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Binary24 Review - is it scam or safe?

Binary24 Review - is binary24.com scam or good binary options broker?

RATING: 1 / 0 REVIEWS
Binary24 is not regulated. We cannot guarantee your money is safe.

Trading Accounts & Conditions

 

Minimum deposit Min./Max. bet size Expiry Times Payout %
$1 $0.01/ $1 000 5 sec. to 24 hours Up to 90%

 

Binary24 offers trading in binary options (all-or-nothing options, as they call it) – options for which the payout is determined before the order is placed. Traders simply have to make a prediction about whether the price of a given asset will move up or down within a predefined time period. As long as the option expires in the money, the trader receives a fixed amount of return.

 

Unlike most binary option brokers, Binary24 offers a single type of account on its in-house web-based platform. It covers many asset classes, ranging from currencies, stocks, indices, commodities to the hottest new asset, cryptocurrencies.

 

Binary24 Advantages:

 

Good variety of trading instruments, including cryptocurrencies

There are wide range of financial instruments available for trade at Binary24. They are arranged in several categories in the broker’s platform: Forex, Crypto, Indices, Commodities, Precious metals and equities. As regards cryptocurrencies, Bianry24 offers trading in some of the most popular coins – Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Dash.

 

Cryptocurrencies have gained massive popularity lately and that is why many forex and binary options brokers have added them to their offering. Below, you may find a list of forex brokers that offers trading in Bitcoin (in the form of CFDs).

 

 

>> Bitcoin Forex brokers <<

 

 

Seemingly high payouts

The payout percentage at Binary24 varies, depending on the instrument traded, but reach 90% on major forex pairs. The broker’s website even brags about a payout of 98% on its website, but we didn’t see such in their platform.

 

No initial deposit required

Binary24 has not set any specific initial amount their clients should deposit in order to use the platform and trade. The minimum bet size is also very low, which allows for better risk management.

 

Anonymous trading

Another peculiarity of this broker which might seem attractive is the fact that you don’t have to prove your address or verify your identity. This is due to the fact that Binary24 only accepts deposits in cryptocurrencies.

 

 

Binary24 Disadvantages:

 

Registered offshore

This broker is owned and operated by Binary24 Ltd., a company registered in Belize. Belize is a popular offshore destination for forex and binary options brokers, as taxes and legal requirements are very lax. The problem for clients of such a companies is that there is no guarantee they will ever get to withdraw money from their accounts (regardless of the trading performance).  Besides, the binary options industry is notorious for its gambling nature and the fact that most brokers are pure scammers.

 

However, now that ESMA has banned binary options altogether (as of July 2, 2018), there have remained no reliable regulators in this sector. Previously, most regulated binary options brokers were holding licenses from the Cyprus Securities and Exchange Commission (CySEC).

 

Only cryptocurrency accepted as deposit

As we mentioned earlier, Binary24 does not use many payment methods. The fact that it only accepts deposits in cryptocurrencies means that its clients have to possess some BTC, ETH, LTC or Dash in an online wallet.

 

No long-term options

Binary24 offers trading in options that are mostly short term, starting from just 5 seconds. Most traders will do better if they start out with longer term options which last a few hours or days, and then work their way up to 30/60 seconds.

 

Platform too simple

The software, which was developed by Dubai-based fintech BinoTech, is said to be the world’s first binary options system to offer traders access to historical data. However, this feature does not seem to be working.

 

 

Besides, we find the charting lacking any technical analysis tools. Here is a preview of Binary24’s web-based platform:

 

 

Click on the image to zoom in.

 

Mobile apps are also available.

 

 

Conclusion

 

The offer of Binary24 might seem catchy, but we would not recommend investing with this binary options broker. Trading on its platform seems easy and the website promises massive and quick returns, but the truth is most traders lose and many of those brokers are pure scams. As most binary options brokers, Binary24 also isn’t properly regulated, so its clients have no protection if something goes wrong.

 

To sum up the above:

 

Pros Cons
Good variety of trading instruments, including cryptos Registered offshore
Seemingly high payouts Only coins accepted as deposit
No initial deposit required No long-term options
Anonymous trading Platform too simple

 

Latest news about Binary24
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Traders` reviews for Binary24

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