We understand the frustration new and professional traders experience when researching binary options brokers.That’s why in this BinaryBook scam review, you’ll find some insights that may cause you to think twice about signing up with this broker. Find out if BinaryBook is worth your deposit.
There are so many offering free demos, risk-free trades, bonuses and so forth. But how can you tell a scam broker from an honest one? Well, it’s not that easy if you’re new to trading and has never opened an account with a trading platform.
Therefore, reading unbiased reviews and researching does help in the decision process. However, make sure they are unbiased and give you the straight facts you need to know. This is our aim at Scam-Rank: we help protect traders from making harmful investment decisions.
BinaryBook Broker Review
BinaryBook launched in 2014, making a very recent member to the binary options trading industry. The only information about this broker we can say is that WBB Ltd operates it. Further information regarding the broker or the operating company is unavailable on the website. BinaryBook uses the SpotOption trading platform including a range of assets like commodities, stocks, currency pairs, and indices. They claim to provide all level traders an easy trading experience, reliable customer support and rewarding returns on their investment. However, there are some online sightings below that may prove to go against these marketing statements.
Besides English, the platform is accessible in Arabic and Turkish, which may not make it optimal for nationalities that speak other languages. Customer service can be reached through Live Chat and Telephone, and claims to be available 24/7. Customers can also use the mobile app compatible with Android and iOS devices.
Review Verdict: Currently, we are not able to deem BinaryBook as a safe binary options broker. We highly advise you to proceed with a trustworthy broker, which we have compiled on the list of other reliable and 5-star binary brokers.
BinaryBook – Is it a Scam or Not?
Opening an account with a secure broker is what matters most to traders – newbies and pros. Traders should be able to trust their broker that their services are legit and reliable. When analyzing BinaryBook’s website, we did not find any information mentioning the company’s location or registration which signals many alarms. Most legit companies do provide a registered address to ensure their legitimacy and to verify their business, yet BinaryBook refrains such info. Why?
This is a good question which raises many eyebrows. This broker is also not regulated which could also be a fair warning going along with the negative reviews found online. There are additional online resources that indicate BinaryBook being a recommended broker with some suspicious binary trading robots such as Quick Cash System. In our opinion, this is a red flag not to be ignored.
If you are serious about choosing a broker, don’t just open an account because some get-quick-rich system pushes you towards that broker. Therefore, we strongly urge traders seeking a more honest broker, should opt for one that either has a license or as an excellent reputation.
Should You Open an Account With BinaryBook?
Initially reviewing the BinaryBook trading platform, there’s really no differentiating itself from other brokers since it uses SpotOption. Taking a better and more in-depth look at what is being offered as a user – still there isn’t something that special to “wow” us. The learning materials resemble the ones on other broker sites we’ve reviewed that also use SpotOption. Also, unless you register with them, educational resources are not accessible. Overall, BinaryBook’s platform set up appears to have more of a marketing feel to it as oppose to something that offers real value. So, if you’re looking for more advanced learning materials and market insights – BinaryBook may not be your best choice.
In reference to the types of accounts available, a trader has the option to sign up for any of the 5 account types BinaryBook provides. New traders just starting out, might opt for the Micro Account. A smaller minimum deposit reduces financial risk, and traders can begin at $250 with 20% bonus. (Pretty average in our opinion)
The next level is the Basic account, which requires $500 to get started and involves a 50% welcome bonus, 1 risk-free trade, plus 1 month of free binary signals.
WARNING: The BinaryBook signals are very questionable. As previously mentioned, the broker has been associated with so-called scam auto-traders. This is based online sources – we’re not pointing the finger.
The BinaryBook’s third level is the Gold Account. This is geared for more skilled traders trying to create bigger profits. This requires a larger minimum deposit of $5,000 and includes a 75% bonus, 2 risk-free trades, plus 1 month free of binary trading signals.
