VipBinary Review

VipBinary Logo Max Bonus: 25%

VipBinary

Rating: 2.0/10
VipBinary Home Page Screenshot
Broker VipBinary
US Traders Accepted
Company Name VipBinary, Ltd.
Headquarters British Virgin Islands
Regulation No
Bonus Type Match bonus
Bonus Size 25%
Max Payout 75%
Out-of-Money Reward 10%
Trading Platform SpotOption
Deposit Options Credit/debit cards, wire transfer, CashU
Deposit Currencies US Dollar, Euro
Minimum Deposit $250
Minimum Trade $20
Maximum Trade $3,000
Online Since 2010
Trading Instruments Currencies, commodities, stocks, indices
Number of Trading Instruments 83
Binary Option Types High/Low, Options Builder, One Touch, 60 Seconds
Customer Support Types Phone, live chat, web form
Education Offered FAQ, glossary, how-to pages
Tools Offered Double up, rollover, expired rates, daily and weekly market review
Commission Withdrawal fee for wire transfers ($25). Also, there is a $100 limit for wire transfer withdrawals.
Languages English, French, Spanish
Demo Account No

VipBinary is one of many binary options brokers that are branded by ChargeXP Investments, Ltd. ChargeXP is headquartered in Nicosia, Cyprus. The company that owns this site, VipBinary Ltd., is headquartered in the British Virgin Islands. While we have heard that ChargeXP is regulated by CySEC, we still have not found a license number. Many of the ChargeXP sites accept USA customers, but this isn’t one of them. If you’re in the US and you attempt to register on the site, you will be unable to proceed because of your location. This is a bit odd given that they have a phone number for the United States, so perhaps they are in the process of making trading available to US customers. Until then, you will have to look for another broker. There is a shortage of features on this site anyway, so we can’t give them much of a recommendation despite the fact that ChargeXP is well known and a big player in binary options.

Getting Started with VipBinary

You can open an account in US Dollars or Euros, and are required to place a minimum deposit of $250 or equivalent. You can use a credit card, wire transfer, or CashU to deposit funds. Note that there is a fee if you deposit less than $500 by wire transfer. Match bonuses are offered to new customers. Since we were writing from the US and unable to register, we couldn’t see the offers directly, but we have seen on third-party sites that they provide bonuses up to 25%. The real number may be higher than this, especially since bonus offers change pretty regularly.

Complaints About Withdrawals

There is a $25 fee for withdrawals made using wire transfer. There is also a $100 limit for wire transfer withdrawals. None of this by itself is particularly troubling, though we don’t approve of these minimum withdrawal limits at all (we’ve seen far worse terms elsewhere). What is troubling is that when we looked up this company online, we found a number of complaints, most of them revolving around the difficulty of accessing funds, even in accounts which had much more than $100 in them. Customers complained that when they tried to talk to customer service about withdrawals, they were faced with hang-ups and similar problems. We don’t know for sure whether these reports are accurate (they could be complaints placed by a competitor and not real customers), but the consistency across the board does indicate that there is some probability that they are true.

Trading on VipBinary

The trade page is powered by SpotOption, and is easy to use and requires no download. The platform looks about the same as it does anywhere else, although we do have to remark that the colors on the display (the dark gray background, the clean graphics) make it very easy to see what’s going on in a glance. There is no mobile trading platform at this time, and also no demo account.

Are there good points? The minimum and maximum trade sizes are pretty flexible, $20 and $3,000 respectively. There are 83 different stocks, currencies, indices and commodities available to trade, which could make for plenty of opportunities to find the best trades. You can do High/Low trading, One Touch, 60 Seconds, or Option Builder. Option Builder gives you some control over expiry times, which is an important feature in a good binary options broker. Double up and rollover are also provided so that you can take your winning trades to the max.

Resources

There aren’t that many resources or trading tools on the site. Aside from the double up and rollover tools, you can check out daily and weekly market analysis for more information on what’s going on with current events that might be relevant to your trading. Other than that, all we really found were some simple how-to pages, a glossary and the FAQ. There are a fair number of gaps in the FAQ, and we had to find a lot of information off-site.

Customer Service

You can reach customer service via telephone, web form, or live chat. There are numbers for different countries, and as we mentioned before, for some reason there is a US number, even though the site makes it quite clear that US traders are not allowed to trade there. Live chat was not available when we checked in, but it was also a weekend.

We’d like to make a note about ChargeXP while we’re at it. We’ve reviewed quite a few companies that are connected to ChargeXP Investments. They are prominently mentioned in the Terms and Conditions for these sites, and many third-party sites seem to be under the same impression that they own the sites, and are not just a billing contractor. We’ve emailed customer service at many ChargeXP binary options brokers to no avail and received no further information, which automatically makes us suspect customer service at all ChargeXP brand sites. We’re currently trying to get in touch with ChargeXP directly to clarify on these matters.

Conclusion

Some ChargeXP sites seem significantly better or worse than others, which is one reason that we are increasingly sure that they are partners, and not owners, of at least some of these sites. VipBinary seems to be one of the worse sites; it is limited in terms of its resources, and does not offer a lot of trading tools. The numerous complaints about withdrawal problems are a major red flag, since being able to access your money quickly and easily is one of the most important features of any trading broker online. The site also does not accept USA customers. We do not recommend this broker because of the problems with their reputation, the gaps in their site, and the lack of resources, mobile trading, or a demo account. They don’t offer much in the way of benefits to make up for these defects, and there are better and more trustworthy binary options companies out there.

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