99Binary got started in 2013, and offers binary options trading to customers in the USA and around the world. The company is based in Anguilla, and has a well-developed, comprehensive website with an abundance of information and features. There do appear to be some technical hassles with the site registration forms, and customer service is a bit lacking. Still, 99Binary is worth a look because of the positive features they do have.
Account Tiers and Benefits
To get signed up on 99Binary as a new customer, you need to fill out the registration form. Unfortunately when I tried this, the form was broken, and kept telling me I had not put in my first and last name and phone number, when in fact I had. This is probably just a technical hiccup, though, since I did not encounter any problems whatsoever with other pages of the site and features.
Once you do manage to register, you can deposit money in a currency of your choice (US Dollar, Euro, or British Pound), and choose an account tier. If you deposit the minimum $399 or the equivalent), you will get a Starter Account. This account comes with a 30% match bonus. The next tier up is $999 for a Pro account, which includes a 50% bonus. If you deposit $4,999 or more, you get a Premium account, which includes a 75% bonus. The top account is the Diamond account. For this tier, you need to deposit $20,000 and contact customer service about the bonus amount.
One interesting feature involving bonuses on this site is the trading turnover requirement, which decreases with each tier. You need to achieve a 30x turnover in order to cash out your bonus at the Starter level, but you only need to achieve a 20x turnover in order to cash out the bonus if you have a Premium account. This is a very nice feature for traders who like bonuses.
The Starter account includes 24/7 support (supposedly), access to the 82 assets on the site (currencies, indices, stocks, and commodities), and monthly promotions. As you move up the tiers, additional benefits come into play, including one-on-one training, five risk free trades, membership in the 99Club, a personal account manager, same-day withdrawals, tailor-made promotions, “special gifts,” and tailor-made trading strategies. Personalized trading strategies is another very cool feature. Additional resources available to registered traders include video tutorials and an eBook, along with the standard FAQ, glossary, and how-to pages.
Trading on 99Binary
When you first look at the trading page on 99Binary, it will look a bit unfamiliar to you, because it is not powered by SpotOption or one of the other major trading platforms. It is actually powered by Panda, which is a proprietary trading program. Nonetheless, the layout is very similar to SpotOption, and you should quickly and easily be able to find your way around and learn how to use the platform.
99Binary has four different types of trades: High/Low, One Touch, Range, and Hyper. Range trading is a great way to make money in flat markets, and is not the most commonly offered form of binary options trading, so it is great to see it here. “Hyper” trading refers to fast trades that last 10 minutes or less. The shortest trades are 30 to 60 seconds.
One drawback you will notice while you are trading on this site is that there is a shortage of standard useful trading features such as early close, double up, and rollover. The lack of early close is a major inconvenience, since early close helps you to control your trades. One nice feature that is included is copy trading, where you can look at a widget on the right-hand side of the page and see other trades recently placed by fellow customers. You can then copy those trades yourself and reap the rewards of other traders’ hard work.
Another exciting feature of 99Binary is their wide range for investment sizes. You can trade as little as $5 or as much as $20,000. This is a much broader range than is typical, and makes 99Binary an accessible trading platform for holders of both large and small accounts.
Withdrawals are a bit of a mixed bag. Some of the account tiers qualify for same-day withdrawals, which is great. Not so great is the fact that you must pay a fee every time, regardless of your withdrawal method. You pay $25 to withdrawal via wire transfer, and $8 to withdraw via credit or debit card. I have never seen required withdrawal fees for credit card before on a binary options site. The upside is that the minimum withdrawal threshold is much lower than the usual—just $20 if you are withdrawing with your card. Compare that to the $100 typical of other sites, and the withdrawal terms suddenly start looking friendlier.
Absentee Customer Service
Customer service was a letdown with this site. I tried to reach someone on live chat on a weekday during normal business hours, and despite the promise of 24/7 service to all, all I got was indefinite hold. I waited for half an hour before I gave up. Nobody ever responded to the chat line.
So all in all? 99Binary is a mix of positives and negatives. On the downside, there are fees to withdraw, customer service is alarmingly absent, the registration form has some technical bugs, and there is no early close tool. On the upside, there are a variety of trade types, low withdrawal thresholds, copy trading, and a wide investment range. It would be nice if there were a demo account, but all you can get is five free trades at the upper account tiers. If you are interested in 99Binary, I recommend seeing if you can contact customer service and if they respond to you in a timely, helpful manner. If you have a good experience, you might consider trading on this site, but proceed with caution. Otherwise, there are other brokers that offer competitive features and account packages that may interest you more.