Binany Review - Perfect platform for profitable investments?
Updated: Feb 16
Binany was established in the year 2019. Binany is regulated under International Financial Market Relations Regulation Center (IFMRRC). The company offers a very simple and basic trading platform to trade. The company has it's management in Cyprus. Unlike other trading platform offers trading account with base currency as EUR or USD, Binany doesn't offer EUR or USD as base currency in trading account. Binany is available in 27 countries currently.
Although the company's management is in Cyprus. Where the trading brokers came under (CySEC) authority. Binany is not regulated with Cyprus authority.
As we already discussed Binany is regulated under International Financial Market Relations Regulation Center (IFMRRC) which is a non-commercial organization created for the purpose of regulating the quality of services provided by brokers. Binany is newbie into the financial services. Binany still lags with a lot of trading features and it is still developing the necessary services. The only thing which makes Binany more convenient to use it, i.e., support for 27 currencies for account opening. Binany is available in India for trading and traders can open a trading account with Rupees as base currency.
Online Since - 2019 Software - Binany Minimum Deposit - ₹300 Minimum Trade Amount - ₹30 Demo Account / Practice Account - ₹5,000 Withdrawal Processed - 1-3 days. Mobile Trading - Android, ISO. Countries Supported - 27 Countries.
Binany has very basic trading services, the company's trading platform serves few basic tools. Binany is still developing it's trading platform. Binany currently supports tools which includes chart types, chart time and that's it. Binany doesn't provide any graphical tools nor have any support for indicators. The platform works on price prediction based on ups or downs. Which is based on option trading.
Binany has more than 19+ assets available for trading and only includes currency pairs such as EUR/USD etc. Binany doesn't support Forex trading, Commodities, nor Crypto trading. But Binany do provide "OTC" trading assets. Binany provides profitability up to 85% on currency pairs assets. The demo account is integrated into the same platform so switching from accounts is just one click.
The platform doesn't provide graphical tools or indicators support which makes trading more like playing casino.
Binany offers mobile trading app but it is not available on Play Store. But you can download the app by visiting the link provided on the Binany's website. The app experience is same as the browser, and it is very responsive. But, we will recommend you to stick to the browser version as it is far more convenient.
Binany do support promo codes and provides bonuses as listed on it's website. But currently Binany is not offering any bonus.
Binany kept it very simple and provides one real account and one demo account. Their is no VIP account or any sub category. Which is quit great as every trader will get equal importance and services.
Binany offer more than 19+ assets to trade and the trading assets includes currency pairs only, but sometimes crypto assets are available for trading, OTC assets are also available for traders. Which means Binany provides options trading only. The maximum profitability provided is 85% on the currency pairs.
One of the biggest benefits of Binany is that they don't have any hidden charges or commissions. As we already discussed Binany doesn't provide Forex trading so commissions are ignored. Binany don't take any fees for deposits and withdrawals like as top brokers.
If we compare other brokers which have base currency as EUR or USD, traders have to pay high commission and fees for converting their money into local currency. But with Binany, depositing money and withdrawing money is more convenient as it supports rupee as base currency.
Deposits & Withdrawals
Binany offers limited deposit methods. But every method is convenient and easy to use. Binany don't take any fees for depositing money or withdrawing money. The deposit methods will vary according to geographical locations as Binany is available in 27 countries and every country will have different local deposit methods. The major benefit of Binany is that they have provided more convenient methods for deposits and withdrawals so that big hefty fees and commission should be ignored.
Withdrawals are processed within 1-3 days. Deposits are credited to the accounts instantly. Some deposit methods do take time to reflect money in the trade account. But considering convenient and secure deposit & withdrawal method will make it easy.
Having a convenient deposit and withdrawal method will reduce difficulty in payment system. Binany provides local deposit and withdrawals methods which will reduce fees and traders can get their payments without paying any fees. Payment methods such as Paytm or UPI is more easy to use and your money will be easily credited to your account without paying any fees.
Binany have only one feature which may be considered as useful,
Ratings/Leader board - Traders can check the top performing traders and also their place in the ratings.
The most important thing about a trading broker is support. Having a fancy trading platform and great features doesn't mean all you want. Binany's support is quit decent as they have low staff available. But the support is very active in terms of payment services. Also, traders can contact the support team with chat feature which is quit responsive.
Our Binany's customer support rating - 7/10
Binany is an regulated broker and provides a basic financial services. But the most interesting thing which we liked about Binany is that they support local currency and the payments are fast and secure as per our experience.
Creating an trading account with Binany is safe and secure, if you don't mind with the following, platform lagging with graphical tools, highly integrated interface, also indicators support.