Beaned Review
| Broker | Beaned |
|---|---|
| US Traders Accepted | |
| Company Name | Lucky Hill Limited |
| Headquarters | Hong Kong |
| Regulation | No |
| Bonus Type | Deposit bonus |
| Bonus Size | 25% |
| Max Payout | 85% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Deposit Options | Credit/debit cards, WebMoney, bank transfer |
| Deposit Currencies | USD, EUR, JPY |
| Minimum Deposit | $100 |
| Minimum Trade | $10 |
| Maximum Trade | $1,500 |
| Online Since | 1999 |
| Trading Instruments | Forex, Commodities, Stocks, Indices |
| Number of Trading Instruments | 64 |
| Binary Option Types | Call & Put Option, One Touch, Option Builder, 60 Second, Open Platform |
| Customer Support Types | E-mail, fax, phone call, on-line chat service (not working) |
| Education Offered | Trading Tutorial, Training Video, How to Trade, Talking to a Trading Coach |
| Tools Offered | Market Intelligence,Trade Newsletters, Daily Market Review, Weekly Market Review, Free Trade Signals, Expiry Rates, Expiry Rates Rules, Live Financial News |
| Commission | $25 fee for wire transfer withdrawals |
| Languages | English, Japanese |
| Demo Account | Yes |
Headquartered in Hong Kong, Beaned is the brand name of Lucky Hill Limited. Besides Hong Kong, they have offices in Canada and Panama as well. The company is not a regulated one and they have been online since 1999. They have been offering their trading platform to both individual and institutional investors. However, they do not reveal the name of their trading platform anywhere on their website. So, if you want to learn more about their platform, you need to open a demo account with them. Luckily, they offer a free demo account. Opening an account with them is a simple task and it hardly requires a couple of minutes. After opening an account, one can deposit funds. Currently, they are offering a 25% bonus on fund deposits. So, even if you fund your account with the minimum amount of 100 dollars or 100 euros, you can get a bonus of 25 dollars or 25 euros, respectively. Besides dollars and euros, they accept payments in Japanese Yen as well and the minimum deposit in the yen is 10,000 units.
On their website, Beaned claims that they offer a 100% web based trading platform, and one needs not to download or install any software in order to use their platform. However, several links on their website have errors and they need to rectify it first. For example, if you wish to glimpse through their different offices, you will find the link is not working. Although the main pages of the site are working fine and you will be able to retrieve relevant info from these pages. But if any type of required information is missing online, an investor cannot rely on their support. They will never reply to your emails and you will find their online chat service always unavailable.
Trading Choices
With Beaned, you will find only 64 financial instruments for your trading, although they claim to offer 250 assets on their website. They maintain a minimum trade size of $100 which many beginners will find a significantly big amount to start trading in the financial market. The maximum trade size is $1500. However, they offer an out of money reward of 10% which can safeguard one’s investment to some extent. They offer an earning opportunity of up to 85% on their regular binary options and which is a handsome earning opportunity in the binary options market. Besides their regular binary of Call & Put Option, one can also invest in their One Touch, Option Builder, 60 Second, and Open Platform options. Their One Touch can give you a profit of above 500%. But you should invest in their One Touch, only if you can take higher levels of risks. In 60 Seconds, you can get a return of 67% in just one minute while you can earn a profit of 80% by investing in their Open Platform.
Beaned also offers attractive deposit bonuses to their clients. They are offering 25% deposit bonus at present. And more importantly, they have not kept any tough preconditions to earn or withdraw those bonuses. So, even a beginner can think of earning some bonus with them.
Technical Analysis
Beaned offers various types of technical tools to the traders with the objective of helping them to execute a successful trade in the market and earn profits. They offer real time trading signals which are a kind of Market Intelligence that a trader can rely upon to open their positions in a profitable manner. Traders can also receive Trade Newsletters that can bring them latest developments of the markets. Besides they will also get Live Financial News to learn everything about market developments. Beaned also provides with Daily Market Review and Weekly Market Review to their clients, enabling them to understand the pros and cons of the price movements of different assets in the market.
Each month Beaned provides with a Market Intelligence of $149 value to their active clients for free. Clients who execute at least one trade each month can also enjoy a Platinum Plan to B4TheStreet.com. So, they try to bring sufficient resources for free for their client’s benefits and which can help investors in carrying out an in-depth analysis of the market.
Learning & Support
Although they offer a Demo account, but they also provide sufficient kind of learning resources which beginners will find very helpful. At the time of opening an account with them, beginners may opt for a Call Request for a discussion with their Trading Coach. The Trading Coach will try to explain everything to the traders. They also have Training Video and Trading Tutorial which one can find very useful in understanding the trading techniques and stay profitable. A trader can also consult their How to Trade section on their website which will guide them in executing trades in the step by step manner.
But the customer support is one area where Beaned needs to improve their services very seriously. They do not reply to emails, neither do they come online to address your issues through the online chat. Although they claim to offer support in 24/7 environment, but it appears to be a false promise only. When you are offering an online trading facility, you need to have an online support system in place. So in case, you need an emergency assistance, you may call them or send them a fax to get your queries answered.
Conclusion
There are a few issues that may trouble the traders. First, Beaned is not a regulated company, which could be a big issue for any experienced trader who often invests with a significantly big amount. Second is the minimum trade size of $100, which may distract many newbie traders. And finally, their poor customer support system that needs immediate attention. Except these drawbacks, there are no such big issues that can divert the traders from opening an account with Beaned. They maintain a minimum deposit level of just $100 and offer deposit bonuses too. Although they do not have a very long list of tradable instruments, but a payout of 85% at an out of money reward of 10% could draw attention of any trader.