The British Columbia Securities Commission (BCSC) in Canada has issued a warning against BinaryOnline for “selling” services it cannot actually provide as described on its website.
Established in 2016, BinaryOnline is an online forex and digital options brokerage. It is owned and operated by Zola Ltd., D located at 14 Tsar Osvoboditel Blvd., 1000 Sofia, Bulgaria. Its UK phone number is +44 203 026 5665. The contact email addresses are email@example.com and firstname.lastname@example.org.
BinaryOnline claims to have 800,000 customers in more than 100 countries around the world who have made more than 7,656,000 trades. More than 500 affiliate partners are associated with the company.
BinaryOnline employs the full-featured version of the new Spot5 premium trading system, which supports multiple types of binary options and CFD trading.
Investors can choose from a variety of assets, including forex, commodities, stocks, and indices.
The software also allows traders to access the financial markets with a comprehensive collection of 10 trading tools that suit different investment styles and financial goals. These tools have different specifications, including minimum investment amounts, expiry times and potential payout percentages.
They are also suited to trade different assets, although some, like Classic Binary Options, can be used to trade all four asset categories. The trading platform also displays, in real-time, how the different assets are moving. Features such as Bollinger Bands and RSI can be used to better inform trades.
Data is kept secure through a robust combination of firewall and encryption technologies. The website has HTTPS and SSL certification and complies with PCI security standards.
A mobile version of the BinaryOnline platform is also available, as is a mobile app.
The website is only available in English. Islamic accounts are available.
BinaryOnline offers four different account types:
- TakeOff Account, the most popular, for deposits between $250 and $2,499
- Standard Account, for deposits between $2,500 and $9,999
- Premium Account, for deposits between $10,000 and $49,999
- Elite, presumably for deposits of $50,000 and above, for which details are available only by inquiry
Each account type features its own features and benefits.
BinaryOnline provide traders with 223 different underlying assets, divided into five categories. These include eight cryptocurrencies, 24 paired asset, 29 forex pairs, 18 commodities, 42 indices, and 102 stocks.
A different welcome bonus is provided to each type of account: For the Takeoff, the welcome bonus is up to 25%. For the Standard account, it is 50%. Premium account holders receive the highest bonus, which is 75%.
All the accounts mentioned offer generous bonuses but the terms regulating the bonus amount leaves room for speculation and manipulation. Once the bonus is credited to the account, for example, traders need to meet a volume requirement of at least 90 times or above when trading digital options. Withdrawal requests madebefore that volume is achieved will not be considered.
Deposits can be paid by Visa and MasterCard, as well as bank wire. All client funds are held in segregated accounts. A demo account, unfortunately, is not available.
BinaryOnline has been called the online broker with the most comprehensive collection of educational materials. These tools, resources, charts, guides, and news reports explain in depth everything you need to know about trading the different assets. BinaryOnline also provides all traders with daily market updates and free participation in its regularly scheduled webinars. A complete FAQ page is also provided.
BinaryOnline strives to maintain the highest possible customer service in the industry. The support team is available 24/7 and can be contacted via email, telephone or live chat. They are exceptionally knowledgeable about their offerings and services, and none of their answers is automated.
BinaryOnline is not licensed. It does claim, however, to be in the process of registering with CySEC, the Cypriot regulator.