Why Binary.com doesn’t Suck in 50 Words
As you can see from the opening section, they are as regulated as it gets. All branches, in all operating jurisdictions, are regulated and this is a very important characteristic. On top of all that, the minimum deposit is very low, at just 10 USD and they offer a great choice of platforms, including SmartTrader, MT5, and WebTrader.
Why does Binary.com Suck in 50 Words
Binary.com has some similar characteristics to a betting company and. Some of their products are a bit confusing, looking like Forex and Roulette had a baby… not sure what to make of it. But call it gambling, call it trading, it’s always better to do business with a regulated company than with one that doesn’t even show a proper address, not to mention a proper license.
Is Binary.com a Scam?
As you can see, this brokerage is regulated by a multitude of Financial authorities and so far we couldn’t find anything alarming although they are in business for a long while now (almost 2 decades, with the previous name BetOnMarkets).
Binary.com is a veteran regulated company; they disclose full information about all of their subsidiary companies and show a full list of licenses. All the information is offered with transparency and honesty. We managed to make a withdrawal to see if any problems arise, no problems here. Overall, our research concludes that Binary.com is not a scam.
Should I Open an Account with Binary.com?
Binary.com is one of the first binary options brokers and over time they have also branched into trading FX, CFD, and Crypto. Binary.com investment products are heavily regulated across all territories where they are offered. The holding company for all of the subsidiaries listed below is Binary Limited and some of the branches are:
– Binary Investments (Europe) Ltd. – regulated by the Malta Financial Services Authority license no. IS/70156. This branch will serve European clients.
– Binary (SVG) LLC, company number 25299 BC 2019 will serve clients from outside Europe
– Binary (BVI) Ltd is regulated by the British Virgin Islands Financial Services Commission – view license
– Binary (FX) Ltd is licensed by the Labuan Financial Services Authority (license MB/18/0024). This branch will serve clients who want to trade CFDs on Meta Trader 5.
Over the years, Binary.com improved in more than one way, but they still have a bit of a gambling attitude towards trading. Anyway, first of all, let’s get to know them a bit better: They blend surprisingly well the two areas of gambling and trading and they conduct their business in a transparent manner, under the supervision of gambling regulatory agencies so everything seems legit.
They offer MetaTrader 5 as well as a proprietary platform (SmartTrader) that has a lot of cool features like being able to choose the starting time of your trade, not only the expiration. So, if you want your trade to start one hour from now or even later in the evening, you can just select the desired time from a drop-down list (of course, you can choose to start the trade instantly, with no delay). Something else worth noting: you can choose whatever expiry time you want, in 1-minute increments until the end of the day (or longer if you select “days” from the dropdown list).
For the Education part, they offer detailed and well-structured tutorials, explanations, and videos as well as a Trading Academy, with an overall professional feel. And you are going to need those explanations because they offer some interesting ways of trading besides the classic binary, FX, and CFDs (i.e. Synthetic Indices).
Overall Binary.com provides a good trading environment, brings innovation to the industry, and has a little something for each type of trader. Of course, the clients of a broker are not all the same so why treat them as if they were. The guys who love fast trading/gambling will definitely be entertained, technical analysts will find the necessary tools and newbies will find a platform that allows them to “keep it simple” and stick to the basics if they don’t want to use the advanced features.
Binary.com is branched into multiple subsidiaries, each of them operating under different jurisdictions. Here are the addresses for some of their main branches:
– Binary Investments (Europe) Ltd is located at W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta.
– Binary (SVG) Ltd lists the address Hinds Buildings, Kingstown, St. Vincent, and the Grenadines.
– Binary (FX) Ltd is located at Lot No. F16, First Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Federal Territory of Labuan, Malaysia.
*Notice – Binary.com is rebranding to serve you better! check out the new broker – Deriv.
For a broker that’s been in business for so long, it’s only normal to find a few complaints here and there. Binary.com has some unhappy customers but the complaints are nothing out of the ordinary. Even the biggest brokers from the Forex and Binary Options industry have these types of complaints and I am not saying that’s a positive thing, but I still haven’t seen a working brokerage without unsatisfied clients.
