|Customer service hours:||24/7|
|Deposit Bonus||As per Deposit amount - Min = 25% Max=100%|
|First Deposit Bonus||As per Deposit amount - Min = 25% Max=75%|
|Special Event Bonus||Not available|
|Birthday Bonus||Not Available|
|Platform OS Compatibility||Windows & MAC OS|
|Platform Provider||Spot Option|
Founded by binary option professionals in 2016, BinaryOnline seems to be guided by the willingness to offer a modern and first class trading experience to its traders. They do this by combining an excellent trading platform with an unparalleled level of customer service. We have no doubts that, in the near future, they will evolve to become one of the leading brokers in the industry.
Having said that, what makes this broker better than the others in the industry? And what are the tools and trading features they offer? In this complete review, we will attempt to shed some light on BinaryOnline.
BinaryOnline trading platform.
To begin with, let’s consider the trading platform. The first impression is certainly a good one. The trading platform is intuitive and makes use of the latest design technologies. The platform also makes it abundantly obvious that the team behind it has a profound knowledge of the landscape of the binary option industry.
For example, it has everything you need for a good and sustainable trading experience. This includes price graphs, strategy advisor functionalities and customer support services. The platform is hosted by Spotoption and makes it possible for traders to trade over 200 assets.
BinaryOnline also allows traders to access the financial markets with a comprehensive collection of 10 trading tools that suit different investment styles and financial goals. The tools are:
- Classic Binary Options
- 60 Seconds
- Long Term
- One Touch
- Option Builder
The trading tools have different specifications including minimum investment amounts, expiry times and potential payout percentages. They are also suited to trade different assets although some tools, like Classic Binary Options,can be used to trade all four asset classes including Currencies, Commodities, Indices and Stocks. The trading platform also displays, in real-time, how the different assets are moving and you can use features like Bollinger Bands and RSI to better inform your trades.
One tool worth a special mention at this point is TradeReplica. TradeReplica is the latest addition to the list of trading tools offered by the binary option broker BinaryOnline. It allows traders to earn returns by simply following a top trader on the platform and replicating their trades on your own account. This minimises the need for traders to conduct extensive market analysis and compare dozens of assets to identify trading opportunities. With this tool, you can simply look for a top performing trader and use their wisdom to generate returns.
With this trading tool, you can also choose to follow as many traders as you’d like with a single click. When you follow a trader, note that all their currently open and future positions will be copied onto your account including losing trades. For this reason, choose a trader with a good success rate and an investment style that matches your own. You can also stop following a trader at any point in time, highlighting the fact that TradeReplica allows traders to retain full control over their account.
Undoubtedly, the biggest appeal of binary option trading is the easy avenue that it provides to access the financial markets and generate some returns. However, just because trading with binary options is easy does not mean that you can jump into it without an understanding of how binary options work.
So our recommendation is that you go through enough educational articles, guides and videos before you start trading. Remember that you are wagering real money here and you need to proceed cautiously to avoid expensive mistakes.
To help traders get acquainted with the landscape of binary option trading, BinaryOnline actually has an extensive collection of educational materials on the website. The section is called the Traders Arena and it has information on everything from the common pitfalls of trading to strategies for beginner, intermediate and advanced traders. Read more about this in our Education Review.
The other thing worth mentioning here is that BinaryOnline has a fully functional mobile version of its website. So even if you do not have access to a computer, you can still access all the information you need to trade. The broker has also made a mobile app available for its traders.
This makes it possible for people to trade on the go, whenever and wherever they have access to Internet. The mobile app is a fantastic extension of the desktop trading platform and complements it perfectly.
BinaryOnline account types
BinaryOnline currently offers four account types to match the needs of traders with different financial goals. Each account type carries an interesting profile in terms of features and benefits. However, no matter what account type you go for, the binary broker has made its educational section fully accessible to promote sustainable trading. The account types are Take-Off, Standard, Premium and Elite.
BinaryOnline offers 3 different account types namely:
- TakeOff Account
- Standard Account
- Premium Account
In summary, account types offered by BinaryOnline vary in terms of minimum deposit amount. The account type with the highest minimum deposit amount is the Elite account. Unfortunately, we are not able to elaborate more on this account because there is not much on the website about it. Instead, traders are encouraged to call the broker directly. This makes sense if you think about it. With an account type as premium as this one, the perks are probably outstanding including a personalised and customized approach to your needs as a trader.
