Is BinaryOnline a Scam? Read This Brutally Honest Review

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BinaryOnline
Regulated: No

Broker Name:	BinaryOnline
Platform:	BO, CFD, Bitcoin
Founded:	2016
Bonus:	up to 75%
Return/Refund:	70-85% /0%

No. Of Assets:	150+
Regulated:	No
Demo Account:	No
Minimum Deposit:	250
US Traders:	Not Accepted

Last Updated 05/17/2021

BinaryOnline Review

by Martin Kay

Why Doesn’t BinaryOnline Suck In 50 Words

Ahhh, stop tormenting me… I don’t know why they don’t suck. Not regulated, very bad reputation, and collaborating with scam robots. What can I find that doesn’t suck about that? Yeah ok, I’ll give it a shot: they offer a good platform. However, you are not doing business with the platform provider but with BinaryOnline so…

Why BinaryOnline Sucks In 50 Words

BinaryOnline is clearly in cahoots with the makers of a lot of autotrading robots because when you sign up with those “money-makers”, you are automatically directed to BinaryOnline. One such robot is HB Swiss and another is Nova App. So, does this broker suck? Yea, definitely.

Is BinaryOnline A Scam?

Unfortunately, BinaryOnline is not regulated and has a terrible reputation online, where a lot of people are complaining about failed withdrawals, high-pressure tactics, and misleading information. On top of that, this broker is associated with far too many scams robots, and signal services for my comfort.

I don’t like calling this broker a Scam, but I also cannot recommend an unregulated brokerage that partners with scam robots and has tons of bad user reviews.

Notice!: Trading Binary Options with a non-regulated broker carries risk. It is highly recommended to Start trading a regulated broker.

Should I Open An Account With BinaryOnline?

BinaryOnline is a sketchy broker owned and operated by Zola Ltd. The address they offer on the website is Sofia 1000, ul. Pirotska No 2 fl. 4, Apt. office 12. Payment services are provided by Zolarex Ltd, located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960. They can be contacted by phone (+44 203 0260 222 – UK) or email: support(at)binaryonline.com. The brokerage is not regulated by any major financial authority.

If you got this far into this review, you can probably tell that I am not too fond of this brokerage. However, now it’s time to dig deeper and learn more about them: launched in 2016, BinaryOnline used to offer Binary Options but now only FX and CFDs. This is one of the most popular platforms, with good functionality and plenty of features but that doesn’t make the broker trustworthy.

There are plenty of educational resources on the website, including e-books and tutorial videos, but the more interesting feature is Traders TV, which delivers daily analytics in a video format is their daily analysis articles. You’ll get a brief market summary and a heads-up for the economic data that’s about to be released that day. I like that it’s updated daily (as it should) but the information contained is nothing to write home about.

Accounts with BinaryOnline start at 250 USD (Takeoff account) continue with 2,500 USD (Standard account) and for the last listed account (Premium), you will have to deposit between 10,000 USD and 49,999 USD. They also offer an Elite account but the exact deposit is not specified; I assume it has to be above 50 thousand bucks which is crazy, to say the least. Even depositing 250 bucks with this broker is crazy in my book, but what do I know… I’ve been writing broker reviews for “just” 6 years and spent only about a gazillion hours on brokers’ websites…

BinaryOnline Complaints

The internet is raging with complaints about BinaryOnline. The main issues are failed withdrawals (people can’t get their money back whether they’ve made a profit or not), the account managers are trading accounts into the ground and blame it on market volatility, and the usual pestering, never-ending phone calls – one user even said: “They call and email you till you feel totally haunted!”.

BinaryOnline Regulatory Warnings And Announcements

24/5/18: The UK Financial Conduct Authority issues a warning against unregulated Zola Ltd doing business as Binaryonline.com. UK FCA Warning.

14/12/2016: The British Columbia Securities Commission warned that BinaryOnline is not registered to trade in, or advise on, securities or exchange contracts in British Columbia. The regulator also urged residents to exercise caution when dealing with unregistered firms. Source: BCSC Warning.

BinayOnline Bonus

Bonuses start at 25% for the lowest deposit ($250) and can go as high as 75% if you deposit between $10,000 and $49,999. Be careful when accepting a bonus because your money will be tied to the platform until you perform a turnover of 30 times the bonus amount plus the deposit. Please make sure you understand all bonus conditions before accepting one.

BinaryOnline Withdrawal

According to their T&Cs, withdrawals can be performed through credit cards, wire transfers, and e-wallet. The minimums are 100 (for cards), 500 (for wire transfers), and 100 account units (for e-wallets). Processing time takes up to 3 business days and 21 more days may pass until you see the funds in your account. Many fees apply and on top of that, you will need to perform at least 5 trades before they allow you to withdraw.

