Financial trading is very risky and can result in account losses and total account wipeout if proper risk management procedures are not adhered to. Only trade with money you can afford to lose.
Binary.com was established in year 2000, as old as the new millennium. It is initially called betonMarkets.com. Binary.com is one of the oldest and respected names when you talk about binary options brokers. The company is owned and managed by Binary Group Ltd.
The trading platform allows its customers to trade binary options on stocks, cryptocurrencies, Forex, and look-back options. Binary.com claims to have the most flexible pricing and a suite of products available for you to trade.
Due to its high standards, the company has earned itself an enviable reputation that is backed by the major awards given by respectable bodies.
Binary.com is continuously growing in size, with over 250 employees spread across its four offices in Malta, Malaysia, Dubai, and Paraguay. Its client-base over a million registered traders with a climaxed of up to 120,000 active traders as of 2019 and is expected to reach up to 175,000 this year.
This is binary.com, in a nutshell, continue reading to unravel the unique features of this broker.
Traded Financial Instruments
The financial instruments available on binary.com are as follows
- Binary Options
In this market type, you chose the direction (upward/downward) that you think the price of an underlying asset will go within a particular time frame. If your prediction goes the right way, you can earn a profit of up to 91% on binary.com, but you risk losing your entire invested amount if it fails.
Here, you buy, sell and exchange currency pairs in the global market. This market has no expiry time and you can opt-out at any time.
CFD is an agreement to exchange the difference in the value of a particular asset from the time the contract is opened until the time it is closed”. If you are new to trading CFD, you might not understand this definition, so I will make it much easier for you by using an analogy:
Supposing James wants to buy a piece of property, hold it for a month and sell it afterward no matter the market value. He might sell it at a profit if the value appreciated or at a loss if the value depreciated. To enter this trade, the piece of property might cost him $100,000.
An onlooker might want to participate in this trade but does not have $100,000. What he has is, say, $20.
How does he participate?
He can make a trade with his $20 in a CFD company stating that he believes the property will appreciate. If the property appreciates within the time frame, he should be paid his $20 + increment proportional to the appreciation of the property. And if it depreciates, he will lose the fraction of his $20 proportional to the depreciation.
This is basically what CFD is. You are not trading in the real market, but the expected outcome.
In April 2018, binary.com launched its look-back options. This type of trade allows you to “look back” on the life of a contract to determine your pay-out.
You may not grasp this definition, but it’s very interesting. You can visit Binary.com to learn more about it.
There are currently 58 assets available to trade on binary.com;
- 28 Currency Pairs including; AUD/JPY, EUR/AUD, GBP/JPY, AUD/USD, EUR/GBP, etc.
- 5 Commodities; Gold, Silver, Platinum, Palladium, and Oil.
- 12 Stock Indices including; Walls Street Index, US Index, Hong Kong Index, Japanese Index, Euro 50 Index, Dutch Index, etc.
- 9 Synthetic Indices including; Volatility 75 Index, Bull Market Index, Bear Market Index, Volatility 100 Index, etc.
Binary.com accepts users from all over the world except;
- Hong Kong
Registration is quite simple on binary.com, all you have to do is follow these 3 steps to own a real account;
- Provide your name and email address at sign up
- Verify your email using the link sent to the email address.
- Make your first deposit and begin to trade in the live market.
Licensing And Regulations
Binary.com is registered and licensed by 4 different regulatory agencies;
- For users in the EU, it operates as Binary Investment Ltd. It is regulated as a category 3 investment service provided by the Malta Financial Services Authority (MFSA)
- It operates as Binary (SVG) outside the EU, which is located in St Vincent And Grenadines and is regulated by Vanuatu Financial Services Commission (VSC)
- The Binary Virgin Islands located in Britain is regulated by the British Virgin Islands Financial Services Commission.
- Binary FX Ltd located in Malaysia is regulated by the Labuan Financial Services Authority.
Binary.com has two types of trading platforms
- The Beginner Platform
- Advanced Trading Platform
The Beginner Platform
This platform has four unique features;
- Deriv: A new platform that’s easy to use with upgraded features.
- Smart Trader: An easy to use binary options trading platform.
- Tick Trade Android App: This is an app for Smartphone users, to make trading accessible and easy for those who do not have the time to sit over a desktop.
- Desktop App: This is a desktop app where you can easily access all binary.com products and services.
This platform has 3 unique Features
- Meta Trader 5 (MT5): This platform is for CFDs and Forex Trading.
- Binary Web Trader: This interface is for advanced binary options trading
- Binary BOT: This is an auto-trading programming tool.
There are two main types of trading accounts offered by binary.com
- Demo Account: This is a virtual account where you can practice your trading skills with virtual money. The demo account is funded with $10,000 worth of virtual cash. Note that, you cannot withdraw any profit made from this account and it is replenishable in case you hit a zero balance.
- Real Account: With an initial deposit as low as $5 which is lower than most brokers, you are eligible to own a real account. The account grants you access to the beginner and advance trading platforms.
Deposit And Withdrawal Methods
Binary.com supports a wide range of payment methods. Depending on the one that’s available in your country, you are allowed to use the one that’s more convenient for you.
- Bank Wire/ Money Transfer: (Internet bank Transfer, Pay Trust)
- Credit/ Debit Card: (Visa, Master Card and Maestro)
- E-Wallet:(Perfect Money, Neteller, Skrill, Fasa Pay, Web Money..etc)
- Cryptocurrencies:(Bitcoin, Ethereum, Tether, and Litecoin)
Customer Support And User Interface.
The platform interface is one of the best I have seen so far, I noticed that the screen colors are well combined and helps to easily locate items on the screen. An average person can get familiar with it in a few minutes.
Its customer support is very efficient and the feedback system cannot be over-emphasized. You can contact the support team via email or by telephone.
This is further supported by an enormous language support of up to 9 languages;
Pros And Cons
Now, let’s see the ups and downs of binary.com
- Replenish able demo account.
- Enormous regulatory agencies.
- Low minimum deposit of $5.
- Variety of payment options.
- Efficient customer support.
- Mobile friendly.
- Variety of tradable assets.
- USA and Canada are not supported.
Frequently Asked Questions
Is binary.com A Safe Broker?
Yes, this broker is safe for you, I will back this up with the following points;
The company has been in business since 2000 and is still a top trading platform in the industry.
It is regulated by 4 solid agencies, this can not be taken for granted.
Transparency can not be over-emphasized with binary.com, you will understand the potential risks or profit you are to face.
It has an excellent rating on Trust Pilot
This is an award-winning trading platform from reputable agencies due to its high standards.
Best Fixed Odds Broker Silver Award (2010) by Trade2Win
Best Fixed Odd Firm (2012) by Global Banking and Finance Review
EGR Operator Awards (2015) by EGR Operator Awards.
Best Binary Options Broker (2016) by 16th MENA Financial Forum & Expo.
Are There Any Trading Limits?
Binary.com allows you to self-exclude or set limits on your trading activities, these are;
Limit on the amount you may trade over a particular time frame.
A limit on losses that may be incurred within a particular time frame.
Limit on the amount of time you will like to trade in a given online session.
A definite period during which you wish to exclude yourself from the platform.
Note that, after 24 hours, all limits set can only be reversed after 6 months of trading.
In my humble opinion, binary.com still stands out as one of the best options brokers in the industry.
You need to sign up to have a firsthand experience for yourself. Also, know that trading is very risky and no profit is assured; always invest with an amount you can afford to lose.
I hope this article was helpful to you?
Do you have any experience with binary options or Forex trading?
Leave your comments down below, or don’t forget to mention anything you feel I omitted in this post.
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