According to our team’s research, Binkoption does NOT provide demo accounts. We also found out that they do not rate highly in Google Trends 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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Recently, we came across this new broker named BinkOption. At first glance, they appear to be a promising brokerage company offering a variety of services to their customers. But when we looked into them more closely, we found some disturbing facts about their legitimacy. If you are reading this review, chances are that you may have already heard about this broker or received an invite to join them. Read this complete BinkOption review before you decide to open an account with them.
Is BinkOption Scam or Legit?
Most probably, BinkOption is a scam broker. We have successfully uncovered many of their not kept promises which show that they don’t have a good intention when it comes to providing traders with a secure trading environment or experience. BinkOption offers a demo account which encourages traders to test their platform before investing. The bad side is that the results of demo trading are manipulated to make it look like it is very profitable. Traders are likely to earn profits when demo trading, but when they enter actual trading, there is nothing to be made. However, if luckily you manage to earn some profits, you might not be able to withdraw them.
Our advice for the traders is to avoid BinkOption until we can confirm its safety.
There is no information about which trading platform BinkOption operates on. We only know that they operate on a basic web based platform which is not easy to use. The platform can be very confusing, especially for beginner traders because it is not intuitive enough. The design is not user-friendly. As far as assets are concerned, they don’t offer a good variety. BinkOption also don’t give many choices to traders when it comes to trading options and instruments.
Account Types and Bonuses
There are 6 types of accounts to choose from at BinkOption. The Starter Account starts with a minimum investment of $250. The minimum requirement to get started with their Standard Account is $500. If you want to set up a Premium Account, you have to deposit at least $2000. Then, they offer a Gold Account and it can be started by making a deposit of $5000. If you want to invest more than $20,000, you can get started with their VIP Account. With their Infinity Account, you can deposit $100,000 and even more. Bonuses vary depending on the account package you opt for. You can get as low as 30% and as much as 100% in bonus when you start a new account at BinkOption.
Deposit and Withdrawal Procedures
There are a few options available at BinkOption when it comes to depositing and withdrawing money. They accept payments via credit cards, bank transfers and Skrill. The same methods can be used to withdraw money as well. You need a minimum of $250 to start an account and the minimum amount required to make a withdrawal is $50. Their policies state that you cannot only withdraw money to the limit your have deposited if you choose credit cards options. The rest of the funds will be sent via wire transfer.
According to BinkOption, their customer support service is available via live chat, email and phone, but if you try contacting them, you will not be able to reach their representatives. They take a long time to answer to emails and if it is not in their interest, then you cannot expect to get your issues resolved.
The bottom line is that BinkOption is not a broker to be trusted. They have a reputation among traders as unreliable and unsafe. Investors also complain that no matter how hard you try to withdraw your funds, you will never get the transaction proceeded. We recommend you to choose another reliable and trusted binary options broker.
After our research we concluded that Binkoption 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.