Binary.com (previously known as BetOnMarkets) is marketed in the UK by Binary (IOM) Ltd., located at First Floor, Millennium House, Victoria Road, Douglas, IM2 4RW, Isle of Man, British Isles. Binary.com are licensed and regulated by the the Gambling Supervision Commission in the Isle of Man, British Isles (online gambling license issued on August 31, 2012). They are also regulated in the UK by the UK Gambling Commission, reference number 39172 and by the MFSA (Malta).
In the rest of the European Union the website is marketed (for investment products ) by Binary Investments (Europe) Ltd., located at Mompalao Building, Suite 2, Tower Road, Msida MSD1825, Malta. They are licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority license no. IS/70156.
For gaming products the website is marketed by Binary (Europe) Ltd., with address Mompalao Building, Suite 2, Tower Road, Msida MSD1825, Malta. They are licenced and regulated by (1) the Malta Gaming Authority in Malta, licence no MGA/CL2/118/2000, 26th May 2015 and for UK clients by (2) the UK Gambling Commission (licence 39495) and for Irish clients by (3) the Revenue Commissioners in Ireland, current remote bookmaker’s licence issued on 29 September 2015 (licence no 1010285).
Is Binary.com a Scam?
Binary.com are a veteran regulated company; they don’t hide the name of the owning company and overall provide all the information needed 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.
Update February 2017: As you can see, this brokerage is regulated by a multitude of Gambling agencies and so far we couldn’t find anything alarming even if they are in business for a long while now. On top of that, their monthly web traffic is HUGE: during the last 6 months it ranged between 1.4 Million (August 2016) and 1.7 Million (January 2017) visits, which is as good as it gets and shows that Binary.com is a legit business and cannot be considered a scam.
Editor’s Note – Why does Binary.com Suck in 50 words?
Binary.com has similar characteristics to a betting company and ThatSucks.com (former BinaryOptionsThatSuck.com) activates in the field of BINARY OPTIONS. I don’t have anything against gamblers or gambling but we should never confuse it with trading. Up/Down – Red/Black: these seem very similar on the surface but trading involves a lot more than just guessing.
Update February 2017: There are tons of binary options brokers that want to look professional and claim to be financial experts, when instead they know nothing about the markets and their primary goal is to get a hold of your money and never let go. So you know what? Maybe the model adopted by Binary.com is better… maybe having a gambling approach doesn’t suck after all.
Why Binary.com doesn’t Suck?
Although I mentioned the website is somewhat biased towards betting, I must admit they improved a lot since the BetonMarkets (that was their previous name) times. They took some big steps forward and now they look more like a Binary Options broker. The charting package which is light years ahead of other brokers is the main feature that makes them appealing to a real trader, not a gambler.
Should I Open an Account with Binary.com?
As you may or may not know, BetonMarkets became Binary.com and although they improved in more than one way, they still have a bit of 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. More than that, they are transparent so the client knows right from the start who they are dealing with.
Update November 2016: The platform is proprietary and has a lot of features new to the Binary Options industry but the classic stuff is there as well: asset classes, amount to bet, expiry time and more. However, there are a few differences that are worth noting: you can choose the starting time of your trade, not only the expiration. So, if you want your option 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). Ok, moving on to the expiry time: you can choose whatever you like and this is great. On the Demo account I used, I was able to set a 4 minute expiry, 18 minutes and basically any duration (in 1 minute increments) until the end of day (you can go longer than that if you select “days” from the dropdown list).
Continuing with the list of differences: you don’t select the investment amount but the payout you want to receive and the platform will set the investment amount automatically. It’s basically the same thing as usual, but presented in a different way. *Update: The client can choose between selecting the Payout (how much he/she wants to win in case of a successful bet) or Stake (how much he/she is willing to bet). Note that the Stake will be lost in case the bet is unsuccessful.
Despite all the stuff I mentioned above, the platform can be easily used by a first time trader because the main features are very intuitive; seasoned traders will find a lot of extra features (like different types of charts, technical indicators, etc) which keep them entertained and provide the possibility to conduct proper technical analysis. 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. I don’t know exactly what Binary.com considers a “tick” but from what I could see, a tick comes in every 2 seconds or so. That means you are trading with a 10 seconds expiry… hmm, not really my cup of tea, but if you’re looking for a quick bet, that could be a wonderful and exciting tool; if you’re looking for a trade… you might want a longer expiry time.
