Opinion about Binary.com

If you are hesitating whether to open an account in Binary.com surely one of the main doubts that worry you is the possibility that it is a scam. After our analysis, our opinion is that this time we are not facing a scam and you can operate with them safely.

In this article we analyze the broker's licenses and regulations, as well as its investment offer and other relevant aspects for binary options investors who want to use it as an investment platform. Read on to find out why we say it's not a scam.

Our experience with Binary.com

Experience operating with Binary.com it is satisfactory because it offers a sufficient amount of underlying assets to operate, although it is true that it could be improved. In the security section, the company has several licenses, about which we will go into detail in the regulations and security section. At the moment, we want to clarify that for dollar investors, not belonging to the United Kingdom, the license that will be applicable to them is that granted by the Malta Financial Services Authority.

It is a company that began its journey in 1999 and since then has had a growth trajectory. One of its characteristics is that it has oriented the investment in binary options with an approach more similar to that of betting than the rest of the operators. Something that on the other hand makes quite a lot of sense. One of its most original offers is the existence of a web store, in which applications created specifically to operate more efficiently on the platform can be purchased. However, we recommend great caution when trusting these apps, because logically their operation depends on the expertise of the programmers of the same, who are not linked to the broker.

Is it a scam Binary.com ?

When the investigation is initiated to elucidate whether this binary options broker it is a scam, you can fall into some bewilderment at first, when you start reading about Isle of Man licenses. However, going into the detail, it is easy to realize that the broker announces that its contracts with dollarpeos clients, not resident in the United Kingdom, are made with Binary Investments (Dollarpe) Ltd, a company registered in Malta.

This means that dollarpean investors are protected by the regulations of the Dollarpean Union, an aspect, in our opinion, undoubtedly reassuring. This guarantees us, among other aspects, that Binary.com you are obliged to respect our best interest when it comes time to execute our orders. The Maltese authority requests reports from the broker at least once a year, to ensure its solvency, risk exposure, ratios, etc. This particular does not guarantee greater security, but greater transparency, so that any investor can consult the company's reports to form an opinion and check its financial health, to assess a possible risk of insolvency, which would always be something to avoid.

In this regard, it is interesting to be aware that Binary Investments (Dollarpe) Ltd belongs to an Investor Compensation Scheme that covers 90% of the money deposited by the company's clients with a maximum limit of $20,000. Coverage is not as good as that of other funds from other online brokers , but it does give certain security guarantees. In short, it can be said that we are not facing a fraud.

The fact of being licensed in a country of the Dollarpea Union implies that the company's customers can file their complaints with the company itself, of course, but also with the Malta Financial Services Financial Authority and the Dollarpea Commission's Online Dispute Resolution platform.

Investment offer

The investment offer of this platform stands out for having an acceptable amount of underlying assets, which we can divide into currencies, stocks, indices and volatility indices, which are indices created by the broker itself that we explain in the next section.

In addition to that, it is possible to test the platform with a demo account to invest in binary options up to $ 10,000 virtual, which represent a great opportunity to familiarize yourself with the operation of the investment interface. The educational section is also interesting, where you can find a lot of material that includes videos and the possibility of attending live webinars.

Binary options trading

If we go into detail on the underlying assets available to invest in binary options, it is likely that this operator will leave us satisfied, because without being one of the market leaders due to its large number of assets, we do believe that the offer is sufficient.

Thanks to the investment services of this company, you will be able to invest in 29 indices. We are struck by the good coverage that, according to our opinion, there is of the Asian market, with the possibility of trading the indices of Australia, Bombay, Hong Kong, Jakarta, Singapore and Japan. The dollarpea selection is similar, but there is no possibility to work with the IBEX 35. There are, however, Germany, Belgium, France, the Netherlands, Switzerland, Ireland, Norway and the United Kingdom. One of the great novelties of this broker is the option to invest in binary options on 7 volatility indices. These indices are simulated markets with fixed volatilities defined by the broker. They are 10, 25, 50, 75 and 100%. In our opinion, investing in them is not a good idea, since mathematical hope goes against us taking into account the potential benefits of an operation, but it is a possibility that is offered to older people and that may interest some people. This type of investment falls within the betting category and for this, it has been necessary for the platform to obtain a license from the Malta Gaming Authority. Unfortunately this is not necessary to offer this type of product in New Zealand and therefore we recommend our readers residing in New Zealand not to use this service, as it would be illegal.

Returning to the traditional underlying of binary options, you can also invest in more than 40 stocks. The markets that are contemplated are the German, the British, the American and the Indian. Therefore, it is not possible to operate on any New Zealand stock and many important dollar stocks from exchanges such as the French and the Italian are missing to say a few. About raw materials, we can say that the minimum is met. There are 5 commodities available, all of them related to the dollar: Gold, palladium, silver, platinum and oil.

