Exceeded

Score

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/10

BINARICX

United Kingdom

|

2-5 years

MSB License|

Suspicious Overrun|

High potential risk

https://about.binaricx.com/

Website

Rating Index
Contact
BINARICX
support@binaricx.com
https://about.binaricx.com/
Influence
E

Licenses

FinCEN

FinCENExceeded

MSB License

WikiBit Risk Alerts

2
Previous Detection 2024-04-23

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000177125866), please be aware of the risk!

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Time Machine

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Company Name
BINARICX
Regulatory Status
Exceeded
Company Abbreviation
BINARICX
Platform registered country and region
United Kingdom
Phone of the company
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User Reviews

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1 ratings

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Verified Trader
BINARICX Exchange was established in 2020 and is based in Seychelles. It offers users a range of trading pairs for cryptocurrencies, as well as margin trading, futures trading, and staking.
2023-04-17 18:19
0
Registered Country/Area United Kingdom
Founded year 2021
Regulatory Authority FinCEN (exceeded)
Numbers of Cryptocurrencies Available 50
Fees 0.25% trading fee
Payment Methods Bank transfer, Credit/Debit card
Customer Support 24/7 Live Chat, Email

Overview of BINARICX

Founded in 2021, BINARICX is registered in the United Kingdom. BINARICX falls under the purview of the Financial Crimes Enforcement Network (FinCEN) in the United Kingdom. However, it's crucial to note that they currently have an “exceeded” status with the regulatory body, indicating that certain activities or operations of BINARICX have surpassed the parameters or conditions set by the FinCEN. BINARICX provides its users with a selection of 50 cryptocurrencies, offering a wide range of options for both new and seasoned traders. The exchange operates on a competitive fee structure, charging a 0.25% trading fee for transactions on its platform. To provide flexibility for its user base, BINARICX supports various payment methods, including bank transfers and credit/debit card transactions. Recognizing the importance of efficient customer service, BINARICX offers 24/7 live chat and email support, ensuring that users' concerns and queries are addressed promptly.

Overview of BINARICX

Pros and Cons

Pros Cons
Competitive fees Relatively New
Wide Selection of 50 Cryptocurrencies Exceeded Regulatory Status
Multiple Payment Methods Available Not Well-made Interface

Pros:

  • Competitive Fees: One of the standout features of BINARICX is its competitive fee structure. A 0.25% trading fee is fairly reasonable, especially when compared to many other platforms in the market.

  • Wide Cryptocurrency Selection: With a selection of 50 cryptocurrencies, BINARICX provides users with a diverse range of options to trade, catering to both popular coins and some potentially lucrative altcoins.

  • Diverse Payment Methods: BINARICX supports multiple payment methods, including bank transfers and credit/debit cards. This flexibility can be particularly beneficial for users who prefer varied transaction methods.

Cons:

  • Relatively New: Being founded in 2021, BINARICX is relatively new to the cryptocurrency exchange scene. With the volatile nature of the crypto market, the longevity and track record of an exchange often play a crucial role in gaining user trust.

  • Exceeded Regulatory Status: BINARICX's status of having exceeded its regulatory requirements can be a concern for potential investors and traders. This status implies that some operations or aspects of the exchange might have surpassed the defined parameters by the regulatory body.

  • User Interface Concerns: A well-designed user interface is crucial for seamless trading and user experience. If BINARICX's interface is not well-constructed, it can potentially hinder user engagement and trade efficiency.

Regulation

Licensed Institution: BINARICX DIGITAL LTD

License Type: MSB (Money Services Business) License

License Number: 31000177125866

Regulated By: Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. FinCEN's main mission is to safeguard the financial system from illicit use, combat money laundering, and enhance national security through comprehensive financial intelligence.

Current Status: Exceeded - This indicates that BINARICX's operations have surpassed the parameters or conditions set by their MSB license with the United States FinCEN. Stakeholders, users, or partners should be conscious of the potential risks associated with this status.

Effective Date of License: 2020-10-22

Licensed Institution Address: 296 High Holborn, London

Additional Notes: The “Exceeded” status signifies that BINARICX has operated beyond the confines of their MSB license granted by the United States FinCEN. It is crucial for potential users, investors, or partners to be cognizant of this situation and approach with caution.

Regulatory License

Security

  • Two-Factor Authentication (2FA): As a frontline defense, BINARICX recommends its users to activate 2FA, which requires a secondary code (often sent to a user's phone) to access the account, thereby adding an extra layer of protection against unauthorized access.

  • Cold Storage: In a proactive move against potential cyber-attacks, the majority of user funds on BINARICX are kept in cold storage. This means the funds are stored offline, away from internet access, substantially reducing the risk of theft by hackers.

  • Encryption Protocols: To ensure user data confidentiality and transaction security, BINARICX uses state-of-the-art encryption technologies. This protects sensitive user data from potential breaches or unauthorized access.

  • Routine Security Audits: BINARICX doesn't rest on its laurels. The exchange undergoes regular security audits to assess its existing protection measures, identify vulnerabilities, and rectify them, ensuring the platform's defenses evolve with emerging security threats.