Their tutorials and explanations about Binary Options are detailed and well structured and overall the service provided has a professional feel to it. One thing that puzzles me though is the ability to trade Random Markets. According to them, “the Randoms are indices generated from random numbers” and the range offered is quite large, starting with Random Indices with values of 25, 50, 75 and 100, corresponding to volatilities of 25%, 50%, 75% and 100%. In other words, the Random 50 is twice as volatile as Random 25… but in plain English, you are choosing the volatility of the market you want to trade: you want a slow market – go for Random 25. You want a fast paced market – go for Random 100. Anyway, I would appreciate if someone would tell me what 100% volatility means. I don’t even think that’s possible. Other Randoms include Random Bear (you are trading in a downtrend), Random Bull (you are trading in an uptrend), Random Sun (simulates a market that becomes more volatile as the day progresses) and Random Moon (volatility increases at night). There are other Randoms too and a good idea would be to check the explanation provided by Binary.com for each one if you want to trade them.
Update November 2016: The “Random Markets” have been replaced by “Indexes”. It’s almost the same thing under a different name. The Sun and Moon Randoms are gone (I think it’s better) but you still have the old Volatility variants and Bear/Bull markets as well.
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 which allows them to “keep it simple” and stick to the basics if they don’t want to use the advanced features.
Check out our Recommended Binary Options Brokers
We are constantly on a lookout for any type of internet complaints but Binary.com is too new at the moment and nothing surfaced yet. However, they are a rebranding of BetonMarkets which had a few complaints. We cannot know for sure if Binary.com will have the same issues as BetonMarkets did but we will keep monitoring.
Update November 2016: 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.
Unfortunately Binary.com doesn’t offer a bonus similar to the one we are used to from other Binary brokers. The Live Chat assistant told me that I might get a bonus if I contact customer support on email; the bonus value will be later decided by the department that handles client bonuses and so will be the trading volume required in order for the client to make a withdrawal.
Update February 2017: There are now 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.
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. 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, UKash, Liberty Reserve, or Credit/Debit card. 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).
Update February 2017: They’ve added even more e-wallets for deposits and withdrawals, with very low minimums: $5. Deposits through e-wallets are instant and withdrawals have a processing time of 1 working day.
In the Extra category I would like to mention the Randoms (indexes). This is really a new way of trading and opens the door for new strategies and maybe easier trading given the fact that you know in advance what type of market you are trading (volatile, slow, bullish, bearish). It is definitely a great and exciting addition to Binary Options trading. However, you will have to completely trust this broker if you want to trade Randoms because the price is generated by them and it can be easily manipulated since the Randoms are simulated assets, not real ones like Gold or EUR/USD.
Update November 2016: They’ve recently introduced a feature that I haven’t encountered before: a Binary Shop. Here you can buy Binary.com t-shirts for as little as 6 bucks, trade apps, binary robots (with prices ranging from 0 to 300 USD), 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.
User Friendly 17/20
The platform is intuitive enough and the website is translated in 12 languages. This is a great improvement compared to BetonMarkets which was available only in English. Binary.com also offers a free virtual money account (demo). Update February 2017: The website’s services are not available in certain countries such as USA, Costa Rica, Hong Kong. They have introduced Mobile trading apps and a new platform called Binary Next-Gen.
Number of assets and expiry times 16/20
The range of assets offered is quite large and the user can chose from 30 Currency pairs, 29 Indices, 41 stocks, 5 Commodities and 10 7 Volatility Indexes (formerly known as Randoms). Expiries range from 5 ticks to one year. Both the asset basket and the expiry times received a “boost”: the number of assets increased significantly and the expiry times are explained better in the Asset Index, plus they are more flexible.
Commissions, Support and Effective return 18/20
The client doesn’t have to pay any commission to open an account but for Tick Trades there is a 1.5% commission on any payout. Their support is rather slow because it took me about 15 minutes to get an answer to the simple question “Do you offer a bonus?” The effective return depends a lot on the type of bet that you choose, but it is possible to have returns as high as 90%. However, such a high payout is the exception rather than the rule.
Update February 2017: Some Tick Trades can generate returns of over 100%. At the time of writing, the payout for a 5 tick trade was 105%. We cannot confirm if the 1.5% commission mentioned above still applies.
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). Withdrawals are processed in a maximum of 5 working days (1 working day for some e-wallets), which is a fair duration if they actually respect it. The bonus amount and conditions will be explained if you specifically ask for them when you deposit.
Website Extras 17/20
Binary.com has a good charting package, Tick Trades and special assets called Randoms. I’d say these features can all be considered positive Extras and also a very welcomed addition to the Binary Industry. The new Binary Shop is also an interesting addition.
Binary.com Overall Ratings 86 + Regulated (+3) = 89/100