What is a Binatex ?

Binatex is owned and operated by Yulanta Business Ltd, a company incorporated in Seychelles, with company number 191592. The registered address is Suit 1, Sound & Vision House, Francis Rachel str., Victoria, Mahe, Seychelles. They also list an address from Hungary: 1085, Budapest, District VIII, Stahly Street 13, 4th floor.

Transactions are managed by Binatexia Limited, a company incorporated in Cyprus under number HE368207. Their registered address is Demostheni Severi Avenue, 6th floor, office 601, Nicosia, Cyprus. In the past they’ve claimed to be regulated by the Financial Market Relations Regulation Center (FMMRC), which is a non-commercial organization created for the purpose of regulating the quality of services provided by brokers and dealing centers. However, they no longer make this claim on their website.

Is Binatex A Scam?

The brokerage was launched in 2015, so they are not very green in this industry, but not a long-timer either. They are transparent regarding their owning and operating company, providing addresses and registration numbers and that’s always a good sign. However, Binatex is not regulated by a major financial authority and they no longer claim to be regulated by FMRRC.

During my previous visits, when I clicked on link to Binatex’s FMRRC license (provided on the homepage of Binatex), I was directed to the license certificate of a company named Enchanted Business Solutions LP. I don’t know if this company is part of the same group as Yulanta Business Ltd and Binatexia Limited and I believe I shouldn’t possess any detective skills if I want to know who I am dealing with. At the time of writing this, the license for Enchanted Business Solutions LP has expired. There is no longer a link from Binatex to FMRRC.

The web traffic for this website is still very good, with 1.7 Million visitors in March 2018 (17% of visits come from Bulgaria, 16% from Romania and about 13% from Georgia), with a high of 3.8 Million during the last 6 months. Although lately their traffic has decreased considerably, they are still going strong, which is a sign of a thriving brokerage, with tons of clients and a lot of activity.