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Binarium Review - is it scam or safe?

Binarium Review - is binarium.com scam or good binary options broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Binarium
Binarium is not regulated. We cannot guarantee your money is safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Min trade size Payout
Start  $5 $1 up to 90%
Standard  $100 N/A N/A
Business  $50 N/A N/A
Premium  $2 000  N/A N/A
VIP  $5 000 N/A N/A

   

As its name suggests, Binarium is a binary options broker that offers trading on a web-based trading terminal. Its website does not provide much information account types, but after sign up we were offered 5 options:

 

 

Read the full review to get all the details about this broker and decide whether it is worth your deposit.

 

 

Binarium Advantages

 

High payouts

Payouts with this broker reach 90% on UER/USD binary options trades, and even more on Turbo options, which is really attractive.

 

That said, we should note that betting on binary options involves a lot of chance (and risk), so if you prefer to have more control over your trades, you may check some of the best forex brokers offering low and attractive spreads:

 

 

>> Lowest spread forex brokers <<

 

 

Demo accounts available

Another good feature of Binarium is that it offers free demo accounts for testing purposes, which is quite unusual among binary options brokers in general.

 

Low minimum deposit & bet size

With Binarium, one can trade in currencies, cryptocurrencies and several commodities on a simple web-based platform, and the entry threshold is really low – just 5USD. The minimum best size is also among the lowest in the industry, amounting to $1. Such low minimum bet sizes allow better risk management.

 

 

Binarium Disadvantages

 

Not regulated

Our main concern with Binarium is that the broker is not licensed, nor overseen by any authority, which is basically common among binary options providers. The brokerage is owned and operated by Binarium Ltd., a firm registered in St. Vincent, and the Grenadines (SVG). The company also has offices in Cyprus, Ukraine, and Latvia.

 

Brokers registered in this offshore are not regulated, but simply have to follow an inexpensive registration procedure with the Financial Services Authority (FSA). This means that these brokers are not overseen by any financial authority and that their clients are subjected to all kind of risks, the most common of which is losing your entire investment to scam.

 

As some of you probably know, binary options brokers cannot seek clients legally in most countries, as this type of derivatives are considered very risky and the closest to gambling. In an attempt to enhance consumer protection, ESMA has prohibited binary options trading throughout Europe and the EEA and has restricted retail forex trading in many ways. As a result, there have remained no reliable regulators in the binary options industry. Previously, most regulated binary options brokers were holding licenses from the Cyprus Securities and Exchange Commission (CySEC).

 

Blacklisted by the CNMV

As it became clear from the above lines, binary options brokers cannot operate legally in the EU, nor on another heavily regulated financial market. Nonetheless, many of them do, and Binarium is no exception to that. It obviously targets European investors, considering the languages its website supports – English, German, Polish, Italian , Spanish. We also found out that the broker has been blacklisted by the Spanish financial regulator, the CNMV, as a potential scammer.

 

Oversimplified trading platform

As most binary options brokers, this one also offers its services on a web-based platform. Binarium’s trading interface is easy to use, and even has several indicators, but still lacks many advanced tools other platforms support. Here is a screenshot of their platform:

 

 

Click on the image to zoom in.

 

 

Conclusion

 

Binarium appears to have several strong sides to it, but they are overshadowed by the lack of legit regulation and the fact that it was blacklisted as a potential scammer by the Italian financial regulator.

 

Instead of wasting your time and money on shady binary options brokers, you’d better choose a reliable companies forex and CFD provider. Many of them are authorized to operate in Europe and are much more transparent about their offer and pricing.

 

 

>> Forex brokers regulated in Cyprus <<

 

 

For example, forex brokers authorized by CySEC have to meet certain capital adequacy requirements, keep clients’ funds in segregated accounts, report transactions on a regular basis, provide negative balance protection, and more.

 

Furthermore, in case any Cypriot broker is unable to meet its financial obligations to clients due to insolvency, each of their clients may be compensated up to 20 000 euro by the Investor Compensation Fund.            

 

And finally, here are the highlights of the present review of Binarium:

 

Pros Cons
High payouts Not regulated
Low minimum deposit & bet size Blacklisted by the CNMV
  Oversimplified trading platform

 

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Traders` reviews for Binarium

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

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