Binary.com is one of the first ever binary options brokers. Over time they have also branched into trading FX and CFD. Binary.com investment products are offered as follows:
In 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.
In the Isle Of Man and UK, Volatility Indices are offered 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 Gambling Supervision Commission in the Isle of Man, British Isles (online gambling license issued on August 31, 2017). They are also regulated in the UK by the UK Gambling Commission, reference number 39172.
For the rest of the European Union, Volatility Indices are offered by Binary (Europe) Ltd., with address Mompalao Building, Suite 2, Tower Road, Msida MSD1825, Malta. They are licensed and regulated by (1) the Malta Gaming Authority in Malta, license number MGA/B2C/102/2000, obtained on 01 August 2018 and for UK clients by (2) the UK Gambling Commission (license 39495) and for Irish clients by (3) the Revenue Commissioners in Ireland, current remote bookmaker’s license issued on 1 July 2017 (license no 1010285).
Is Binary.com a Scam?
Binary.com is 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.
As you can see, this brokerage is regulated by a multitude of Gambling and Financial authorities and so far we couldn’t find anything alarming even if they are in business for a long while now (almost 2 decades, with previous name BetOnMarkets).
On top of that, their monthly web traffic is HUGE, averaging above 2.5 million visits during the last 6 months, which 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 activates in the field of trading, not gambling. Some of their products are a bit confusing and look like Forex and Roulette had a baby… not sure what to make of it.
Why Binary.com doesn’t Suck?
As you can see from the opening section, they are as regulated as it gets. Gambling, gaming and investment license – you name it, they have it. ON top of all that, they offer a great choice of platforms, including MT5 and WebTrader.
Should I Open an Account with Binary.com?
Over the years, Binary.com improved in more than one way, but 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.
They offer MetaTrader 5 as well as a proprietary platform 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 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). Something else worth noting: you can choose whatever expiry time you want, in 1-minute increments until the end of 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. Volatility Indexes).
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.
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.
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, UKash, Neteller or Credit/Debit card and of course wire transfer. As an extra, they offer cryptocurrency deposit/withdrawals.
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 17/20
The platform is intuitive enough and the website is translated into 13 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, Volatility 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 is rather slow because it took me about 15 minutes to get an answer to a simple question. 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. 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). Minimum for cryptocurrencies is 0.01 ETH or 0.002 BTC. Withdrawals are processed in 1 working day, which is a great duration if they actually respect it. Crypto deposits require 3 network confirmations. 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. I’d say these features can all be considered positive Extras and also a very welcomed addition to the trading industry. The new Binary Shop is also an interesting addition.
Binary.com Overall Ratings 87 + Regulated (+3) = 90/100