September 19, 2020

Binary Book Review

Overview

Binary Book is an offshore based binary trading platform. The broker is owned by a company called WSB Investment Ltd. The company is registered In Saint Vincent and Grenadines. The company offers trading on its indigenously developed web based trading platform. On its platform Binary Book offers various types of trading like ladder options, speed trading, 30 and 60 second options. The broker offers you four different types of accounts. It also facilitates Islamic trading on its platform. Read the full Binary Book review here.

About Binary Book

We start analyzing a broker, by looking at its origin. Now this is where the problems start with Binary Book. While the company seems to be registered in St. Vincent and Grenadines, the parent company has its office in Bulgaria. And the thing about St. Vincent and Grenadines is that it is a popular hub for scamster companies to set up shop because of how fast the process is and how cheap it is to set up shop; But most importantly because there is next to no regulation on offering financial services. And hence we looked up the regulators in Europe and didn’t find Binary Book to be regulated by any recognized financial regulator. Not only did we find that Binary Book is unregulated, we also found that the CFTC actually red-listed the broker back in April 2016, and warned traders in the US against them. And in May 2017, a FPA traders court voted the company guilty. Also the FCA in the UK, advised the British traders to be cautious about Binary Book. The company has almost no social media presence, with the last Facebook post going up in 2016.

Looking at the platform’s offerings, they have four different account types, with the minimum deposit for the basic account being 250 USD. And the minimum bet size with the broker was 25 USD. The broker maintains a decent payout percentage, that lies between 71% – 81% . In terms of payment options, the broker accepts all major credit cards along with wire transfer, but surprisingly doesn’t offer payment via Skrill or Neteller.

The Verdict

While Binary Book has a good in-built trading platform and a variety of trading options to offer, it lacks trust. It lacks it, because it also lacks any form of regulation. The fact that the company chooses to be based out of a suspiciously lenient location and has no licenses and mediocre payouts, we conclude that traders should avoid investing with Binary Book. And if you already have, then contact our community of industry veterans to be guided about how can you recover your funds.