Binarium Review: Scam Binary Options Broker! - Topedgefx.com

Binarium Review: Scam Binary Options Broker!

Welcome to Binarium review.

Binarium is a binary options broker operating out of the St Vincent and The Grenadines, an area that is infamous for hosting a number of brokerage scams.

The face behind this broker is a company called Binarium Limited.

According to the site, Binarium Ltd is located at Office 02, 9 Kappadokias, Dasoupoli, 2028, Nicosia, Cyprus.

Customers are provided with chat, email and phone support via +357(22)052784 and +44(203)6957705 respectively.

However, in this Binarium review, we want to provide reasons why we believe this broker can be risky to trade with especially if you deposit a large amount of money.

Binarium review

You see, this binary options broker is unregulated and is therefore operating an illegal business.

If they are based in Cyprus, they should have authorization from the CySEC. But this does not appear to be the case.

Remember it is always consider safe to trade with registered and well regulated brokers, not offshore brokers who prefer to setup their businesses in areas where financial regulators are not very strict.

Furthermore, Binarium does not offer its services to citizens or residents of US and Israel. This is because these countries have tough laws governing the financial services industry and any broker that breaks these rules are quickly arrested and slapped with a heavy fine.

Before you decide to open an account with this shady broker, please ensure you’ve read this Binarium review till the end.

Binarium review

Binarium has set up a sleek and professional website.

They claim that their business was launched in 2012 but this who.is page tells us the domain Binarium.com was registered in 2008. 

It’s most likely true that this domain was registered by someone else prior to this broker purchasing it and running their business from that domain.

Anyway, this is not really important as far as this review is concerned.

They lure traders with their simple and user friendly trading platform for trading CFDs including bonuses and up to 120+ trading instruments.

This platform is integrated with a demo and so new traders can horn their skills with virtual money starting $10,000.

This platform provides 12 indicators for market analysis. If you’re a trader with some knowledge on how these indicators are used, Binarium is allegedly going to provide you with a trading environment that you’ll love.

The broker also claims that they don’t charge any commissions during deposit and withdrawal transactions.

They want traders to know that these costs are covered by them.

Minimum deposit starts at $5 and trades can be placed with as little as $1.

The Binarium are providing every customer with 100% bonus and even if you’ve not signed up yet, the website will announce to you in a pop up that you’ve been rewarded with 100% bonus.

These are the kind of red flags you have to look out for before signing up with any broker out there.

If a broker is so desperate to make you sign up and hand over your wallet, they are potentially a scam.

Binarium review: account types

There are 4 account types. Traders wanting more features must upgrade based on their deposit amounts.

They are as follows:

[tabs][tab title=”Basic Account”]Minimum deposit: $5

Withdrawals take up to 5 business days

$1,000 in virtual funds for demo trading

[/tab] [tab title=”Premium Account”]Minimum deposit is $500

Withdrawals take up to 3 business days

Trading signals

Personal trainer

Tutorials

[/tab] [tab title=”Business Account”]Minimum deposit is $5,000

All the benefits of basic and premium accounts are present

Person strategy and trading plan development

[/tab] [tab title=”VIP Account”]Minimum deposit is $10,000

All features of the first 3 account types plus additional features like withdrawal upon request[/tab][/tabs]

Binarium trade types and payouts

The broker offers High/Low options or what is known as Call/Put Options.

This is a style of trading where you have to predict that price will rise above the entry or fall below entry within a specific duration of time.

They’re also offering One Touch Options.

This trading requires price to touch one or two set of points before the trade can expire.

Unlike Call/Put options, one touch options can be very profitable. At the same time, the risks associated with them is also very high as one must have razor sharp accuracy.

Binarium 60 seconds options are for traders who want to close trades after 60 seconds of entering them. On the other hand, this broker also allows traders to hold positions for up to one month.

Binarium is basically offering CFDs for trading.

In this type of trading, you agree with the broker that when you win, they pay and when you lose, they take the portion of money “invested” in the trade.

It’s important to know that the broker will be simulating real market conditions and not routing your trades to the market as purported.

This is why some experts have declared binary options trading a scam.

Why we don’t recommend this broker

We don’t recommend them for the obvious reasons.

They are unregulated and secondly, we feel that this broker has not garnered sufficient consumer feedback yet.

Most of the reviews on the internet are from blogs that endorse this broker even when they have not tried their services yet.

An unregulated broker is definitely a dubious broker with hidden agenda.

Conclusion

Newbies can be lured by the supposedly great feature provided by Binarium.

However, after all has been said and done, the truth is that this binary broker is no different from brokers like RichmondFX, Raw Forex, Blue Sail Trading, F1 Trade and many others.

They all have one thing in common and that is; all of them are not authorized to provide any financial services to traders and investors across the globe.

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