Binary.com a scam? Check our review!

Binary.com review

Binary.com is a company representing tha gambling trade. The name, as well as the fact that there are binary options in the company's offer, may suggest that it's a form of gambling. Is it really?

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Binary.com is a product of rebranding. Its previous incarnation, BetOnMarkets, had been founded in 1999 and was transformed into Binary.com in 2013. Both brands are part of Binary Ltd., a company registered in Jersey, partly owned by Regent Pacific Group Limited – an Asia-Pacific based investment holding company. Binary Ltd. is subject to Isle of Man Gambling Supervision Commission as well Malta Gaming Authority (the European markets). Obviously, both licenses cover gambling, not binary options. But what are binary options exactly? Mere speculation? Trade? What's the difference, really?

Flipping a coin and yelling "heads or tails" is pure gambling. Choosing to go "high" or "low" may also be considered pure gambling, but it does not have to be. It all depends on the investor's intentions. Binary options are based on an actual market, with real trade using real monetary instruments. While we may not buy or sell anything, we may just as well use the same tools, strategies and analyses that are useful when assessing the final result. As such, binary options are not pure gambling which is reinforced by the way this market seeks regulations. Still, the market is just as dangerous for gamblers and people lacking some basic emotional intelligence as sports betting, poker or Forex. It may play on the need to settle a bet, get revenge or simple greed.

We can't be sure whether binary.com can be mentioned in the same breath as licensed binary options brokers. What we do know is that Malta is about to verify and change its regulations with regard to binary options. However, the broker surely has adopted some solutions that are closer to gambling than to trading (e.g. virtual markets-­based options). We're also not sure whether profits from binary.com are subject to taxes, so be sure to research that in accordance with your country's regulations.

Binary.com itself seems to be unsure about its stance on gambling just as much as we are: at times, it's all about trading responsibly, then again about gambling responsibly. However, it should be pointed out that binary.com does not shy away from writing about the risk involved in binary options trading. What's more, it enables setting such limits (time, loss or amount of money) that prevent users from trading irresponsibly, emotionally or under the influence of alcohol or simple tiredness. Moreover, the broker is honest about settling any potential complaints and disputes regarding the service.

Bear in mind that the service is available for those over 18 only.

Binary.com platform

An original platform which is unlike the others. Apart from the standard options, there are also add­-ons that clearly imply the gambling character of the platform. While there are many useful features, the platform is very straight­-forward, making it suitable for both the beginners and advanced traders. The visual aspect, however, is a bit sad. We expect more from a company boasting more than 1,000,000 clients since 1999.

The platform:

Option selection is very comprehensive. High/low, higher/lower, touch/no touch, boundary in/out), Asians and digits. Let's go over the unique options.

Higher/lower is very similar to high/low, but you also get to decide the price targer above or below which we expect the price to end. We can use this option when we expect a decisive decrease or increase. If we reach the price margin in a given time interval, we'll achieve a higher profit than that with a classic high/low. Here's how it can be calculated (click to enlarge):

As you may see, the return with this additional setting may go as high as 200%. The more the predetermined price differs from the current price, the more you may earn. However, this option is recommended only to the advanced users.

Asian options are all about assessing whether the lowest price increase is higher or lower than the average price (the mean of the smallest price increases, including the first and last smallest increase).

Digits constitute the last uniquely binary.com option. A typically gambling option, predicting the current price's last digit after a coma. We can choose whether we want this digit to match or to be different than our prediction. The amount of money you may win changes depending on your choice. If you go with "matches", you win when the last digit of the last smallest price increase is what you predicted. If you choose "differs", you win when the last digit is different than what you predicted.

The options vary according to the assets chosen: Forex, indices, commodities, stocks and randoms, 73 assets altogether. Here's what makes Binary.com stand out:

  1. Let's start with clever indicators or, to be precise, intelligent forex and the profitability index:
    • intelligent forex is simply the currency index, meaning the mean of the basic currencies which make up a pair with a given currency base. Available currency base: USD (index is made up by EUR, GBP, JPY, CAD, AUD, in a ratio of 20%), EUR (index is made up by USD, AUD, GBP, JPY, CAD in a ratio of 20%), GBP (index is made up by USD, EUR, AUD, JPY, CAD in a ratio of 20%), AUD (index is made up by USD, EUR, GBP, JPY, CAD in aratio of 20%). 
    • profitability index measures how one country's index fares against another country's index (e.g. the German and the British market). The profitability index goes higher when one index fares better than the other. The profitability index is lower when the second country's index is better than the first one's. However, it's not known which data exactly influence those indices.
  2. Randoms – yet another addition that seems connected with the broker's gambling side. Those purely virtual rankings made by binary.com itself, have nothing to do with the reality. Every virtual market, however, is different from the others. Here we have the "Random 100, 25, 50 or 75 Index". Those numbers are supposed to reflect the fluidity of the market: the higher the number, the more fluid the market. Therefore, if you prefer a less dynamic market, go for 25, but if you're into the fast­-paced markets, choose 100. "Random 100 Index" is twice as fluctuating as "Random 50 Index" and four times as fluctuating as "Random 25 Index". We can also create a random market that's more changeable at night ("Nocturnes") or during the day ("Quotidians"). The fact that the market is 100% superficial means that we can trade 24 hours a day and use all the options possible. Still, since it has no bearning on the reality there is nothing to verify it.

The platform also provides users with direct access to charts on which technical analysis indicators may be placed. We especially recommend Java charts, which can be downloaded, since they work the fastest and have the most features.

Expiry time varies between a couple of seconds and a year (or 1 day when it comes to the virtual markets). What's interesting is that the service has one of the shortest expiry times available. To use them, choose a "tick" (which is 1­-2 seconds) when deciding on an expiry time – you may choose up to 5 ticks. Therefore, the minimum expiry time has been set at 5­-10 seconds. Clearly binary.com wants the users to have plenty of choices as far as the time-related decisions go, which is a huge advantage of this platform.