BinaryOnline Extras

You can trade CFDs with this brokerage but the way they describe this instrument makes me think it’s a hybrid between CFD and BO. Make sure you understand the way CFDs work on BinaryOnline before trading them. Another extra is TradeReplica, which is basically a copy trading feature.

Trading Bitcoin With BinaryOnline

Cryptocurrency trading is available but the selection of crypto assets is very limited. The crypto trading is CFDs so be warned, you are not buying and selling cryptocurrency on this platform just trading leveraged spot positions.

BinaryOnline Ratings

User Friendliness 15/20

The website is only available in English, so they lose some friendliness points with non-English speakers. The explanation for CFDs confused me big time and the whole website is a gathering of buzzwords that are supposed to make me think about the huge profits I can make, not about risks. An Android mobile app is available but I couldn’t find one for iOS. Demo accounts are not available.

Number Of Assets And Expiry Times 14/20

Their asset basket is composed of 62 currency pairs, 17 stocks, 6 commodities, 3 indices, and 2 cryptocurrencies (Bitcoin, and Ethereum). I couldn’t find all of these assets on the actual trading platform so it is unclear if all can be traded. The expiry times are varied, ranging from 60 seconds to the end of the day and Long Term.

Commissions, Support, And Effective Return 15/20

There are quite a few fees and commissions at this brokerage: after 30 days without trading, the account will become inactive and BinaryOnline will deduct a 5% monthly fee, credit card withdrawals have a 25 USD fee plus another 10 USD processing fee and wire transfers incur a 50 USD fee. Please note that this is not a full list of fees, so please read carefully their Terms and Conditions.

Support is not so bad but the usual running around the bush did happen and some of my questions hit a wall of questions coming back from the rep. The effective return goes as high as 85% according to their homepage but real trading conditions may differ.

Deposit, Payment, And Bonus 15/20

Deposits and withdrawals can be made via credit cards, wire transfers, and e-wallet. They use singular, not plural so I assume they only allow transactions through one (1) e-wallet; however, they don’t specify which one. The minimum deposit is 250 and the minimum withdrawal is 100 (or 450 if you use wire transfer). Withdrawals will usually go to the same source where they came from (if you deposited via CC, you will withdraw to CC). The bonus ranges from 25% to 75% and the turnover is 30 times.

Website Extras 12/20

TradeReplica is a feature that allows you to copy the trades of other clients (social trading or copy trading). However, the biggest extra is probably the huge amount of complaints against this brokerage and the fact that a lot of scam robots make you open an account with BinaryOnline.

BinaryOnline Ratings: 70/100

Notice!: This broker is rated average among our members and staff. Start your trading career with a Top Rated Broker Now!.

29 Responses to “BinaryOnline”

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Santhira Selvadurai
11/21/2020 10:40

Binaryonline is a fraud
I have invested USD 50K and the trader made losses of USD30K . I wanted to withdraw and they refused stating the usual bonus, etc cannot be withdrawn. I still have USD 20k with binaryonline since march 2017. Is there any recourse? to withdraw. Any suggestion? Thank you [email protected]
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[email protected]
09/19/2019 14:23

not worth it
Its all rubbish and you”ll get nothing out of it. I had to put up a good fight to get my funds back.
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- ROSE
  01/24/2020 08:44
  
  FUNDS
  HI
  HOW DID YOU GET YOUR MONEY BACK.ITS BEEN A YEAR AND I CANNOT GET MY FUNDS BACK.
  REGARDS
  ROSE
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John
09/13/2019 14:08

binaryonline review by John
This company is total scam take your money offer bonus and trade with professional trader. They start of by giving you several recommended trades . You end up losing money they then talk you into putting more in they add bonus. Then a few trades you lose money again . Then they pester you make out that not there fault. Even said that trades from one dealer were pinched from another top secret trades . They assist you for few weeks on occasional days. Always make out couldn’t call you . Total scam you are told need to earn thousands to get any money . Scam
.
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Gary Williams
06/15/2019 22:51