They offer two types of bonuses: Deposit Bonus – it will be added to the client’s account once a turnover of 5 times*Bonus has been reached. Once the Bonus is added, it can be withdrawn but this type of bonus is only available to new clients, only once and it cannot be used in conjunction with another offer. For example, Binary.com will add an additional $25 to a client’s account when the client has deposited $100 AND when has purchased at least $125 worth of trades ($25 * 5= $125). The two conditions must be met concurrently for the bonus to be added.
The second type is the Free Bonus, which requires a turnover of 25 times*Bonus before it can be withdrawn. The offer is available for new clients only. The bonus percentages/amounts are not specified for either type of bonus and will be probably discussed with an account manager. Additional terms and conditions apply to both types of bonuses.
They have numerous withdrawal methods and usually, the minimum amount is the same as the minimum deposit which by the way, can be as low as $10 (even $5 for e-wallets). The fee for withdrawal depends a lot on the method you choose and since they have many ways of withdrawing, we recommend you to have a talk with one of their representatives. Some of their withdrawal methods include Skrill, WebMoney, Neteller or Credit/Debit card, and of course wire transfer. As an extra, they offer cryptocurrency deposit/withdrawals: Bitcoin, Tether, Litecoin, Ethereum
Binary.com processes a withdrawal usually within 1 day but can go as high as 5 days (the time needed for the money to appear in your account can be longer).
They have a feature that I haven’t encountered before: a Binary Shop. Here you can buy Binary.com t-shirts, trading apps, binary robots, strategies, and even books related to trading. It’s interesting, but I don’t want to wear their logo on my shirt and I don’t use robots; however, maybe it’s worth checking out.
The thrill-seekers will be happy to know that Binary.com offers the fastest expiry time I have ever seen or heard of: Tick trades where you have to predict whether the market will move Up or Down after 5 ticks … now that’s fast.
User Friendly 18/20
The platform is intuitive enough and the website is translated into 10 languages. Binary.com also offers a free virtual money account (demo). The website’s services are not available in certain countries such as the USA, Canada, Costa Rica, Hong Kong. Mobile trading apps are available and lots of desktop trading platforms.
Number of assets and expiry times 17/20
The range of assets offered is quite large and the user can choose from currency pairs, indices, stocks, Commodities, Synthetic Indexes, and cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, Dash, etc.). It must be noted that cryptos can only be traded as CFDs. Expiries range from 5 ticks to one year and are very flexible (increments of 1 minute).
Commissions, Support, and Effective return 18/20
The client doesn’t have to pay any commission to open an account but for CFDs and FX trades you will have to pay a spread, which can be considered a fee. Their support comes in the form of premade questions (sort of like a FAQ) – you type in what you want to know and a list of answers pops up. In a way, it’s better than having to wait for a representative to join and then ask you 10 questions before finally answering yours.
The effective return depends a lot on the type of bet that you choose, but it is possible to have returns higher than 90%. However, such a high payout is the exception rather than the rule. Keep in mind that for CFD and FX the effective return differs depending on how much the market moves in your favor.
Deposit, Payment, and Bonus 18/20
Deposits can be made via credit/debit card, wire transfer, or E-wallets and the minimum amount is 10 US Dollars (or $5 for some e-wallets). The minimum for cryptocurrencies is 0.01 ETH or 0.002 BTC. Withdrawals are processed in 1 working day, which is very fast. Crypto deposits require 3 network confirmations. The bonus amount and conditions will be explained if you specifically ask for them when you deposit but what’s great is that none of their bonuses will tie up your money to the platform (the bonus is credited after a turnover is reached).
Website Extras 17/20
Binary.com has a good charting package, Tick Trades, and special assets. I’d say these features can all be considered positive Extras and also a very welcomed addition to the trading industry. Their Binary Shop is also an interesting addition, where you can buy software (bots) as well as apparel.
Binary.com Overall Ratings 88 + Regulated (+3) = 91/100