Binary.com Binary Options Platform Review
Binary.com is licensed and regulated by the Gambling Supervision Commission in the Isle of Man, British Isles. This broker is also regulated by the Lotteries and Gaming Authority in Malta and is marketed towards UK and EU citizens. On Binary.com they are happy to let us know about their history and who they are. The firm started as a gambling and betting online service back in 1999 under the name Betonmarkets.com until it was eventually rebranded and changed into Binary.com in 2013. The platform, programmed by the companies own programmers, is unique and different than any other SpotOption or Techfinancial platforms we are familiar with. I guess the question is whether a former betting website can provide a good service to binary options traders?
From Left: Rise and Fall (Call/Put as we know it usually). Max payout is in this case 95$.
Second picture shows High/Low, if price is above/below the barrier of your choice (in pips) you can receive very high payouts. You also have access to charts directly on the platform.
Platform Functionality (8/10) have to “load prices” (Get prices) no analysis available for charts
Platform Efficiency (9/10)
Ease of Use (10/10)
Additional Information (10/10) Illustrative explanations and tours available
Average Number of Assets and Expiry Times (7/10) No Stocks available. Expiries are >30sec up to days.
Trading Tools Available (7/10) Sell Option (close position), Pricing Table, Trading Times, Candlestick charts.
Trading Options Available (9/10) Rise/Fall, High/Low, Touch/No Touch, In/Out, Asians and Digits
Prices & Rates: Accurate, pretty close to Alphari on MT4 and NetDania
Why doesn’t Binary.com suck?
Binary.com does not suck because unlike many other brokers you can sign up for a free demo account without the need of leaving any personal details more than a name and an email address.
No phone calls, no email harassments and no strings attached. Just a free demo account with 10 000$ virtual money to trade with! Surprisingly, Binary.com instructs you openly on how to proceed with any possible complaints against the company. In case you can’t settle your issues with the company directly, they advise you to choose a regulator to proceed with your complaints.
Finally, let’s not forget about the payouts – as they are competitive to say the least. You can get more than 100% returns on simple Up/Down (Call/Put) options and even more on Higher/Lower.
Why does Binary.com suck?
You remember when you were new to trading and it was difficult to convince yourself trading isn’t gambling? Well, if you are still struggling with that thought you might not wanna go with Binary.com… Unless you refuse to gamble on their randomly computer-generated prices, betting on whether their last digit will end on a certain number after 1-10 ticks. I mean it, there are in fact “assets” called random indices. These are computer-generated prices that are meant to simulate the markets and you can bet on which number their digits will end up within 5-10 seconds or trade them as any other Forex asset… I am getting the casino vibes already. What added more insult to injury was that further below, on the website, there was a link to GamCare. Yes, that stands for Gambling Care! I want to trade, not gamble, I can do that in a casino rolling dices.
DIGITS: Funny I actually won, after a couple attempts… randomly gambling on ticks. High payouts are offered to tease and attract you to this kind of gambling.
For a company that brags about making 2 billion dollars in profits in less than 15 years I think they could have spent a few more dollars on the platform design. Sure, it certainly does the job of executing your trades and the illustrative explanations are just what I needed but you can do better on the design, come on!
The expiries are really great. Basically there are no restrictions. You can enter as low as 30 seconds and just pick any expiry you desire above this. Seconds, minutes, hours or days. Just pick one and fill in the exact desired duration OR even when you wish the trade to be executed!
You can view your positions and sell them earlier before the end time if you wish. This is favorable if your position is either going to lose or you will secure your profits before the expiry.
Binary.com offers different types of options than the typical binary options we know. There are the regular Rise/Fall, High/Low, Touch/ No Touch and In/Out. So far so good but here is where things get a little weird, Las Vegas style! Random Indices, Digits and Asians. No you don’t get to trade with Asian people but there are a couple of Random indices named Yin and Yang. These so called “Randoms”, as I mentioned above, are Computer-generated prices that cannot be manipulated by Binary.com, or so we are told at least.
“Digits” are not much better, they are just another form of gambling based on the last decimal of the “Randoms” where the number of ticks is the duration. Heck they even call it “the lucky 10 digits”.
Binary.com offers charts for all assets including the Computer-generated ones but their regular charts suck. This is only a minor drawback though – because; fortunately, they also offer a downloadable Java chart which includes full analysis and indicators! This application also supports multiple languages.
Payouts are high but they are dependent on the expiry and in the case of barrier trading (High/Low options) payouts depend on the barrier offset you choose. To help you clear the mess of understanding what the payouts can be you can use the pricing table. One feature I really liked is that you can write your desired payout instead of what you want to stake. This way, you don’t have to spend time calculating investment amounts!
My Experience & Conclusion
I was a little bit confused to begin with but the available guides brought me up to speed fairly quickly. Binary.com gives you lots of freedom which is much appreciated. Setting your own expiry, execution time and choosing how much return you want is pretty awesome.
The platform did indeed execute my trades well and I was offered to sell my trades to secure my profits. I was about to hate on the web-based charts that were incomplete and didn’t provide any means for technical analysis but realized there where much better charts available for downloading. This Java based application is fully customizable and specially a must have if you want to trade the “Randoms”.
In conclusion, there are some advantages to this platform and I think that since the demo account is free and requires no personal details you can always try it out for yourself… if you are curious.
For future improvement, I hope Binary.com separates gambling from trading and develops as a Binary Options broker we can all enjoy.
For the Complete Binary.com Broker Review – Here.
- Web-based and user-friendly
- Unique features
- Freedom of choice
- Accurate Feeds
- Gambling features has to go
- Platform needs a more slick design
- US traders not allowed