Binary Markets Review
| Broker | Binary Markets |
|---|---|
| US Traders Accepted | |
| Company Name | ChargeXP Investments Ltd. |
| Headquarters | Nicosia, Cyprus |
| Regulation | No |
| Bonus Type | Deposit bonus |
| Bonus Size | 10% |
| Max Payout | 85% |
| Out-of-Money Reward | 0% |
| Trading Platform | SpotOption |
| Deposit Options | Credit/debit cards, wire transfer, check |
| Deposit Currencies | EUR, GBP, JPY, CNY and USD |
| Minimum Deposit | $500 |
| Minimum Trade | $5 |
| Maximum Trade | $1,500 |
| Online Since | 2009 |
| Trading Instruments | Forex, Commodities, Stocks, Indices |
| Number of Trading Instruments | 64 |
| Binary Option Types | Traditional Binary, 60 Second, One Touch and Build Your Own options |
| Customer Support Types | E-mail, telephone, on-line chat service (not working) |
| Education Offered | 45 minute training session after opening a live account |
| Tools Offered | Trading signals once or twice a day, news by Bloomberg |
| Commission | €35 fee on wire transfer withdrawals |
| Languages | English, German, Japanese |
| Demo Account | No |
Binary Markets is a binary options broker, bringing more than 60 financial instruments from the global financial markets for their worldwide clients. They offer a 100 percent web-based platform of SpotOption, which is a well-known trading platform in the industry. One of the significant features of Binary Markets is that they allow funding your account in several currencies of Euro, GB Pound, Japanese Yen, Chinese Yuan and US Dollar. Interestingly, they maintain different minimum deposit levels for different currencies. If you wish to fund your account in Euro, the minimum deposit will be only 250 euro, whereas for a trader willing to fund their account in US dollar, they will need at least $500. So, if you want to start small, it will be more suitable if you fund your account in Euro. Moreover, they also maintain different amounts for redepositing your account, and again you will need only 25 euros vs. $50 to redeposit your account. They provide a 10% bonus on the first deposit as well.
Clients of Binary Markets can fund their accounts in their chosen currency and can operate from anywhere through a computer with an internet connection. Their web-based platform is supported by multiple languages including English, German and Japanese. Moreover, their customer support team will satisfactorily come to assist you and answer your queries. Their online chat feature may not be functioning but if you email them, you are likely to receive a phone call from their Cyprus office and they will try to explain the things in a pleasant manner.
Binary Markets has been online for last three years, and it’s a brand of ChargeXP Investments Ltd., a Cyprus based company. Interestingly, their customer care executives will claim that they have a sub-license through the trading platform SpotOption and are regulated by the Cyprus Securities and Exchange Commission (CySEC) with a license number 287875, which proves to be a futile claim, as Binary Markets is a brand of ChargeXP Investments Ltd., but not of S.O. Spotoption Limited. Hence, in principle, Binary Markets cannot be considered as a regulated company.
With Binary Markets, you can trade with a minimum amount of 5 units only in your currency. Thus, even a newbie trader would love to enter into the world of binary options using the Binary Markets brokering features. They have a number of deposit options such as credit, debit cards, wire transfers and bank checks. For withdrawal, the wire transfer will be subjected to a fee of EUR 35 or its equivalent in other currencies. Other withdrawal methods do not involve any type of fees.
Trading Choices
Binary Markets has a list of 64 financial instruments in their portfolio, which include Forex, Commodities, Indices and Shares from the worldwide financial markets. They offer a fair number of assets for their clients, but do not offer any demo account so that a new trader can learn more about their platform. However, an experienced trader who is already aware of SpotOption trading platform will be more confident in trading with Binary Markets. They however offer a comprehensive training to their clients who open live accounts with them. Thereafter, they allow you to try their platform and if you do not find it suitable for you, they can return you the amount that you might have deposited in your account with them.
With Binary Markets, you can earn a maximum payout of 85% in traditional binary options. They do not provide an out-of-money reward to their clients, and this could be one important factor for many traders when it comes to choosing a binary options broker. So, if your business decision goes wrong in any case, you may lose your entire amount. Binary Markets offers several types of investing opportunities besides their conventional binary options of Call & Put. You can use their “Option Builder” to earn a profit of 70% and here they also provide an out-of-money reward of 10% to their clients. Their “One Touch” can give you an opportunity of making a profit of above 300%. They also offer you to make money extremely fast with their 60 Seconds trading opportunity.
Learning Resources & Technical Analysis
Binary Markets promises to offer you adequate learning resources and training once you open a live account with them. They claim to offer you a personalized training, as per your needs and try to clear your all doubts before you start trading with them with more confidence. Once you complete the funding process, they offer you training for 45 minutes duration. They claim that this training will be sufficient for both experienced and novice traders alike, and even if a trader has some specific issues, their trainers will always be available for assistance.
Binary Markets seems not offering comprehensive technical analysis to their clients. They provide trading signals once or twice a day, and this could be hardly sufficient for any trader to assess market movements and make appropriate business decisions. Besides this, they offer News by Bloomberg that tries to bring market updates on a regular basis.
Conclusion
Primarily, Binary Markets wants you to fund your account, before they will consider you more seriously. For instance, unless you deposit your account, they will not allow you to try their platform and its features. Once you undergo their training and try their platform, it could be impractical to ask for the refund, after you devote your sufficient time in learning and understanding their platform. However, the best thing about them is that they have maintained their minimum trade size of 5 dollars. But at the same time, they do not provide any out-of-money reward to the traders. So, a new trader may get attracted by their minimum trade size, but the risk of losing all the invested money may make them to think twice to start trading with them. However, experienced traders who are well aware of the SpotOption trading platform may find Binary Markets as a suitable broker firm for them.