Binary.com Review | Introduction
This is probably the oldest still operating broker on the market. Binary.com has been around since the year 2000. With now 18 years of experience in providing services to online traders we are having very high expectation from this broker. Long period in which broker operates usually means that they have more trading options to offer to their traders. Companies with longer history have better set up internal processes, which should result in better customer care and faster deposit and withdrawal processes. We decided to test this broker and see if their fame is well deserved or is it just one of scam brokers. As with any broker we looked into ownership, we tested withdrawal and deposit processes, we tested their customer support and trading platform. Finally we bring final verdict about this broker in conclusion at the end of this article. Enjoy reading our Binary.com review!
Binary.com Review | Overview
Binary.com has been around since year 2000. The brand is owned and operated by multiple companies, each dedicated to certain group of markets. For example services offered in the EU, for financial products, are offered by Binary Investments (Europe) Ltd., Mompalao Building, Suite 2, Tower Road, Msida MSD1825, Malta, licenced and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (license no. IS/70156). Volatility Indices products are offered in the UK and Isle of Man by Binary (IOM) Ltd., First Floor, Millennium House, Victoria Road, Douglas, IM2 4RW, Isle of Man, British Isles, licenced and regulated by (1) the Gambling Supervision Commission in the Isle of Man, British Isles, licence issued on 31 August 2012, and for UK clients by (2) the UK Gambling Commission. In the rest of the EU, Volatility Indices products are offered by Binary (Europe) Ltd. regulated by (1) the Malta Gaming Authority in Malta, licence number MGA/CL2/118/2000, 26th May 2015 and for UK clients by (2) the UK Gambling Commission, and for Irish clients by (3) the Revenue Commissioners in Ireland, Remote Bookmaker’s Licence issued on 1 July 2017 (licence no. 1010285).
Quite complex isn’t it? Well that’s not all; this broker really cares about running their business around the world legally. They are well regulated and most of their services are available in most countries in the world. Main, holding company is Binary Limited, with registered office at 47 Esplanade, St. Helier, Jersey JE1 0BD, Channel Islands. There are subsidiary companies such as already mentioned Binary Investments (Europe) Ltd, Binary (IOM) Ltd and Binary (Europe) Ltd. Other companies are Binary K.K, Binary (C.R.) S.A. and Binary (V) Ltd. Binary K.K has registered office at 3F Hiroo Miyata Building, 1-9-16 Hiroo, Shibuya-ku, Tokyo 150-0012. Licensed and regulated as a Type 1 Financial Instruments Business by the KLFB (license no. 2949) and a member of FFAJ (membership no. 1590) offers services on Japanese market.
Binary (C.R.) S.A., registered in Costa Rica. Clients from the rest of the world (excluding certain countries such as the USA, Costa Rica, Hong Kong) will have their account opened with Binary (C.R.) S.A. Binary.com is not available in Costa Rica and is not regulated or supervised by any regulatory body in the Costa Rican financial system. Binary (V) Ltd with registered office at Govant Building, Port Vila, PO Box 1276, Vanuatu, Republic of Vanuatu is licensed and regulated by the Vanuatu Financial Services Commission. Clients from the rest of the world (excluding certain countries such as the USA, Costa Rica, Hong Kong) will have their FX and CFD Metatrader 5 account opened with Binary (V) Ltd. Binary.com is not available in the Republic of Vanuatu.
Binary.com is very popular among traders. They get rewards for good quality of their services regularly. With all this info about the company and its regulation status we can move on. We start with our usual check-up of major factors regarding this broker’s offer.
Regulated or Non-Regulated Broker: This broker is thoroughly regulated in many countries as you can see in text above
Maximum Returns: up to 91%
Minimum Deposit: 5$
Transparency with Pricing and Payout: All deposits and withdrawals are processed in 24 hours. There can be delay cause by traders bank or money transfer service. Most of the time withdrawals are done in 1 business day. Deposits with some deposit methods can be instantaneous.
Banking Options (Cards, eWallets&Wires): Bank wire/Money transfer, VISA, Mastercard, UnionPay, QIWI, Yandex, Webmoney, Neteller, Skrill, OK PAY, Perfect Money, Moneto.ru, paysafecard and Fasapay. In addition deposits and withdrawals can be done using cryptocurrencies: bitcoin, Bitcoin Cash, ethereum and Litecoin.
Range of Assets Available for Trading: over 110 assets
Software Platform: Binary.com trading platform (proprietary)
Customer Service: 24 hours a day, 7 days a week.
