BinaryOnline is a customer oriented broker with a superb trading platform
As the company offers basic welcome bonus and a risk free trade we gave it 75/100. The platform is hosted by Panda Trading software and the company has made the best of it for their customers which earned them 85/100. Dedication and care for their customers earned BinaryOnline 90/100 and a number of assets within the middle range of the industry scored them 80/100.
With hundreds of brokers coming to the party in the relatively new binary options market, and regulation at its early stages of being implemented, it is not an easy option to choose a reliable broker. There are a few and for every one of them you have ten more scammy ones. There are things that have to be taken into account when you try to figure out whether to open a live account with a broker or not and we are going to look through them while doing our thorough review of BinaryOnline binary options broker.
BinaryOnline is a company that was established in 2016, by a number of industry professionals, who wanted to offer the investment community a better choice of trading instruments in the binary options arena. It is situated in Sofia, Bulgaria and at the moment is not regulated by any financial authority. They use the Panda Trading platform and provide most categories of assets in the industry. Despite being unregulated for the time being, it takes a very serious approach to the safety of clients’ funds and avoids any shady dealings in their transactions.
In terms of assets, the broker can offer a wide choice of instruments for their customers. They have 10 classes of assets (with over 200 instruments) that you can choose from and trade. They are:
- Classic Binary Options
- Long Term
- One Touch
- Option Builder
- 60 Seconds
Each specific product has specific requirements to trade that include: minimum investment, maximum investment, minimum and maximum expiry times, number of instruments that can be traded (Commodities, currencies…) and potential payout.
An asset that is worth mentioning is TradeReplica. This asset allows you to copy a specific successful trader from the list on their trading platform and copy all open and future trades that they have or are going to make. This is part of social investing and basically you leave all market analysis and decision making for those traders you copy. So, you can pick the best trader form the list and start replicating his success. Of course, you can stop copying any time you want. You are always firmly in charge!
Bonuses & VIP programs
BinaryOnline offer some bonuses that depend on the type of account you open. Every investor who opens an account with the broker will get a bonus of a certain percentage of deposit that is made; depending on the type of account (out of 4 possible) a trader opens. Bonuses have to be traded 30 times before you can withdraw them and profit from it. There are terms and conditions for bonuses and you can read about them on the broker’s website.
The company has 4 types of accounts to choose from: Takeoff, Standard, Premium and Elite.
Takeoff is the basic one and the depositing amount for the account has to be within the range of $250-2499. You will also get up to 25% bonus of your deposit amount.
Standard is the next step and the depositing amount for the account has to be within the range of $2500-9999. You will also get up to 50% bonus of your deposit amount. You will get a personal trading Advisor and 2 weeks of trading signals for free.
Premium account is a special one as the range of deposit is between $10000-49999. Your welcome bonus will be up to 75% of your deposit amount and 3 weeks of trading signals for free.
The Elite account does not have description onsite, which is a bit disappointing. You have to contact the staff over email or telephone to discuss specific details for opening this kind of account, but the company also promises that this account has most perks and most powerful opportunities. Perhaps the terms are negotiable?
Fees, Payouts and Trading Features
As with most other brokers BinaryOnline does not charge any fees or commissions. The minimum deposit is $250 for a Takeoff account Minimum trade amounts differ depending on the type of options you trade. For example, for 60 seconds options in indices and commodities, minimum trade size is $5, but for currencies, it is $10.
The maximum amount again differs depending on the instruments you trade, but the maximum amount is capped at $5000 or other currency that the company allows you to operate with. Payouts also differ on the type of account you trade, instruments and expiry timings, but the maximum payout seems to be 85%, which is slightly below industry maximum of 95%.
The broker uses Panda Trading platform as their basis and we are impressed to see what they have done with it. It is easy to use; all ten assets can be seen on the same window. You can clearly see all the price graphs, technical features you can use at any time and the process of placing trades is extremely easy. Technical indicators are also there, so you can do some analysis before placing a trade. Each asset has special platform features too. You can do rollover, double up or sell.