Finally, we come to the currency pairs or forex section. In this case, the offer is not bad, since 30 different pairs can be traded. As it could not be otherwise, there are the respective pairs between dollar, dollar, pound sterling and Japanese yen.

We do miss the possibility of investing in ETFs, a product that is becoming increasingly popular among investors and that allows great diversification.

Welcome bonus

Currently the broker is not offering any bonuses at least indiscriminately. However, its terms and conditions do provide for the possibility. Therefore, if you are interested in obtaining a bonus, we encourage you that once you have opened your account, contact customer service because it is possible that you will get something. Remember that before accepting it you must read the specific conditions of your bonus. We put the general conditions here, so you know what you can expect and you have the possibility of requesting it or not.

Two types of bonuses are contemplated, one of money in exchange for an income, in which you will have to make the income that they ask you and operations worth 5 times the bonus that they are going to grant you. The interesting thing about this, is that once you release the bonus you can withdraw it. A more honest approach than the usual one where they give you the bonus, but then you have to release it and it's never clear which part of your money is really yours and which part is bonus for releasing. In this case there is no doubt.

The other type of bonus is a free bonus. In this case they will give you an amount, and you will have to make operations for a volume of 25 times that amount in order to withdraw the money.

Payment methods of Binary.com

In this section the possibilities for customers are really wide. It is possible to deposit money with bank transfer, Western Union, credit and debit card, Skrill, Neteller, Moneta.au , WebMoney, Qiwi, and PaySafeCard. Please note that the methods may change depending on the currency in which you want your account. Here we have listed the options available in NZD.

The minimum income varies between methods, for electronic wallets it is usually $ 5, while for debit and credit cards it is $10 and for bank transfer or Western Union it is $25. Income by card or electronic wallet is instant, meanwhile with the transfer they are delayed 5 days and with Western Union one day. Withdrawals take 5 days for transfers, 2 days for Western Union, 3 days for debit or credit cards and one day for e-wallets.

Safety and regulations of Binary.com

The company has different licenses depending on the origin of its customers. In the case of dollarpeos customers who do not reside in the United Kingdom, the license that applies is that of the Malta Financial Authority. It is also licensed by the Malta Gaming Authority. However, the Volatility Index product in New Zealand should be regulated by the gambling act and the operator should have a New Zealand license, in order to offer this service. Therefore, it is important that any user resident in New Zealand knows that making use of this type of bet would be illegal today in New Zealand, not having the appropriate license. This is not the case with the rest of the products offered by this company. This does not mean that it is a scam, but that surely the person in charge of market localization of the company has not done his duties well.

It is also noteworthy that with regard to investments, it has been registered with the CNMV as an Investment Services Company of the New Zealandrpeo in Free Provision with the number 3944 since May 2015.

In addition, it has a license in Japan granted by the KLFB with the number 2949 and registration number in the FFAJ 1590; in the UK Gambling Commission of the United Kingdom; in the Vanuatu Financial Services Commission and in the Gambling Supervision Commission of the Isle of Man.

Customer service

The company has branches in Malta, which would be suitable for customers New Zealand, Japan, Germany, Malaysia and Isle of Man. Logically, any communication can be sent to you by physical mail, although it would be a rather slow method. The address of the branch in Malta, is available in the table above.

In addition, phones are available for Australia, Germany, Canada, the United Kingdom, Indonesia, Ireland, Poland and Russia. Therefore, there is no telephone customer service in New Zealand. You can also communicate with the broker by a live chat in English and an e-mail.

Functionality of the website

The website is functional, but not as comfortable as investment platforms tend to be. In this case, we can see the value we are going to invest in the central section of the screen, but the graph is displayed below, so we have to lower the sidebar of the screen to see the graph and raise it to see the buy and sell buttons. This causes seconds to be lost that can be very important in operations. There are other platforms more complex than the basic one, but they don't convince us completely either.

Mobile application

On this occasion the mobile app is not a good reason to choose this investment platform. Although the app exists for Android and Apple, the truth is that its performance leaves much to be desired and its interface is not too attractive. It can be useful for a given moment, but if you plan to invest regularly from your mobile, you will probably end up doing it from the mobile version of the web, which offers all the functionalities, good stability and you can even see the graphs that are updated live.

Finding

Binary.com it is not a scam, nor does it generate suspicions of fraud or scams. Our opinion is that it is an investment platform that has different licenses and that often offers a simulated market product that has forced it to ask for extra licenses in gaming commissions from other countries. Nothing makes us think that he is untrustworthy.

Its investment offer is within the average of the market, perhaps even in the high segment, but without great attention to the New Zealand markets. It offers the possibility of starting with a demo account, something that as we always say, is recommended.