Forex broker Binary Empire is a fraudulent company that is not trustworthy. The company has no licenses from regulators, spreads false information and manipulates prices, and provides incompetent service.
Lack of licenses and regulatory oversight
Binary Empire does not have licenses from reputable regulators such as the Central Bank of Russia, FCA, and CySEC. This means that the company is not subject to any laws and regulations governing forex brokers. The lack of licenses increases the risks of losing money for the company's clients.
False information and price manipulation
Binary Empire spreads false information about its services and manipulates the prices of financial instruments to mislead traders. For example, the company may post false quotes on its website or provide clients with false data about its profits. This increases the risks of losing money for the company's customers.
Incompetent employees and poor service
Binary Empire employees are incompetent and do not provide customers with the necessary assistance. The company's support service does not answer the customers' questions and mobile trading is not developed. This also increases the risks of losing money for the company's customers.
Negative customer reviews
There are many negative reviews about Binary Empire online from customers who have lost money due to the company's dishonest practices. These reviews confirm that Binary Empire is a fraudulent company.
Binary Empire broker has been implicated in a price manipulation scandal
In 2023, Binary Empire was implicated in a price manipulation scandal. The company was accused of artificially raising and lowering the price of certain stocks to create false signals for investors by mimicking demand in the market. This resulted in losing money for many of the company's customers.
The company uses bots to publish positive reviews about itself
Binary Empire uses bots to publish positive reviews about itself online. These reviews are meant to give the impression that the company is reliable and trustworthy. However, research has shown that most of the positive reviews about Binary Empire are fake.
Binary Empire offers tempting terms and conditions that are not true
Binary Empire offers tempting terms such as low spreads, high profits and no commissions. However, these conditions are not true. Binary Empire's spreads are industry average, profits are not as high as the company promises, and commissions can be quite high.
Binary Empire does not provide information about its owners and management. This makes it difficult to track the company and hold it accountable for fraud.
Binary Empire does not have a physical office. The company only operates online, making it difficult to interact with customers and resolve disputes.
Binary Empire offers services that do not meet regulatory requirements. For example, the company may offer clients leverage that exceeds the allowed norms.
Based on the above arguments, we can conclude that Binary Empire is a fraudulent company that is not trustworthy. Clients should avoid cooperating with this company to avoid losing money.
To avoid fraud when choosing a forex broker, the following recommendations should be followed:
- Check the availability of the broker's license on the official website of the regulator.
- Study reviews about the company on the Internet.
- Make sure that the broker provides transparent information about its services and risks.
- If you encounter fraud on the part of a forex broker, you should contact the police and write a complaint to the regulator.