Binolla Review: Withdrawal Problems, Account Blocks & Other Complaints

Did Binolla block your forex trading account after you placed a few trades on the platform? Did the Saint Vincent and the Grenadines-based broker freeze your account after you started earning profits? Have you faced withdrawal cancellations by the broker? Were you prompted to deposit, seeing the fake profits on the Binolla trading app? Several traders have highlighted these inefficiencies while sharing the Binolla review online. To make it more comprehensive, we have prepared an exposure guide for this broker. Read on!

Binolla Overview: Company Profile & Trading Instruments

Binolla, founded in 2021, claims to offer around 200 trading assets to users seeking a robust financial portfolio. These include currency pairs, stocks, indices and cryptocurrencies. For beginners, it also offers a demo account where they can learn the skills needed to thrive in a live trading environment. While checking its official website, we could not find information regarding the various types of accounts it offers to traders.

Top Forex Trading Complaints Against Binolla

The Account Block Claim After a Few Trades

A Portugal-based trader accused Binolla of an account block without any prior notice. The trader reported having deposited $100 and placed a few trades. However, the broker allegedly blocked the account, prompting the trader to call it a fraudster. Here is the Binolla review shared by the trader.

Multiple Cases of Account Blocks After Profits Appear on Binolla Login

Multiple traders have accused Binolla of blocking their trading accounts after they saw profits on the brokers platform. A lot of them have already threatened to expose the broker on social media platforms using screenshots as evidence. Some of them shared these on broker review platforms such as WikiFX, a popular forex regulation inquiry app. Below are multiple complaints concerning this issue.

An Account Block Case Involving a Fund Withdrawal Request of $5,600

A trader claimed that Binolla allegedly blocked the trading account after he requested to withdraw funds worth $5,600. The broker assured the trader that the withdrawal would be processed within 3-5 business days. However, even after that, the trader could not receive funds. The brokers officials kept giving the same excuse to the trader. The same thing was communicated by the customer support team. However, after that, the trader found the account to be blocked by the broker while logging in to it. Despite multiple emails and even a warning of legal action, the broker allegedly did not relent. Instead, the broker stopped communicating, according to the complaint. Check more about it in this Binolla review.

The Account Block Due to Bonus Misuse

A trader shared a review where he described how Binolla used a contentious bonus misuse claim to block the trading account. The trader began reviewing by claiming that the broker lured him into trading with bonus money that he did not ask for. According to the complaint, the broker added a bonus without the trader‘s request. The trader traded and won. Upon checking the broker’s website, the trader found that the bonus amount is not withdrawable. However, all the profits can be withdrawn without any limitation. The trader received an email from Binolla, informing him of an account block due to bonus misuse. However, the trader reportedly received funds of less than 15% of the deposit amount, contrary to the websites claims of withdrawals without any limitation. Disappointed by the overall experience, the trader shared this bad Binolla review.

An Account Block Due to a Debate Over OTC and Open Trades

A Brazil-based trader reportedly earned USD 6K through OTC trading. However, the trader claimed that Binolla blocked the trading account, citing open market trades. The trader admitted to having sent his trade history showing OTC trades to the broker, which, however, declined to unblock it. As the debate continued, the trader did not mind sharing this Binolla review.

Binolla May Show Fake Profits and Block Deposits, A User Claimed

A trader from South Africa expressed concerns that Binolla may be a suspicious trading platform. According to the complaint, the Binolla trading app initially displayed profits that appeared encouraging, but problems arose when the user attempted to deposit funds. The platform reportedly prevented the deposit and repeatedly asked for additional payment information. Due to these issues, the user believes the broker may be a scam and warns others to be cautious before investing through the platform.

Deposit Credit Failure Claims

Several traders have highlighted concerns regarding the failure of deposit credit into the Binolla platform. Despite contacting the support team, traders could not recover their deposit amount. Here are a couple of claims that support this complaint.

Binolla Review by WikiFX: Is It Regulated?

A large number of complaints made it imperative for the WikiFX team to deeply investigate its regulatory status. Upon investigation, the team found it to be unregulated, with no credible license for forex trading. As a result, the score for the broker fell to a mere 1.39 out of 10. Before choosing a broker, it pays to do due diligence on its regulatory status on independent broker verification tools such as WikiFX.

To ensure you do it the best way, the WikiFX app has undergone significant updates. Download the app to witness a positive change while embarking on a fruitful forex journey.