BinaryInternational.com is a binary options broker I discovered recently. The broker uses a proprietary platform that I might like if it were not so limited. The limitations, along with some potentially troublesome scams make this a broker to be wary of. Who or what is BinaryInternational.com you ask? It is a broker registered and headquartered in Anguilla, West Indies by Neuro Tech International. This broker is not registered in the EU or with CySEC and is not regulated. This is not necessarily a problem but adds weight to the list of reasons why I don’t think much of them.
The Platform; Assets, Expiry and Options
The platform, as I said, is actually quite nice. The assets are listed in a scroll down menu to the side from which you can choose from among a list of stocks, commodities, currency pairs and indices. Once you chose an asset it is displayed in a trade box similar to what you find with most other broker. Option types available include the standard High/Low, One Touch, Boundary and Short Term. The Short Term options are those with expiry 60 Second, 2 Minutes or 5 Minutes from purchase. Regardless of thetype of option strike and expiry rates are based on what the “system” offers based on the indicative rate, not the actual rate provided by trusted third parties.
The asset list is very limited, as is the available expiries. Assets include most of the currency pairs and global indices but only 8 stocks and 3 commodities. I can get over the assets but the expiries will definitely keep me from using this broker. Aside from the Short Term options described above available expiry is limited to a list of intraday options in 1-30 minute increments depending on the asset. Some assets have available options expiring throughout the day while some of the lesser traded ones only have one or two available expiry times for each day. Other than that some options also have and end of the month expiration but nothing in between. This really isn’t much to work with. Serious binary options traders will need much more flexibility than this in order to be successful.
Banking; Deposits, Withdrawals and Bonuses
I won’t spend much time on deposits. They are of course the easiest part of trading binary options. It’s the withdrawals and bonuses you need to watch out for and this broker needs some watching. Minimum deposit is $250 and can be made by credit card, wire transfer or MoneyBookers. Minimum withdrawal is also $250 and comes with a $25 fee. Withdrawals over $500 have only a $20 fee for wire and $10 for CC. Each withdrawal must be requested in writing at least 7 days prior and will be subject to a three day processing period and then up to 10 business days for payments. If you receive their “free” software package you will also be subject to other stipulations. You will need to make at least 5 trades before making any deposit or else incur an additional $50 fee. I guess the free software really isn’t free.
Why This Broker May Be A Scam
The bonus policy is one area of potential scam being perpetrated by this broker. Bonuses are available for all new accounts up to 200% of original deposit for accounts over $2,000. This may seem like a great thing but it is really an attempt to keep your money. In order to keep the bonus and to make any withdrawal you must reach the minimum trade volume of 30X the bonus. There is no time limit but this doesn’t matter, BinaryInternational.com knows you are more likely to lose your entire account than you are to clear any bonus. Because you must clear the bonus to make any withdrawal you may as well just give them your money as try to trade with them.
This broker may be a scam for reasons I have only barely begun to expound upon. Aside from the scammy bonus policy each new account receives a free software package provided by a third party. This software package is a system based on a proprietary indicator called the GCAD 1.0. The system targets the highly volatile and risky 60 Second time period using charts of 1 minute candlesticks. This in and of itself isn’t so much of a problem until you go digging deeper and discover that the SSP offering the GCAD system only uses one broker, BinaryInternational.com and BinaryInternational.com is the only broker whose platform supports the software. It seems obvious to me that the broker and the SSP are in league with each other in order to build more 60 Second business. I would not be surprised one bit to find out that the two are operated by the same people.