Published on March 9th, 2020 | by John Kane0
Broker Review: Binary Online
Today I’m reviewing a new broker that specializes in both Forex and binary options trading, Binary Online. The creators of this brokerage want to empower their clients, and give them the necessary resources to become advanced traders. They feel that providing traders with tools and educational resources will lead to longer lasting relationships with their client base. This is certainly an effective approach, but it’s easier said than done.
Owned and operated by Zola LTD., this broker is located at 14 Tsar Osvoboditel Blvd., 1000 Sofia Bulgaria. Traders can get in touch with the brokerage via phone at +44 203 026 5665, or email [email protected]. According to the website, they are currently providing customer service hours 24 hours a day, every day the week including weekends.
Binary Online Review
The creators of the Binary Online broker tell us that their “platform is here to provide an exclusive experience to traders that a highly secure environment.” They put a lot of emphasis on user experience in transparency to ensure that their client base is as happy as possible.
According to the about us page, the brokerage is currently being utilized by traders in over 100 countries, with over 800,000 registered users, and over 7.6 million monthly trades on the platform. In the last statement the broker told us how important transparency is to them, but I’m very skeptical about the transparency of the statistics they just provided us. I find it very difficult to believe that this platform has over 800,000 registered members, considering it is not very well known, and not one of the top players in this marketplace.
It’s possible that I’m wrong in my judgment when it comes to these numbers, and there are statistics that back up their claims. In doing a quick website analysis, we can see that the broker has had over 282,000 visits in the past 6 months, so I guess I should reserve some of my skepticism. Numbers like these have been uncommon with most of the brokers I’ve been reviewing lately, like Pocket Option and Binary Cent.
- Type: Options Broker
- Founded: 2016
- Location: Bulgaria
- Platform: Web-based
- Minimum Trade: $5-$25
- Minimum Deposit: $250
Currently, the Binary Online broker is an providing the best trading conditions when it comes to initial deposit and minimum trade size. The minimum deposit is adequate at $250, but the minimum trade sizes are really quite large. The $5 trades are only available when utilizing the 60 second expiry time, and every other expiry time trade minimum is $25. So, if you have a $250 account, you can only lose 10 trades in a row before your entire account balance is gone. I generally prefer trading a much lower amount, depending on the size of my account.
I prefer trading anywhere between 2-5% of my account balance as a base rule. I utilize this money management with the binary options trading software that I use on a daily basis to place my trades.
Sadly, the client feedback for the Binary Online brokerage is not favorable. In analyzing one major independent review site, there are currently 9 reviews, and all of them are providing a one star feedback rating. This is very discouraging to say the least.
Every single one of these reviews, explains that the service employs rude binary options account managers, and that it’s nearly impossible to withdraw any winnings. One of the reviews is titled “trying very hard to get my deposit back!” This is a common theme throughout the entire 2 pages of customer reviews.
It seems in the early days of the brokerage, they were tied closely to the BinaDroid app, and Epix Trader which are a couple of poorly performing automated robots that essentially suck money from their clients.
This is not what I was hoping to see in terms of client feedback.
At this point in time I can’t recommend Binary Online. The client feedback for this brokerage is way too negative, and they don’t seem to be doing anything to fight this poor reputation. If they were truly a professional organization, they would be fighting back against these claims, and responding to these clients, instead of ignoring pages of negative reviews.
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