Binary24.com Review
- Decent web-based trading platform
- Nice selection of tradeable assets
- Not regulated
- New and inexperienced broker
- Limited information and no reputation
- Not transparent with fees and other aspects
Binary24 is a new online binary options and cryptocurrency trading brokerage that was recently established in 2017. The brokerage is based out of Belize with their headquarters located at Suite 102, Ground Floor, Blake Building, Corner Eyre & Hutson Streets, Belize City, Belize. Binary24 is not a regulated broker and does not accept traders who reside in the USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, Japan, North Korea, Puerto Rico, and Sudan. Being such a new online trading brokerage, Binary24 has yet to build up a reputation and is relatively unheard of. So how do you know whether Binary24 is a good trading brokerage to deal with? Find out in the following review where we’ll delve deep into the aspects that make up this online trading brokerage and see what sets Binary24 apart from the competition and whether or not they can be trusted.
Trading Platform
Binary24 features their very own proprietary web-based trading platform for the trading of both cryptocurrencies and binary options on a wide range of financial assets. The platform is intuitively designed and very easy to use. Traders can test out the platform via a live demo in which traders have $10,000 virtual dollars to play around with. This is a great way to get a feel for the platform and how the order system works. The trading platform differs from most cryptocurrency trading platforms and primarily has the functionality and style of a binary options trading platform. See below, some of the key features the Binary24 platform has.
- Automate your trading strategies
- Fast execution for placing orders
- Manage and analyze your risk management
- View real time and historical market prices
- Review your account balances
- Browse your trading history
- Trade directly from the charts with one click trading
Some areas in which the Binary24 platform is lacking is charting analysis. The charts on the platform look very good, but traders do not have any technical indicators or drawing and analysis tools. However, traders can view the charts in 6 different time frames and view the graph style as Linear, Candlestick, and Ohlc. All in all, the platform looks and feels good, but may not be ideal for advanced traders.
Exchange Markets
Binary24 gives their traders the opportunity to trade over 130 financial instruments across a variety of lucrative markets including the foreign exchange markets (Forex), Cryptocurrencies, Indices,Commodities, Precious Metals, and Equities. The exchange does not support fiat currencies, but rather supports cryptocurrencies. Traders can only deposit or withdrawal Bitcoin (BTC), Dash (DASH), Ethereum (ETH), and Litecoin (LTC).While cryptocurrencies are the only accepted method of payment and withdrawal, the brokerage still primarily facilitates the trading of binary options on non-crypto products.
Fees and Commission
Unfortunately, Binary24 is not transparent whatsoever with the associated fees or commissions. However, the broker does advertise high and fast profits with the ability to earn up to 98% in just one minute or make a profit in just 5 seconds. The minimum deal value is just $0.01 so you don’t need to make a lot. Traders can start small and go big.
Security and Fairness
Binary24 claims to be a very safe and secure online trading brokerage. This may be true, but they are not regulated by any reputable regulatory authorities and have yet to build up a good reputation. This broker is relatively new and unheard of, and therefore can not be fully trusted. However, Binary24 does implement a variety of security measures for the safety of their client. See these security measures listed below.
- Advanced SSL encryption on all transmitted data
- Cryptocurrencies are held offline in secured cold storage wallets
- Client funds are held in segregated bank accounts
- 3-D secure
- Two factor authentication methods for log ins and withdrawals
- DDoS protection
- Anonymous trading with cryptocurrency deposits
Support
Customer support is available via email and telephone 24 hours a day, 7 days a week. However, though support is supposed to be available 24/7, often times it takes longer than 24 hours to receive a response. Other support methods include reaching out to the brokerages social media channels including Facebook, Twitter, and Google+. Also, Binary24 has an FAQ section on their website with answers to a few common questions. However, this FAQ page is very limited and does not offer much value.
Conclusion
All in all, we found Binary24 to be a rather young and inexperienced online trading brokerage who fails to offer confident and reliable trading services. The brokerage is unregulated and not very transparent with their trading services and the fees involved. The brokerage does not accept traders from numerous countries and this is probably to avoid legal scrutiny. The trading platform offered by Binary24 is easy to use and well designed but lacks important features for experienced traders. The tradeable assets offered by Binary24 is decent, but again is lacking in many areas. Overall, there are much better online trading brokerages out there than Binary24.
Binary24 Q&A
The following are the common questions that customers inquired about Binary24.
Is Binary24 regulated?
No, it is not regulated.
Is Binary24 a scam?
No, we believe Binary24 is not a scam, but we don’t think they are a very reliable online trading broker.
Where is Binary24 based?
Binary24 is located at Suite 102, Ground Floor, Blake Building, Corner Eyre & Hutson Streets, Belize City, Belize.
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