Dont get mad - get even.
From my experience the quickest way to piss them off is to Re-Call any recent Wire Transfers. Your money will have no doubt already been transferred to BinaryOnline`s money transfer company but boy do they take note when your Bank seeks a Recall through their designated Swift Account Bank. My bank instigated recalls of ALL my Wire Transfers (5 in total over about the previous 6 months). While I knew the outcome would be fruitless I was amazed how quickly they negotiated with me to get my bank to STOP all the recalls – they even supplied a hastily written contract – which I re-worded (at their suggestion) and because I included a clause that stated BinaryOnline agrees NOT to manipulate my Trading Account NEGATIVELY to my financial detriment……suddenly their Contract was not necessary after all and they immediately refunded (only) my very last Wire Transfer monies. I am now seriously considering sending strongly worded Emails/letters to the 5 Swift Account Banks involved (including Lloyds Bank and Bank of Hong Kong) informing them that their banks are (unwittingly?) being used by an internationally recognized Scam trading company – which to me sounds dangerously close to “money laundering” or as they say in the US “Wire Fraud”. Ask yourselves: “How can legitimate banks like Lloyds of London and Bank of Hong Kong NOT KNOW they are acting as a conduit for an unregistered, unlicensed and apparently ILLEGITIMATE trading company like BinaryOnline ?”. If all victims of BinaryOnline wrote to the Swift account Banks being used by BinaryOnline expressing their disgust and threatening to write to the many International Banking Regulatory agencies…..just maybe those Banks would re-consider doing Wire Transfer business with BinaryOnline……..and boy would that get their attention!????
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Charmaine D Coetzee
03/11/2019 12:03

I'm trying to get my money
I’m trying to get my money out of them now, and every time its “you have to trade .. You have to deposit” Be aware ….. Algo trader takes trades on Highs, then the stocks (etc) drops. Logic’s says buy low sell high…
This algo seems to be designed at a loss.. Yes I don’t think they use real names. And their personal stories changes every 5 min, as if they are rewriting fictional stories. Now the trade name has changed….FINARIX
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Gary Williams
12/15/2018 18:27

I found out way too late
I found out way too late to cut my losses. I brought into their Algo algorithmic auto-trade system (USD$6000.00) just to avoid their manual trades through a Broker via Team Viewer – really bad mistake – now ID Theft is a possibility and have had to cancel and get re-issued: Passports, Driver`s Licence, Visa Debit card, block their in-coming phone calls, register complaints with NZ Police any many other Agencies. Made inquiries with MyChargeBack for Recovery of scammed funds and wo and behold – my Bank tells me they are suspicious, possibly fraudulent – BEWARE even the Recovery firms could be in on the Scam. How ironic-scammers will try to get you from both sides. My advice – stay away from any on-line Binary Trader who is not REGISTERED and god help you if you end up dealing with a guy called Joseph Hector Mansor – I`ve even been told by a reliable source (NetSafe NZ) that even their names could be aliases. They are based in Marshall Islands (off-shore, unregistered), operate from the UK & Scotland, use legitimate Banks like Lloyds Bank of London & Bank of Hong Kong for Wire Transfers (Swift Accounts) and the parent company is Zola based in Sofia, Belgrade. They sound good, look good and the Algo Trading Platform looks good BUT when a reputable Scamming Watchdog Advisory Agency tells you EVERYTHING about them is fake, fraudulent and well-known Internationally – you had better listen- DONT JUST WALK AWAY……RUN AWAY AS FAST AS YOU CAN.
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Koos
10/31/2018 09:02

They give you a bonus that
They give you a bonus that makes it impossible to pay back and their new platform is there to encourage you to trade as a sole trader but to join their Algo program that if you still have a bonus will take you about 5 years to complete by using the Algo trader. Their new platform does not allow for both Short and Long trades on the same pair at the same time and all active trades are not standalone but consolidated as one trade. Wow they made me lose big money.
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- animesh
  04/10/2019 20:26
  
  bro i have also invested
  i have inventory like only 40$ to try and my profit for the week is 5850$ idk how and they said 15% our company will take away rest we’ll fund to your account let’s see what happens
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Vivian du Preez
10/22/2018 13:30

I have also been scammed by
I have also been scammed by Binary Online. It is just another scam, they are not regulated and there is no way I will be able to retrieve my funds from them. I have never been so harassed on the telephone by any other company, they become rude and insulting on the telephone. Oh, and then they escalate your request to an “Investigation Department” – what a joke! They just waste your time, they will never allow anyone to withdraw any funds! These people should be in prison for theft and harassment! AVOID!!!!
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Chris Swart
10/08/2018 16:44

I invested money with the in
I invested money with the in 2017, the broker make lots of promises, nothing materialized, now they want me to deposit another 2000 dollars for a Algo trader, yust a scam to get more money from me, conditions to get money back cant be met.
BULLSHITT. DONT INVEST WITH THEM.
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wiseman kolisang
08/13/2018 20:51

I traded with them two years
I traded with them two years ago never got my withdrawal processed.
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Bram Sneep
07/03/2018 18:03

