365BinaryOption (No Binary Options) Review
| Broker | 365BinaryOption (No Binary Options) |
|---|---|
| US Traders Accepted | |
| Company Name | Fintech Software Inc. |
| Headquarters | London, UK |
| Regulation | No |
| Bonus Type | Match bonus |
| Bonus Size | $10,000 |
| Max Payout | 85% |
| Out-of-Money Reward | 0% |
| Trading Platform | TechFinancials |
| Early Closure | |
| Deposit Options | Credit/debit cards, wire transfer, CashU, Ukash |
| Deposit Currencies | US dollar, euro, British pound, Chinese yuan |
| Minimum Deposit | $200 |
| Minimum Trade | $10 |
| Maximum Trade | $10,000 |
| Online Since | 2014 |
| Trading Instruments | Currencies, commodities, stocks, indices |
| Number of Trading Instruments | 23 |
| Binary Option Types | High/Low, One Touch, Boundary, Short Term |
| Customer Support Types | Email, live chat, telephone, paper mail |
| Education Offered | Trading videos and eBooks |
| Tools Offered | Higher returns for higher account tiers, risk-free trades, economic calendar |
| Commission | $25 withdrawal fees after the first withdrawal per month; $100 minimum |
| Languages | English, Chinese |
| Demo Account | No |
365BinaryOption switched to traditional Forex/CFD and no longer offers binary options. The review below is presented for the archiving purposes.
365BinaryOption is an unregulated broker based in London and owned by a company called Fintech Software Inc. In many ways, the trading services they are offering are fairly basic, but the website is very nicely designed and the overall quality appears to be higher than it is on most competing websites. Plus, 365BinaryOption uses the TechFinancials platform, which arguably provides a better user-end experience than the more popular SpotOption.
Getting Started on 365BinaryOption
365BinaryOption is gearing its services largely toward Chinese customers; the site is available in only two languages, English and Chinese, and account currencies include US Dollar, British Pound, Euro, and Chinese Yuan. Note that if you are a USA trader, you are not permitted to open an account on 365BinaryOption, even though the site is not yet regulated.
The minimum deposit to open an account is $200, which is typical industry-wide. The minimum deposit to get a match bonus is $300. Bonuses run quite high, even in excess of $10,000, but the turnover requirements at that level are quite hefty.
Deposit methods are pretty simplistic: you can use credit or debit card, wire transfer, Ukash or CashU, and withdraw via the same method you used to deposit. Your first withdrawal of the month is free, after which you have to pay a $25 fee. There is also a $100 withdrawal minimum. While the threshold and the fee are annoying, they are not outside of industry norms.
In terms of account tiers, there are four tiers: Mini, Silver, Gold, and Platinum. At the Mini level, you get full access to the first couple of lessons in binary options trading in the education center along with 24 hour support. At the Silver level, you add in more lessons plus an additional 2% return on your trades. With a Gold account, that increases to 3% and two more lessons. At the Platinum level, you get access to the rest of the lessons. On top of that, you can enjoy an added 4% on your winning trades as well as 1 risk-free trade per month.
The higher percentages and the risk-free trades are awesome features which help you to maximize your profits and reduce your risk. If you take a look at the educational center too, I think you will be impressed. Whereas most competing sites only offer a smattering of simple videos on the most basic aspects of trading, 365BinaryOption delves a lot deeper. There are a number of different strategies available to learn directly on the site. Most sites do not offer even one.
Trading on 365BinaryOption
Trading is conducted on the TechFinancials platform, which I prefer over SpotOption. I feel that the display is much easier to read and has a more professional look to it. On 365BinaryOption, you can trade High/Low, One Touch, Short Term, and Boundary options. While Boundary trades are commonly offered on other sites, they are a lot less pervasive than High/Low and One Touch trades, so it is excellent that 365BinaryOption offers them.
365BinaryOption offers you an economic calendar to help you plan your trades, and also gives you the option to close out of your trades early. This is a very important feature if you want to control your investments, maximizing your wins and minimizing your losses. You will notice on the platform that when you select an asset to trade, it will tell you right upfront whether or not you can close out early. There are no nasty surprises like there are on some other trading sites where you go to close out and suddenly find it isn’t permitted for that particular option.
Another aspect of 365BinaryOption which is very helpful to traders is the very wide range of investment sizes which are permitted on the site. You can stake as little as $10 or as much as $10,000. Many trading sites start out minimum investments at $25 and cap maximum investments at $2,500 or less. So this is a much wider range than is typical.
What is great about this is that you can start trading with a very small account and still manage your money responsibly, but if your account grows a lot, you can stay with the site and place very large trades someday.
What if you need help while you are trading? Customer service is available 24 hours a day through email, telephone, or live chat. I did try to reach the chat desk and failed, but it was on a Sunday, so customer service appears to be 24×5, not 24×7.
At every account tier, you get access to a senior broker who can provide you with advice. At the Mini level, you get 20 minutes per week (a single session). The time you get increases with every level. At the top level, you get four sessions of 20 minutes each. So that is an additional form of customer service offered by 365BinaryOption.
Final Thoughts: 365BinaryOption Appears Above Average
There is not a whole lot that 365BinaryOption does that other binary options sites do not, and there are a few areas where they are really lacking (no demo account for example). But what they do, they seem to do better than average. They have a much better educational center with some real trading resources that delve into concrete strategies. Most competitors at best just mention that there is such a thing as technical and fundamental analysis; they do not provide much in the way of examples to get traders started.
All in all, 365BinaryOption makes a decent first impression. Their fees are annoying but not unreasonable, they use the TechFinancials platform, and they offer an investment size range which is comfortable for large and small account holders alike. The website is well designed, works great, and has few informational gaps. While they are not regulated, they look like one of the better unregulated sites out there right now. If you are thinking of signing up for an account, be sure to chat with the help desk first just to test them out and make sure you are happy with the service you get!
Visit 365BinaryOption (No Binary Options) →