BinaryBook was founded in 2015 and is owned by WSB Investment LTD, a company that can be contacted at The Apex 2 Sheriffs Orchard Coventry West Midlands CV1 3PP United Kingdom. The brokerage is not regulated. Other than this, there’s not much information about the company. The platform used is the latest SpotOption version, with improved capabilities and added features (more on that later) so as far as functionality is concerned, clients are in good hands (for the benefit of the doubt I am assuming the slowdown issues are related to my computer but this review will be updated if proven otherwise).
Update October 2016: The address above is no longer listed on their website. All we know about WSB Investment Ltd. is what they give us on the website: Saint Vincent and the Grenadines. We don’t know if they are actually located there, or just incorporated there. Payment services are provided by Tech SB, 38 Antim I Str, Metropolitan Municipality, Vazrazhdane Region,1303 Sofia City, Sofia District (Metropolis); Bulgaria.
Is BinaryBook a Scam?
First of all you should know that BinaryBook is not a regulated brokerage. This is a warning sign (I would never put my money into an unregulated broker) but it doesn’t mean necessarily they are a scam. Several online sources (unconfirmed) list BinaryBook as a recommended broker for trading robots such as Free Money System or Quick Cash System and this is another red flag. If you want to deposit with a broker you should do so because you’ve done your research and consider them reliable enough, not because some million-making system recommends that broker.
Several people have complained online about BinaryBook’s representatives asking them to deposit more and more money, but as we know, this is a wide spread tactic. However, just because it’s wide spread doesn’t make it OK. After all, if some guy bumped into your car, I don’t think you would be cool with him saying “Dude, it’s OK! Everybody is doing it.”. Now returning to the original question: Is BinaryBook a Scam? Let’s just say that a raised level of caution is recommended. I would not open an account with binarybook.
Update October 2016: BinaryBook is a recommended broker by NEO2. In other words, if you sign up for NEO2, you will be asked to open an account with BinaryBook. We consider NEO2 a cheap scam and that says a lot about the brokers they associate with. Read our full NEO2 review here.
According to their Homepage, BinaryBook doesn’t accept new clients anymore. However, according to their Live Chat, they do, but only from certain regions. I have to point out that their representative closed the chat session as soon as I started to ask uncomfortable questions. And by “uncomfortable” I actually mean “normal” questions (for you and me) like ”Why are you telling me a different thing than your homepage does?”.
Warning! This broker is not recommended due to a large number of complaints. Find users complaints below, continue reading this review or get started with a trusted broker now.
Editor’s Note – Why BinaryBook Sucks in 50 words
Their website and platform are slow and clunky. My computing power is well above what’s needed for a binary options platform to operate and my internet connection gives me 47.27 Mbps download and 58.45 Mbps upload (just tested it before writing this) so I guess someone needs to improve their website.
Why BinaryBook Doesn’t Suck in 50 Words
They make a fair attempt to keep their website up to date, including Daily Market Analysis. We often see Daily analysis that is outdated for months so it has zero importance for traders but BinaryBook tries (and so far succeeds) to bring fresh content every day, helping their clients. It’s not something amazing but considering that others don’t do it – kudos to BinaryBook.
Should I Open an Account with BinaryBook?
At first glance, BinaryBook is not much different than other SpotOption brokers. Unfortunately for them, at second and third glance, they are still not much different. The educational material (videos and e-book) is almost identical to the one seen on the websites of other brokers that use SpotOption and most of it is locked until you register. Just because it’s similar to others, it doesn’t mean it’s bad; if you see it for the first time and you don’t know anything about binary options, it will help you get started. However, you need to be aware that it has a marketing feel to it more than educational but maybe that’s just me.
Earlier I’ve told you they have added new features, so let’s talk a bit about them but keep in mind these are built by SpotOption and it’s their merit; BinaryBook simply makes them available to traders. Apart from the normal options contracts (Call/Put, Pairs, Long Term, Turbo, One Touch and Ladder), BinaryBook offers FX/CFD options and Spot Follow. The FX/CFD style is similar to forex trading, where clients can choose their Stop Loss and Take Profit, with the possibility of profiting up to 500%. Personally I believe this style is too complicated and it took me longer than expected to understand how it works (and keep in mind I am a forex trader) so I am not sure how appealing it will be to newbie binary options traders. The 500% might be great but I guess you can imagine it’s hard to get. The Spot Follow feature is actually copy trading. You can chose which trader to follow and you can set limits to the amount used to copy his/her trades. There is some information about the traders you can follow, but in my opinion that information is very thin and not enough for me to put money on the line. If I am going to follow someone, I need to know more about them and their trading/money management style.
From afar BinaryBook might seem as an innovative brokerage but when you dig deeper, you realize that most of the extra/new features come with the SpotOption platform. Brokers nowadays don’t seem to shake the copy-paste style and what’s even worse, they don’t seem to want to. All brokers are “number one” and BinaryBook goes as far as saying they focus on “[…] uniqueness”. How can you be unique when you and 70% of all brokers in the binary options industry are using the same platform?
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User Friendly 12/20
Clients from the United States are accepted but the website is available in only three languages (English, Turkish and Arabic) and it takes a long time to load. The overall experience is slow but the SpotOption platform is easy to use and nicely structured.
Update October 2016: Clients from USA and Canada are no longer accepted. Also, according to their Live Chat representative, clients from other countries are restricted to open accounts.
Number of assets and expiry times 14/20
Trading opportunities can be found of 31 currency pairs, 3 commodities, 12 indices, 22 stocks and 2 pairs. This is a medium sized asset basket but it’s reasonable. The expiry times are characteristic to SpotOption platforms, ranging from 60 seconds to 15 minutes, hourly, end of day and long term. One Touch options (with predetermined expiry time) are also available.
Update October 2016: The asset index now lists 16 currency pairs, 38 indices, 7 commodities and 41 stocks but we don’t know how many are actually available for trading.
Commissions, Support and Effective return 11/20
To open an account you don’t have to pay anything but when you want to withdraw money, things change: you will have to pay a charge of 50 USD/EUR/GBP for wire transfers and 25 USD/EUR/GBP for credit/debit card withdrawals. For card withdrawal you will also have to pay a Processing Fee (a fee to a fee???) of 10 USD or 7 EUR or 5 GBP. These fees and charges are way too high for the industry (we recommend reading the Terms and Conditions if you want to open an account). Live Support was reasonable enough, although not the best I’ve seen. The effective return ranges around 80% (medium for the industry), depending on the asset but options styles such as One Touch, Ladder or FX/CFD can bring substantially higher payouts.
Update October 2016: Their support representative wasn’t helpful at all, answering a question with a question. It is not clear whether BinaryBook accepts new clients at all.
Deposit, Payment and Bonus 13/20
Deposits and withdrawals can be made through wire transfer and credit/debit cards such as Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo. The time it takes for a withdrawal is not specified by BinaryBook so we recommend you ask for written information. Minimum deposit depends on the account type you choose, starting at 250 USD for a Micro Account and going as high as 50,000 USD for a VIP account. The Bonus is correlated with your account type, starting at 20% (Micro Account) and going as high as 100% for the Platinum Account. The bonus for the VIP account is not specified on the website. The required turnover is 30 times the bonus received but in this volume FX/CFD trades are not included.
Website Extras 15/20
FX/CFD and Spot Follow are interesting additions but nothing impressive. On top of that, these features are the merit of SpotOption, but I guess BinaryBook could have opted out of such features thus some credit goes to them as well. Thumbs up for an up to date Daily Market Analysis even if this shouldn’t be considered and extra feature.
BinaryBook Overall Ratings: 65/100
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