Binarium is Binary Options broker, owned and operated by Binarium Limited, with a listed address at Suite 305, Griffin Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines. They are not regulated by any major financial watchdog and can be contacted at email [email protected] and phone +357 22 052 784.
Is Binarium A Scam?
Not much is known about this Broker or about its owning/operating company. According to their website, they are offering binary options since 2012 but that seems a bit unlikely because I would be familiar with a broker that’s been active for so long. Maybe they were acting under a different name? I don’t know, but for now, we don’t have enough information about them and it seems like transparency is not their strong suit. Their Risk Disclosure states that “The company’s activities are conducted outside the Russian Federation. The place of conclusion of the agreement is the Republic of Cyprus”. So I don’t really understand where they are located – address in St. Vincent and the Grenadines but operate in Cyprus. It’s all kinda blurry.
Why Binarium Sucks In 50 Words
They butcher the English language in some places, information is hard to find on the website and their trading platform is in the testing phase (more on that later). Also, they are not regulated even if they have been active since 2012.
Why Binarium Doesn’t Suck In 50 Words
Well, if you’re feeling nostalgic, you’ll be happy to know they still offer binary options. I personally don’t miss this type of trading but it’s nice in a way to know there are still BO brokers out there that you can use. They don’t seem like a top-tier brokerage, but hey, at least you can trade BO.
Should I Open An Account With Binarium?
Launched in 2012, Binarium only offers binary options (no CFD or FX) on a trading platform that’s still in testing. As soon as I logged in, I got a message saying the product is in the testing stage and that is a bit confusing: how can they be active since 2012 and still not have a finished product? Or maybe they are just switching to a new platform? If that’s the case, they should test it in-house, then beta test using a group of people and then release a finished product. But anyway, it’s their website, their business.
The lowest deposit is only 10 USD, which is very good because you won’t have a lot of money invested if you don’t want to. They don’t have different accounts with different perks, so you can simply deposit as much as you want as long as it’s higher than 10 USD. You will also receive a 100% bonus used for trading. Education consists of an FAQ section, a few strategies, and an economic calendar. Nothing much, so you will have to learn how to trade somewhere else.
Overall, this seems like an old school binary options brokerage, with a platform that’s still in testing and a 100% bonus… oh and no regulation and located in a place that’s hard to reach. Remember that we always recommend using only regulated brokerages.
Binarium Regulatory Warnings And Announcements
At the time of writing we couldn’t find any warnings or fines issued by financial regulators against Binarium. We will update if necessary.
If you deposit more than 10 USD (which is the minimum), you will receive a 100% bonus but it is not clear whether you will be able to withdraw this bonus or not. According to the website, you can withdraw your own money without restriction but you should read their Terms And Conditions in full to make sure of all the strings attached.
The methods for withdrawal are bank cards and e-wallets (Qiwi, Yandex Money, WebMoney) and the processing time is one hour. That’s great if they actually do it in one hour. Of course, additional time will pass until the bank will send the money.
If you have more than 200 USD in your account, a tool called Trends becomes available. According to the description on the site, it tracks all active trends and also opens the trade in the direction of the trend. It is not clear if the trade is opened automatically because their English is confusing.
User Friendliness 15/20
The website is translated in 5 languages but information is hard to find and confusing at times. Demo accounts are available but the trading platform is in the testing phase so it’s unclear which features will make it to the final version.
No. Of Assets And Expiry Times 15/20
Binarium only offers binary options on currencies, cryptocurrencies and 2 commodities (Gold and Silver). The crypto offering consists of Bitcoin, Ethereum, Litecoin, and Ripple. Expiry times range from 15 minutes to end of the day and 24 hours maximum. They also offer Turbo Options where expiries are as fast as 30 seconds but the range of assets is limited.
Commissions, Support and Effective Return 16/20
There’s no commission to open an account and they don’t mention any fees for withdrawals. Live chat wasn’t available at the time of writing so that leaves only email and phone. Effective return goes up to 90% (or at least that’s what they advertise), 70% for Bitcoin and 75% for the rest of cryptos.
Deposit, Payment And Bonus 16/20
The minimum deposit is 10 USD and the minimum withdrawal is 5 USD. The methods are bank cards and e-wallets but it’s unclear whether they accept wire transfers or not (they don’t mention this method). The bonus is 100% if the deposit is more 10 USD. Terms and Conditions apply.
Website Extras 14/20
A tool called Trends and a Trading Room but it’s unclear what the benefits of the latter are.