Since 2013, Binary.com has been providing online trading services to tens of thousands of online traders. The platform allows forex, stock indices, synthetic indices, CFDs, and commodities trading, and it specializes in binary trading. You may have heard in our about binary.com in the recent uproar about how binary is rebranding itself as deriv.com. We also wrote about it in our deriv.com review. However, many people are still wondering about the original firm itself and the background in which it has been operating for many years. Some people also seem confused about the authenticity and standard of services provided by binary.com.
The fact of the matter is that binary.com has been around for quite some time now, and it remains a popular name among seasoned traders. But we understand that some traders, especially the new entrants in the market, have their doubts. It is okay to doubt and seek detailed information since online trading can be a risky game, and one must be completely sure about the authenticity and safety of the binary options online trading platform.
Hence, we have compiled a detailed Binary.com review of the binary options online trading service provider in this article. In the following paragraphs, we shall try to cover all the basic and crucial information about this brokerage firm to help readers make a more informed decision related to whether or not to trade with binary.com, and ensure their financial security in the long run.
As a binary options broker, binary.com is not a hidden name. In fact, as of today, the brokerage firm has a traceable history of over 21 years. The company was formed in 1999 by Jean Yves Sireau, then a fund manager in Hong Kong. Initially branded as the ‘Regent Markets’, the company, with the help of professional mathematicians and traders, developed an algorithm based fixed odds trading system. Since then, the company has gained various regulatory licenses and widespread recognition in the financial markets. In 2013, it was rebranded as “Binary.com” to represent the core services it intends to provide.
As per the official website (and some independent verification), the online trading company has over 150,000 active traders, expected to complete 377 million trading transactions in this calendar year. At present, the company has 250 employees working from four different locations, Dubai, Malaysia, Paraguay, and Malta, and it claims to cross an annual turnaround of $2 billion.
As a brokerage service provider, Binary.com specializes in exclusive technology related to binary options trading. This means it has some of the most reliable binary options signal generations that work in real-time to provide users with unique data.
Furthermore, the company has employed the best industry practices when it comes to segregating traders’ funds and keeping them safe in renowned financial institutions for ready availability.
The features discussed in the above paragraphs (and various other aspects as discussed below) indicate binary.com as a professional and reliable trading option. Binary.com has a feature where you can develop your own trading algorithm, but if that’s too complicated you might be more interested in best trading robots. Let’s look further into some of the specific aspects related to this trading firm.
In order to use the binary.com trading service or to use the free demo account (discussed below), you need to create a login account on the platform. Creating this trading account is very simple and does not involve any complicated procedures. You have the option to use your Google or Facebook account to create a login. If you decide to choose either of these, simply click on ‘Google’ or ‘Facebook’ under ‘create a free account with’ on the signup page. You will be prompted to authorize linking your binary options trading account with Binary.com, after which you are good to go.
The second way to create a login is to enter your Email address and provide some basic data, such as your name. Remember that, in either case, your information and data remains completely safe as the platform is encrypted with modern encryption standards.
The account creation page can be accessed from the website home page. Once your login account is created and you have set up your password, you may use the credentials to log in to the platform in order to explore the various trading options available there.
Binary.com Demo Account
It is never recommended to test the waters without having the necessary skills and experience. As forex (or any other trading for that matter) is a risky game and your financial future may be linked to this trading, it is not recommended to directly enter into real trades if you lack (or do not possess) necessary trading experience.
In order to provide users with a useful experience, Binary.com provides the option of a free demo account to all of the traders registered on its platform. The demo is completely free, and it allows amateur traders to test their skills and commitment towards trading by entering into dummy trades. The dummy (virtual) account may also be used by experienced traders in order to test their skills and theories or try new strategies and techniques.
Creating a demo account at binary.com is very simple, and it does not require any payment or hidden charges. Moreover, each user gets $10,000 virtual money at the time of demo account creation. The virtual (or dummy) money may be used to enter into various trades in real life market conditions and to practice money management systems like Kelly Criterion money management.
Once a user feels satisfied and skilled, they may begin a professional trading career by entering into real trades. Even when making real trades, it is always useful to start with small amounts. Remember, Binary.com allows $1 as a minimum value for trades. So, make sure to take advantage of this small-cap on minimum trade value.
Considering that Binary.com has a versatile user base from over 100 countries, the trading platform allows multiple options for depositing (and withdrawing) funds into a trading account. The use of a debit/ credit card is most common since it is fairly simple and easier. The deposits made via these cards are usually reflected in real-time and are easier to execute. Fees and charges associated with debit or credit cards are often on the lower side as well. Hence, most traders recommend the use of debit or credit cards when depositing money.