The account type that most traders go for is the Take-Off account, which requires an initial investment of $250. With the different account types, the broker sure caters to both novice and experienced traders so you are sure to find something that suits your needs. Note that no matter what account type you choose, BinaryOnline provides all traders with daily market updates, full access to its education centre and free seats to regular webinars.
On the other hand, the different account types carry different welcome bonus amounts, which vary from 25% to 75%. Other features worth considering include access to personal trading advisor services and risk-free trades.
In terms of assets, BinaryOnline makes it possible for people to trade with over 200 assets across 4 asset classes including Stocks, Indices, Commodities and Currencies. These 200 assets offered are amongst the most popularly traded in the world and you can easily find information on how to trade them over the web. The website features pages that explain, in depth, everything you need to know about trading the different asset classes. It also includes an asset index.
So what should you know before trading with a particular asset? First of all, it helps to understand the different asset classes. This is because top events that influence the value of currency pairs do not necessarily affect stocks and indices in the same way. Some asset classes also require a more analytical approach than others. This is particularly true in the case of commodities while stocks are more influenced by day to day news events.
To learn about each asset class, simply follow the different asset sections on the webpage. BinaryOnline is possibly the broker with the most comprehensive collection of educational materials. Everything that traders need to know can be found on the different sections of the website.
Security and Regulation
From the way the website is structured and the security, privacy and compliance policies, it becomes abundantly clear that the broker takes the security, safety and privacy of its customers very seriously. Data provided by traders are kept secure through a robust combination of firewall and encryption technologies. The website operates under HTTPS and SSL certification and is in line with PCI security standards. If you are not familiar with these terms, in short, these technologies protect and encrypt any information transferred over the internet.
This broker also follows very strict compliance procedures in line with Anti-Money Laundering and Know Your Customer policies. This protects traders and makes sure that only you can access your trading account. It prevents things like identify theft and fraudulent financial activities.
Although not currently regulated, BinaryOnline follows all international laws governing financial institutions and they are in the process of undergoing regulation processes with CYSEC. It’s only a matter of time before they become a fully regulated broker. It has also never, till date, been associated with fraudulent monetary activities. By all accounts, BinaryOnline does not fit the profile of a scam broker.
The next thing worth mentioning is the support team that they boast. The level of customer service is unparalleled in the industry. The customer support is available 24/7 and can be contacted via email, telephone or live chat. This is one of the many things that distinguish BinaryOnline from scam binary option brokers: They are fully accessible and transparent.
To give you a more authentic feedback on the customer support team of the broker, we went ahead and tested all three channels of communication. The level of dedication was fantastic and the support team seems to be very knowledgeable about their products and services. We also greatly appreciated the fact that the answers received were not automated. We communicated with a real person and not a mere robot.
Is BinaryOnline a scam?
The short answer is No. BinaryOnline is not a scam. In fact, during the whole time we investigated how the broker operates, we could not find one area that seemed shady. From the structure of the website to the trading platform and the customer service team, everything was transparent and intuitive. This broker has also never been involved in any fraudulent or illegal activity. In our honest opinion, they are reliable and with the right trading strategies, you can generate decent returns while trading on their platform.
Our Final Opinion
Since BinaryOnline is a relatively new broker on the block, it is understandable that you ask yourself “Is BinaryOnline legit?” Well, from what we have seen so far, this binary option brokerage company seems clean and committed to promoting sustainable trading. Being a newcomer in the industry should not be the reason for people to avoid a broker. Base your decision on the facts and figures of the company. With the innovative trading tools and features on the website, this broker is here to stay.
To successfully trade with binary options, you need to understand what binary options are, the traits and strategies that can increase your chances of being successful and the common pitfalls of trading. To help traders acquire a better understanding of world of binary option trading, BinaryOnline has a comprehensive education section called the Traders Arena.
This education section is further divided into 3 segments namely Binary Options for Beginners, Binary Options for Intermediate Traders and Binary Options for Advanced Traders. This is important because beginners cannot hope to understand candlestick charts and Fibonacci strategies without a basic understanding of things like trends and chart patterns.
Accordingly, the section for beginners has educational materials like the basics of binary options, the common pitfalls of trading and the simplest binary option strategies. In the advanced section, you can find things like complete guides to technical indicators and candlestick charting. We have personally gone through all the content and we can tell you this much- This is quality information that is on the website. Go through the Traders Arena of the broker’s website and you will be well on your way to becoming a very good trader.
