BinaryBrokerz is owned by Europe Ridge Ltd. Business address can be found at Victory House 205, Archbishop Makarios Avenue, Limassol Cyprus. BinaryBrokerz is not regulated and it seems like they’re changing addresses frequently. The last time we updated this review they were headquartered in St. Vincent and The Grendadines. The fact they use a Cyprus address is a bit concerning as that typically requires CySEC registration and regulation, which they don’t have, and means 1 of 2 things. They are either applying for regulation, which there is no mention of, or they want you to think they are.
Is BinaryBrokerZ a Scam?
BinaryBrokerz has been around for a while now and the red flags are popping up. Not only have they been moving their headquarters frequently the complaints have piled up and regulators warnings are coming in. They try to look fairly transparent, company address and phone numbers are all there, but this is most likely a front. All I can say at the moment is that BinaryBrokerZ was a broker with a shot at greatness and has since fallen from grace. They are currently not regulated but of course that doesn’t mean that they are scammers. What might make them fishy is using a CySEC registered address to make people think they might have CySEC approval, and the fact they are on CySEC’s not authorized list. On a side note, traffic to the website is down more than 90% over the past 6 months, a major red flag.
Editor’s Note – Why BinaryBrokerZ Doesn’t Suck in 50 Words
The support was very helpful and ensured me that every new client will have access to a demo account with no time limit attached! It is always beneficiary when a broker cares about your education and lets you take your time to learn how the platform works and how to trade before get started.
Why Does BinaryBrokerZ Suck in 50 Words
This broker sucks because what was once a promising broker has degenerated into a less than optimal choice. They continuously change location, they’ve changed platform, they get a lot of complaints, they charge a lot of fees and they aren’t regulated. Not much about them to not suck, really.
Should I Open an Account with BinaryBrokerz?
Recently BinaryBrokerz have changed their platform provider and as a result now traders are able to use the TraderSoft platform. This company is relatively new for a platform provider (formally incorporated in 2013) but their staff have years of financial business and IT experience. This can be easily seen from the end product, which is the platform itself: all the usual features are present and functionality is top-notch. The trader has the possibility to choose different layouts, such as Classic (similar to most binary options platforms), Chart (a big chart is the star of the show) and Multi (several assets on screen, compact view and small charts). I can’t say that the new platform is definitely better than the old, but everything worked fine, trades were transmitted quickly and the needed information was easily available.
Update July 2016: With the recent change to TraderSoft, the social trading widget can now be viewed on all three types of layouts (Classic, Chart and Multi) but unfortunately it doesn’t work on either of them. On the right side of the platform you can see the social wall, with the time when another users entered a trade, the direction of the trade and the price; the users don’t have names but a tag formed of 12 numbers. Below all that information you have a link that says “Go to asset”. Well, that link doesn’t work and I don’t see another way of copying the trade. I have to mention that I was using the Demo version of their platform and this may be the cause for the mishap – after all we’re talking about a complicated feature (social trading) and I can understand why they don’t make it available for virtual money.
BinaryBrokerZ has differentiated itself from other binary options brokerages by offering a wide and unique array of features. The platform is full of trading tools but the most prolific is in our opinion the AutoChartist. We’ve written an in-depth review of this price action based prediction tool and we recommend you read it because it will help you get the most of this instrument.
Social Trading is available, to follow and copy the trades of the most successful binary options traders in real-time. Furthermore, BinaryBrokerZ offers trading signals to all of its traders, completely free of charge (although we strongly advice to choose a 3rd party signal service). But it is their stellar account services where BinaryBrokerZ really goes above and beyond to truly separate itself from its competitors. Their dedicated expert brokers are not only available to help you get started, but are also there to guide you through customized one-on-one training sessions to ensure that you are maximizing 100% of your profit potential.
