Binary.com Review – Legit Broker or Scam?

Binary.com is one of the oldest and most recognizable names in the binary options trading industry.  This broker has been in business since 1999 and is operated by the Regents Market Group.  Previously, this company was known as BetOnMarkets.com, but they rebranded in 2013 to Binary.com to capitalize on the growing binary options industry.

This broker is licensed and regulated in the British Isles and in Malta.   Binary.com does not accept traders from the United States, Hong Kong, or Costa Rica.

Binary.com Trading Platforms

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Binary.com offers traders a wide variety of web and mobile apps to choose from.  Each platform has its own unique strengths that assist in a variety of different trading strategies.

With Binary.com, you have over 100+ financial instruments to choose from including:

  • Binary Options – Option contracts with a fixed payout based on a simple yes/no proposition.
  • Forex – Major, minor, and exotic currency pairs.
  • Crypto – Cryptocurrency pairs including Ethereum, Litecoin, Bitcoin, and more.
  • CFDs – Trade the movement of underlying assets with financial derivatives.
  • Metals – Precious metal pairs including silver, gold, and platinum.
  • Lookbacks – Option contracts that allow you to “look back” on the optimum high or low achieved by the market to determine the payout.

Here is an overview of the different trading platforms available on Binary.com

SmartTrader

SmartTrader is a web-based platform that allows you to trade in the world’s financial markets.  Unlike other brokers that use SpotOption or other 3rd party platforms, Binary.com uses a custom-built interface that makes trading binary options as simple and user-friendly as possible.  SmartTrader is an ideal option for beginner traders.

Binary Tick Trade App

Binary.com facilitates the need of its on-the-go user by offering them a portable electronic mobile-based trading app to have an uninterrupted access to the market. The ultra-fast mobile trading app helps clients to never miss any trading opportunity without compromising the freedom of mobility.

The supported version of the mobile trading app is available to download from Google Play Store and Apple’s App Store.

MetaTrader 5

metatrader 5

For advanced traders, Binary.com offers MetaTrader 5.  Trade binary options, CFDs, forex, cryptocurrencies, and more.

Binary Bot

This platform allows you to automate your trading strategies with a simple “drag and drop” bot creation tool.

Key Features

Sharp Prices

Binary.com has a patented pricing technology that ensures that you’ll never pay more than you should. Enjoy the same rates as traders from the interbank market.

  • Real-time prices that are benchmarked against interbank option markets.
  • Payouts above 1000% on touch/no-touch trades and higher/lower contracts.
  • No commissions or hidden charges.
  • Payouts above 100% on simple rise/fall trades.

Flexible Trade Options

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No matter what type of trading strategy you have, Binary.com makes it simple and easy to profit from your market predictions.

  • Choose your own payout up to $50,000.
  • Choose your own expiry time, from 10 seconds to 365 days.
  • Choose your own strike price.

Risk Management

Binary.com clearly displays your risk and reward before every trade contract is purchased.  So you’ll know exactly how much profit you can stand to gain if your prediction is correct.

  • Once you choose a payout, the Binary.com platform will calculate the stake required to purchase the trade contract.
  • Your stake will never increase, as only your initial stake is at risk.
  • com also gives you the option to sell your option contract before the expiry time to keep any profit you have made. You can also sell your contract early to minimize your loss as well.

Asset Index

The asset index at Binary.com is stated as follows.

Forex – Major Currency Pairs

AUD/JPY, AUD/USD, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/AUD, GBP/JPY, GBP/JPY, GBP/USD, USD/CAD USD/CHF, USD/JPY

Forex – Minor Currency Pairs

AUD/CAD, UD/CHF, AUD/NZD, EUR/NZD, GBP/CAD, GBP/CHF, GBP/NOK, GBP/NZD, GBP/PLN, NZD/JPY, NZD/USD, USD/MXN, USD/NOK, USD/PLN, USD/SEK

Indices

Australian Index, Hong Kong Index, Japanese Index, Dutch Index, Euro 50 Index, French Index, German Index, Spanish Index, Swiss Index, UK Index, US Index, US Tech Index, Wall Street Index

Commodities

Gold/USD, Palladium/USD, Platinum/USD, Silver/USD, Oil/USD

Account Types

Binary.com offers two types of accounts only including real account and demo account.

