Not approved broker by thatsucks.com
5/10
  • BINOA

  • Bonus: Up to 100%
  • Options Payout: 70-85%
  • Rating: 5.9 / 10
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Broker Name: BINOA
Platform: SpotOption
Founded: 2010
Bonus: Up to 100%
Return/Refund: 60-85%/0-10%
No. Of Assests: 100
Regulated:   No
Demo Account: No
Minimum Deposit: 100
US Traders:   Accepted

BINOA Review

by Martin Kay

Editor’s Note- Why does Binoa Sucks in 50 Words

First and for most, Binoa isn’t regulated and I’m unsure if it’s going to happen any time soon. While chatting with a very helpful service representative I found out that the company offices are in London but the headquarters are in Germany. Binoa.com relocated to these two areas from Cyprus, I assume to avoid CySEC regulation. Without regulation it is hard to build trust with a broker.

 

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Why Binoa Doesn’t Suck

Binoa is based on a good platform, has easy deposits and a great customer service. This broker uses SpotOption’s trading platform and offers a wider variety of assets, trading vehicles and expiries. Binoa also makes deposit very easy. This is one of the few brokers I know of who are currently using PayPal, and it is also possible to withdraw via this method.

 

 

Binoa Full Review – Another SpotOption Brand, maybe Better

Binoa.com is one of many SpotOption powered brokers you will find on the internet. SpotOption is a white label binary options trading platform used by about 80% of the binary options industry. The platform is easy to use, has a great list of available assets and a comprehensive list of expiries. Unlike a lot of binary options brokers today who are only offering short term, intra-day binary options Binoa has expiry’s that range out to several months. This is a real advantage to traders like myself.

 

There are a couple of things that set Binoa apart from other brokers, not just SpotOption powered ones. First the site has a much different look than other sites. It is clean and uncluttered. There are no advertising or other distractions, just an easy to use trading platform. Assets are arranged in tabs and sorted by stock, commodities, indexes and forex. Types of binary options available include high/low, one touch, Profit Builder (Option Builder on other sites), 60 second and Open Platform. The first three are the standard options you will find on other sites. The Open Platform is a detachable trade screen that allows you to watch an individual asset with more clarity than the standard charts and has a trade screen built in.

 

Payouts on in-the-money trades can range from 70-85% on high/low and up to 640% or more for one touch. Depositing is easy, as always, and you can use a wide variety of widely accepted payment methods. What I like is the PayPal aspect. There is a $100 minimum withdrawal and $15,000 maximum monthly withdrawal. Customer service is top notch here as well. I chatted online for a half hour with a very pleasant customer service representative who answered most of my questions. I fell like she avoided my questions about regulation and I never did get a response about fees for withdrawals. What I also did not get was a pushy sales pitch; she was really very nice and helped me a lot.

 

 

Is Binoa a Scam?

I don’t think Binoa is a scam but it may not be the best broker. I have to call the move from Cypress suspect, especially in light of regulation. Binoa is classified as a European Investment Firm that operates on the European Level as and ancillary financial service. This loophole is good for them as it keeps them out from under the thumb of CySEC and official recognition in the EU as a broker of financial instruments. It also allows them to remain open to U.S. traders. My customer service rep assured me that Binoa was still accepting U.S. traders and I can assume they will continue to do so until Germany officially recognizes binary options and forces them to comply with regulations.

 

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Binoa Complaints

I personally have no complaints with Binoa but my experience is limited. The platform is good, the website is good, banking is good and customer service is good. However, when I surfed around the web checking out the usual hot spots for binary options discussions I was not impressed. Binoa has gotten a lot of bad comments and they are all targeted at expiry and payouts. Several people have commented on expiry levels being manipulated resulting in loss of investments. The comments also lead me to believe resolution was difficult and unsatisfactory. The caveat here is that these comments and issues are hard to verify without firsthand knowledge.

 

 

Binoa Bonus

This broker offers some great bonus potential for new customers. The website advertises up to 200% bonus but that requires a huge deposit, probably much more than you are thinking about. I told my rep I was thinking about depositing $5,000. She offered me two different bonuses. The first was $3,000 but that was quickly followed up by a $5,000 bonus if I deposited now through the chat room. That little teaser was the only overt sales pitch I received the entire chat. The $3,000 equals a 60% bonus while the other is a 100% bonus, I wonder how much you have to deposit to get the 200%?

 

 

Binoa Withdrawal

Binoa.com uses all the standard forms of depositing and withdrawing money. The first withdrawal takes the longest. After your paperwork is approved withdrawals are quick with most happening within a couple of days depending on method. All forms of payment have a minimum deposit and maximum withdrawal but none are too bad. The highest minimums are $100(except for wire transfers), the lowest are $5 for Liberty Reserve. Wire transfer is the most expensive and carries the highest minimum deposit of $1,000.

 

Binoa Extra’s

Nothing special.

 

 

Binoa Ratings

User Friendly 17/20

This broker is very user friendly. The platform is easy to use, easy to find and easy to execute. Customer service is friendly and helpful and there is a whole staff of coaches, account managers and customer service reps ready to assist. Site is available in 8 different languages.  

 

No. Of Assets And Expiry’s 14/20

There are about 100 stocks, indexes, commodities and currency pairs to trade here. The stock list is a little short compared to other brokers but the index list makes up for it. Binoa has one of the most complete lists of international stock indexes available. Available indexes include India, Kuwait, Dubai and Moscow along with the other major indexes you would expect to find.

 

Commissons, Fees and Returns 13/20

This broker has commission free trading which is really nice. The bad part is the fees. Like few other brokers Binoa will get you on withdrawal fees so try to keep those at a minimum. Binoa uses Liberty Reserve, MoneyBookers and PayPal so depositing and withdrawing are super easy. The average return is around 70-80%, Refund is 0-10%.

 

Deposit, Payments and Bonus 9/20

Min Deposit is 100$ for C.C and PayPal. Despite the ease of depositing and available banking sources I have to rate this category lower. This is because of the other reviews I have read. If the broker is manipulating asset expiry it doesn’t matter how easy it is to deposit, receive payments or how big the bonus is. They could give you $1 million, it wouldn’t matter because it would all be there in the end. Another thing I noticed when clicking on “Bonus Policy” on FAQ was that the page is missing. No written info on the bonus policy. Come on.

 

Website Extra’s 6/20

This area is low scoring as well. There are a lot of great extra’s but they miss the mark when it comes to trader education. There is no effort made to educate new or beginning traders on this site. They have a glossary but that’s it. This site is not good for someone with little knowledge of binary options. Also include: optionbuilder, metatrader and 60 seconds.

 

 

Binoa Overall Rating –  59/100

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