Why Does Binary24 Suck In 50 Words
They suck because of all the reasons outlined above and one more: cryptocurrency deposits and withdrawals. Now, you might be thinking: “Dude, what’s gotten into you? Crypto deposits and withdrawals are cool.” Yes, I agree 100% but not when you are dealing with an unregulated brokerage. I’ll elaborate later.
Why Binary24 Doesn’t Suck In 50 Words
Because they have cryptocurrency deposits and withdrawals. Yea, you’ve read it right, they don’t suck for the same reason they suck. They are the first to use cryptos for transactions and although I would never give my crypto to an unknown brokerage like Binary24, maybe some of the more reliable brokers will adopt this method and that would be a nice addition. So I can say that Binary24 leads the way and that doesn’t suck.
Is Binary24 A Scam?
Well, let me think about it: we don’t know when they were launched, they are not regulated and most likely they are using a virtual office address (I found at least 4 other companies with the same exact address). Scam? I don’t know, but I certainly wouldn’t trust them with my money until I know more about them.
Should I Open An Account With Binary24?
Binary24 is a Binary Options Broker owned and operated by Binary24 Ltd., company number 142327, with address Suite 102, Ground Floor, Blake Building, Corner Eyre & Hutson Streets, Belize City, Belize. The company is not regulated and I could find several other companies operating from the exact same address. They can be reached at phone +44 20 3855 9898 or email [email protected]
The brokerage is new, unregulated and information about them is scarce on the Internet. The trading platform is provided by BinoTech, is fully web-based and fairly easy to use. Probably the most interesting thing is the introduction of cryptocurrency deposits and withdrawals, meaning that you can benefit from all the advantages of cryptos, such as fast transactions and low fees. However, there’s an issue that I have to address: there’s no buyer protection when using cryptocurrencies. That means that a transaction cannot be reversed.
With credit cards, you can ask for a chargeback or at least you can prove you’ve made a payment to a certain company. One of the main features of cryptos is anonymity and the transaction is made directly between you and Binary24. You’ll get a transaction ID on the ledger but you will have to trust Binary24 because there’s no intermediary. Also, the transaction cannot be reversed unless they agree to send back the same amount.
Now let’s go back a bit: this brokerage is very new, unregulated, and has a virtual address (probably, but I cannot prove it 100%). If you send them cryptos and something goes wrong or you simply want to stop trading with them and want your money back, then you will be totally at their “mercy”. If they want to send you the cryptos back – lucky you. If they don’t want to… all you can do is ask them nicely again, and again, and again. There’s no one to complain to, there’s nothing you can do. It’s even worse than sending fiat currency to an unregulated brokerage.
So, to answer the title question: nope, you shouldn’t open an account with Binary24. Not with cryptos at least. I like the idea of using cryptocurrencies, but if you don’t fully trust the brokerage, you are exposing yourself to high risks. On the other hand, if you’re thinking about opening an account with fiat currency (USD, EUR, GBP, etc), I really don’t think that a new and unregulated brokerage is the way to go.
At the time of writing I couldn’t find any complaints regarding Binary24. This is probably because they are very new on the scene, so we will update this review if necessary.
Binary24 Regulatory Warnings And Announcements
There’s nothing in the news about Binary24 and no financial regulator has warned against them. As soon as something changes in this regard, we will update the review.
Binary24 does not offer bonuses at the time of writing.
Most of their withdrawals are processed during one day but it may take longer depending on the method used. Apart from crypto coins, the client can use credit cards and wire transfers for deposits and withdrawals. There’s no minimum deposit amount for cryptos and the lowest amount for credit cards is $10, which is good.
The only extra feature (and a big one) is the ability to deposit and withdraw cryptocurrency. I’ve not seen another broker with this feature so far but I am sure more will follow.
User Friendliness 15/20
The website is available in only 4 languages and the content could use a bit more organizing. Education is missing – they have an FAQ section but that’s not enough to be considered trading Education. Demo accounts are available but mobile platforms are not.
Number Of Assets And Expiry Times 15/20
The Asset Index on their platform is quite big: 65 currency pairs, 35 stocks, 13 indices, 7 commodities, and 14 cryptocurrency pairs. The shortest expiry time is 5 seconds and the longest is 24 hours
Commissions, Support And Effective Return 15/20
There are no commissions for opening an account and trading. The Live Chat support wasn’t available and all I could do was send them a message. The effective return advertised on the main page is 98% but the highest I’ve seen on the platform was 90% (still good). However, only a few assets offer this high return and unfortunately, crypto payouts are only 50%, which is extremely low, hence the low score for this category.
Deposit, Payment And Bonus 15/20
Deposits and withdrawals can be performed via cryptocurrency, credit cards, and wire transfers. I welcome the addition of crypto coins but unfortunately, I don’t trust this brokerage enough to recommend depositing via cryptos (remember that crypto transactions cannot be reversed). The minimum deposit amount via credit card is 10 USD and there’s no minimum requirement if using crypto. Binary24 doesn’t offer a Bonus.
Website Extras 13/20
The use of cryptocurrencies for deposits and withdrawals as well as trading is a very nice addition but I cannot give them a higher score for it until we get some feedback from the users of this brokerage.
Binary24 Overall Ratings: 71/100