this platform, the minimum trade size is just $0.10 per contract. This is significantly lower than most competitors, making it appealing for beginners who want to test strategies with minimal capital exposure.
With a trade size of just $0.10 per contract, even someone with a very small account balance can stick to the time-honored risk management rule of never risking more than 2% of your capital per trade. If you only have $5 left in your account, 2% of that balance is $0.10.
With that said, the minimum deposit to BinaryCent is usually $250, so traders on a small budget will find it difficult to start with this broker. There are many other brokers offering retail binary options where the smallest deposit is just $10.
Trading Platform Experience
BinaryCent uses a proprietary web-based platform tailored for quick and simple execution of binary options contracts. The interface is straightforward, making it accessible for beginners, but it lacks the advanced charting, analytical depth, and algorithmic tools found on platforms such as MetaTrader 5 (MT5) and cTrader. For traders who prefer simplicity, this can be an advantage, though more experienced users may find it limiting.
Payouts up to 90%.
You can find both High/Low (Call/Putt) binary options and Boundary Binary Options on this platform.
Expiry times for many of the binary options at the BinaryCent platform range from 5 seconds to one hour. Intraday / hourly binary options are aligned with each hour throughout the trading day. There are also High/Low options available where you can select a lifespan of up to 30 days.
No Demo Account Prior to First Deposit
The demo account is available only after making the $250 minimum deposit, and you must contact the customer support to get access. This is an unusual practice and should be considered a bit of a warning sign. With this set up, you can not explore the platform and see if it suits you before you commit $250.
There are many other brokers available online that would be happy to give you free access to their demo account with no deposit requirement at all, and definitely not a huge $250 deposit requirement.
Underlying instruments for Binary Options
BinaryCent offers binary options trading for a variety of assets types, including:
- Forex
- Commodities
- Indices
- Cryptocurrencies
- Stocks
Forex
Binary options are available for roughly two dozen currency pairs, including both majors, minors, and exotics.
Cryptocurrency
Examples of cryptocurrencies that you can speculate on are BTC, ETH, LTC, XRP, XMR, ZEC, EOS, ETC, IOT, OMG, SAN, and DSH.
Commodities
The focus is on hard commodities, including precious metals (gold, silver) non-precious metal (copper), and energy (Brent crude oil).
Indices
You can speculate on well-known stock indices such as S&P 500, NASDAQ (USA100), Dow Jones Industrial Average (DIJA), Spain35, USA30, and Swiss20.
Stocks
You can speculate on the price movements of individual stocks, including BMW, Lufthansa, Daimler, Apple Inc. (AAPL), Amazon (AMZN), Alphabet (GOOGL), Microsoft Corporation (MSFT), Tesla Inc. (TSLA), Netflix (NFLX), Meta (FB), NVIDIA Corporation (NVDA), Advanced Micro Devices Inc. (AMD), and Intel Corporation (INTC).
Account Tiers
BinaryCent offers tiered account levels with increasing deposit requirements. Higher-level accounts promise benefits such as faster withdrawals, trading signals, and bonus money. Bonuses come with restrictive conditions (including big turnover requirements) that can trap funds and prevent withdrawals until unrealistic trading volumes are reached. This is a common issue with retail binary options brokers; it is not unique to BinaryCent.
Here are the available tiers:
Bronze Tier
Deposit requirement is $250. Examples of benefits are 24/7 live video chat support, withdrawals processed within 1 hour, +20% bonus on deposit, and a copy trading tool.
Silver Tier
Deposit requirement is $1,000. Examples of benefits are the Bronze Benefits, but with a +50% bonus on deposit, and a web-based master class. You also get 3 “risk-free” trades. If you lose on a risk free trade, you are repaid the stake, but with bonus money instead of real money, and the bonus money comes with strings attached.
Silver Tier
Deposit requirement is $3,000. Examples of benefits are the Silver Benefits, but with a +100% bonus on deposit, and a personal success manager guide.
VIP Tier
The terms and conditions of the VIP Tier vary, but you will normally need to fulfill a $50,000 deposit requirement to get access. Examples of perks that may show up are +200% deposit bonus, instant withdrawal processing, higher payout boosts, free rollovers, higher trade limits, and enhanced customer support. Information about the VIP Tier is not widely available.
Regulation and Reputation
BinaryCent has a mixed reputation in trading communities. It attracts interest due to its low entry requirements and wide payment options, but negative reviews frequently highlight withdrawal difficulties, aggressive marketing, and lack of transparency. Its offshore registration place it in the high-risk category.