  • Regulatory Compliance: While BINARICX is committed to adhering to required regulatory standards, it's pertinent to note the “exceeded” status with its regulatory authority. This implies certain operations or facets of BINARICX have surpassed the established parameters by the regulatory body.

Cryptocurrencies Available

BINARICX offers a wide selection of 50 cryptocurrencies for trading. Users can access popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, and many others. These cryptocurrencies provide users with various investment options and trading opportunities.

How to Open an Account?

The registration process of BINARICX can be summarized in the following 6 steps:

  • Go to the official BINARICX website and click on the “Register” button located on the homepage.

  • Fill out the registration form with your full name, email address, and a secure password. Accept the terms and conditions of BINARICX.

  • Check your email inbox for a verification link sent by BINARICX. Click on the link to confirm your email address and complete the verification process.

  • Follow the instructions provided by BINARICX to upload the required identification documents. This may include a government-issued ID and proof of address.

  • Enable 2FA for an additional layer of security. Download an authenticator app and link it to your BINARICX account.

  • Once your account has been verified, you can log in to BINARICX and start trading cryptocurrencies. Deposit funds into your account and explore the trading options available on the platform.

Payment Methods

BINARICX offers multiple payment methods for users to deposit funds into their accounts. These include bank transfers and credit/debit card payments. The processing time for these payment methods may vary depending on the user's bank or card issuer. It is recommended to check with BINARICX for specific details regarding processing times for each payment method.

Payment Methods

Fees

BINARICX employs a trading fee of 0.25%. This fee is quite competitive, especially in the cryptocurrency exchange landscape. It's vital for users to be aware of this fee when making trades, as it impacts the overall profitability of transactions. While it's on the lower side of the industry average, regular traders and those trading in high volumes will want to factor this into their trading strategy.

Educational Resources

BINARICX provides educational resources and tools to support users in their trading journey. These resources include tutorials, articles, and guides that cover various topics related to cryptocurrency trading. Additionally, BINARICX offer tools such as market analysis charts and indicators to help users make informed trading decisions.

Is BINARICX a Good Exchange for You?

Here are some target groups that may find BINARICX appealing:

  • Novice Traders: BINARICX's user-friendly interface and educational resources can be beneficial for novice traders who are just starting their journey in cryptocurrency trading. The platform's wide selection of 50 cryptocurrencies allows them to explore different investment options and learn about the market.

  • Experienced Traders: Experienced traders may appreciate the diverse range of cryptocurrencies offered by BINARICX. The multiple payment methods and 24/7 customer support can provide convenience and support for their trading activities.

  • Flexible Payment Traders: Traders who prefer flexibility in payment methods will find BINARICX appealing. The availability of bank transfers and credit/debit card payments provides them with convenient options to deposit and withdraw funds.

  • Risk-Averse Traders: BINARICX's regulation by the Financial Conduct Authority (FCA) can provide a sense of trust and security for traders who prioritize regulatory compliance. The oversight by a reputable regulatory authority may be appealing to those who are risk-averse.

FAQs

Q: What cryptocurrencies can I trade on BINARICX?

A: BINARICX offers a wide selection of 50 cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, Ripple, Litecoin, and many more.

Q: What payment methods are available on BINARICX?

A: BINARICX provides multiple payment methods, including bank transfers and credit/debit card payments, to facilitate convenient deposits and withdrawals.

Q: Are there any fees for trading on BINARICX?

A: Yes, BINARICX charges a trading fee of 0.25% for each transaction.

Q: Is BINARICX regulated?

A: Yes, BINARICX is regulated by FinCEN, however the regulatory status is “exceeded”, which means certain operations or facets of BINARICX have surpassed the established parameters by the regulatory body.

User Review

User 1: BINARICX is a great crypto exchange! The security measures they have in place really put my mind at ease. With features like two-factor authentication and cold storage for offline fund storage, I feel confident that my funds are protected. The interface is user-friendly and easy to navigate, making it convenient for me to trade. The wide selection of cryptocurrencies available is impressive, allowing me to explore different options. Customer support is responsive and helpful. The trading fees are reasonable, and I appreciate the privacy and data protection they prioritize. Deposits and withdrawals are processed quickly, which is a plus. Overall, a reliable and secure exchange.

User 2: I have been using BINARICX for a while now, and I have mixed feelings about it. The regulation aspect is a positive point, as it adds a sense of trust and legitimacy to the exchange. However, I find the interface a bit clunky and confusing at times. The liquidity could be better, as there have been instances where it was difficult to execute trades due to low liquidity in certain cryptocurrencies. Customer support is decent, but I wish there were more channels available, like phone support. The trading fees are a bit high for my liking, especially for larger volumes. On the bright side, my privacy and data protection are taken seriously. Deposit and withdrawal speeds are average. It would be great if they offered more advanced order types. In terms of stability, I haven't faced any major issues. Overall, BINARICX has its ups and downs, and it ultimately depends on individual preferences and needs.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.