Binary8 Broker Review
Binary8 is another of the most established binary options trading platforms in the world, having started trading back in 2009 in the early days of the investment opportunity’s popularity. We noticed from the outset that the looks of the main site do not appear to have changed much and would dare say that they maybe haven’t changed at all since 2009. However, that is certainly not something that puts us off as we’re not too bothered about how a site looks, as long as it gives a professional impression. We’re far more concerned with what can be achieved on the platform itself through different accounts, assets and promotions and we set right about seeing what was in store as part of this review.
Even as one of the more experienced providers in the sector, Binary8 kicks things off by offering traders the chance to choose from a number of different accounts, all based on the size of the first deposit. This is in line with much of the competition and offers traders the chance to grab perks and extras that fit nicely with their experience level.
The Basic Account
The Binary8 Basic Account lives up to its name by being the default selection for any trader that deposits the site-wide minimum of $250 into their account. This will offer a 25 percent signup bonus on that deposit and will also enable traders to access a range of education tools and news services. Essentially, this is a trading account that allows clients to make trades, but doesn’t come with a whole lot more.
The Plus Account
A deposit of $500 or more will see the perks increasing exponentially as traders make use of an enhanced 35 percent signup bonus. It can be well worth the increased initial investment too as this level of account includes not only the education tools and news of the Basic Account, but also multiple free withdrawals and one to one training sessions with experienced traders and consultants.
The Premium Account
When a new trader makes a deposit of $1,000 or more, they will immediately be placed at the Premium Account level. That will ensure a fifty percent deposit bonus and includes everything found in the previous tiers. In addition, premium members can also attend weekly strategy sessions with other clients and Binary8’s own traders, while also receiving their own solo training sessions.
The Ultimate Account
If you’re serious about trading, and also serious about becoming a member at Binary8 of course, then the Ultimate Account is for you. Deposit $10,000 or more and your total deposit will be doubled by way of a bonus, and everything that you’ve seen in the previous tiers will be bundled in too, along with senior contact points at Binary8 itself.
All account types also boast speedy withdrawals, which is one of the characteristic features of Binary8, not to mention one of the very best. Withdrawals are processed on the same day that they are requested, ensuring that traders get their hands on their money at pretty much industry standard speed.
You’ll have noticed that every account tier comes to with a signup bonus, even the basic one, and this leads to players being able to enjoy some additional funds for their trading. However, it is worth noting that these bonuses, together with every other Binary8 promotion, comes with a forty times turnover requirement, which some traders may find a little steep. There is also the minor issue that at least 25 percent of any bonus amount must be turned over before investors can withdraw their own funds. In short, if you’re planning to make use of the bonus then keep this in mind, but if you’d prefer full control over your own funds then it can definitely be worth contacting support in order to cancel it.
Assets and Software at Binary8
Binary8’s platform is packed with features and places a lot of emphasis on current market data. If you’re a fan of charts and graphs that give a great indication of the current state of the market then you’ll definitely be impressed by what is on offer here. These charts take up the majority of the screen, with a dedicated section on the right hand side for trade placement. You’ll be right at home here if your investments are data driven and you’ll also be able to get a handle on proceedings quickly and easily even if you’re only a novice investor.
There are more than sixty assets on the platform, comprising stocks, commodities, indices and currencies, but one part of the experience that did stand out to us is that traders that like to make a number of different types of trades at Binary8 could well find themselves being disappointed. That’s all down to the fact that both the types of trades offered on the platform, together with the timings, are all rather limited. If you’re looking to place a High/Low trade for between thirty seconds and sixty minutes then you’ll be fine here, but if you prefer pretty much anything more complex or longer than this then you may well have to look elsewhere.
Essentially, the platform is rather limited but can be ideal for a number of traders simply because it has all of the basics covered. However, if you already enjoy a diverse portfolio or are looking to work towards one then this may well not be the best place to do it.
Binary8 Customer Support
Customer support at Binary8 is certainly adequate and is available to traders in both English and Chinese through phone, email and live chat. The response times could be better, even on the ‘instant’ support options, but the help on offer is certainly passable, so while customer support with this broker is by no means outstanding, we would mark it as passable.
Managing Your Money
We’ve already noted that Binary8 is responsible for some of the quickest withdrawals in the industry and that remains one of the true highlights of this particular broker. Traders will get their hands on their funds faster than just about anywhere else – providing that they are not being tied up by a bonus amount of course. It’s worth bearing in mind that Binary8 does require formal identification documents prior to any withdrawals being made and it can definitely be worth submitting them early on to avoid any later delays.
Deposits into your trading account are also speedy and secure and Binary8 supports all major credit and debit cards along with electronic wallets. The minimum deposit is $250 and this is sufficient for a Basic Account, although many traders are likely to prefer one of the more advanced account types. These methods are also suitable for withdrawals and while there is a $25 fee on wire transfers, every other method is free to use on the side of Binary8, with any fees coming from the providers themselves.
Binary8 in Summary
Binary8 is actually something of a disappointment as far as we’re concerned, as many of the things that it does well are overshadowed by limitations elsewhere in the service. For example, while their withdrawals are among the fastest that the industry has to offer, the way that bonus funds are handled can lead to somewhat unnecessary delays. The trading platform itself, while packed with information, does not actually give traders as many opportunities to make use of that information as many other brokers. There is nothing wrong with Binary8 as such and it is a secure trading platform with something to offer, but we cannot help thinking that many traders may well be better off elsewhere.