BMBOption

Editor’s Note – Why Does BMBOption Suck in 50 Words

BMBOption sucks because they are not yet regulated. However, and if we take their words for it, they are currently acting as if they were under CySEC. This is because they have applied for a regulation and must treat clients according to CySEC rules until their license is approved.

Check out our Recommended Binary Options Brokers

Why Doesn’t BMBOption Suck in 50 Words

BMBOption does not suck because the live chat was actually live and did answer my questions as best they could. I also like their bonus terms and conditions which only restricts the non-deposited funds (bonus + earnings) when a bonus is accepted. The required turnover is quite low too.

BMBOption Review – Benedict Morris Binary Options

Benedict Morris Binary Options, BMBOptions, is owned by Log Trading Capital LTD. Their address is; C&H Towers, Corner of great Marlborough and Great George, Commonwealth of Dominica – which is a virtual office. For support, contact: [email protected] or call their UK number:
0044 203 608 1858.

 
BMBOption is pretty new, they started in spring 2015 and are currently not regulated. As I mentioned above, their support claims that they are acting as a regulated broker in order to get approved by CySEC. Although I can’t confirm this with a 100% certainty, I have to admit that their bonus terms are indeed in line with CySEC due to the fact that your deposited funds can be withdrawn despite the bonus. Favorable bonus terms are something that CySEC is strict with so it’s good to see that BMBOption is already applying them.

 
The website looks well-designed and the platform is SpotOption. It includes the typical variations and features for binary options trading. Pairs, long and short term, ladder, touch and the spot follow that allows you to copy other traders. Payouts range from 80 up to 88% depending on the account type. The higher payouts require much bigger deposits. Ladders and touch options can pay as much as 50%.

 
Demo accounts are available but unfortunately, they are limited by time. A 500 deposit only gives you access to one day of demo trading which I think is way too little. On the other hand, many brokers don’t even offer demo accounts.mThere is an education center as well as a FAQ. I don’t like that the videos and the e-book in the education center are not free for everyone and require a signup.

 
There is one more issue I have with BMBOption and that is in their terms and conditions: “We may share Your non-Personally Identifiable Information collected through the Services and/or Our Website with other parties only to: (i) present You with advertised services, applications or websites, (ii) share it with affiliates of Ours, (iii) share it with Our service providers to assist Us with the operation of the Services and/or Our Website, (iv) sell or transfer aggregated information, where no person can be identified… “

I don’t see why they need to share my information (even though not personally identifiable) to others as they are already making money off of the clients trading there and this might scare off potential clients.

Is BMBOption a Scam?

This broker is too new and therefore, we couldn’t find any reports regarding scams. They seem to be aiming towards getting regulated which is a good indication as well as the decent bonus policy. Like all new brokers it will take time for them to prove themselves but as of now, they look OK.

Check out our Recommended Binary Options Brokers

BMB Options Complaints

I haven’t found any complaints but that could be because they are new. However, I would stay cautious until they get fully regulated by CySEC.

BMB Options Bonuses

Bonus size depends on your deposit. There are “risk-free” trades and bonuses for different account holders but the turnover is 20x the bonus volume. You can withdraw your own funds at any time and the bonus is limited to 6 months which is enough time to reach the turnover.

Withdrawals

The minimum withdrawal amount is 100 of the account currency and fees may apply depending on withdrawal method. In order to withdraw, you must first fill in, print and sign a document and then scan and send it to their support email.

Extras

There aren’t any unique features that I would consider an extra but VIP accounts come with various perks such as increased bonus, easier withdrawals and higher payouts.

BMBOption Ratings 

User Friendliness 17/20

The website comes in English, German and French. The platform is explained in video walk throughs but not all are accessible if you haven’t registered an account. The website looks good and you can find what you are looking for.

No. of Assets and Expiry time 16/20

There are 12 currencies, 19 stocks, 7 commodities and 19 indices adding up to 57 in total. This is a very low asset index. The expiry times are typical for SpotOption, ranging from short term, long term like 15 minutes, hourly, end of day, month and yearly expiries. There is pair, touch and ladder options too.

Commissions, Support and Effective Return 16/20

The terms and conditions state that fees might be charged depending on withdrawal/deposit methods but this is standard for wires and extra withdrawals above 1 per month. The live chat was available and answered my questions regarding regulation and bonuses. The returns are very high for VIP members but to get access you need huge deposits. The average payout is around 80-81% which is good.

Deposit, Payment and Bonus 16/20

Bonus terms are favorable towards the clients. Your deposited funds will not be locked and are available for withdrawal at any time. Bonus volumes must be reached within 6 months and the turnover is 20X the amount which is fairly low. The following deposit methods are approved: VISA, MASTERCARD, Carte Bleue or MAESTRO. Payouts are standard and may take up to 10 days.

Website Extra’s 10/20

There are no unique features for this broker specifically.

BMBOption Overall Ratings 72/100

 Check out our Recommended Binary Options Brokers