Binary.com Review

Binary.com main page

Binary.com was founded back in 1999 and has since managed to get millions of members as users on its website. You get to trade on several types of assets and all you need is to open a free demo account and have some trading funds in it.

With this account, you can practice trading in several types of assets until you’re confident enough to start real trading. This helps improve your chances of not incurring a loss once you trade using real money. You don’t necessarily have to be an expert to earn from this site but some knowledge on finance and investing goes a long way.

There is a learning academy on this platform where you can learn how to trade. As a beginner, it’s wise to take advantage of this feature. Also, customer support is available 24/7 ready to offer any assistance or answer any questions as you venture out and start officially trading.

Binary.com Facts and Figures

Binary.com key facts

  • 175 000 active customers (expected in 2021)
  • Number of transactions on Binary.com in 2019: more than 250 million (375 million in 2021)
  • In 2021 Binary expected to generate over USD 2 billion in turnover (more than 1.5 billion in turnover was generated in 2019).
  • Number of employees and contractors: over 250 in 2019
  • Offices in Malaysia, Malta, Paraguay and Dubai.
  • Popular in South Africa, India, Indonesia and 15+ other countries.

How Does Binary.com Work?

Biinary.com define your position

To get the very best results from this platform as a beginner, the best option is to start by creating a demo/virtual account. With this account, you get to practice your trading skills while learning more about how this site operates. It’s not wise to just jump in and start trading using real money.

Take your time and even visit the academy where you get to learn how to trade. Armed with as much knowledge and trading skills then you can create a trading account and get started. When you want to start trading, all you have to do is create a Real account.

After the registration process is successful deposit funds into it. You have to observe the minimum deposit amount for this platform. This means you can’t deposit funds that are less than $10 in your new trading account. There are several methods that you can use for deposit.

Withdrawal requests once received take up to 24 hours to process. The same methods applicable in the deposit are the same in receiving your withdrawn profits. You have to be patient depending on the method you use for the money to reflect in your account. You can trade on the various assets on this platform.

Is Binary.com a Reliable Platform?

Binary.com license

This is one of the most reliable trading platforms available online. This is because it is heavily regulated and fully licensed to operate. It’s able to reach millions of users from all across the world so ensuring it can be trusted is very important given that trade requires using real money.

It is licensed and regulated by the Vanuatu Financial Services Commission in Vanuatu, the British Virgin Islands Financial Services Commission, and the Labuan Financial Services Authority. This heavy regulation ensures it remains fair to its users and gives them a safe and secure platform where they can trade.

This company takes extra measures to ensure the safety of all client information fed into their website. This means no unauthorized persons can access your details or account. The company has taken steps to fully comply with the GDPR (General Data Protection Regulation) that ensures all personal data is protected. Every user is notified in case of any changes in the privacy policy to avoid being blindsided by changes.

Binary.com: How to open a Virtual/Demo Account

By using a virtual account that has virtual funds in it, you get to test out this trading platform and improve on your skills. This gets you ready for real trading once you have a Real account set up. Opening a virtual account is very simple and it comes with $10000 that you use to trade.

All the profits you earn by using virtual funds to trade can’t be withdrawn. All you need is to complete the simple registration process and you can start trading. Once you’ve done this then you get an email with details on how this account works and who to contact in case you need support.

Start placing trades with the different available assets like Forex and Indices. Because you’re using virtual funds, you can explore as much as possible for learning purposes. You get a step by step guide on the virtual account on how to trade successfully. Pick the trading type you prefer to use which is part of the whole trading process on this platform. The virtual account gives you a chance to learn as much as possible after which you’re ready to apply all this in real trading.

Type of Accounts

Binary.com account types

You get to choose between only two types of accounts on this site.

  • Standard Account

This is the Real account you open after using the demo account to sharpen your trading skills and knowledge. With this, you can start trading using funds and earn a return on your investment. You don’t have to worry about a hefty minimum balance because the least amount you can deposit in your new account is $5.

To trade, all you need is to use $1. This makes this site more attractive to users because these amounts are not too hefty. They are within reach. You only require a few minutes to create a new trading account. After that, you use the deposit methods accepted and deposit funds into it to start placing trades.

  • Virtual/Demo Account

This is an account you use to learn how to trade on this platform and improve your skills before you start trading. You get $10000 in this account in the form of virtual funds that you can trade on the various assets available.

As a beginner, you don’t have to worry about burning through your initial deposit because you don’t know what you’re doing. This platform has provided this demo account for this purpose. Use virtual funds to trade and learn as much as possible.

Trade in the World’s Financial Markets

Binary.com World’s Financial Markets

  • Binary Options

When you decide to trade on binary options, be ready to receive a fixed payout after you predict the outcomes of two predictions. You only get the payout if the prediction you make is the correct one. You only lose the staked amount in case your prediction is wrong. This is why it’s referred to as binary because only two outcomes, win or lose, are available.

