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Binary.com Review - is it scam or safe?

Binary.com Review - is Binary.com scam or good forex broker?

RATING: 2.2 / 0 REVIEWS Binary.com
FIND BETTER BINARY BROKER

Binary.com is a binary options broker, that also says to be trading with forex pairs and CFDs. The  broker operates through various subsidiaries, one of which - Binary Investments (Europe) Ltd is registered and regulated in Malta, while the other are based offshore. Be aware that depending on your location and choice of account you may be redirected to an offshore company. More details about Binary.com you may find in the following review.

 

Trading account  Min. deposit Max. leverage Spread
Standard Account n/a 1:30 n/a

Synthetic Indices Account

n/a 1:1000 n/a

 

Binary.com Advantages:

 

A variety of forex pairs indices and other instruments

 

Binary.com offers 28 forex pairs, some of which minor or exotic like USDMXN, USDPLN, USDNOK and USDSEK. Apart from that we counted some 24 indices, several crypto coins like Bitcoin, Litecoin and Ethereum, precious metals including gold, platinum, palladium and silver, as well as oil. Still, if you are interested in trading crypto assets, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:1000

 

Keep in mind that since August last year the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions for retail traders at 1:30 so basically Binary.com will offer you higher leverage either if you open an account with one of their offshore subsidiaries or if you are a professional trader. In any case here you may also check our list of brokers regulated in Australia, the last major regulatory hub, where higher leverage remains unrestricted:

 

>>Brokers regulated in Australia<<

 

Good maximum payout 

 

We are not sure about the spreads, because we were not immediately able to open a demo forex account, but as far as binary options are concerned the maximum payout looks good – 86,9%. Basically the payout is considered attractive if with a benchmark pair like EURUSD the payout reaches 85% or above. 

 

Still if you prefer to trade forex and CFDs here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader5 Available

 

Along its web based binary options platform Binary.com offers MetaTrader5 as well, and that is a positive point.

 

Binary.com web based platform

 

MT5 and its predecessor the MetaTrder4, are among the most widely used trading platforms on the market, featuring numerous market indicators, advanced charting tools and even modifiable trading robots, with the help of which one can easily run automated trading sessions. Here you may also check our list of brokers, supporting MetaTrader5:

 

 >>MT5 Brokers<<

 

You can pay wit all major e-wallets and credit cards

 

Binary.com accepts payments with major e-wallets like NetellerSkrill, WebMoney and PaySafe Card, VISA and MasterCard, as well as bank wire. Still as no crypto coins are accepted, here you may also check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Binary.com disadvantages:

 

Binary.com offered us an offshore account

 

Binary Limited, a holding company based on the Channel Islands, is operating Binary.com through a number of subsidiaries – eight of them, which apart from the Maltese based Binary Investments (Europe) Ltd. are all based offshore. 

 

And depending on where you are located and whether you want to trade binary options, you may be offered to open an account with one of the offshore subsidiaries, which are either unregulated or loosely regulated by an offshore financial commission like the one in Vanuatu or the British Virgin Islands.

 

The only solidly regulated company here is Binary Investments (Europe) Ltd, which is licensed and authorized by the Malta Financial Services Authority. And that company alone is authorized to offer financial services in all the EU countries, including the UK. 

 

 

But when we we tried to open a forex account at Binary.com (currenctly we are based in EU) to our surprise we were redirected to Binary (Europe) Limited, which does not have a proper license, although the broker says to offer EU customers only services, provided by Binary Investments (Europe) Ltd.

 

Bear in mind that since July 2018 the European Securities and Markets Authority (ESMA) has imposed a ban on all binary options bets, at least for retail traders, so basically if you want to play with binary options you will have to register with one of the offshore subsidiaries of Binary.com.

 

The general problem with all unregulated or loosely regulated brokers, however, is that they are not properly supervised and are largely unaccountable for the way they handle your money. 

 

Brokers, holding legit licenses, issued for example by the Financial Conduct Authority (FCA) in the UK or certainly by the Malta Financial Services Authority on the other hand, are reliable, because of the rigorous supervisory mechanisms they are subject to. And with a FCA broker your funds will even be insured for up to 85 000 GBP, so here you may also check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

No information about the minimum deposit requirement

 

This may vary depending on the account type, but still, have in mind that with most brokers you will be able to open a trading account with about 250 USD, while with some big well established players like FBS and IG you can start trading with just 5 USD  or even less.

 

Conclusion:

 

We agree that since ESMA banned all binary options bets on the European market lats summer, legit companies, that offered the service were left with no choice but to go offshore or close their businesses. And probably that is what had happened to Binary.com and that is the reason why they have established their offshore subsidiaries. And yet, the fact that we tried to open a forex account, not a binary options one, and were redirected to an offshore subsidiary disturbs us.

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Traders` reviews for Binary.com

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