777Binary Review
Update 5/10/15 – 777Binary Shows “Under Construction” Warning. Be Advised.
Editor’s Note – Why does 777Binary Suck?
The first thing I clicked on failed to do what it was supposed to: the Demo section. Aside from the fact that a Demo should contain a demo account and not a video tour of the platform, the page failed to load. All I could get was a blank page. So this is not really the best first impression and I soon realized that it was hard to find something that works properly on the website.
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Why 777Binary doesn’t Suck?
Well, the live news feed is a good thing and they use the Spotoption platform which is user friendly and reliable. The asset range is wide enough (82 assets) so that gives the trader enough choices. However the best thing I could find is the real time chart with the possibility of adding technical indicators. I wonder why I am so glad when I see something that any broker should offer, but a fact is a fact: binary brokers usually don’t offer technical analysis tools and when I see ones that do, I must commend them.
777Binary full review – Disappointing to say the least.
I can get over the fact that this broker doesn’t bring anything new to the table, but what I can’t accept is the fact that so many things are broken or not functioning how they should. What should I begin with? Oh, I know: their daily market review is…from the 14th of June 2012. But don’t worry, they compensate with the Weekly review; that’s more “fresh”, it’s for the July 16 – July 20 2012 week… really helpful, right? The “Frequently Asked Questions” section is messed up too: when I click on a question I get the wrong answer and this happens in more than one case. For example, when I want to know where to find a list of each asset’s trading hours, they answer me that all times shown on the website are GMT. It’s pretty close because both are questions related to time, but come on…did they even check the FAQ section before posting it? All those weird answers are actually pretty funny if you don’t think about the fact that they want you to trust them with your money. That’s when laughter could turn to tears. The payout they offer is up to 97%…or 79%…or 75%. I am not sure, because in the picture shown on home page they advertise 97% and on the video found on the right side of the page they say “up to 75%” but show 79%. Since I was getting confused, I tried to talk to their customer support representatives to get some help. What do you know, the Live Chat is “…currently not available”. Overall, the website makes me think that they totally disregard their customers and really don’t care about anything else that getting the client’s money.
Is 777Binary a scam?
Now, I can’t say that they are a “scam” because I have no evidence of that, but they seriously lack any form of professionalism. They are not regulated, but then again, regulation is rare in this industry so that fact alone doesn’t make them scams. In their “About Us” section they inform me that 777Binary is operated by Zonit Enterprise Ltd, Cyprus and a Google search for the terms “Zonit Enterprises, Cyprus” returns results related to VipBinary. I couldn’t find exact information online, but it seems to me that the two brokers are somehow related…and VipBinary is not really one of the most respectable brokers.
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777Binary Complaints
I didn’t have to look hard for complaints because once I entered the terms “777Binary complaints” in a Google search, a bunch of complaints started to appear. But it seems like for every angry customer who claims he can’t withdraw someone always shows up saying that he can do it and that 777Binary is very profitable and helped him make thousands of dollars and withdraw them successfully. This smells fishy to me and the fact that the name VipBinary pops up when I search for 777Binary is again a worrying fact.
777Binary Bonus
According to their home page, they have a bonus up to 100% which I consider too high and just a marketing trick to get people to deposit more. To withdraw the bonus, you have to trade a minimum volume of 30 times for every $1 bonus.
777Binary Withdrawal
There is a processing fee of $25 for wire withdrawals and no fee for credit card or CashU withdrawals. The minimum withdrawal amount is 100 US Dollars or 100 Euro, depending on your account currency and they process it within 3 business days but it takes an additional 5-7 days until you can see the funds in your bank account.
777Binary Extra
The only Extra is the real time candlestick chart, a nice addition to an otherwise disappointing broker, but to be honest if a broker fails to provide a professional trading environment, a candlestick chart is not going to make me deposit.
777Binary Ratings
User Friendly 10/20
The Spotoption platform that they use is user friendly as we all know and has enough features to keep even an experienced trader happy. However the rest of the website can confuse the trader and give false or unusable information.
Number of assets and expiry times 15/20
The range of assets is wide enough, offering the possibility to trade 33 stocks, 15 currency pairs, 6 commodities and 28 indices, with a variety of expiry times (including 60 seconds) and also One Touch Options.
Commissions, Support and Effective return 9/20
No fees are charged for opening an account but there is a $25 wire withdrawal fee while credit card withdrawals are free. The Live Support is never online and all a customer can do is to send an e-mail. I don’t consider this a professional way of treating clients and that gets them one (1) measly point for Support. Furthermore, the website presents me with three different return percentages (97%, 79% and 75%) so I don’t know how a trader can really understand what his/her return is.
Deposit, Payment and Bonus 11/20
The minimum deposit is $200 and can be made via Credit Card, Debit Card, CashU and wire transfer. If you choose to deposit via wire transfer, the minimum sum for a free deposit is $500 and all amounts below that value will be charged a $25 fee. The minimum withdrawal amount is $100 but the bothering fact is that credit card withdrawals (which are free) are limited to the invested amount. What this means is that if you deposit $200 and by trading you grow your account to $400, you cannot withdraw more than $200 via credit card. Whatever amount exceeds your deposit must be withdrawn via wire transfer. According to their homepage the bonus can go up to 100% and to withdraw it you will have to trade a volume of 30 times for every $1 received as a bonus.
Website Extras 11/20
The real time graph with candlesticks and the possibility of adding technical indicators was a breath of fresh air among all the broken links, missing live support and outdated market review articles, but it’s just a drop in an ocean and it cannot turn a disappointing broker into a respectable one.
777Binary ratings: 56/100
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