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BinaryBook is an offshore binary options broker offering trading a wide range of assets on its own innovative trading platform.
Fund security
BinaryBook is owned by WSB Investment Ltd. - a company registered in Saint Vincent and the Grenadines. The company is silent about the history of its development.
The financial regulation regime on this Caribbean island is one of the most liberal and the registration procedure is simple and less expensive than in other regions. This is why SVG is a popular jurisdiction for Forex startups.
Companies registered with SVG do not face any of the UK or Cyprus requirements and are largely unregulated. Simply put, if you decide to open an account with a broker working in SVG, it will be much more difficult to protect your investments, they are not protected or insured by anything, and it is not always possible to return them in case of bankruptcy of the broker.
So, if you are going to invest a large amount of money, first check out other brokers on our website.
Trading conditions
BinaryBook offers its clients four main account types to choose from, depending on the initial deposit: Micro, Basic, Gold and Platinum.
Minimum deposit
The minimum initial deposit for BinaryBook clients is $ 250, which can be found on many brokers, however we find it a little high for an unregulated broker.
Minimum bet
The minimum bet for this broker is also slightly high at $ 25. In comparison, other binary options brokers can make a trade for as little as $ 5.
Payouts
BinaryBook's return rates range from 71% to 81%, which is the industry average. Turbo options on EUR / USD offer a payout of 71%, while 81% return is offered on Call / Put options for EUR / USD.
Trading platforms
BinaryBook offers a proprietary trading platform where traders can trade a wide variety of binary options in currencies, stocks and indices. The platform is simple and easy to use and offers all types of binary options: short-term, long-term, one touch, ladder, pairs, Call. Moreover, the broker provides some additional tools and functions such as Double-up and, in particular, Trend Analyzer.
Thanks to the doubling function, all traders have the opportunity to double their profits. This tool is available on the BinaryBook trading platform 5 minutes before the expiration date of your chosen asset, giving you the opportunity to maximize your return on investment.
BinaryBook Trend Analyzer is a free and fully automated system - an intelligent trading calculator that makes trading easier. It can be found in the classic binary options trading tool.
Signal trading for binary options is also available.
Significant services
The broker provides swap-free services for clients who practice Islam. This service excludes any commissions and interest for carrying over transactions to the next day and is available for all account types.
Support service
The BinaryBook website and customer support are available in Arabic, English and Turkish. Support is provided via live chat, email or telephone (UK and Bahrain numbers). It should be noted that support responds promptly.
Ways of payment
Several payment methods are available for BinaryBook customers: bank transfers and the following credit / debit cards - Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo.
Popular e-payment systems like Skrill & Neteller are not supported by this broker.
Criticism of traders
There are few Russian-speaking traders who used the services of a broker, so we analyzed the reviews of traders from Europe. Mostly traders complain about the withdrawal of money, many of them visited the office in England, but found only empty premises there.
Pros:
easy to use trading platform; a wide range of trading options and assets; Islamic accounts.
Minuses:
not regulated; does not support electronic wallets for depositing; mediocre payouts on binary options.
BINARYBOOK is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
BINARYBOOK profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. BINARYBOOK received a score of 1 of 5 on our resource.