Why Doesn’t BinaryOnline Suck In 50 Words
Ahhh, stop tormenting me… I don’t know why they don’t suck. Not regulated, very bad reputation, and collaborating with scam robots. What can I find that doesn’t suck about that? Yeah ok, I’ll give it a shot: they offer a good platform. However, you are not doing business with the platform provider but with BinaryOnline so…
Why BinaryOnline Sucks In 50 Words
BinaryOnline is clearly in cahoots with the makers of a lot of autotrading robots because when you sign up with those “money-makers”, you are automatically directed to BinaryOnline. One such robot is HB Swiss and another is Nova App. So, does this broker suck? Yea, definitely.
Is BinaryOnline A Scam?
Unfortunately, BinaryOnline is not regulated and has a terrible reputation online, where a lot of people are complaining about failed withdrawals, high-pressure tactics, and misleading information. On top of that, this broker is associated with far too many scams robots, and signal services for my comfort.
I don’t like calling this broker a Scam, but I also cannot recommend an unregulated brokerage that partners with scam robots and has tons of bad user reviews.
Should I Open An Account With BinaryOnline?
BinaryOnline is a sketchy broker owned and operated by Zola Ltd. The address they offer on the website is Sofia 1000, ul. Pirotska No 2 fl. 4, Apt. office 12. Payment services are provided by Zolarex Ltd, located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960. They can be contacted by phone (+44 203 0260 222 – UK) or email: support(at)binaryonline.com. The brokerage is not regulated by any major financial authority.
If you got this far into this review, you can probably tell that I am not too fond of this brokerage. However, now it’s time to dig deeper and learn more about them: launched in 2016, BinaryOnline used to offer Binary Options but now only FX and CFDs. This is one of the most popular platforms, with good functionality and plenty of features but that doesn’t make the broker trustworthy.
There are plenty of educational resources on the website, including e-books and tutorial videos, but the more interesting feature is Traders TV, which delivers daily analytics in a video format is their daily analysis articles. You’ll get a brief market summary and a heads-up for the economic data that’s about to be released that day. I like that it’s updated daily (as it should) but the information contained is nothing to write home about.
Accounts with BinaryOnline start at 250 USD (Takeoff account) continue with 2,500 USD (Standard account) and for the last listed account (Premium), you will have to deposit between 10,000 USD and 49,999 USD. They also offer an Elite account but the exact deposit is not specified; I assume it has to be above 50 thousand bucks which is crazy, to say the least. Even depositing 250 bucks with this broker is crazy in my book, but what do I know… I’ve been writing broker reviews for “just” 6 years and spent only about a gazillion hours on brokers’ websites…
The internet is raging with complaints about BinaryOnline. The main issues are failed withdrawals (people can’t get their money back whether they’ve made a profit or not), the account managers are trading accounts into the ground and blame it on market volatility, and the usual pestering, never-ending phone calls – one user even said: “They call and email you till you feel totally haunted!”.
BinaryOnline Regulatory Warnings And Announcements
24/5/18: The UK Financial Conduct Authority issues a warning against unregulated Zola Ltd doing business as Binaryonline.com. UK FCA Warning.
14/12/2016: The British Columbia Securities Commission warned that BinaryOnline is not registered to trade in, or advise on, securities or exchange contracts in British Columbia. The regulator also urged residents to exercise caution when dealing with unregistered firms. Source: BCSC Warning.
Bonuses start at 25% for the lowest deposit ($250) and can go as high as 75% if you deposit between $10,000 and $49,999. Be careful when accepting a bonus because your money will be tied to the platform until you perform a turnover of 30 times the bonus amount plus the deposit. Please make sure you understand all bonus conditions before accepting one.
According to their T&Cs, withdrawals can be performed through credit cards, wire transfers, and e-wallet. The minimums are 100 (for cards), 500 (for wire transfers), and 100 account units (for e-wallets). Processing time takes up to 3 business days and 21 more days may pass until you see the funds in your account. Many fees apply and on top of that, you will need to perform at least 5 trades before they allow you to withdraw.
You can trade CFDs with this brokerage but the way they describe this instrument makes me think it’s a hybrid between CFD and BO. Make sure you understand the way CFDs work on BinaryOnline before trading them. Another extra is TradeReplica, which is basically a copy trading feature.
Trading Bitcoin With BinaryOnline
Cryptocurrency trading is available but the selection of crypto assets is very limited. The crypto trading is CFDs so be warned, you are not buying and selling cryptocurrency on this platform just trading leveraged spot positions.
User Friendliness 15/20
The website is only available in English, so they lose some friendliness points with non-English speakers. The explanation for CFDs confused me big time and the whole website is a gathering of buzzwords that are supposed to make me think about the huge profits I can make, not about risks. An Android mobile app is available but I couldn’t find one for iOS. Demo accounts are not available.
Number Of Assets And Expiry Times 14/20
Their asset basket is composed of 62 currency pairs, 17 stocks, 6 commodities, 3 indices, and 2 cryptocurrencies (Bitcoin, and Ethereum). I couldn’t find all of these assets on the actual trading platform so it is unclear if all can be traded. The expiry times are varied, ranging from 60 seconds to the end of the day and Long Term.
Commissions, Support, And Effective Return 15/20
There are quite a few fees and commissions at this brokerage: after 30 days without trading, the account will become inactive and BinaryOnline will deduct a 5% monthly fee, credit card withdrawals have a 25 USD fee plus another 10 USD processing fee and wire transfers incur a 50 USD fee. Please note that this is not a full list of fees, so please read carefully their Terms and Conditions.
Support is not so bad but the usual running around the bush did happen and some of my questions hit a wall of questions coming back from the rep. The effective return goes as high as 85% according to their homepage but real trading conditions may differ.
Deposit, Payment, And Bonus 15/20
Deposits and withdrawals can be made via credit cards, wire transfers, and e-wallet. They use singular, not plural so I assume they only allow transactions through one (1) e-wallet; however, they don’t specify which one. The minimum deposit is 250 and the minimum withdrawal is 100 (or 450 if you use wire transfer). Withdrawals will usually go to the same source where they came from (if you deposited via CC, you will withdraw to CC). The bonus ranges from 25% to 75% and the turnover is 30 times.
Website Extras 12/20
TradeReplica is a feature that allows you to copy the trades of other clients (social trading or copy trading). However, the biggest extra is probably the huge amount of complaints against this brokerage and the fact that a lot of scam robots make you open an account with BinaryOnline.
BinaryOnline Ratings: 70/100