Demo Account

The demo account offered by Binary.com comes preloaded with $10,000 in virtual cash.  By using a demo account, traders can practice different trading strategies or test out the Binary.com trading platform without having to risk any real money.

Real Account

Once you’re confident enough to begin trading with real money on Binary.com’s platform, you can open a real account for free.  To get started trading their financial instruments, only a $5 minimum deposit is required.  This is easily one of the lowest minimum deposits required by any binary options broker, as most companies have a $200-250 minimum deposit.

Education

The “Getting Started” section on the Binary.com website has a wealth of information that is perfect for beginners and novice traders.  You’ll learn everything you need to know including:

  • How to trade binary options
  • How to trade forex currency pairs
  • How to trade cryptocurrencies
  • How to trade CFDs
  • How to trade metals
  • How to trade with the MetaTrader 5 platform

Deposit Methods

deposit methods

Binary.com offers a wide variety of payment and deposit methods for your convenience.  These options include:

  • Bank Transfers
  • Credit and Debit Cards Including Visa and Mastercard
  • E-Wallets: FasaPay, Perfect Money, Skrill Moneybookers, Neteller, WebMoney, PaySafe Card
  • Cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin
  • All deposits are processed by Binary.com within 24 hours.  The minimum deposit required is $5.

Withdrawals

The same payment options that are available for deposits are also available for withdrawals.  It typically takes between 1-5 days for withdrawal requests to be processed, depending on the payment method chosen.

Regulation and Security

With over 1,00,000 customers across the globe, Binary.com is licensed and regulated to ensure financial stability and ethical business practices.  They hold multiple regulatory licenses by:

  • Malta Financial Services Authority (License No. IS/70156).
  • Vanuatu Financial Services Commission
  • British Virgin Islands Financial Services
  • Labuan Financial Services Authority (License No. MB/18/0024)

To ensure maximum safety of clients’ funds, the broker holds them in segregated bank accounts. Personal data protection is done using SLL encrypted HTTP Web protocols at Binary.com.

Customer Service

Binary.com provides 24/7 customer support to its clients. The company can be contacted via different mediums including a telephone line, and email. Clients who prefer to talking company’s officials over the telephone may call toll free number 0800 011 9847. Queries can also be directed to the support department of the broker at support@binary.com.  Unfortunately, Binary.com doesn’t offer live web chat at the moment.

Pros

  • $5 Minimum Deposit
  • Regulated and Licensed by Multiple Regulatory Agencies
  • Web and Mobile Trading Available
  • Has Been In Business Since 1999
  • Demo Accounts Available With $10,000 in Virtual Money
  • Convenient Payment and Withdrawal Options
  • Flexible Trade Options Allow You To Choose Your Own Payout, Strike, and Expiry Time
  • Excellent Payouts and Profit on Successful Trades
  • Binary Option Bot Allows You To Create Your Own Automated Trading Strategies

Cons

  • No Live Customer Support Chat Available
  • Traders Aren’t Allowed From United States, Hong Kong, or Costa Rica

Is Binary.com a Scam?

Binary.com is definitely not a scam.  In fact, they are one of the most reputable and trustworthy brands in the binary options industry.  They have multiple regulatory licenses to ensure ethical business practices as well as separating clients’ funds into segregated bank accounts.  While many other binary option brokers have closed down for various reasons over the years, Binary.com has been running successfully since 1999.

Binary.com is perfect for both beginner and advanced traders.  Their custom-built platform makes it simple and easy to execute trades on over 100+ different financial instruments.  For the more advanced traders, you’ll enjoy the flexibility that the MetaTrader 5 platform provides.

If you’re looking for a reliable binary options broker and a great trading platform, you can’t go wrong with Binary.com