Why Binarium Sucks In 50 Words
The asset list is very thin and important classes are missing: we couldn’t find any stocks or indices. They offer currency pairs (EUR/USD, USD/CHF, etc.), cryptocurrencies (Bitcoin, Ethereum, etc.), oil, gold, silver, and GSMI. The latter may or may not be the stock price of Ginebra San Miguel Inc. but unfortunately, they don’t offer this information. Either way, the asset basket is lacking and ThatSucks!
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 the times when almost all brokers were offering BO, but it’s nice 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. And besides, the minimum deposit is only 5 USD, which is very low so you won’t risk a lot.
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 it looks like they’ve been keeping a rather low profile because we don’t have a lot of information about them and it seems like transparency is not their strong suit.
Bottom line is that Binarium is not a regulated broker and you always have to be extra cautious when dealing with such a broker. On the other hand, they’ve been in business since 2012 and usually a scam broker doesn’t last that long.
Should I Open An Account With Binarium?
Binarium is a broker launched in 2012, which offers binary options on currency pairs, cryptocurrencies, oil, and a few other assets. The owning and operating company is Binarium Limited, located in Cyprus according to the information available on the website. The company is not regulated by any major financial watchdog.
Launched in 2012, Binarium only offers binary options (no CFD or FX) on a trading platform that seems aimed towards the newcomer or the trader that doesn’t need complicated tools and indicators for price analysis. I would go so far as to say that it is overly simplistic but I don’t want to be too harsh. Let’s just say that it’s very newbie-friendly; however, it will not suit the needs of an experienced trader.
The lowest deposit is only 5 USD (Start account), which is very good because you won’t have a lot of money invested, thus you will not risk a lot. The next account is the Standart (not sure if that’s a typo on their part or if that’s actually the name of the account), which requires a 100 USD deposit. The next accounts are Business (500 USD deposit), Premium (2,000 USD deposit), and VIP (5,000 USD deposit). The main perks of a higher-tier account are a bigger bonus and Tradeback (a type of cashback that you receive for unprofitable trades). Also, you will be able to trade more assets if you have a higher-tier account.
Education consists of an FAQ section, a few strategies (which are actually well explained), and an economic calendar. Nothing over the top, so you will have to go someplace else if you want to get an advanced trading education.
Overall, this seems like an old-school binary options brokerage, with a simplistic platform, no regulation, and a low profile online. It’s not the worst we’ve seen but there are definitely better options out there. Remember that we always recommend using only regulated brokerages.
Binarium lists the addresses Office 02, 9 Kappadokias, Dasoupoli, 2028, Nicosia, Cyprus and Souliou, 18, 2018 Strovolos, Nicosia, Cyprus, but they also show offices in St. Vincent And The Grenadines, Latvia, and Ukraine. We cannot confirm either of these locations. The broker can be contacted at email [email protected] and phone +357 22 052 784.
Although this broker has been in business allegedly since 2012, we couldn’t locate a lot of complaints but one user said that he got very good profit with Binarium, however, his money and account were blocked. Despite all this, he gives a rating of 4.7 out of 5. I don’t understand it! Having his money blocked doesn’t bother this guy at all?? Another user has complained about impolite support reps and if you take a look at our Comments section below this review, you will find more people complaining about Binarium.
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 at least 100 USD (Standart account), you will receive a bonus but the exact amount/percentage is not specified. According to the website, you can withdraw your own money and profits without restriction but to withdraw the bonus you will have to reach a turnover of 40x. We recommend you read their Terms And Conditions in full to make sure of all the strings attached.
The methods for withdrawal are bank cards, WebMoney (other e-wallets may become available depending on client’s location), and cryptocurrency: Bitcoin, Ripple, and Litecoin. The processing time is 1 hour according to the website but there’s a weird limitation: the maximum withdrawal you can ask for is $250 per transaction. If you want to withdraw larger amounts, you will have to contact their Support team.
If you have a Business account, you will be able to join the Trading Room where you can chat with other traders and copy their trades (social/copy trading). Also, all accounts except the Start benefit from Tradeback, which is a refund on some proportion of your unsuccessful trades. The higher the account, the higher the percentage you can get back.
User Friendliness 15/20
The website is translated into 12 languages but the information is hard to find and confusing at times. Demo accounts are available and the trading platform is very easy to use due to its limited features. US traders are not accepted.
No. Of Assets And Expiry Times 15/20
Binarium only offers binary options on currencies, cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple, etc.), Oil, Silver, and Gold. Expiry times range from 1 minute to a few months and they also offer Turbo Options where expiries are as fast as 30 seconds but the overall 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); cryptocurrencies were in the 50% range at the time of our visit.
Deposit, Payment And Bonus 16/20
The minimum deposit is 5 USD and the minimum withdrawal is 5 USD. The methods are bank cards, e-wallets, and cryptocurrency but it’s unclear whether they accept wire transfers or not (they don’t mention this method). Bonuses are available but the exact percentage is not specified. The turnover is 40x but deposits and profits can be withdrawn before it is reached. Terms and Conditions apply.
Website Extras 14/20
A Trading Room becomes available for Business account holders and Tradeback (cashback) goes up to 15%.