Rollover can be used when you do not want to lock in profits or losses at the indicated time, so you can prolong the process and push the expiry date forward. It is useful when you are sure the trade will end in a loss, so you can try to wait till it turns around and shows profit.
Double up is useful when you have a profitable trade that is sure to stay that way. Then you can double your position and reap double profits.
Sell function enables you to sell your position earlier before expiry time. It may be done to realize smaller profits or for any other reason you want to close your trade earlier.
The trading platform can be used as a desktop version or as a mobile app, whichever you prefer more.
It does not matter where you are, you can trade binary options with BinaryOnline by means of their mobile platform. Wherever you are, you can open their mobile platform and open a trade on the asset of your choice. It is convenient, safe and all of your data remains confidential. All the functions which are available on the web platform, such as: Deposits, withdrawals, trading, contacting customer service, studying educational materials are all there. You can go to Google Play website to download their app for free.
Deposits and withdrawals
The methods you can deposit and withdraw money on your account with the broker are not very rich. Currently, they offer you a transfer either by credit/debit card or by Bank transfer. You might miss other payment methods, but don’t forget that they are still new players in town, so other methods will be introduced later.
Credit/debit card transfers are instantaneous and are immediately available in your trading account, while a Bank transfer may take up 4-5 business days before money is available for trading and when the transfer occurs, the company guarantees that the funds are secure in a number of ways. This can be found by contacting their compliance team. After that you will have to present the following documents: a proof of address, a proof of payment, an investment testimony form that you will have to fill in before the transfer and a proof of identity. Without those documents you won’t be allowed to start trading. So, the company takes compliance procedures seriously and does its best to protect its name as a reliable entity.
This is the field that the company can really be proud of. Their professional customer support team is available for you 24/7 and you can contact any time of day by email, phone or live chat. Whichever method you decide to use a live person will reply to your email, call or live chat. They are well trained and will be able to answer any question connected to trading, platform or opening your account.
Extra features and resources
BinaryOnline has a lot of extra resources, most of which are educational in nature. They have set a task to inform traders on every possible aspect of trading and therefore created a special section “Success centre” for any level trader: beginner, intermediate and advanced. There, you can find videos that introduce you to the world of binary options, explain various aspects of trading psychology and teach you about risk management. Intermediate traders will get more sophisticated materials and advanced traders the most advanced trading techniques and ways to analyze various segments of financial markets. You will also get access to tons of various ebooks, webinars and a library where you can search yourself and find any topic you want to familiarize yourself with.
Despite the fact that BinaryOnline is a new broker in the industry, we have not found anything to indicate that they are a scam broker. They seem to follow regulatory rules of most trusted regulators, comply to anti money laundering laws, keep their clients’ funds safe in a number of ways and provide excellent services by means of innovative trading platform, educational materials and unparalleled customer service. We would recommend their services to any trader.
Where can I view my Transactions History?
For a complete list of your transactions with BinaryOnline and a history of your deposits and withdrawals, log into your account and click on “My Account”. Then, locate “Banking History”. This is a comprehensive section which has all the information you need.
Is there a registration fee to join BinaryOnline?
Registration with BinaryOnline is completely free and there is no hidden fees. However, to activate your account for trading, you need to fund it with the minimum amount of 250 USD/EUR/GBP or the equivalent in your local currency.
Is there a minimum withdrawal amount?
The minimum amount you can withdraw from your BinaryOnline account is 100 USD, EUR or GBP or the equivalent in your local currency.
Is my account secure?
All funds deposited by traders on their account are held separately in segregated accounts, which are used for trading purposes only. This means that the funds are safeguarded from any and all crisis. BinaryOnline also strictly adheres to KYC and AML procedures to fight fraudulent financial activities and account fraud.