Binary.com has established itself as a significant player in the online trading landscape, particularly in the binary options and CFD markets. The overall sentiment from various reviews is largely positive, highlighting the broker's long-standing reputation, competitive trading conditions, and user-friendly platforms. However, some concerns regarding customer support and certain regulatory issues have also been noted.
Note: It's important to recognize that Binary.com operates under multiple entities across different jurisdictions, which may affect the trading experience and regulations applicable to users depending on their location.
Score Overview
How We Score Brokers: Our scoring is based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the broker's offerings and services.
Broker Overview
Founded in 1999, Binary.com (formerly known as Betonmarkets) has built a solid reputation as a binary options broker. The platform offers access to multiple trading instruments, including binary options, forex, CFDs, and cryptocurrencies. It supports various trading platforms, including the widely recognized MetaTrader 5 (MT5), alongside proprietary solutions like Smart Trader and Binary Bot. The broker is regulated by several entities, including the Malta Financial Services Authority (MFSA) and the Vanuatu Financial Services Commission (VFSC).
Detailed Insights
Regulatory Regions
Binary.com operates under different regulatory bodies depending on the region. In Europe, it is regulated by the MFSA, while in the British Virgin Islands and Vanuatu, it is subject to local regulations. However, the broker's operations in certain regions, such as the USA and Canada, are restricted, which is a critical consideration for prospective traders.
Deposit/Withdrawal Currencies/Cryptocurrencies
Binary.com supports a variety of currencies for deposits and withdrawals, including USD, EUR, GBP, and AUD. Additionally, traders can use cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others for transactions. The minimum deposit requirement is notably low, starting at just $5, which enhances accessibility for new traders.
Currently, Binary.com does not offer any bonuses or promotions, which is a common practice among many binary options brokers to maintain regulatory compliance.
Tradable Asset Categories
The broker provides a diverse range of tradable assets, including over 100 binary options, forex pairs, commodities, cryptocurrencies, and volatility indices. This variety allows traders to tailor their portfolios according to their risk tolerance and market preferences.
Costs (Spreads, Fees, Commissions)
Binary.com is known for its competitive pricing, with spreads starting from 1.0 pips. The broker does not charge additional fees for deposits or withdrawals, although users should be aware that their payment processor may impose fees.
Leverage
The broker offers dynamic leverage options ranging from 1:300 to 1:1000, depending on the asset class and trading strategy. While high leverage can amplify profits, it also increases the risk of significant losses, which traders should consider carefully.
Binary.com provides multiple trading platforms, including the popular MetaTrader 5, Smart Trader, and various proprietary platforms designed for binary options and automated trading. This flexibility allows traders to choose the platform that best suits their trading style.
Restricted Regions
As mentioned earlier, Binary.com does not accept traders from the USA, Canada, and Hong Kong. This restriction is crucial for potential users in these regions to consider before opening an account.
Available Customer Support Languages
The broker offers multilingual customer support, catering to a global audience. However, some reviews indicate that customer service could be improved, particularly in response times and availability of live chat support.
Score Overview (Repeated)
Detailed Breakdown
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Account Conditions (9/10): Binary.com offers a low minimum deposit of $5 and a variety of account types, including a demo account with $10,000 in virtual funds. This makes it accessible for traders of all levels.
Tools and Resources (8/10): The broker provides various trading tools, including a margin calculator and educational resources. However, some users have expressed a desire for more comprehensive educational materials.
Customer Service and Support (6/10): While customer support is multilingual and available via email and phone, some reviews indicate that response times can be slow, and live chat support is lacking.
Trading Experience (8/10): Users appreciate the user-friendly interface and advanced trading features, particularly on the MT5 platform. However, some have reported occasional platform issues.
Trustworthiness (7/10): Binary.com is regulated by multiple entities, but concerns regarding its offshore status and the revocation of licenses in certain regions have been raised.
User Experience (8/10): Overall, the user experience is positive, with many traders highlighting the ease of use and the variety of trading options available.
Regulatory Compliance (7/10): While the broker is regulated, the presence of multiple entities and the revocation of licenses in some areas have led to mixed perceptions regarding its regulatory compliance.
In summary, Binary.com is a well-established broker that offers a solid trading experience with a wide range of assets and competitive conditions. However, potential users should be aware of the regulatory landscape and the limitations regarding customer support.
