Exbino is a relatively new binary options broker; the website was founded in 2011, like many other binary options websites, but doesn’t appear to be as well known or far along in establishing itself. When you first load the website, it will be in Polish, but you can translate it into English, Russian, French, Spanish, Italian, German, or Portuguese. The site is owned by ExBino Ltd., and is based in Cyprus. On the “Contact Us” page you’ll notice that the site lists its owner as S.O. SpotOption Ltd. This isn’t meant to be deceptive; this is the brand of trading platform that powers the site. It’s simply a poor translation. The ChargeXP icon appears at the bottom of the page as well, but the site doesn’t seem to have any relationship with that company except partnership. This is a website that could definitely use some more clarity and transparency before we recommend them. There are also some problems with fees and withdrawals.
You may deposit either in British Pounds, Euros, or US Dollars when you open your account. The company does accept USA traders. You can deposit as little as $100 or equivalent to get started—but there’s a really good reason not to, as you’ll see in just a bit. You can deposit using credit card, wire transfer, Skrill, or CashU. There are no information on tiers when you sign up, and the site doesn’t offer you a bonus or show you the bonus amounts until you actually make a deposit. This is a pretty poor design since it doesn’t tell you what kind of benefit you can get if you deposit more than the minimum. Referral bonuses of $50 are available to members.
Fees and Withdrawals
Withdrawals and fees are problematic. We’ve never seen more fees on a binary options website than we found on Exbino. There is the standard fee for withdrawals made by wire transfer ($10), but there is also a $10 fee to withdraw using credit card, and presumably any other method as well. So you will always pay money to withdraw money. Not only that, but there is a $25 fee for any wire transfer deposit less than $500. Furthermore, there is a huge minimum withdrawal limit. You have to withdraw $200 or more to even get at your money. There are no fees mentioned for withdrawing less, so we have to assume this is an absolute limit. That means that if you deposit $100, you literally won’t be able to withdraw your money unless you are profitable—so profitable you double your bankroll. And while you may think you’re going to strike rich when you start trading binary options, you should be realistic. Odds are you’ll strike out.
And do you really want to throw money at a company that’s hoping you’ll deposit less than you can withdraw and then lose your deposit without even a chance of getting it back? You literally have to trade if you want that deposit back. You can’t change your mind and take your money out. And you can’t trade a couple of times and get your money out. Your money should be your money.
Trading Features on Exbino
You can trade up to 80 different assets on this site, including currencies, commodities, stocks, and indices. The minimum trade amount isn’t listed on the site (or off of it), so we sent an email and will update when we know it. The lowest amount we could find on the available trades was $50. This doesn’t seem realistic, but considering the stringent terms surrounding withdrawals, it’s entirely possible this is the minimum for most trades (probably not 60 Seconds trades). The maximum is $1,500.
Types of trades include High/Low, Option Builder (where you can set the terms of your trade manually), One Touch, and 60 Seconds. You can expand your investment by using the double up or rollover tools which are provided to you.
Trading Resources and Customer Service
Along with double up and rollover, the site lists expiry rates, but no other trading tools are provided. Educational resources on the site are basic: a glossary, FAQ, and some basic how-to pages. Once you register you can receive a free eBook and an instructional video. This is again very basic. There are no advanced features mentioned, and since there are no account tiers listed, we don’t think that the educational materials extend much further than this. This further confirms our impression that this is a company looking for casual investors who will forfeit their initial investments.
Customer service options include live chat, email, web form, and phone. You’ll find the phone number listed next to the little flag icons in the upper right hand area of the page (below the “Contact Us” and “About Us” links). It’s not labeled as a phone number, but clicking on it takes you to the contact page where you can use the email or web form. When we tried using live chat, we were told we were ninth in line. We waited half an hour and never moved a single spot.
Not a Promising Site
This website makes us leery for a number of reasons, and for the time being, we suggest steering clear. The difficulty accessing live chat, the poor quality of the resources, the missing bonus information, the absent account tiers, and the gaps in site information are all red flags. The biggest deterrents however are the terms surrounding withdrawals and fees.
This website is hoping you will make the minimum deposit ($100) without even noticing the minimum withdrawal is double that. Most binary options traders will lose money before they make money, even those who will go on to be successful later. It’s a hard fact of the business. Exbino is doing its best to make sure the house always wins. Look for another broker which maintains a well-organized website with clear information and which isn’t counting on you ignoring the terms of service or trade with overconfidence. There’s no reason to lose more money trading than you have to. Trading with a site like this one will cost you.