Crex247 Binary Trading Review – The Many Flaws you will Find

Crex247 Binary Trading Review

The first step in your online trading journey is to find a good and dependable broker to open an account with. A broker is the key that unlocks the financial markets for you and gives you access to everything you need for trading online.

Suffice it to say, they shape your entire experience due to which you have to select one with the utmost care. The problem is that the sheer number of companies offering their services in the market can often result in confusion and people end up choosing the wrong broker. This Crex247 Binary Trading review highlights just how wrong a broker can be.

It is essential to remember that it is not just the difference in the quality, or even quantity of services that make a brokerage right or wrong; it is their authenticity that you need to worry about.

This is due to the fact that many of the so-called brokers are actually fronts for scammers and fraudsters who are just looking to exploit people. You can easily find stories of people who have had to go through such situations and it is not something you want to experience firsthand.

How do you ensure it does not happen to you? The key to doing so is to dig into a broker carefully in order to ascertain if they are really what they appear to be. In some cases, it is extremely easy to see the truth, while in others you may have to dig a bit deeper.

With Crex247 Binary Trading, it is easy to determine its fraudulent nature from the get-go because it presents itself as a binary options brokerage. There was a time when this trading mode was immensely popular, but this is no longer the case.

Due to the abundance of scams in binary options trading, most regions banned this model. Therefore, such brokers should be avoided and this also applies to Crex247 Binary Trading. There are a lot of flaws that you will be able to uncover when you look at it closely. Some of the prominent ones are:

False claims of regulation

Every expert you come across will tell you that if you want to find a reliable and authentic broker, look for one that is regulated and licensed. This is a way of avoiding scams because licensed entities are genuine and can offer you safety and security that you cannot expect from unlicensed ones.

The issue is that lots of fraud brokerages also claim to be regulated, so you just need to verify these claims. This also applies to Crex247 Binary Trading and doing so certainly pays off.

According to the Crex247 Binary Trading website, the brokerage is licensed by several regulatory authorities. These include the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC) and the Financial Services Authority Seychelles (FSAS).

But, you do not need to check the online registers of these authorities to look for Crex247 Binary Trading because it simply cannot be licensed by any of them. This is due to the fact that these authorities have banned the binary options trading model, which is what Crex247 Binary Trading is all about.

It does claim to support CFD trading as well, but due to other services, it is unlikely to be regulated. You can still check for your peace of mind and not be surprised when you don’t find it anywhere.

Blacklisted by the FCA

If you need any more proof of its lack of licensing and false regulation claims, you only have to check the warning that the FCA has issued about Crex247 Binary Trading.

The warning states that the brokerage has been offering its services in the United Kingdom without a license and has warned people from using it. This is as bad as it gets for any broker, especially considering that the FCA is one of the most renowned regulatory bodies in the world and its warnings are taken very seriously.

No trading platform

The binary options trading platforms are a lot simpler than their CFD trading counterparts like the MT5, but you will find not find a functional one available at Crex247 Binary Trading, which is another major flaw. The broker claims to support both binary options and CFD trading, but it does not seem to have a platform that supports either.

How will you trade? There is no answer because the software that Crex247 Binary Trading has on its website appears to be a web platform, but it does not give the option of placing a bet, as in the case of binary options trading, or a leveraged trade, as in the case of CFD trading.

Instead, it appears to be similar to what a crypto exchange usually offers, which makes it seem that Crex247 Binary Trading cannot decide what type of trading it really offers.

Only crypto deposits

There are still more flaws left to discover about Crex247 Binary Trading and you will find them when you check out its payment options. This is when you learn that it only gives you the option of crypto deposit, which exposes its real nature because scammers prefer this option over any other.

Yes, genuine brokers can also offer crypto deposits and they do, but they also give other choices to their clients, which Crex247 Binary Trading does not.

With crypto deposits, your payments are final and not eligible for chargeback of any kind, which means once you have deposited with Crex247 Binary Trading, you will not get your money back. Plus, the anonymity that cryptocurrencies offer is also perfect for fraudsters because it makes it easier for them to disappear.

You will also find that the minimum deposit that Crex247 Binary Trading asks for is $500, which is twice more than the standard $250 and significantly higher than the $10 that most brokers are asking for these days. It is common for scams to ask for higher deposits because they know that once their nature is exposed, people are less likely to deposit more.

Wrapping Up

These flaws make it evident that Crex247 Binary Trading is a fraudulent brokerage and you need to find a better one for your trading journey.