Latest posts by Marcio (see all)
- Nasdaq Is Building a Tool to Predict Crypto Price - October 11, 2018
- IQ Option Launches FX Options - September 11, 2018
- IQ Option Introduces All-New Commodity CFDs, Forex Assets and Bitcoin - August 21, 2018
Any trader searching for a broker who will fulfill all their requests will find that Binary International is not exactly a good deal. As a matter of fact, we found that Binary International is more like a scam broker than a real broker.
If you happen to run into this broker by any chance be warned that they should be avoided at all costs. Our review of Binary International reveals why.
About Binary International: A Scam Identified
To start with the design and layout of the website instantly reveals the prospect of the service being a scam. The address provided for Binary International on its website is Babrow Building, The Valley, British West Indies, Anguilla.
The website seems to allude to it being somehow associated or partnering with well-known businesses like MasterCard, the London Stock Exchange, Maestro, Nasdaq, etc.
You will run into a brick wall when trying to verify claims of them partnering with iconic businesses. When clicking on the icons, you’re taken to the ’Open Account’ page. Our research team was also unable to find any solid information about when the business was founded and who represents it.
The reason we concluded was the fact that there is no such information available. The service mentions that they were awarded IBFA approval, but that does not really matter. We are aware of many scam brokers offering so called get rich quick schemes, strategies, and methods whereby deals are sweetened with special offers and the prospect of multiplying your bonus.
Types of Accounts
When traders want to open an account with Binary International, they are offered four packages from which to chose from along with Third Party Signals software. The prices start at $250 and may seem appealing to some.
However, we deem it to be yet another piece of its elaborate scam. As a matter of fact, it’s a subtle element which is meant to help the scammer make more money and results in a loss for the trader.
In addition to regular trading packages, Binary International also offers what is called a Corporate Package. The claim is that people with a Corporate Package are provided a training consultant. However, since you don’t know who these people are and just how experienced that so called consultant really is this is a package you should avoid.
If you do want to use the services of Binary International for some reason here are the packages you could consider:
- Starter Package
The Starter Package is the primary account though it promises to grant traders with all the required assets and tools. The fact that they are granting everything is what has us in doubt since this is the starter package.
Like other packages, this one has a minimum $5 trade, with the minimum deposit being a whopping $250. However, traders can qualify for a 50% Deposit Cash bonus. We think that this type of generosity with their starter package is suspicious and too good to be true.
The Premium package offers trading of all assets and tools just as it is with the starter package. It goes without saying that these types of offers are also made with the Maestro and Platinum packages by Binary International.
The package includes 24/7 support and a demo account, which is the same offers made for the two advanced packages too. Interestingly the demo account should be made a part of the basic package since it’s something that beginners benefit from a great deal.
So, it’s obvious that the scammer wants to make a lot more money by turning things around and pushing traders to buy more expensive packages. The minimum deposit is an insane $500, and that’s with a 100% Deposit Cash Bonus. If anything this is deception by the company.
Binary International describes this package as being the most popular amongst traders. But whether that’s really the case is vastly unknown since there is no proper feedback on the website. The company claims that traders using this account will benefit from risk-free trades, with the minimum deposit set at $1000 and a 150% cash bonus.
This package purports to offer traders the highest value with Risk-Free trading included. $2000 is the minimum deposit, and that’s made alluring with a 200% cash bonus.
Binary International’s Fraudulent Trading Software
We didn’t find the Binary International platform to be promising especially when you compare it with other platforms. To start with it’s not user-friendly. The interface is badly designed and which makes figuring out between the four types of binary options i.e. High/Low, OneTouch, Boundary and Short term a chore.
The platform is not the best choice for any trader who is successful or one who aspires to become successful. Apart from the broker being a scam, the platform was not meant to make life easier for the user, and so we are doubtful that it will yield any profits as a consequence.
The one other reason why we advise against this broker is that it offers only a handful of binary options. It is therefore we ask that you avoid Binary International.
Binary International Suspicious Money Management
Binary International allows traders to deposit money via credit/debit card as well as wire transfers. Traders can then withdraw their earnings the same way they deposited it. So, if you deposited $250 via your Visa card, you can withdraw money to your Visa card too.
But in reality, you cannot withdraw more than you’ve deposited via the card with the rest has to be sent to the bank. However, it seems that the company does not think that you’ll make more money than you deposit.
Binary International’s Bad Customer Support
Binary International tries to mimic the type of support provided by reliable and authentic binary options brokers. But in reality, the service does not even have a live chat option. Traders are instead provided with a chat which is linked to the broker’s email, so the answers don’t come instantly like it is with chat.
You only have one phone number, and there is no knowing if it supports your language.
Binary International Account Setup
The unsophisticated account setup is one of the signs that it is a fraud broker. The account opening is at best just a low-end solution because after all the broker wants to keep their costs low so that they can cut loose and run at short notice.
Final verdict on Binary International
So, is this a scam broker? Yes, it most certainly is. No verifiable information on their website and a hastily developed trading platform are all telltale signs of a scam. We were not satisfied with any aspect of this broker, to say the least.
Don’t trust your heard earned money to this broker. You are better off choosing a trustworthy and credible service.
- Account opening process is convoluted
- Not a lot of available information
- Poor trading platform