Published on December 27th, 2017 | by John Kane1
Broker Review: Binary Xchange
Summary: This brokerage is one of the lesser known options in this market, but that doesn't mean that it isn't viable.
Built to cater to seasoned investors, or traders with newfound interest in the binary options market, the Binary Xchange broker wants to give traders an opportunity to grow their accounts with their platform. Offering 5 risk-free trades to new clients, the founders of this brokerage offer tailored education, tools, advanced technology and some of the highest returns in the market.
Owned and operated by Eldord Impex LP, this broker is located at 272, Bath Street, Glasgow, Scotland, G2 4JR, United Kingdom. Traders can get in touch with support, via phone at +44 2031502028 (UK), +61 283109754 (Australia), and +34911239924 (Spain). There is also an email address, which is written on the website as firstname.lastname@example.org, but I believe this is a typo, and that the actual address is email@example.com. I plan on emailing the brokerage and telling them that this is an issue. If you’re having trouble with the email address, there is also a contact form that you can fill out as well.
Binary Xchange Review
The Binary Xchange landing page puts forth their process in a very simple way to manage. They tell traders that all I have to do is register, deposit and they can start investing and placing trades within under an hour. I appreciate how seamless this process is, but don’t let it fool you into think that manually trading is going to be simple without some sort of experience. This is why I rely on different binary options trading systems to provide me with signals, and inform my decisions.
Offering currencies, commodities, stocks and indices, there are many different ways to trade with this platform on multiple devices.
In this review, I’ll be taking a closer look at the statistics they provide, and the different tools and binary options education that they provide. The creators of this broker promise that they can help “manage and preserve your wealth with all the support you can get from our team of experts.”
- Type: Options Broker
- Founded: 2016
- Location: Scotland
- Platform: Web-based, Mobile
- Payouts: Up to 91%
- Minimum Deposit: $250
- Minimum Trade: $25
The one fact in the details section that I find the most interesting, is that the Binary Xchange broker requires traders to place a minimum trade size of $25. As much as the creators of this broker want to put forth the idea that it is accessible to all types of traders, I would argue that a minimum trade value of $25 contradicts this. I say that, because $25 is a pretty large trade size to start out with, and it’s my belief that beginners should start placing trades around the $5 size when they are first starting out, to limit risk.
When signing up with the Binary Xchange broker, traders have 4 different options to choose from, mini, standard, gold and vip. Each of these accounts provide traders with different features, and require different minimum deposits.
With the mini account, traders have to deposit $250 which comes with basic customer service, the mobile application, trading signals and a few other features as well. When upgrading to the standard account which requires a $2500 deposit, traders get access to advanced video courses, advanced e-books, a binary options strategy video course and a few other tools to help traders win more trades. The gold account, which requires a deposit of $5000, essentially offers everything that the standard account does, alongside some basic one-on-one training. Finally, the $50,000 deposit VIP account comes with personalized trading sessions, technical analysis, fundamental analysis and a personalized portfolio structure.
From research done on many different trading forums like Binary Options That Suck, and Binary Options Edge, I’ve found that most traders find very little value in brokerage offers. Generally, it’s preferred to sign up with the basic account, because all of the bells and whistles aren’t worth the extra deposit.
For the most part, I like what I see on the Binary Xchange website, in terms of professionalism, and how they are approaching new clients. Off the website, there doesn’t seem to be any real negativity, but there also aren’t many client reviews at all. Considering the creators of this brokerage claim that they currently have over 25,000 traders utilizing their platform, you’d think that there would be more clients online leaving reviews. This is really the only aspect that influences some skepticism into my point of view.
Please let me know what you think about this brokerage, by leaving a comment below the article with your experiences and thoughts.
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