If traders choose to opt for the Platinum account at BinaryBook, a minimum deposit $10,000 necessary and includes a 100% bonus, plus 5 risk-free trades and 2 months’ worth of free trading signals.
Remember, accepting a bonus from a broker requires you to adhere to their special terms and conditions to withdraw your earnings. In this case, you must complete a trading volume of 30 times your bonus (A BIT HIGHT IN OUR OPINION) and initial deposit to be able to withdraw funds from your account.
BinaryBook Withdrawal Process
The BinaryBook withdrawal procedure matches that of many other binary options brokers. So there is nothing that unique about the BinaryBook payment process compared other distinguished binary brokers that do NOT have a withdrawal limit – MAJOR differentiator. One of the differences is that BinaryBok requires a minimum of $100. There are no limits to the amount you can withdraw after that, but you cannot withdraw less than $100. Make sure to read the broker’s terms and conditions prior requesting a withdrawal, as it is up to them to approve it.
Regarding BinaryBook’s withdrawal of funds, we did find complaints of the delayed approval process. Some customers complained that it took up to 10 days to see funds transferred to their account (!?!).
Also, they do not offer many payment methods as other brokers do, so your choices are limited. Additionally, we found a few instances where traders never received their earnings and customer support was not responsive to the client’s complaint. Unfortunately when a governmental body does not regulate a broker, any of your complaints go unreported and unaddressed. Thus they may never be resolved – BIG problem here.
BinaryBook Trading Platform
There isn’t much for us to say about the BinaryBook trading platform. They use the traditional SpotOption trading platform, so many features are very familiar to those who have traded on this platform. However, we were not impressed as we expected since we didn’t find any unique features that differentiate itself from other regular binary options brokers on the market.
The supposed payouts are 81%, although we have found clients claiming less than that, so just be cautious. About an average of 70% has been indicated, so perhaps this broker has hyped it up a bit. The SpotOption platform provides various options like Ladder Options, Speed Trading, 60 and 30-second trades, currency pairs, weekly and monthly options. Overall, in our opinion, there wasn’t anything to really excite our experts, and most professional traders have probably operated better trading platforms.
BinaryBook provides various bonuses according to the account type you sign up for. Their bonuses for new customers begin at 25% and go up to 100%. Bear in mind, before accepting any bonuses, make sure to read their terms and conditions to see they suit you. Many require a particular trading volume to be met so that you may obtain your earnings.
On some occasions, unregulated brokers are known to promote new clients their bonuses knowing that the trading volume can never be met. We encourage you to be cautious and opt to speak to an account manager for clarification.
The Final Conclusion
Because BinaryBook is a recent player that joined the binary options market, more information about them is not easily provided. It is for a fact they do not have a license nor are they regulated by any authority causes some worry as any serious complaints will go unreported. As mentioned before, their company’s address is also not provided on their website, which again raises red flags in our opinion. Most professional traders usually avoid depositing with brokers that appear to hide their company information. Makes sense, right? This is just from our experience.
However simple it may be to get started and the platform’s interface being very familiar, does not seem to offer any additional value to the trading experience. So if you are looking for a trading platform that is unique and has accurate signals, we are not sure about BinaryBook being your best choice.
Proceeding onward, our team found a number of complaints regarding BinaryBook’s withdrawal process and customer support system. The LiveChat appeared to not be responsive to serious questions regarding the platform, which caused us to be questionable. The general feel of online feedback has not been entirely positive thus far, so our intention is to help be properly informed about what the BinaryBook broker has to offer. BinaryBook may not be a 100% scam, however it did not make our 5-star rating as a qualified broker in the industry. We only suggest you proceed with caution if you decide to open an account – OR else opt for top-rated brokers thriving in the industry right now.
- Basic SpotOption Interface
- Trading Signals (Resource Unknown)
- Not Many Supported Languages
- Unresponsive Customer Support
- Mainly Negative Customer Feedback
- Withdrawal Challenges (10 days!)
- No Company Address