Our Review of BinaryBook
As its name signals, BinaryBook is an online broker that specialises in binary options trading. One thing that instantly makes BinaryBook stand out from other brokers is the fact that it offers traders the ability to make a profit of 100% on their trades.
Account Types + Opening
There are 5 different accounts on offer at BinaryBook, and they are all relatively smooth to open. The Micro account is designed for beginners. Each of these accounts has different features attached to them. For instance, with a basic account, you can trade amounts between $501 and $2, 500 whilst with a Gold account, you can trade amounts between $2, 501 and $10, 000. The more high powered your account is, the more risk free trades you can have. These are just two examples of the different features and benefits that you can get when you open an account with this platform.
Promotions, Sign Up + Deposit Bonuses
On the BinaryBook trading platform, different account types will have different bonuses and benefits associated with them. For example, the welcome bonus with a Platinum account is up to 100%, whilst with a Micro account it is up to 20%.
Commissions and Fees
Fees are associated with withdrawals, and they vary depending on withdrawal amounts. Fees with BinaryBook are in general more than twice those of other brokers; for instance, making a withdrawal by wire transfer will cost £50 or $50. The commissions that are taken will vary from trade to trade.
Trading Platform Review & Mobile Apps
The BinaryBook platform has a nice mix of trading software, market news and how to guides. No app has yet been created for BinaryBook.
Deposits & Withdrawal Methods + Ease
The minimum withdrawal amount for BinaryBook is $250. Deposits and withdrawals can be done with credit cards, online payment accounts or by wire transfers. More high powered accounts will often have quicker turnarounds for their withdrawals. As mentioned above, fees are associated with withdrawals from all BinaryBook accounts. There are also maximum withdrawal amounts associated with some payment methods. For instance, the maximum that you can withdraw with a credit card from BinaryBook is $20k.
Regulators & Safety: Are they a reliable, legitimate broker or a scam?
BinaryBook is not a regulated broker, and this has caused anxiety among some traders. However, it is a legitimate broker rather than a scam.
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