Now that BinaryBrokerz has been around for awhile some complaints have surfaced. This is something almost normal for any company, no matter how big or small, what isn’t normal is that a broker who was supposed to be pretty good has turned out to be fairly rotten. Complaints are primarily about lack of withdrawals, pushy sales reps, bad trading advice and just about everything you hear a shady broker doing.
Update January 2017: More complaints have been popping up, mostly concerning withdrawals and the lack of getting them. Not much response from company officials and no presence in the Communitraders forums. All in all a bad sign.
Update July 2016: Now that Binary Brokers has been around longer, some complaints have surfaced but this is something almost normal for any company, no matter how big or small. The good thing is that representatives of the brokerage are communicating with traders and are addressing their complaints online, trying to solve the issues. This is a clear sign of a brokerage that cares for its customers and we commend them for it.
BinaryBrokerZ Regulatory Announcements and Warnings
19.12.2016: Italy’s Consob issues a warning against BinaryBrokerZ.com. Source: Consob.It 12/16.
14.12.2016: CySEC issues a list of 100 non-approved brokers, including BinaryBrokerZ.com. Source: CySEC non approved list.
Bonuses are given in a range of 35% up to 100% and possibly even higher for VIP+ accounts. Once you received the bonus, you are required to generate a trading volume of 40 to 60 times every bonus dollar and your deposit before the bonus and its profits are valid for withdrawals. Totally unacceptable.
Withdrawals are processed within 3 to 5 business days after you have fully verified your account with the required documents and given verbal confirmation to your broker. The available withdrawal methods are: Skrill, Wire Transfer, Credit Card and Neteller, iDeal, Webmoney, Qiwi.What really sucks is the withdrawal fees which are designed to keep you from making any money at all. The minimum is $30 per withdrawal or 3.5% with a max of $3,500. $,3500! This means that better you do the more they take. Unacceptable!
Demo account is available without the need of depositing or even registering. You can simply head to the website and benefit from a truly free Demo account. Other tools, like the Autochartist, require large deposits and are not available to average traders.
User Friendliness 17/20
The platform itself is easy to use, so easy it looks like a kids website, but the navigation has to be improved to be more user friendly and the education center must include a clear and deep explanation of the social trading feature and the platform in general. Free Demo accounts are available.
No. of Assets and Expiry time 17/20
25 currencies, 17 stocks, 7 commodities and 17 indices which makes a total of 66 assets. There are many different expiries to choose from, short term starts at 30s and goes up to 5 minutes and ranges out to end of day. Longer term traders can choose end of day, end of week or end of month.
Update February 2017: Their asset basket is now composed of 32 currency pairs, 48 stocks, 12 indices and 8 commodities although they are not all available all the time. Overall we see a clear improvement in their asset index since they’ve changed platforms.
Commissions, Support and Effective Return 12/20
Wire transfer withdrawals will be charged with 25$ – other withdrawal methods are free of charge, or they were, before recent changes. The support was very helpful and not pushy at all. The returns are in a range of 60 up to 85%. The refunds are in a range of 0 up to 40% but you can also sell back an option. They don’t charge “commissions” but they do charge a lot of fees. There is a dormant account fee and a low-trading-volume fee which requires at least 10 trades per month. The maintenance fee is $7.50 per month, the low volume fee is $10 PER TRADE is less than 10 per month in the first three months.
Deposit, Payment and Bonus 14/20
Minimum deposit is 250$ and you can deposit in 7 different currencies: CNY, RUB, GBP, JPY, AUD, USD and EUR. Bonuses go up all the way to 100% depending on the account type. The payments are processed within 3 days, so they say, and come with many fees even for CC or eWallet transfers.
Website Extra’s 11/20
As mentioned above, the Free Demo account is the main extra of this brokerage and I have to say, it’s a very good feature that I wish were present on more platforms. The problem is that many of the other great features you find mentioned on the website are nowhere to be found, unless you make a huge deposit.
BinaryBrokerZ Overall Rating = 73/100