NRGbinary is a relatively new binary options website which is based in London, England. The website appears to have opened its doors to traders in 2012, and accepts customers from the USA and around the world. As a fairly new site, NRGbinary does have some drawbacks and deficiencies (including loading problems in certain browsers), but there are more features here than you will find at many competing websites which are similarly aged. The site still lacks account tiers, but offers some extra educational resources and trading tools to customers, regardless of how much or little they choose to deposit. A demo account and mobile trading would take this site to a new level of functionality if they ever should choose to implement those features.
Deposits and Withdrawals
There are four different deposit currencies for a new account, which adds some flexibility for Canadian traders, who can choose to trade in Canadian Dollars. Along with Canadian Dollars, the usual list of currencies is available: US Dollars, Euros or British Pounds. To deposit, you may use your credit or debit card, a wire transfer, or CashU. The only fees are for wire transfers ($25). There is a minimum withdrawal limit of $100, and the minimum deposit amount is set at $350. You have to be careful about this because it is a bad idea to deposit the minimum. If you do and you lose a trade, however small, your money will be locked up in your account until you make more.
There was a complaint online about withdrawals filed by an upset customer, but we noticed it had been resolved and that the complaining customer had requested the posting be taken down. From this we can glean that there may be some issues withdrawing money from your account here, but that customer service is likely to resolve any issues you do have. Just make sure you understand the terms and conditions and the existing limitations surrounding withdrawals if you do decide to trade on this site.
Trading on NRGbinary
NRGbinary has a SpotOption powered trading platform. SpotOption is the leading white label binary options platform, so it will likely be familiar to you if you have traded before. You will find it intuitive and easy to use. From a glance, even if you are brand new to binary options trading, you should be able to understand how to trade. If you don’t however, you will find a video tour along with the FAQ and glossary on the site to get you started. NRGbinary also provides additional resources to help new traders find their feet.
The minimum and maximum trade sizes are pretty standard, $25 and $1,000 respectively. The average out of money reward is 10% and the average payout is 75%. On some One Touch options you can receive higher payouts, up to 500%. The asset index mentions 60 different currencies, commodities, stocks and indices. You can trade High/Low options, One Touch options, 60 Second options, or use Option Builder to set your own expiry period. Open Platform is available if you desire a more detailed graph. “Pairs” are listed on the trading platform as well, but currently there do not appear to be any available to trade, so perhaps this is a stock pair feature which NRGbinary plans to implement in the future. We have seen this on a few different binary options websites recently.
Educational Resources and Trading Tools
Trading tools on NRGbinary include weekly and daily market reviews and rollover. The educational resources really do go above and beyond the norm for a site like this. There are online courses you can take to learn more about trading and strategy as well as a trading eBook you can download. This is all in addition to the standard FAQ, glossary and video tutorial. There could be more resources of course, but it’s a great start, and if they keep adding to it and maybe create some account tiers with even more value, this could become a very nice place to trade someday.
A couple of major drawbacks are the absence of mobile trading and demo trading. Support for iPhone, Android and other mobile devices would make it easier to trade, and demo accounts are very important for new traders who need to test out their strategies live before trading with real money. Hopefully these features will be added to the site soon.
Customer Service – Another Drawback
Unfortunately customer service is not an area where we can recommend NRGbinary. During normal trading hours on a weekday we tried to reach a customer service agent on the chat line and were given a message saying to wait. Twenty minutes later, nothing had changed. We never did get to talk to anybody, and had to find the answers to our questions by scouring the internet and the website itself, which has some technical issues. This was quite frustrating, and would be very problematic if you needed an answer to a question as a customer on the site. There are not a whole lot of reviews online for this broker, especially at third party review websites, so finding information can be a bit of a challenge. Some of the pages on the site did not load properly in Opera either and had to be opened again using Internet Explorer to view all the information.
NRGbinary is far from being an outstanding broker in terms of our criteria, but they do seem to have more going for them than the average new binary options website. Considering how much they have managed to do since their inception in 2012 in terms of adding resources to the site, there does seem to be some hope that they may eventually add more features and value. The absent customer service in live chat is a detractor however, and they still do not have enough features to merit a high recommendation at the present. Given some time though, they may be worth coming back to and checking into again. In six months to a year, they may well have a lot more to offer.