BinaryOnline is a leading innovative platform with a lot of assets
It is a daunting task to pick out a reliable broker out of the hundreds that are there offering their services and possibly targeting your hard earned money. However, lots of traders write off a broker just because it is a new one and may not have a license yet. License and regulation are important, but they are not the only piece of criteria that has to be there in order for you to select a broker as yours. Let us go over the key features and services of BinaryOnline and determine whether the broker is a scam or not!
BinaryOnline was founded in 2016. The company is owned by Zola LTD, which is located in 14 Tsar Osvoboditel Blvd. 1000 Sofia, Bulgaria. This is a European broker. Unfortunately, as of now the company is not regulated by any financial authority. As the broker gains more customers we expect them to apply for a license with a European financial regulator. The company uses the Panda Trading Platform as a basis. They also have over 200 trading assets to choose from. We were happy to discover that the broker puts all of their efforts in to complying with the regulations that all the regulated brokers follow – they follow the highest security standards for investors who deposit with them.
The asset index with BinaryOnline is really impressive. They have over 200 instruments to choose from across six categories. That is the largest number of categories we have found so far. The tradable securities fall into these categories: Cryptocurrency, Pairs, Currencies, Stocks, Commodities and Indices.
Cryptocurrency category contains 8 cryptos and that is quite a lot as most brokers do not offer any of these and those that do offer them will normally have just 2 or 3 of them. These are the cryptos on offer: BITCOIN, BITCOIN/ETHEREUM , BITCOIN/EUR, BITCOIN/LITECOIN, DASH, ETHEREUM, ETHEREUM/LITECOIN, LITECOIN.
Pairs contain over 20 securities, which is amazing as a lot of brokers do not have these options either. In pairs you basically trade one security against another betting which one will do better.
We have found 28 currency pairs that you can trade with the broker. That is about the average of what most offer. You can be sure that it is sufficient as all popular pairs and their crosses are available here.
The list of stocks is quite big. They have over 50 individual stocks to choose from. That should be more than enough. Again, very few binary brokers offer stocks to trade, so 50 is an amazing number.
We were genuinely surprised to find 18 commodities on the list. This is more than you would expect. You will probably be offered 2 or 3 with most brokers, but 18 is very unusual.
Another surprise came when we saw how many indices you can trade – 41. This is well beyond our expectations. You may find 15 with top binary brokers, but 41 is an absolute record.
Bonuses & VIP programs
BinaryOnline offer a pretty good bonus system for their clients that depend on the amount of their deposits. The company has four types of accounts to choose from. Those are: Take Off, Standard, Premium and Elite.
You can open a Take Off account from $250 (up to $2499) and you will get a 25% bonus of your deposit money. Standard account holders will have to deposit $2500 or more (up to $9999) and they will get 50% of the deposit amount. Premium account is available from $10000 (up to $49999) and the bonus is 75% of your deposit amount.
There is no description of the Elite account, or amount of money you have to deposit to be eligible for it. You will have to contact the support team by email or phone to find out the details.
You should also remember that you will have to trade the bonus amount money 30 times in order to be able to withdraw it and profits from it. Each account level carries extra perks with it. Those include personal trading advisor, free signals and many more. The higher the level, the better the perks! The broker could be more transparent about the Elite account. Other than that bonuses seem to be good.
Fees, payouts and Trading features
Like most binary brokers BinaryOnline does not charge any fees and does not charge any hidden or non hidden commissions. You can open an account with a minimum deposit sum of $250. The minimum trade is $5 for trading currencies, but will be a little bit higher, for example $10 for other options. Maximum trade amount is $5000. Both trade amounts more or less reflect industry average. The payouts tend to be different depending on the option you choose, expiry and investment amount however, the maximum payout at the moment seems to be 85%. It is not very high as most brokers will offer 90% or more.
We have already mentioned that BinaryOnline has integrated the Panda Trading Software on their platform and it looks good, is easy to use and has lots of things to offer, such as charts, technical indicators and many more features in a single window, where you can open a position, monitor open orders, see all available assets to trade and etc. There are also Rollover, Double Up and Sell options available. We could only find the Sell feature with some of the other brokers, but not many offer Rollover and Double up. Kudos for BinaryOnline!
Rollover – this feature enables you to extend your expiry time. In most cases it can be used if you see your option is out of the money, but you believe it may end in the money if your prolong the expiry time.
Double up – this feature enables you to double your investment amount. It is mostly used when you are in the money and the platform allows you to double up your profits in that way.
Sell – this feature enables you to sell your options with minor loss or profit before expiry time if you believe price will or won’t turn around causing you to experience bigger losses or lose your profits.
As the broker states you can use their web based platform wherever you are: in bed, at work, in the middle of your gym workout. It is really convenient, as all of the features that are there on the desktop platform are also available on the mobile one. Using their app, which can be downloaded from Google Play is safe, comfortable and very fast. Furthermore, there is always a coaching function available one-on-one if you need to figure out how things work on the mobile app. It’s a great app but unfortunately cannot be used by iOS users on Apple devices. Let’s hope they will make up for that soon!
Deposits and withdrawals
BinaryOnline takes the security of their clients’ funds seriously. Before you can deposit or withdraw any money to and from your trading account you will have to present your proof of identity, proof of address, a proof of payment after it is made and finally fill in an investment form. You will have to comply with these for your own good. Then, you will have two options how to transfer money and those are by credit/debit card or by bank transfer. That is not a lot as methods of e-wallets and a few other options are not there. However, deposits by credit/debit card are instantaneous and bank transfer may take up to 5 business days before you see funds in your account. Not premium service in terms of options and speed, but better than average in terms of security.
We were happy to discover that the support team at BinaryOnline is fast and helpful. They are there in a matter of seconds if you go to the live chat and ask a question. Alternatively, you may contact them by email and expect a rapid reply or by phone if you want to discuss issues in detail and want to hear a live voice on the other end of the phone. You are welcome to use any of the above mentioned options.
Extra features and resources
BinaryOnline does not leave their customers short on education. They have tons of materials on their website and if you open their ‘Success Center’ you might be surprised to find out how much they can offer the average trader. There are video, audio and text resources for beginners, intermediate and advanced traders. Ebooks, webinars and an extensive library on a variety of subjects will help any trader to learn and progress his skills.
Despite the fact BinaryOnline is not a regulated broker the quality of their services and strict compliance to security of funds of their customers, as well as incredible choice of assets and types of options makes the company a trustworthy one. We would recommend it to all investors.
- » Good bonus system
- » Intuitive and state of the art trading platform
- » 4 different types of accounts
- » A lot of extra educational resources
- » Responsive and efficient support team
- » Huge number of assets to trade
- » Unregulated broker
- » Very few methods of payments
Do I have to pay for registering with BinaryOnline?
No, registration is absolutely free, but if you want to start trading you will have to deposit a minimum of $250.
How can I deposit funds to my account?
At the moment BinaryOnline accepts only credit/debit cards and bank transfers for both deposits and withdrawals.
What currencies does BinaryOnline accept?
The main currencies are: EUR/ USD and GBP, but the broker may also accept other currencies if traders require. When an account currency is chosen it can not be changed later.
What is the maximum amount per trade?
It is $5000 or any other of the three allowed currencies.