$1 is the minimum you need to invest. You can go as high as $100,000.

Returns offered are one of the highest in the market: up to 130% with high/low (the longer the option, the higher the return).

Your account may be in USD, GBP, EUR or AUD.

The broker deducts some commission on every new option, but we weren't able to find out how much that actually is.

Binary.com deposits and withdrawals

Your binary.com may be funded in many ways: bank wires (USD, GBP, EUR, AUD), WesternUnion, credit or debit cards, PerfectMoney, Skrill, Neteller, OkPay, CashU, FastPay, Moneta, WebMoney, Ukash, Qiwi, yandex, or paysafecard.

For electronic payments the minimum deposit has been set at $5, for WesternUnion – $10, for credit/debit cards – $10, for bank wires – $25. Withdrawal rules are similar.

Electronic payments and credit/debit card deposits are handled instantly, while it takes one business day with WesternUnion and 5 business days with bank wires. Electonic payments payouts are handled within one business day, credit/debit

Electronic payments payouts are handled within one business day, credit/debit card withdrawals take up to 3 business days, while it takes up to two business days with WesternUnion and 5 business days with bank wires.

There are no deposit/withdrawal fees.

In accordance with the broker's licenses, the funds are in Triple­-A rating bank accounts.

DEMO account

A demo account is available: to start just give your e-­mail address and password, and you can start with virtual $15. Binary.com makes demo accounts easily accessible for all current and potential clients. To add to this, the demo account has the same tools that the REAL account does.

Client support

The support is available Monday to Friday, 24 hours a day via e­-mail, phone, chat and Skype. We can also ask them to call us back.

The website has been translated into German, Indonesian, Chinese, Arabic, Russian, Portugal, Spanish, French, Polish.

Educational materials

Straight­-forward tutorials not only make using the platform easier, but they also extend your general binary knowledge. There is also a glossary and a FAQ section. However, they're mostly for the beginners. Those with higher expectations should go to the service's blog where strategies are explained, free webinars and e­-books are made available, and where you can read daily market reports.

Bonus

Up to 25% of the minimum deposit. The bonus can be withdrawn only when the minimum trading volume requirement has been met (5 times the value of the bonus you received).

Binary.com SCAM?

Binary.com is a very transparent and a fully licensed company. Some users, however, have been complaining about platform delays, deducting returns upon opening an option or problems with verification that happen amidst a payout. However, these are individual experiences and we have not encountered any such problems.

Summary

Binary.com is a pretty well­-done mash-­up of classic binary options and gambling. The visual aspect of the service will not win any awards, but its usefulness cannot be denied. Price charts are particularly interesting as their functionalities comes close to that of big Forex platforms. To add to this, there is a plethora of ways to withdraw or deposit the funds in – almost – any given time. The minimum to deposit or invest is low, but the returns are extremely high (the classic options – up to 130%). What's more, the service is distinctly different than the competitors: starting with the whole naming aspect and ending with the technology used. Not to mention the fact that binary.com has patented many of its technological solutions.

Discussion forum and opinions

Forum link

Broker details
Broker’s name Binary.com
Website url www.binary.com
Start of 2013
Country of registration Jersey
Regulation Gambling regulation from Gambling Supervision Commission (Isle of Man), Malta Gaming Authority (Malta)
Platform Custom
Markets Forex, indices, commodities, random options and Smart Indicators
Options high/low, lower/higher (options creator), touch/no touch, boundary in/out, Asian options, Digits
Assets 73
Deposit methods wire transfer (USD, GBP, EUR, AUD), WesternUnion, credit and debit cards, PerfectMoney, Skrill, Neteller, OkPay, CashU, FastPay, Moneta, WebMoney, Ukash, Qiwi, yandex, paysafecard
Withdrawal methods wire transfer (USD, GBP, EUR, AUD), WesternUnion, credit and debit cards, PerfectMoney, Skrill, Neteller, OkPay, CashU, FastPay, Moneta, WebMoney, Ukash, Qiwi, yandex, paysafecard
Deposit min. $10
Min/max stake $1/$100,000
Withdrawal min. $5
Deposit/withdrawal fee none
Profit up to 130% (classic options)
Account currency USD, GBP, EUR i AUD
Bonus 25% (if adequate deposit is made)
Failed transactions refund no
Demo yes
On-line support yes
Languages English, Polish, German, Indonesian, Chinese, Arabic, Russian, Portuguese, Spanish, French
US traders no
Expiry times from several seconds (5 ticks) to 1 year
Educational materials tutorials, webinars, FAQ, e-books, glossary, daily market analysis
Mobile trading no

Binary.com rank

  • Platform: Custom
  • Launched: 2013
  • Registration: Jersey
Withdrawals execution
Platform
Support
Functionality and look
Reliability
Payment methods
Educational materials
Return
Assets
Very Good

User Rating:

2.4/5
(2 votes)
  • Platform: Custom
  • Launched: 2013
  • Registration: Jersey
Withdrawals execution 88%
Platform 90%
Support 88%
Functionality and look 88%
Reliability 94%
Payment methods 94%
Educational materials 80%
Return 98%
Assets 80%
89% Very Good

User Rating:

48
(2 votes)

Pros
  • Gambling license
  • High returns
  • Low deposit minimum
  • Low stake
  • Custom functional platform
  • Free demo account
  • Powerful choice of options
  • Wide range of assets
  • Many payment methods
  • Unique options
  • Possibility to edit start and expiry time
Cons
  • Bad design
  • Bonuses are not defined
  • Unclear settlement of profit

 

 



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