If there are two types of trading which are trending right now, they are binary options and cryptocurrency exchange. So it is not surprising that we would see a binary options broker which is now offering trading in Bitcoin. BitPlutos is a unique broker which specializes in just that. It is operated by Seymour Marketing Ltd., a company based in London, though the parent company is the same one that runs the Exbino binary options website. Let’s see what it has to offer.
Getting Started Trading Binary Options with Bitcoin on BitPlutos
If you want to trade on BitPlutos, you will need to click the “Register” button in the upper right-hand corner of the website in order to get started. You have the option of opening either of two types of accounts:
With an anonymous account, you do not need to provide your real name, but you can only deposit in Bitcoin and withdraw the same way. This is advantageous if you do not want to go through any identify verification process.
With a regular account, you do need to verify your identity. The advantage is that you can deposit or withdraw in fiat currencies including US dollar, British pound, euro, Russian ruble, South African rand, and Polish zloty. Bitcoin is an option with this type of account as well.
Incidentally, when I tried to open an anonymous account on Chrome, it did not work. The form kept acting like it I hadn’t filled in all the fields when I had, but this must be a temporary error, because I have seen reviews from other traders who opened an account with no problems.
While the website does not list any specific account tiers on a special dedicated page, I did find the following information in the FAQ:
The minimum deposit amount is 0.025 BTC for Regular investors. However, if you wish to receive a professional training with your Account Manager you need to deposit at least 0.5 BTC. If you want to become VIP Investor, deposit at least 1 BTC.
So if you do deposit more, you get access to some special benefits.
Additionally, the following bonuses and promotions are available:
- Deposit 1 BTC, get a 0.5 BTC bonus and 5 risk-free trades.
- Deposit 3 BTC, get a 2 BTC bonus and 10 risk-free trades.
- Deposit 5 BTC, get a 5 BTC bonus and 15 risk-free trades.
There is a turnover requirement for the bonus, which is worth mentioning since I ran into one review from an angry customer who did not realize that was the case. The requirement is however listed clearly on the site.
The company also offers free gifts to VIP Investors, including iPads and MacBooks. You can qualify if you deposit 10 Bitcoins or more when you open your account. You need to contact an account manager to claim your free device.
When it comes to making withdrawals, there is a minimum withdrawal threshold of 0.1 BTC. There are $50 fees for wire transfers, but I found no other fees listed (which is awesome).
What Can You Trade?
Because the account signup form was broken when I tried it, I was unable to look at the platform in person. This is a SpotOption-powered site however, so if you have used SpotOption, you know exactly what to picture. SpotOption is the most popular platform for trading binary options, and is super easy to use.
In all, there are 57 assets on BitPlutos, including currencies, stocks, commodities and indices. The site offers the following types of trades:
- One Touch
- Long Term
- Short Term
So you have plenty of variety in how you can approach your trading. The minimum trade size depends on the amount you deposited. If you are classified by the company as a “Regular Investor,” the minimum trade size is 0.005 BTC. If you are categorized as a Silver Investor, it is 0.05 BTC. If you are a VIP Investor, the minimum is 0.1 BTC. For all traders, the maximum trade size is 5 BTC.
Both rollover and early close are offered to help you control your trades. As to other features and benefits, there is a glossary and FAQ to help you learn how to trade, as well as an education center. The education area supposedly offers courses, eBooks and videos, but there were no links in that section when I checked (perhaps they only appear when logged in).
As to customer service, the available channels appear to be email, telephone, web form and paper mail. Live chat is mentioned on the website, but I could not find a chat app anywhere (again, perhaps this only is visible if you are logged in). I do remember I had a terrible experience trying to get a hold of an agent at Exbino back in the day when I reviewed it, so I would expect nothing better here.
Conclusion: Like Exbino, BitPlutos Needs Work
BitPlutos does not appear to be an entirely good or bad site. For the advantages, the anonymous accounts are a great feature, and the lack of fees is excellent. I also like that risk-free trades are offered as a bonus, and that there are quite a few different types of options you can trade.
But there are plenty of negatives to go along with these positives. Customer service may not be easy to reach, and the education center at least appears to be quite sparse. Then there is the fact that the form broke when I was trying to register an account, which is not an encouraging sign. It also does not help that I have not seen a lot of stellar reviews for the site either. I also was not impressed with Exbino, so that does not bode all that well for BitPlutos.
So I would not necessarily say you should avoid BitPlutos, but I would advise caution if you decide to register here. Hopefully in the near future, there will be more websites offering cryptocurrency-based binary options trading.