Perhaps the one thing that is missing from this section is the availability of a demo account so that traders can test the knowledge acquired. This is one feature that we really wanted to see on this broker’s website. But, unfortunately, it is not currently available.
BinaryOnline also brings live market updates and an Economic Calendar to traders. Live market summaries are also available along with fresh, real-time information about the global financial markets. These updates consist of a blend of technical and fundamental analysis and provide traders with hints on assets worth trading and on market trends these assets could adopt during the day. Also, these reports are written in a simple language and can be easily understood.
In addition to the educational resources above, the website also features an extensive FAQ section with answers to many commonly asked questions. Use it to understand more about how BinaryOnline works for a smooth and lucrative trading journey.
In summary, the learning materials provided by BinaryOnline are both quantitatively and qualitatively impressive. The website features information about everything in a wide range of formats. This is in addition to their excellent customer support services and regular webinars that registered traders can get free seats to.
This is perhaps the most glaring difference between BinaryOnline and the other brokers. The brokerage company is truly committed to turning customers into knowledgeable traders so they can take their trading further. They feature information for all categories of traders with beginner level as well as advanced guides.
From what we learnt chatting to a customer support staff, the webinars are also fantastic with topics ranging from money management to the psychological aspect of successful trading. After visiting the different learning resources on the website with our registered account, we can’t wait to attend one of their webinars. If you are looking to increase your knowledge of binary option trading, we are confident that BinaryOnline is the place to start.
After visiting their different learning resources with our registered account, we can’t wait to attend one of their webinar. If you want to increase your binary options knowledge with this broker, go ahead and sign up for an account. We are confident that you won’t regret.
Speaking of the different deposit methods offered by this broker, to make sure that we have all the details, we opted for the Takeoff account and deposited a minimum amount of $250.
The options we were given to fund our trading account were:
1. Bank wire transfer
2. The Debit/Credit card.
We selected the credit card method and had to fill out a form to provide information about the card. Once the account was funded, we were offered a 25% welcome bonus so our capital displayed a total amount of $312. Getting bonuses are always good so we were happy with the amount we received.
With BinaryOnline, funding an account is not enough to start trading. You need to provide compliance documents in line with their AML policies. The documents you need include:
- A proof of address
- A proof of payment
- An Investment Testimony Form that we had to fill beforehand
- And a proof of identity.
Note that without these documents, traders are not allowed to start trading and frankly, we thought this added security measure is great. By asserting your identity, BinaryOnline makes sure that no one else can access your account and carry out fraudulent financial activities. These are also procedures followed by other regulated brokers.
To test the trading platform, we traded with several of the trading tools available on the platform including Classic Binary Options, 60 Seconds, One Touch, Ladder, TradeReplica and Limits. Some were winning trades, others were lost but one thing is for sure: The platform is incredibly user-friendly and provides a simplistic but real trading experience.
Withdrawing funds from our account balance was also not an issue. You simply log into your account and request a withdrawal. Assuming your account is fully compliant, the funds are transferred within 5 business days. The broker already had our compliance documents so we were not asked for these again.
Whether you are a new trader depositing for the very first time or an experienced account holder withdrawing funds after some profitable trades, the transfer methods provided by this broker optimize security and convenience.
BinaryOnline proposes an interesting range of bonuses to clients, which will depend on the type of account you have. To start with, a welcome bonus is credited to your trading account as soon as you make your first deposit. Additionally, risk-free trades ensure that Out-of-the-Money trades are refunded to traders as bonus fund. These are automatically credited to their account. Risk free trades are interesting because they allow traders to take higher levels of risk.
A piece of advice at this point is to be well conversant with the conditions that apply to the bonuses. These are made available to traders on BinaryOnline’s Bonus Policy page. Note in particular the conditions under which you will become eligible for a bonus or it becomes possible for you to withdraw your bonus or the profits generated from it.
Generally, bonuses provided are added as tradeable funds to a trader’s account and serve the sole purpose of trading. If you wish to withdraw a bonus amount, you are required to trade 30 times the amount of the bonus offered. After that, a bonus earning is converted into withdrawable funds. Additionally, for accounts that remain inactive for 30 days, bonuses are lifted and returned to the company. This is practically the same for all brokers.