Binary.com Review 2019: Is it a Scam?
Owned by Regents Market Group, Binary.com was first set up in 1999 and licensed in the Isle of Man and Malta. As one of the more established binary options brokers Binary.com wasn’t always known by this name. In fact until 2013 it was known as BetonMarkets.com. The rebrand was undertaken to capitalise and increase their share of a growing binary options market.
With offices in Malta, Malaysia and Japan the company now has over 1 million registered accounts worldwide and handles approximately 15 transactions per second. To cater for their worldwide clients the site is published in 12 languages. These are English, Japanese, Chinese, Arabic, Polish, German, French, Spanish, Portuguese, Italian and Russian.
Unlike many brokers there isn’t a menu of accounts to choose from. In fact there are just Virtual and Real accounts.
When you visit the desktop or mobile site you are encouraged to open an account but it’s a Virtual Account not a Real Account. Follow the steps to open an account and you are asked to enter a verification code sent by e-mail to complete the process. Once you have done this you have your very own live Binary.com demo account with $10,000 to practise with. A Virtual Account or “demo account” as they are also known allow the novice trader to practise and get used to trading binary options before risking their own real money.
Once you have got to grips with the platform via your Virtual Account you can then open a Real Account with as little as $5. This is much more accessible than other binary options brokers who require a minimum of $250 dollars and is clearly a contributor to their popularity with so many account holders. It takes a very short time to open a Real Account and with a few simple details within minutes your account is live and you are ready to trade. There is a menu box that allows you to move between your Real Account and your Virtual Account and to stop you getting carried away you are asked if you would like receive an update or “reality check” and at what intervals.
Trade Types And Payouts
The payout percentage changes in real time for all trade types. Unlike other brokers that may state a payout of 85% for a simple binary call/put trade the Binary.com platform updates as you watch. Second by second the payout amount rises and falls allowing you to pick when to make your trade. As an indication the trader can expect to achieve a return of around 85-86% for a successful trade. The minimum trade amount is just $5, which makes this a decent beginner broker.
As with many of its peers the Binary.Com platform offers the following types of trades.
This trade type has two options. Rise/Fall or High/Low; A simple prediction of whether the asset will rise or fall in price in the allotted time.
Touch/No Touch Options
Profits are much higher with type of trade with a return of around 1,000%. Again it is difficult to predict the exact return as the prices change in real time.
With In/Out trading there are two options. Ends In/Out or Stays In/Goes Out with returns again of around 1000%.
Bonuses And Promotions
With such a low deposit amount required it is no surprise that Binary.com don’t need lots of tempting bonuses to entice people to sign up to their trading platform however there is a $20 welcome bonus offered to those that open an account with just $5 dollars. It isn’t something that is widely advertised however and someone wishing to open an account in this way would need to search for Binary.com bonus to find the option.
Whilst Binary.com have made many technological advancements and offer such an intuitive trading platform there is no mention of a dedicated mobile app. Upon further investigation when searching the App Store on iOS or Google Play it would confirm that there is no app available for both iPhone, iPad or Android devices. That said the mobile platform is highly functional, very easy to use and not overcomplicated.
Opening an account on any site on a Smart Phone can sometimes be a fiddly experience but when you sign up to Binary.com the data input boxes are clear, functional and easy to use whilst being big enough to see what you are doing without squinting.
One of the great features of the mobile is the prominence of the account that the trader is currently using. In the top right hand corner of the screen is a drop down box with the option to switch between accounts. As well as a clearly labelled differentiation between the virtual and the Real Account there is also the account number so you don’t have to go rooting around should you ever need to call support.
Deposits And Withdrawals
There are many ways to deposit funds into your Binary.com trading account. Choose from debit or credit card; Visa, Mastercard or Union Pay. You can also use a Bank Wire or Money transfer, or one of many E-Cash methods such as Skrill or OK Pay. As previously mentioned the initial minimum deposit amount required is only $5 and cleared funds will be available to start trading immediately.
Withdrawals are made via the same method as deposits so if you made your deposit via a credit card any money withdrawn will be sent back to the same card. Once a withdrawal is requested a verification token is sent via e-mail to ensure security. It then takes between 1 and 5 days for the money to be returned. The processing time depends entirely on whether you are using a wire transfer, a credit or debit card or e-cash.
We advise all traders to ensure they have followed the proper verification and identification process to avoid any withdrawal problems. Whilst performing our Binary.com review we had no banking issues to report.
One of the key features of Binary.com is their unique “fixed odds” trading platform. The platform allows you to set your trading price and tells you the price you will be returned which essentially allows you to choose your profit. When you start trading the price needed to achieve a $10 dollar return for example will move up and down in front of your eyes. Once you confirm your trade it is locked in and your payout amount remains fixed.
As mentioned above it is obvious that the key feature of Binary.com is the fact that you can open an account with only $5. Whilst many competitors offer a long and possibly complicated menus of accounts and options this low deposit option is probably the key reason that they have as many account holders as they do.
Here we’re going to wrap up our Binary.com review. Binary.com appears to be unique in their trading platform and the technology on offer. They also seem to have the added advantage of many of the leading binary options traders in that you can open account with as little as $5. This may be a reflection of their “no frills” offering with the lack of an app and other features that you might expect to find. The information on offer is basic and they don’t appear to shout about the benefits of the platform. Their focus seems to be on the ease of use when it comes to trading and the fact that they boast a unique trading platform.
During our thorough and detailed Binary.com review process we found few complaints and no evidence that this broker is a scam. Their longevity stands them in good stead and they have clearly built up their legit large following through trust and reputation. The risk of binary option trading isn’t any less with Binary.com but it does allow the trader to “dip their toe” without committing as much as they would with other traders.