Best Trading Features: The biggest diversity in offered trading types and assets
Excluded Countries: USA, Costa Rica, Vanuatu, Hong Kong
Binary Brokers Bonuses: up to 100%
Supported Currencies: USD, GBP, EUR, AUD, bitcoin, Bitcoin Cash, Ethereum, Litecoin
Picture 1. Binary.com rewards
Binary.com Review | Demo Account
As most other brokers Binary.com also offers demo account for new traders. It is generally the same as regular trading account and it can really be helpful if you are meeting the world of online trading for the first time. Demo account however doesn’t include entire selection of trading assets as the real account. Guess that’s why it’s called demo. We advise you to use demo account in order to familiarize yourself with the trading platform. It is a good idea to practice trading on demo account before you start trading for real money. You will need to sign up and register at Binary.com before you can use demo account.
Picture 2. Binary.com web trader
Binary.com Review | Bonus
When opening account with Binary.com you can count on bonus. Bonus is attributed only to newly opened accounts, not existent traders or former traders. There are actually two bonuses you can get when trading with Binary.com: deposit bonus and free bonus code.
Deposit bonus will credited to a trader’s account after trader makes required minimum deposit (or deposits more than minimum) and when trader reaches turnover that is 5 time the bonus amount. This is now regular offer, meaning that it was available in time of writing of this review, but it may not be available later. How does this work? During the writing of this review there was a “Get $25 when you deposit $100” promotion active. In such promotion if you choose to participate, you need to deposit minimum of $100. After that you need to make turnover that is 5 times the bonus amount. Since bonus amount is $25, you need to make turnover of$125. Once you do that $25 will be credited to your trading account. You can withdraw that amount at your own discretion.
Free bonus code is special kind of promotion. You can activate bonus code upon opening your account. The bonus amount will be released to your account after it has been approved. You can’t use this promotion in combination with other promotion that might be available at the same time. Traders can withdraw the bonus amount once turnover of 25 times the bonus amount value is exceeded. There is an interesting fact about free bonus code – you don’t need to make a real money deposit to get it. Once you get it you can start trading and eventually when you make turnover 25 times the bonus amount you can withdraw it as if it was your real money!
Binary.com Review | Trading Platform
Once you have completed entire registering process you will discover wonderful fact that Binary.com offers not one but multiple trading platforms! First trading platform SmartTrader is simple and user-friendly platform used for trading binary options. Second trading platform is MetaTrader 5. MetaTrader 5 is very commonly used forex and CFD trading platform. The same platform is used by other brokers as well. So depending on what you want to trade you can choose trading platform that suits you better. There is a trading platform called Binary WebTrader that is also used for trading binary options the same way as SmartTrader. Difference is that Binary WebTrader is more complex and offers more options and is generally harder to use. Assets and trading types are the same in both platforms but Binary WebTrader offers advance binary options trading experience. There is trading platform called Japanese Ladders that is used for Fx binary options trading but specifically for Japanese market. It is created in accordance to Japanese laws. All trading platforms are proprietary besides MetaTrader 5. They are all user-friendly and offer superb trading experience.
Picture 3. Binary.com trading platform
Binary.com Review | Types Of Trade
Let’s focus on types of trades offered on these platforms. There are five basic types of binary trading options:
- Up/Down – Rise/Fall or Higher/Lower
- Touch/No touch
- In/Out – Ends Between/Ends Outside or Stays Between/Goes Outside
- Digits – Matches/Differs, Even/Odd or Over/Under
- Lookbacks – High-Close, Close-Low or High-Low
As you can see Binary.com offer really big diversity when it comes to types of trade. There are five basic types but each of them has subtypes. For example Up/Down has subtypes Rise/Fall and Higher/Lower. If you choose Rise/Fall this means you need to predict whether price of underlying asset will rise or fall from certain level. If you choose Higher/Lower you will need to determine whether will price of underlying asset end higher or lower then preset barrier. Touch/No touch are the usual type of trade. We have written an article about that type of trade. Asians and Digits are new types of traded offered by this broker only. They are running on the Random idea. What does that mean? You can count trades on the last digit of the expiry time rather than the pips. This shows the gaming industry influences on Binary.com. You can use the Sell Options function which enables you to reduce risks. You just exit position before expiry. Lookbacks is a special type of trade that depends on the optimum high or low achieved by the market. It allows the trader to “look back” over time to determine the payout.
Binary.com offers a vast array of trading assets:
- 28 indices
- 27 currency pairs
- 50 random indices which include one additional non-traditional asset classes offered exclusively at this time by this platform
- Three commodities, but traders can find more in the Sectors section as indexes
- A variety of smart forex pairs
Obviously, we were only able to trade with a few of these options in our Binary.com review, but needless to say, the possibilities are endless!