However, various other deposit options may also be available for users who find the use of debit or credit card difficult due to any sort of reason. For example, users may use any popular e-wallet, such as Neteller or Skrill. Similarly, wire transfer is another popular deposit method for users who lack access to debit/ credit cards and e-wallets. However, fees associated with wire transfers may vary and depend on various factors. So, make sure to understand about fees and charges before using the wire transfer method. Other available options for a deposit may include PayTrust, Jeton, SticPay, Airtm, and Western Union, among many others.
Moreover, a range of cryptocurrencies, such as bitcoin, litecoin, Ethereum, and a few others, may also be used for this purpose. Depending upon your convenience, cryptocurrencies may prove to be a very easy and reliable deposit method. However, make sure to stay away from scams like Bitcoin Revolution app.
Binary.com Minimum Deposit
Normally, $5 is considered to be the minimum deposit amount at Binary.com. In reality, however, it may depend upon several factors. In the above section, we have discussed various deposit/ payment methods available for binary.com traders. The exact minimum deposit amount may depend upon the particular method chosen for this purpose. For example, the minimum limit remains $5 for debit and credit card users. However, the same minimum limit can be anywhere from $5 to $500 when making payment via bank wire transfer (and it depends upon specific wire transfer banking methods used). Normally, there is no deposit limit for cryptocurrencies, and you may be able to deposit as little as you desire. The maximum deposit limit in one go is set at $10,000.
It is important to mention here that $5 as the minimum deposit limit is one of the biggest differentiating features of binary.com. It is because of the fact that most other live binary options trading service provider firms demand a minimum deposit of $250 or $500 for opening an trading account. It allows this trading platform to become more accessible to people from all backgrounds. However, remember that the company does not offer any joining or deposit bonus at present.
At the same time, it is important to balance the facility of very low minimum requirements with fees and charges associated with certain deposit methods. Some deposit methods mean you may have fixed transaction charges, and you may end up paying a lot of fixed charges if you are making frequent minimum deposits into your trader account.
Similar to deposit methods, Binary.com offers a range of withdrawal methods. Nearly all the options that were available for funds deposits are also available for the withdrawal of funds. Normally, binary options withdrawal takes up to one working day as the firm has to ensure the authenticity of the withdrawal request in order to safeguard traders’ financial assets. For this purpose, the company follows a rigorous 2-step verification process to avoid any instance of scam or misuse.
The maximum withdrawal limit in one go is usually $10,000, while the minimum withdrawal value will depend upon particular withdrawal methods used by the traders. Also, remember that the availability of withdrawal methods and charges associated with withdrawal may depend upon your personal circumstances and preferences. For example, Maestro and MasterCard withdrawal is possible only for traders based in the United Kingdom. Similarly, the minimum withdrawal amount for a credit card may be $10, while for bank transfers, it may be as high as $500.
Usually, there is no limit for withdrawing funds in the form of cryptocurrencies. However, a maximum limit may be set as per the ongoing spot rate between your digital currency and the USD. So, it is always better to check the spot rate and calculate the maximum current limit before placing a withdrawal request.
Also remember that different currencies may be used for both deposits and withdrawals, such as the United States Dollar, the Australian Dollar, the Great Britain Pound, and Euro. However, each of these currencies may not be available in each payment/ withdrawal method. Also, make sure to check if your chosen currency is supported by your preferred payment/ withdrawal method.
Is Binary.com Regulated?
As mentioned earlier in this Binary.com review, the broker (and Regent Markets) have been in business for nearly 21 years. During this period, the company has been involved in tens of millions of transactions worth billions of dollars and nearly a million active and non-active traders. It is not possible to conduct such a huge business without having the right authorization and licensing. Hence, it is without a doubt that Binary.com is regulated in various jurisdictions and by multiple regulatory bodies.
The company holds Category 3 Investment Services provider license No. IS/ 70156, issued by the Malta Financial Services Authority. Similarly, the company is also regulated by (and holds licenses of) Vanuatu Financial Services Commission, the Labuan Financial Services Authority, the British Virgin Islands Financial Services Commission, the UK Gambling Commission, and IBFC (Malaysia), among many other regulatory authorities and commissions.
Due to all these facts, it is safe to say that Binary.com is a completely regulated service provider, and the traders are not exposed to the risk of freezing of their funds by regulatory authorities. Similarly, high standards of scrutiny by multiple regulatory bodies ensure that traders are not exposed to fraud or scams. Ultimately, this ensures peace of mind when making trades on the binary trading platform. Traders from United States can’t trade on Binary.com platform and they can check our Nadex review and start their trading career there.
Does Binary.com Allow Scalping?
Scalping is a risky technique that may allow earning big sums of profits (or big losses) within a short span of time. Under most conditions and in most jurisdictions, scalping is considered to be an illegal activity. It is due to this reason that Binary.com does not allow scalping trading to its users, and we believe it to be for the right reasons.
Instead of looking at shortcuts like scalping, we recommend that users choose from a range of legit trading options and improve their trading skills and experience to ensure long-term success in the highly competitive market.