Full Review of VIPBinary Binary Options Education
Now that the sunny days are gone I spend more time indoor, watching candles print on charts, looking for good education material to review and testing new systems. This morning I couldn’t sleep and got up really early, thinking at the new Forex strategy that I’m working on at the moment. My PC worked all night on analyzing different scenarios and settings for the strategy and I was really impatient to see the results. With my cup of coffee steaming in front of me, I turned on the monitor and the unforgiving truth stared me in the face: a loss of almost 50% over a one year period. Ok, at least I know what to avoid from now on; good thing it was only testing. Disappointed, I abandoned my Forex system and turned to the website of a Binary broker that I wanted to review for a long time: VIP Binary, hoping their education is better than my strategy.
VIP Binary – First Impressions – Nothing new
On their home page, I could find almost the same structure that many brokers use, but on a black background, which makes it friendlier on the eyes at least for my taste. It’s nice and helpful to see live news feed on the right hand side and the Reuters quotes on top of the page. Although they don’t bring any new features that can be seen at first glance, everything is looking good so far.
VIP Binary – Basic level education – Tangled and lacking
The first thing a novice trader should do is familiarize with the terms used when trading Binary Options; and what better way to do it than through the Glossary of the broker he intends to trade with. VIP Binary does a good job (but not extraordinary) when it comes to the Glossary explaining clearly all the common terms used in Binary Options trading. Just when I started to have a pretty good opinion on VIP Binary, I stumble upon their “Frequently Asked Questions” section. I must tell you, that’s a total mess; they give the answer to the wrong question when I click to expand the question box or the answer is just entirely missing. For example, when I click on “What is the time shown on this site?”, I get the answer “1,500 of the currency of choice in your account”…!?! That’s helpful, right? Other questions just return the answer “null”. Is this how VIP Binary takes care of their customers? I wonder how they are treating my trades or even my withdrawals if they can’t manage the FAQ section. A further disturbing fact is that they explain “Rollover” as being “a powerful stop loss strategy” and you can “Turn Loss into gain with time on your side”. Now this can be very misleading for a novice trader who never heard of Rollover previously. I must give them credit for some good information among all the rubbish, but the problem is that a novice cannot make the difference between the good and the bad information.
VIP Binary – Medium level education – Time machine needed…
In the lower part of the website, I could find a rather good explanation of what Binary Options are and the differences between Vanilla and Binary. Although not the best piece of education I’ve ever came across, this section compared to the “FAQ” is great and provides educational value to a novice, but keep in mind that I like it in comparison to the other section, which is crap. Next, I played their Video Tour which explains me how to create an account and use their platform; it does a pretty good job, but I am not very impressed because it’s really not hard to make a short video explaining some simple steps. In the video they tell me about their daily and weekly market reviews and how this is going to give me a winning edge. I eagerly looked for the review section and I could easily find both on the bottom of the page….but let me tell you, they are both screaming “We don’t care about you, dear and valued customer” because the daily review is from March 2012 and the weekly review is from November 2011…Quite a long time ago, dear VIP Binary! Let me get into my time machine and go back in time to when those reviews could actually be of any help…
The binary conclusion
The educational material is not well structured, it lacks in certain areas and from my point of view, it just disrespects the client by providing messed up answers or none at all and reviews almost one year old. Although I am disappointed with VIP Binary’s educational material, I must admit that I also found some good information on their website, especially the one I talked about in the “Medium level education” of my review. Also, the live news feed is helpful, but overall the education provided seems written in a hurry, something they put together because it’s a “must have” on a broker’s website, not because they really want to teach the novice the ins and outs of trading.
VIPBinary Complete Review by Martin Kay Available