With binary options on this platform, you get to trade on all markets and decide the duration that works best for you. It can be short term or long term. The process of trading in them is easy and you need to follow only three distinct steps. Start by choosing the defining the position then get the right prices and trade.

  • Forex

Forex stands for the Forex Exchange Market which is one of the biggest in the world with millions of trades happening daily. You get to buy and sell various currency pairs. The various pairs available include major, minor, and exotic currencies. The market is available for 5 days a week where you can get involved as much as possible.

  • Cryptocurrencies

This has become one of the most popular trades among users of online Forex trading. There are cryptocurrencies like BTC, ETH, Litecoin to choose from and they all use the blockchain technology.

When trading on cryptocurrencies on this platform, you take a position on a pair when expecting its value to either rise or fall after which you earn a profit on your investment. This happens only when the prediction you make is correct. The key to earning a profit is to understand when it’s the right time to sell and buy. Timing is everything.

  • CFDs

Contracts for Difference allow you to earn a profit by speculation. You get to speculate on whether an underlying asset will rise or fall. The main point to note is you’re not the owner of this asset. The position you take determines whether you earn a profit on your investment or not.

You can trade more that you’ve staked using this type of asset and speculate several markets like crypto and indices. It’s best to learn how this type of trading operates. Take advantage of the virtual account to test it out. In CFDs trading, you can choose between opening a buy position or a sell one.

  • Metals

Another type of trade you can engage in is by trading on metals like gold and silver. You get to predict how the price will shift on a specific metal and get to earn a profit from the difference in pricing. This is after the value of the metal either rises or falls. There are two categories of metals namely industrial and precious metals.

  • Lookbacks

This is a relatively new type of asset that you can trade on. It was launched back in 2018. It comes in the form of contracts and you get to choose among three lookback contracts.  They are High-close, Close-low, and High-low.

Tradable Instruments

Given that there are many types of assets available on this platform, this means the number of tradable instruments is very high. You get a chance to choose from 100 plus instruments of trade. They are in the form of different markets from across the world. The instruments you can get on this platform include CFDs, metals, Lookbacks, Binary options, cryptocurrencies, Forex, etc.

Award-Winning Trading Excellence

Binary.com award-winning trading excellence

This is an award-winning platform that only works to cement its reliability. Since being founded back in 1999, it has managed to score numerous awards for its excellent services. In 2007, it managed to receive a major award while still very young in the world of online trading. It was the Best Fix-Odds Financial Trading Provider awarded to the company by Shares Magazine UK. This was followed in 2008 by receiving the Best Customer Communication Firm award by Investors Chronicles.

In 2009, the company was awarded the Best Fix-Odds Financial Trading Provider by Shares UK once more. 2012 saw the trading platform get awarded by the Global Banking and Finance Review for Best Fix-Odds Firm 2012. Recently in 2018, it was awarded the Best Binary Company Asia Pacific at the Global Banking and Finance awards. In the same year, it was awarded the Best Trading Platform in Asia by Global Brands Magazine.

Learn how to Trade with Academy.Binary.com

Academy.Binary.com

The best trading platforms are those that teach a beginner how to trade properly to earn a good return on their investment. Binary has created an online academy where you can get proper training on how to trade.

In the learning platform, you get to receive the latest news in the world of online trading. This is a rapidly changing industry and it’s best to keep up with the changes. You can learn by watching video tutorials on the various types of markets and how to trade. This makes it easy if learning visually works best for you. There is a section about different events hosted by this platform and others in online trading.

Visit the Binary TV option where you get to watch all the latest news on online trading and the different trends available in real-time. All this information is up to date keeping you informed. The learning center is a wealth of information and knowledge. It covers all the topics you need to know when trading on this platform. Browse through all of them and learn as much as you can. Keep coming back to see any new updates that you need to be aware of.

You can pass by the Binary shop and get yourself various items including learning resources, clothing, etc.

How to Deposit Money and Withdraw Profits

Binary.com deposit

You have to deposit funds into your trading account to use this platform. There are various methods you can use for deposit including Bank Transfer, Internet Bank Transfer, PayTrust, Visa, Mastercard, Maestro, FastPay, PerfectMoney, Skrill, Neteller, WebMoney, QIWI, Paysafecard, Jeton, iWallet, SticPay, airtm, and cryptocurrencies. You have to keep in mind the minimum you can deposit into your account is $10. Also, each of these methods has a minimum amount you can transact through them. The deposited money takes time to reflect in your trading account depending on the method used. The average for most is one working day. There is a limit to the maximum amount you can transact with each method too.

