Warning! FX Binary Lite is an offshore company! Your deposit may be at risk.
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FX Binary Lite lacks many of the features that define most legit brokers. Is FX Binary Lite worth a spin, or is this one to be put away? Read on to find out.
Unfortunately, FX Binary Lite is one of those brokers that have close to no information. The lack of info stretches further than just the regulation details, but also legal documents and trading terms.
The only real way to find out what type of services FX Binary Lite offers is to register, which we did. It turns out that the user dashboard reveals close to no info as well, leaving us on the blank for many details. It only barely hints that it offers only btc/USD trades.
One thing is for sure, FX Binary Lite is UNREGULATED and therefore a total risk to all traders.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Users can access the website only in English.
FX BINARY LITE LOGIN
The btc/USD trades are represented on a simple chart that in reality does not allow for trading. It acts as a lure of sorts for novice traders, and in fact does not reveal anything.
The above snip of the so called trading software, is the only such platform. And seeing as this isn’t really a trader’s terminal, we can conclude that FX Binary Lite has no trading platform.
FX BINARY LITE MINIMUM DEPOSIT
The client dashboard gives us a minimum deposit requirement of $50 that can only be deposited by bitcoin, a method used commonly by scammer brokers because it is untraceable.
DO NOT DEPOSIT HERE! If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
FX BINARY LITE WITHDRAWAL TIME AND FEES
The withdrawal section asks of traders four things: name, email, country, and bank details. The form deceivingly simple, making us sspect that the broker will not process any withdrawal requests. There is no place to write the withdrawal amount!
ADDITIONAL FEES AND TAXES
There are no legal documents at all! Yet users should be aware of fees and charges nevertheless.
Illicit operations such as this one do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defence for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
FX Binary Lite is a pure sham, making you deposit and then never returning your money. It technically isn’t even a broker. Stay away!