BNRY

Important Notice!!! BNRY.com – Site Shows “Coming Soon” – 4/2/2014

The domain BNRY.com was recently purchased and now under new management. BOTS team are following!

Editor’s Note – Why BNRY Suck in 50 Words?

No matter how hard I looked, I couldn’t find any traces of originality on this website. It feels like I have seen the entire content of the website countless times before and they really don’t bring anything new. I know that all SpotOption brokers have similar looking websites…but come on everything should not be almost exactly the same. And what’s with the name? “BNRY” It makes my tongue hurt when I try to say it. If that’s their attempt at being original, it’s an Epic Fail.

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Why Doesn’t BNRY Suck?

They have some good educational videos, explaining me about the technical aspect of trading and some money management techniques. I always like a broker that tries to do more than just advertise the benefits of Binary options trading and the low risks involved. However, the education provided is not the best and it is not a complex one…but hey, I’ve seen worse.

BNRY Full Review – A Long Way to Go

I went over their “Frequently Asked Questions” section and their Glossary and I couldn’t find any major mistakes or broken links, I checked the Asset Index and I found out that they have a wide enough range of assets, the SpotOption platform is well implemented and it responds well to commands. So everything seems fine, but I can’t shake the feeling that they lack professionalism…big time; everything looks like it wasn’t polished and it feels like they just use the SpotOption platform without doing any additional work. Some brokers start to offer technical analysis tools, market analysis or market tips but BNRY is just like…a kid that cheats in class, not willing to do the homework on his own and copying it from other kids. Just like the lazy kid, they used someone else’s slogan because they were too lazy to think of an original one: “We focus on who really counts. You.” And lower on the page: “We are ready. Are you?” Come on, I read that on so many broker websites that it makes me sick already.

Personally I think that a financial institution should provide a certain level of transparency for its customers, especially if I am going to trust them with my money. Right from the start, I should be able to easily find their physical address and of course, the name of the company that owns the website. Well, this is not the case with BNRY because I couldn’t find any of the information that I just mentioned. I hope you agree with me that it is fair (to say the least) to know who I am actually dealing with, not just the website name. Since I couldn’t find that anywhere, I contacted Live Chat and I asked who owns/operates BNRY.com and what their address is. You know what answer I got? This one: “The company we work with is called SpotOption” and for the address question, the guy’s answer was “Im in the NY offices right now” …this is usually the moment when I want to ask the guy “Do you think I’m an idiot?!?”…but I always find a way to keep my calm. My questions were pretty easy and there was no need for a back and forth discussion or for him to try to avoid the answer. After several attempts, I finally managed to get clear information: they are owned by Chase Capital LTD, located in Nicosia, Cyprus but the bottom line and the worrying fact is that he avoided my questions. Overall I consider BNRY an amateurish broker who for some unknown reasons chooses to make hard to get some basic information that should be easily available and they certainly have a long way to go before they can be considered respectable in my opinion.

 Is BNRY A Scam?

I can’t put my finger on it but something doesn’t feel right with this broker. Maybe it’s the fact that the content of their website lacks substance. They talk a lot but don’t actually say anything and when the potential client (in this case me) asks a straightforward question, they fail to provide a straightforward answer. Their bonus is another issue covered by mystery: I couldn’t find anywhere on the website clear information regarding the bonus so I had to ask my Live Chat “friend” again. He told me the bonus depends on the deposited amount and for $500 I will receive $250 bonus so 50%. To withdraw that bonus, I would have to trade 30 times the amount received as a bonus. Ok, it all seems almost normal until now but when I asked if I could read those things anywhere on the website he told me that I will find them in the Terms and Conditions section. Well, what do you know: the Terms and Conditions state this: “Please note unless otherwise explicitly agreed, Non-Deposited Funds are not available for withdrawal.” For me bonuses are “Non-Deposited Funds” and this invalidates the information received from their customer support. When I asked my “friend” about this contradiction, he told me that I will receive an email with all the information I need. No email yet…I guess they don’t want me as a client…or maybe they have something to hide. Either way, I would go for a more reputable broker.

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BNRY Complaints

Searching the web for complaints related to BNRY, I couldn’t find any. Maybe they don’t have any clients…or maybe their customers are happy, but the fact that I couldn’t find complaints doesn’t make them automatically a respectable broker.

BNRY Bonus

Since they don’t have clear bonus percentages on the website, I guess it differs from client to client but as a reference, they offered me a 50% bonus for a $500 deposit and the volume needed for withdrawal is 30 times the bonus received. However, since I couldn’t find this in the Terms and Conditions, I cannot be sure that you will receive the same conditions.

BNRY Withdrawal

The minimum withdrawal is $100, exactly as the minimum deposit and this creates a problem: what if I deposit $100, lose $5 on my first trade and then decide to withdraw all of my money? Do I have to deposit another $5 to get back to the minimum withdrawal amount? I don’t understand those restrictions and I feel their only purpose is to make withdrawal difficult for me. You should ask live chat before depositing.

BNRY Extra

They don’t really have anything Extra and more than that, they even lack on some Regular things…

BNRY Ratings

User Friendly 10/20

They got 10 points just for the SpotOption platform. Other than that, they get zero points because it looks to me like SpotOption did all the work. The website is available in just three languages: English, French and Russian.

 Number of assets and expiry times 13/20

Their offer is composed of 20 stocks, 15 currency pairs, 7 commodities, 22 indices for a total of 64 trading assets. Good enough but not impressive. The expiry times range from 60 seconds to daily and you have the possibility to trade weekly One Touch Options.

Commissions, Support and Effective return 8/20

Either they don’t know how to explain things or they really charge $25 for each $500 deposit made using wire transfer or at least this is what I understand from their FAQ section. Their customer support avoids straightforward and easy questions… but at least they are polite. However this will not bring them too many points. The return for In the Money Options ranges between 65% and 75% which is rather low and the return for Out of the Money goes up to 10%.

Deposit, Payment and Bonus 13/20

Minimum deposit is $100 if you do it by credit card, debit card, Carte Blueue or WebMoney. The minimum deposit via wire transfer is $500 and you will be charged an additional $25. Minimum withdrawal is $100 and the bonus is not fixed; it depends on the deposited amount and the percentages can change. To withdraw the bonus you have to trade 30 times the amount received as a bonus but this is not found anywhere on the Terms and Conditions section so you should ask them for exact information.

Website Extras 5/20

There is absolutely nothing that can be regarded as an extra feature. Option Builder, 60 Seconds, those are just simple additions, should I add some point?

BNRY Overall Ratings: 50/100

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