- Listing the real facts
- The deposit amount is too high
- Not active on social media platforms
- Demo account is not available
Have you just stepped into the world of trading and all set to trade using Binary Book? Well, you need to stop right here. Opting for Binary Book may not turn out to be a pleasant experience for you, and we can reason out what we are saying.
We decided to check out who came out with the concept of Binary Book and we were in for some disappointment. The about us section did not offer any insight about who founded the website.
When the information about the founder is there on the website, then you are more confident about the fact that you have made the best choice.
Well, after doing our bit of research we figured out that this broker was founded in 2015 but it is not regulated, and this spells doom. Binary Book only offers a limited number of assets and does not allow the US trader to trade using this platform.
At the moment Binary Book offers five different account types. This includes the Micro, Basic, Gold, Platinum, and VIP account. If you opt for the Micro account, then it requires a minimal investment of about $1000 which is quite high.
The worst part is that if you decide to opt for the other account types, then they require a deposit higher than $1000 and this can turn out to be quite a risky venture. The features of the account types are not mentioned on the website.
It seems that the broker keeps you in the dark about its offerings.
The social media platforms also give you an idea about the operational state of a trading platform. We visited the Facebook page of Binary Book and we were in for some unpleasant surprise.
The Facebook page seems to be quite inactive, and the last post was put up in 2016. All reputed brokerages make it a point to remain connected with the traders and give them the latest updates. It seems that Binary Book does not have much to offer and perhaps that is the reason that the page is not active.
The demo account is also not offered by Binary Book, so it becomes quite difficult to analyze this trading platform with a critical perspective. When the demo account is where you try out the different features and assess whether the platform is suitable for you. However, Binary Book deprives you of this opportunity.
We also visited the Learning Centre out of curiosity. We were hoping that the platform must have uploaded some videos related to Binary Book trading, but this did not turn out to be the case.
When you are about to select a broker, then you need to evaluate the pros and cons. We feel that the cons of Binary Book are much more than the pros. This is why we suggest that you should not opt for this broker in the first place.