After extensive research by our team, we found that Binary Online does not have a demo account, nor does it provide one to members. Plus, they are not highly rated as stated and there is no data to backup their claims. Alternatively, we have listed some of the top brokers who provide a free Demo account.
Originally established sometime in 2016, the service is relatively new to the binary options industry. Binary Online is based in Europe, but there isn’t sufficient information about who owns the company.
Since Binary Online has just started operating, we have decided to conduct a thorough investigation to find out if its worth the time and investment of traders. We looked at many factors including their ownership details, location, feedback, popularity, complaints, threats, etc. What we found has been shared openly and without bias in this review. So, continue reading to find out if its safe to invest with this broker or should it be avoided?
The Trading Platform
The broker uses the Panda Trading Platform as their basis. The platform offers four major trading options i.e. High/Low, One Touch, Range, and Hyper. Though the choices are sufficient for any trader, the selection of assets is not satisfactory. Binary Online offers a limited number of assets to traders and the payout for these are low to say the least.
We also noticed that the website and service as a whole lack professionalism. We expected to see a few interesting features, but we found nothing. So, there is nothing for traders to get excited about and start using the platform. The lack of unique and innovative features makes it a big turn off for traders.
The trading platform is comparatively complicated, and there is a lack of tutorials and other educational material. So, it’s certainly not a platform for newbie traders, but even seasoned traders wouldn’t want to bother with the hassle of a complicated platform.
Binary Online Business Information
Binary Online is run by Zola LTD 14 Tsar Osvoboditel Blvd. 1000 Sofia, Bulgaria. According to our findings, it is not a regulated broker.
Binary Online boasts of offering a number of different withdrawal and depositing methods like CashU. We tested it out by registering at the website, and when it was completed the options, we were offered are bank wire, Visa, and MasterCard. If anything this is a deceiving tactic.
On Paper, Binary Online offers a great variety of trading options
Binary Online states that they will process withdrawals within 3-5 days if all the documentation is in order. Traders are required to provide the service with several documents proving their identity which includes:
- ID Card proof
- Proof of being a resident of a certain place
- Front and back copy of a credit card
- An investment testimony form duly filled
We feel that Binary Online has unfriendly practices when it comes to withdrawing money. Take for instance the fact that they require at least a 200 trading volume on the deposit prior to being able to withdraw without the 10% fee.
An additional $10 fee is charged for traders who withdraw money to their credit card, and that’s coupled with a $25 processing fee. Bank wire transfers incur a $50 fee, and if the withdrawal amount is less than $200 another $50 fee is charged.
Overcharging traders and misstating the facts makes this broker very difficult to trust.
Features Offered by BinaryOnline
One of the most significant aspects of trading with a broker is their account features. Trading accounts need to be customized so that the trader gets what they need to execute profitable trades. Binary Online boasts of offering four different accounts that are available. The cheapest account requires a $250 minimum deposit. We layout the features and requirements of each account below:
- Minimum deposit = $250
- Can get a welcome bonus of up to 25%
- Regular market updates
- Learning academy access
- 24/7 support
- Scheduled Webinars
- Minimum deposit = $2,500
- 50% deposit bonus
- A personal trading manager or advisor
- Free signals for 14 days
- 24/7 support
- Scheduled Webinars
- Minimum deposit = $10,000
- 75% welcome bonus
- Free trading signals for 21 days
- 10 trades without risk
- Trade live with an expert
- Higher payout thresholds
- Minimum deposit required = +$50,000
We found it strange that the Elite account does not have any other features mentioned except for the minimum deposit amount. The only bit of information we were able to find out is that this account is prestigious and traders will use a so-called ’most viable framework.’ Traders can only get this account upon request.
All the accounts mentioned offer generous bonuses but the terms regulating the bonus amount leaves room for speculation and manipulation. Take for instance having the required trading volume upwards of x30, means that the broker can set an arbitrary number to prevent traders from withdrawing money.
Just some of the claims from Binary Online
Also, losses incurred by traders when using the ’risk-free’ trades feature will be compensated in the form of a bonus which will be of the same amount. If anything the practice is not user-friendly and strongly implies that traders will end up accepting a bonus at some point and not be aware of it.
Binary Online does not offer a demo account which means that traders can only understand how the platform works by trading with their own money.
This approach is intimidating to inexperienced and newbie traders who want to start off with a safe and yet reliable trading system something which the demo account is perfectly suited. The demo account allows for trading without risk, and without it, there is significant risk.
Binary Online states that a trader can expect 85% returns on average. But traders who have used the broker have said that this is not true. The payout is lower than mentioned which is again deceiving.
Is Binary Online a Scam?
Binary Online was recently launched, and it may be one of the reasons why it is still unpopular among seasoned traders. Most traders have never heard of this broker and those who have tried to use it reported a bad experience.
Binary Online offers traders the opportunity to make a profit on every one of their investments. On the surface, everything looks good until you start trading with them, make some money and request to withdraw money.
Instead of being able to withdraw money, as usual, the traders are often faced with a locked account. It seems as though the broker is refusing to give traders access to the money they have made. It is for this reason that the majority of complaints are about withdrawals.
Trading with Binary Online is a risk for another fundamental reason i.e. they are not regulated. Because the broker is not accountable to any laws or guidelines set forth by the regulator, traders risk losing their money or at the very least having to deal with bad financial policies.
Plus, their personal information is at risk too. We feel that Binary Online is a fraud and as such shouldn’t be trusted. Since there is nothing to prove that they are legit and everything points to them being a scam we advise not doing business with them.
Minimum Deposit & The Withdrawal Process
The basic account has a minimum deposit of $250. But how much a trader adds to the account will mainly depend on the level of their account during its setup. The three primary methods of adding funds are credit cards, e-wallet and wire transfers.
Unfortunately, there is no substantial information about the withdrawal requirements. Binary Online implements a very strict verification process when the withdrawal is requested.
Interestingly we found that the withdrawal request is always denied without any reason. Since the accumulated profits get locked, traders have no way of gaining access to it.
Binary Online does boast of having customer support but its unprofessional and tedious at best. The support team is clueless about most issues faced by traders and are unresponsive when approached. Live chat is offline for the most part despite advertising “24/7 customer support”.
Email support is as bad as phone and chat support. The emails are never read we suspect because you never get a reply despite sending many. Phone support is worse because the customer service hangs up on you, takes a long time to get through and even when you do it is to voicemail.
The customer support offered by Binary Online is appalling and causes lots of frustration.
We strongly suspect that Binary Online is not a real binary options broker. Numerous red flags, difficulties with the service and dozens of complaints have led us to believe that they can’t be trusted. Since there is no evidence to prove our findings false, we declare the service unsafe for traders.
Traders will be better off and safer choosing a broker from our approved list of brokers.
- Supposedly supports risk-free trades
- No Demo Account
- Dubious Claims
- Terrible Customer Support
- Unregulated Software
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