Picture 4. Binary.com types of trade
Binary.com Review | Mobile Apps
As expected Binary.com created mobile apps for their traders. There are two apps: Binary Tick Trade and Binary.com app. They are both available on Android and iOS mobile devices. Apps are great for traders who are on the go. They are absolutely free to download and they come with demo account so you can practice trading. Apps are not among the best trading apps we have ever used, but they do the job. Apps have average rating on 3,9 and 3 respectively on Google Play. This tells you they are not the best out there. Still they have a lot of downloads, so people are using them.
Binary.com Review | Binary Bot
Knowing that trading is hard work and very time consuming Binary.com offers automated trading to their clients. Binary.com Binary Bot is automated trading solution that you can build yourself from scratch. Well not really from scratch, but you build your own customized Binary Bot thanks to Binary.com. Process of creating Binary Bot can be both simple and complex depending on the approach you take. There are many options trader can choose from when creating it. First you will need to set up several categories in the Binary Bot building menu: Logic, Math, Text, Advanced and Binary. In each category there are several available customizations of auto trading options. You can create your own loops, conditions and define variables. When you finish this part all that is left to do is to define your trade contract, define under which conditions purchase or sell contract and finally define what to do after the trading is finished. Cool thing about building your own trading robot is that you can save it in form of XML file and continue editing it later. Binary.com web site also has a shop. In that shop you can find various useful thing for trading which you can buy. But also, you can sell your Binary Bot there. If you feel you created a great auto trading bot you can offer it there and maybe other traders will buy it. You get 80% of the revenue every time someone buys your bot. Besides making money by trading for you, Binary Bot can also make you money by just being available to other traders in the shop.
Picture 5. Binary Bot
Binary.com Review | Deposits And Withdrawals
Binary.com has made sure it has wide variety of available banking options: ): Bank wire/Money transfer, VISA, Mastercard, UnionPay, QIWI, Yandex, Webmoney, Neteller, Skrill, OK PAY, Perfect Money, Moneto.ru, paysafecard and Fasapay. In addition deposits and withdrawals can be done using cryptocurrencies: bitcoin, Bitcoin Cash, ethereum and Litecoin. So you can deposit and withdraw your money even in cryptocurrencies. This shows that Binary.com really follows trends. Very few brokers offer deposit and withdrawal in crypto currencies, let alone four of them. Minimum deposit required by Binary.com is the lowest on the market, just $5! If your main concern was that you don’t have enough money to trade options online, you need to fear no more.
Keep in mind that as every responsible broker Binary.com will ask you to confirm your identity in accordance to KYC policy. Make sure you have documents that can confirm your identity (driver’s license or personal ID) and government issued documents that prove your address (utility bill will do). You can’t make any money withdrawals before you complete the process. Important thing to keep in mind is that broker will not allow money withdrawal anywhere else but to the source from which the deposit was made. So if you made deposit via bank transfer make sure you withdraw your money via bank transfer to the same bank account from which you made the deposit.
Deposits can be made in four different fiat currencies: USD, AUD, EUR and GBP. Also it can be made in four crypto currencies: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Deposits are usually visible instantaneously expect those made by wire transfers, they can take one day to arrive. Minimum withdrawal is as low as minimum deposit – just $5! There are no fees involved in withdrawal process. This broker takes one working day to process withdrawal request and usually within one day you get your money. From our experience withdrawal process is smooth.
Picture 6. Binary.com banking methods
Binary.com Review | Customer Service
Customer service can be reached by phone, email and live chat. They have most of the world covered when talking about working hours. You can reach them by phone in these countries: UK, Australia, Canada, Russia, Ireland, Indonesia and Poland. You can call them even if you are not from these countries, but you can’t get service in your language, only in English. While you are in trading platform you will be able to use live chat. And finally you can use their support email to contact them with less urgent matters.
Our experience with Binary.com support team was very positive. They proved to be helpful and very professional. They responded on every request we made quite fast and provided assistance with depositing, trading and money withdrawal. Every time their help was valuable and we didn’t have wait long for response, even by email.
Binary.com Review | Conclusion
As probably the longest lasting broker on the market Binary.com offers professional service. Main strength of their offer is wide variety of types of trade and their trading platforms/apps. There is something for everyone in Binary.com offer! If you are going to take one thing from this review remember that this broker offers you to create your own trading bot that can execute trades in your stead! And you program it yourself, as you think is best. One more thing that makes this broker stand out is positively the lowest minimum deposit required any broker on the market – just $5! They boast many deposit and withdrawal methods, again the widest variety of deposit and withdrawal methods on the market. On many fields Binary.com seems to be well equipped to provide service to their clients. If we take into account that their deposit and withdrawal processes seem reliable and their customer service proves to be quick to respond to traders enquiries we can recommend trading with this broker. If you have decided to trade with Binary.com you can open free trading account by clicking on the button below the text.