According to our team’s research, Binary Online does NOT provide demo accounts. We also found out that they do not rate highly and there is no significant data about them. As an alternative we selected the top brokers that provide a Demo account for free.
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Established in 2016, Binary Online is one of the newest players on the binary options market. The brokerage is based in Europe, but there is insufficient information about their owning company.
Since the broker just started its operations, we decided to conduct an investigation on them to find out if it is worth investing with them. When assessing the broker, we looked at several factors including their location, ownership details, popularity, trader feedback, threats, complaints and others. Details of our investigation has been shared in this review. So continue reading to know if it is safe to partner with Binary Online or not.
Binary Online uses the Panda Trading Platform. The four different trading options available through this platform include Hyper, Range, High/Low and One Touch. While we are happy with the choice of options available for traders, we are not satisfied with the selection of assets. The broker offers very limited assets and the payouts on these assets are also not very high.
Another thing we are not happy about is that their website lacks professionalism. We really expected to see some interesting features, but to our surprise, there is nothing that traders will feel excited about. The broker has failed to add innovative or unique features to their platform.
The trading part looks rather complicated as well due to lack of educational materials on the site. Beginners traders will definitely have a tough time trying to navigate around and become familiar with the platform.
According to Binary Online, the average returns on investments is 85%. But according to the traders who have used the services of this broker, it is quite hard to achieve this ratio. The payout is relatively lower than that mentioned on their website.
Is Binary Online a Scam Broker?
This broker was launched recently and this is one of the reasons why it remains unpopular among traders. Not many traders are aware of this broker, but those who have tried investing with them did not have a positive experience.
The broker gives traders the potential to earn profits on their investments. Everything about the broker looks good until the time traders wish to request a withdrawal. Instead of getting their withdrawals processed, traders are faced with locked accounts. The broker refuses to give traders access to their funds. Most of the complaints that we see online are related to withdrawals.
The broker is also not regulated meaning that putting your hard earned money into their hands spells risk automatically. Since the broker doesn’t adhere to the guidelines or laws of any financial regulatory authority, there is a significant risk to traders’ funds as well as their personal information. Our team of investigators have a strong feeling that Binary Online is a scam broker. They are not legit and therefore traders are advised to stay away from them.
Minimum Deposit & Withdrawal Procedure
The minimum amount required as a deposit is $250. However, how much the trader actually needs to add to their account depends on the level of account he/she chooses to set up. The three methods offered to add funds to the account include wire transfer, credit cards and ewallet options.
We don’t have information about the minimum withdrawal requirements. The broker does implement a stringent verification procedure when withdrawals are requested, but withdrawals are often always denied and traders are not even given any reason for it. Basically, the accumulated profits of traders get locked away and then there is no way traders can get their hands on their profits.
The customer support service offered by Binary Online is slow and very unprofessional. The team lacks knowledge and they are unresponsive when traders approach them. Their live chat feature is offline most of the time, although they have mentioned 24/7 customer support service.
It appears that emails are never read because we did not get any replies despite sending them numerous emails. When contacted them via telephone, we faced numerous issues such as calls getting hung up, delays in responding, calls going straight to voicemail and so on. In our opinion, the standard of customer support service offered by this broker is quite low.
Our verdict is that Binary Online is not a legit broker. We have come across red flags, complaints, issues and difficulties while using their services. The broker has shown no proof of credibility and therefore we declare them as unsafe.
We advise traders to choose from our approved list of brokers and stay away from options that may be scams.
After our research we concluded that Binary Online does not provide a demo account.
The lack of practice account and risk free trading makes this broker unsuitable for traders who want to learn how to trade without losing their investment.
I am David Raines, a Binary Options trader with years of experience in online trading. I write reviews of Binary Options Brokers, Auto Trading Software and Signals Providers.