Abstract：Binany, a United Kingdom-based forex broker, has been accused of severe trading misconduct by users worldwide. These include the usual withdrawal denial problems, accompanied by the contradictory move from the broker when processing deposits and withdrawals, deposit credit failures, and poor customer service, etc. Annoyed by these undesirable experiences, many traders have gone online and expressed their frustration. In this Binany review article, we have reviewed these complaints thoroughly and shared our overall analysis about the brokerage firm. Read on!
Binany, a United Kingdom-based forex broker, has been accused of severe trading misconduct by users worldwide. These include the usual withdrawal denial problems, accompanied by the contradictory move from the broker when processing deposits and withdrawals, deposit credit failures, and poor customer service, etc. Annoyed by these undesirable experiences, many traders have gone online and expressed their frustration. In this Binany review article, we have reviewed these complaints thoroughly and shared our overall analysis about the brokerage firm. Read on!
What Binany Claims on its Official Website?
As you browse the official website of Binany, you are greeted with tall stats. These include the broker claiming over 2.3 million trading transactions on the platform, a timeline of two hours for withdrawal processing, along with a geographical coverage of India, Indonesia, Malaysia, Bangladesh, Vietnam, Thailand, Brazil, Nigeria, Chile, South Africa, Egypt, and several other regions globally. With numerous payment options available across different regions, Binany has become attractive for traders. However, the lack of trading account details on its website causes transparency issues.
Elaborating on the Top Forex Trading Complaints Against Binany
Multiple Withdrawal Block Cases
Multiple traders have complained about withdrawal issues trapping their hard-earned capital on the Binany platform. Here are those complaints that surfaced and needed a thorough probe.
Withdrawal Rejection Due to Technical Reasons
An Indonesia-based user claimed that while Binany delays withdrawals up to three working days, it rejects the application on the third day, citing technical reasons. Recounting his case where the withdrawal amount was not large, the trader claimed to have screenshots of each transaction on the Binany login. The user requested that other traders stay away from this broker while sharing the review. Take a look at what the trader said about his experience with Binany.
Smooth Deposit, But a Complicated Withdrawal System - A Trader Alleged
A South Africa-based user reported contradictions with the way Binany handles deposits and withdrawals. According to the complaint, the trader found a smooth deposit experience, but found withdrawals being complicated. Further, the user blamed the delayed and unhelpful customer support service while sharing the Binany review. Take a look!
The Deposit Credit Failure Complaint
Another South African trader accused the broker of not allowing the deposit to reflect on the trading platform. Despite raising this issue with the customer support service, the trader failed to get any resolution to this issue. After waiting for some time, the user made his displeasure known to all with this Binany review.
Another Deposit Credit Failure Accusation
An Egypt-based trader also highlighted a deposit credit failure case with numerous back and forth with the brokerage house. The company allegedly denied a successful deposit claim made by the user. Despite sharing the screenshots showing the deposit, the broker is alleged to have disagreed with the submitted proof for 16 days. The trader further raised alarm by revealing that the broker did not have any contact number or physical address while accepting transactions through cryptocurrencies and local payment systems, which, according to the user, are used by scammers. Check out this explosive revelation that came to our notice.
No Service Received After Making a Payment, a Trader Claimed
A Pakistan-based trader revealed even deeper issues while trading on the Binany platform. According to the user, he was not delivered the promised service. The trader went on to claim that after receiving payment, the broker allegedly failed to communicate properly on the issue. As a result, the user felt the need for the forex brokerage firm to improve its customer support service. The screenshot below is arguably a tale of a frustrated trading customer.
Binany Review: Repeated Account Lockouts and Fund Loss Allegations
A trader from Kenya reported a highly negative experience with Binany, alleging serious issues with account access and fund security. The user claimed that after creating his first account and making a deposit, he was suddenly unable to access the Binany login page. Despite contacting customer support and answering multiple verification questions, the account was never restored. After some time, the user created a second account with entirely new details to avoid any potential errors. Initially, the second account worked smoothly for a few days without any issues. However, the same problem reoccurred, as the user was again locked out and unable to log in.
The platform repeatedly showed incorrect email or password errors, even though the credentials were verified as correct. Attempts to reach customer support reportedly went unanswered, leaving the user without assistance. The user believed the platform delayed account restrictions until after deposits are made, raising concerns about its practices. Overall, the complaint highlights frustration over lost funds, lack of transparency, and unresponsive customer support.
Overall Trader Feedback for Binany
- Total Number of Reviews Across Platforms - 150+
- User Feedback - Largely Negative, with Occasional Good Experiences
- Major Issues - Withdrawal Denials, Deposit Failure, Poor Customer Support Service
Binany Review by WikiFX: Is It Regulated?
A large number of complaints on basic issues, such as withdrawal and deposit processing, did not improve Binany's reputation any better. Further, as the WikFX team expanded its introspection, it found that the broker was unregulated, raising substantial investment risks for traders. The broker thus received a poor score of 1.54 out of 10 from our team.
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