BinaryCent is owned by Wave Makers Ltd., a company based in the Marshall Islands, an island nation in the Central Pacific Ocean. Marshall Islands does not enforce strong trader protection rules. The registered address for Wave Makers Ltd is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The company registration number is 103581.
WaveMakers Ltd. is delegating the operation of BinaryCent to the Suomen Kerran LP, a limited partnership registered in Edinburgh, Scotland, UK.
Wave Makers Ltd is a part of a company sphere where the holding company is named Finance Group Corp. (also known as FGC). Several trading platforms is included in this sphere, e.g. BinaryMate and IQCent. Finance Group Corp. is registered in Vanuatu, an island nation in the Pacific. The address is 2nd Floor, Transpacific Haus, Lini Highway, Vanuatu.
Some marketing material claims that BinaryCent holds a financial services license from the Vanuatu Financial Services Commission (VFSC), but we have found no evidence of this. On the contrary, BinaryCent is included in a list published by the VFSC in 2021 where the commission warns traders about trading sites and platforms that incorrectly claims to be licensed by the VFSC.
Deposits and Withdrawals
Funding options include credit and debit cards, wire transfers, e-wallets, and multiple cryptocurrencies. Deposits are usually processed quickly, but exact times varies depending on which method you are using. Withdrawals are one of the most common issues reported by traders. Delays, repeated verification requests, and in some cases outright refusals have been noted in online forums.
The minimum deposit size is normally $250 or €250. This is a high number, especially when we consider how may of the competitors that would let your open an account with a $10 or $50 deposit, and where you can top up your account by adding small amounts of money as you can afford it.
Examples of transaction methods that BinaryCent is accepting for fiat money are Visa, MasterCard, JCB, China UnionPay, American Express, direct bank transfers, Neteller, Skrill, WebMoney, and Qiwi. BinaryCent does not charge deposit fees and withdrawal fees for most methods, but third-party fees may apply, depending on your payment provider. For international bank transfers, the broker charges a $50 processing fee. Additional verification documents can be required for larger withdrawals. Typically, the threshold is at $1,800.
BinaryCent accepts cryptocurrency transfers for both deposits and withdrawals. Cryptocurrency payments are processed instantly, and the platform does not charge any fees for these transactions. Third-party fees may apply. The accepted cryptocurrencies for transactions are Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). To initiate a deposit or withdrawal using cryptocurrency, select the cryptocurrency option in the payment methods section of your account.
Customer Support
Support is available through live chat, email, and phone. Trader reports suggest response times can be inconsistent. Some users highlight that while general inquiries are handled quickly, issues related to withdrawals or disputes often go unresolved.
Phone support is available in several languages and for several different regions. For English support:
+1 829 947 6393 and +61 8 5550 7288.
You will find the live chat on the BinaryCent website, so you do not have to be logged into the trading platform to use it. This is good, in case you encounter a problem logging in and need help from the support. The live chat is available 24/7.
The support email address is support@binarycent.com. If the issue concerns billing or payments, you can send your email directly to payments@binarycent.com.
Why Are Traders Choosing BinaryCent?
BinaryCent is popular among traders interested in short-term speculative trading. It is not suitable for longer-term trading or investing.
BinaryCent appeals to retail traders who are looking for binary options and are comfortable with the risks associated with using offshore brokers. Within this niche, BinaryCent distinguishes itself by permitting really small contract sizes, which is a big plus for traders who do not want to risk a big part of their bankroll on each individual trade. With its $0.10 minimum trade size, this broker is attracting beginners who want to experiment with binary options strategies without risking a lot per trade. With that said, the smallest possible deposit is a whopping $250 and that scares away many of the traders that are attracted by the small minimum trade size.
BinaryCent offers a simple trading platform which make it attractive to beginners who feel overwhelmed by more feature-rich platforms such as cTrader and MT5. The BinaryCent platform is web-based and simple to use, with clear expiry times and straightforward execution. It is highly rated by traders who prefer a clean, uncomplicated system rather than a feature-heavy trading environment.
The platform supports deposits and withdrawals in cryptocurrencies, and this appeal to traders who prefer using cryptocurrencies for their trading activities.
To sum it up: BinaryCent is typically picked by beginners who want to learn with tiny trade sizes but have not problem depositing $250. It is also chosen by traders who wish to fund their accounts with crypto, and by traders who value platform simplicity over advanced features. BinaryCent is not suited for investments, nor for anyone prioritizing strong legal fund protection. Anyone choosing this broker should approach it as a high-risk venture, since the broker is not supervised by any of the stricter financial authorities.