Withdrawing profits is relatively easy on this platform as it prides itself on fast payouts. The funds can reflect in your account within 24 hours but this depends on the method you use to request the payout. The day the withdrawal is processed has to be a working day which means it’s from Monday to Friday. Some methods can take longer to process the requested amount so it’s best to be patient. Contact the customer support team in case of any questions or complications.

Binary.com Mobile App

Binary.com mobile application can be used on a smartphone or tablet. Binary has an app that you can download easily onto your Android or iOS device. Through the app, you get to log in to your account. Here you can transact by depositing funds into the account or requesting a payout.

The app is fully functional and contains all the features you find on the main website. You get to place your trades easily and not have to be stuck in front of a desktop all day. With this application, you can trade from anywhere at any time because all you need is your device and a reliable internet connection. Use the app to also create a new trading account if you’re new to Biinary.com India.

Customer Support System

Binary.com customer support

With customer support, you can get answers to burning questions or assistance as soon as possible. On the homepage of the website, click on ‘Contact us’ to see all the modes of communication you can use to reach out to the customer support team. The best option for urgent questions or matters that need to be addressed is to initiate a live chat with an agent. You get answers in real-time which helps you make good trading choices. Simply click on ‘Live Chat’ on the Contact Us page to get started. You can also opt to send an email to [email protected] or [email protected] another option is to call using the numbers provided on the website. There are physical offices in several countries that you can visit if you’re within the area.

Pros and Cons

Pros

  • Has an easy registration process of trading account
  • You get a demo account for training
  • Has a training academy with a wealth of resources on how to trade
  • Good customer support
  • Award-winning company
  • Available options for withdrawing and depositing
  • No limit on withdrawal
  • Numerous tradable instruments
  • Popular in India, Nigeria, Kenya and many other countries

Cons

  • Some deposit and withdrawal methods can be limited in India, please check on Binary.com’s official website.

Frequently Asked Questions

  • Is Binary.com legit?

Yes, this is a legitimate online trading platform. They have complied with data security regulations under the GDPR (General Data Protection Regulation). This means all the information fed into your account is secure and can’t be accessed by unauthorized persons. It’s also regulated and licensed to operate by several authorities.

  • What is the minimum deposit and trade amount?

You can deposit any amount as long as it’s not lower than $5. Trading can be done with as low as $1.

  • How are the terms and conditions of this platform?

The terms and conditions are very straightforward detailing exactly what to expect from this trading company. Read and understand them before registering for an account. You can contact the customer support for any questions.

  • What methods can you use to deposit and withdraw?

There are several options to choose from. They are Bank Transfer, Internet Bank Transfer, PayTrust, Visa, Mastercard, Maestro, FastPay, PerfectMoney, Skrill, Neteller, WebMoney, QIWI, Paysafecard, Jeton, iWallet, SticPay, airtm, and cryptocurrencies.

  • Is this an award-winning trading company?

Yes. This company has won several awards since its inception in 1999. These include Best Fix-Odds Financial Trading Provider awarded to the company by Shares Magazine UK in 2007, the Best Customer Communication Firm award by Investors Chronicles in 2008 among others.

  • How do you contact customer support?

You can use several options with the fastest being live chat. Also, you can opt to send an email, call or even visit the physical offices if you’re within the area. Head to the ‘Contact Us’ section on the website to view all the details.

  • Does Binary.com trading platform have an app?

Yes, Binary.com has an app that you can easily download on your smartphone or tablet. It’s compatible with Android and iOS devices.

  • Is Binary.com popular in India, South Africa, Nigeria, Kenya?

Yes, Binary.com is popular in India, Indonesia, South Africa and 20+ other countries. There is an App for iPhones and Android smartphones and website version, offer local support and local deposit/withdrawal methods.

Conclusion

The fact is this is a very reliable trading platform which explains why it has millions of users from across the world. Being regulated and licensed ensures all members get to trade fairly and it has clear terms and conditions. It’s very easy to set up a virtual account which you can use to train on how to trade. The same applies to the standard trading account which you can sign up to in a few minutes. There are several methods available to deposit money and withdraw profits from this account. Keep in mind the deposit limit is $5 which is very fare. The tradable amount is $1 for binary.com. You can opt to download the mobile iOS or Android app and use it to access your account on the go. It functions well and has all the features found on the main website. It makes it easier to trade and you don’t have to be glued to a desktop all day.

Risk Warning: We understand the Forex industry is huge and volatile for people who lack basic knowledge about online trading. If you are a beginner, you should make this site your companion (and please practice trading skills on free demo accounts, don’t invest real money if you are beginner: remember, Forex trading, as long as trading binary options, crypto or CFDs, carries a risk of losing money due to leverage. About 77% of retail investors lose money when trading CFDs). (Read in other languages: RU, VI, ES, ID, PT-BR.)