I have invested 20
I have invested 20.400 Euro in July 2017
and they block the withdrawal of my money after trades
With A good rendement because they gave
me A bonus of 10.000 usd. I have to reach
A turnover of 90 lots. But then they wil have stolen my money in the meantime! Don’t trade
with them.
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delphiguy
05/22/2018 06:46

Back in Nov'2018
Back in Nov’2018, I got to sign with them via this robot that promises
to make me $$$ (crypto advantage), i know, i was a newbie then so I dont
know any better.
Anyways, i immediately put it 250$ with them and then the problems starts
to come up, the trades i placed via the robot are not showing in the
platform, so long story short, I asked for a refund, but they refused to
give my money back to me, complaints after complaints nothing happens, then
before christmas, someone called me they said that they’re going to help me
make money by asking me to place trades. They’ve asked me to put in 4×50$
trades on a 250$ account… i know i was a newbie then, it was my mistake to
trust them. So did what they’ve asked, placed the trades and boom… they
were all losses.
Even then, they wouldn’t return my remaining 50$, so i used that money as demo
and started to teach myself, i learned a lot since then, it was a hard lesson
to learn, but at least i learned a lot from that experience. I was able to grow
that amount, but still they wouldn’t give me my money back… so i just blew the
account intentionally out of frustration from them.
Fast forward to this date, they are still calling me, asking me to load up my
account,because they have this sure system that would make me money. My reply
to them, fool me once shame on me, fool me twice… go fuck yourself, im not that
crazy to put in more money into their platform after all of the headaches that I
have been thru with them.
I know a lot now, I have learned from the experience, and have abandoned Binary in
favor of Forex and im loving it.
My advice don’t trust them.
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LUCY LEBRON
05/16/2018 15:43

DON'T TRADE WITH THEM
DON’T TRADE WITH THEM. I have in my account $3,283 which i cannot withdraw. I was able, through my bank, to retrieve $4500 which they led me to deposit but I never signed off on the paperwork they sent as confirmation of deposit so my bank got my money back. They even asked me to show proof that this money was back in my account which i sent leading me to believe they would help me withdraw my funds. I sent them an email with all the complaints and this review and that stopped the email harassment. The phone calls I immediately stopped by writing to their famous Compliance Department indicating that communications with them had to be in WRITING. I was even harassed by Shawn Paul indicating that I had to talk to him otherwise I would not get my money in my account back and those were the BINARY ONLINE terms. I told him that MY TERMS were everything in WRITING. That stopped the phone calls. LESSON LEARNED FROM THIS REVIEW. BINARY ONLINE IS A SCAM!!!
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Tony
04/14/2018 15:45

I`ve been had with Binary Online
I`ve been “had” with Binary Online, trading robot that calculates and executes Binary Options.
Does trading when market opens. First thing on a morning. You would do better yourself sticking the pin in the donkeys tail, blindfold. Load of C… Mega B.S.. Yet another scam. High pressure selling with the normal promises of next trade will make up for losses. They trade for you using your money then bollock you if you trade for yourself. I`d made $8K profit when they let the account go dry. Lost the lot without even touching a thing. “NOTHING” no replies to emails on their site or private. Got legals onto it now.
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andre struwig
03/29/2018 18:12

Hi there
Hi there,I put in $500 on binaryonline and they gave me $500 bonus, after the broker told me to put $500 on gold and i lost they kept on asking for another dep. Then they said i must earn 30x the other 500 and five trades before i can withdraw anything, after i did that and now sitting at $32584 they now said its 90x the bonus. And they keep canceling my withdrawal stating “cancelled no reason” I think they just do not want to pay you anything out.Now they told me there was a technical problem with the market and account and they took the whole $32000 that i have made and left me with $1700 and said i must start trading with that again. How does this work??????So they can just take and make as they please with your account.Not good.
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TMTA
03/28/2018 06:48

I opened an account in 2016
I opened an account in 2016 with Binary Online with a deposit of USD1k. The broker assigned was useless recommended bum stocks. I learned and played the system by myself and made some money. Due to personal matters I stopped for almost 8 months. When I went back online again this week they told that my account has been blocked and asked me to open a new account for them to transfer the balance back in. I opened the account and still waiting for the money and add insult to injury I have to top up the new account with USD1k again. Now thinking if and when they refund the money into my new account want to close the damn thing.
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- pygont
  05/02/2018 23:23
  
  TMTA
  TMTA, try that and see if it works. I have not allowed withdrawal and they insisted i must achieve the turnover volume which is to trade another 150k volume. This gives them good reason to try to convince me again to put in more money so that i can reach the momentum. enough is enough, i did not. But am still unable to withdraw the account balance…
  Stay away from them. They are scam! Do not end up putting more money in because you cannot withdraw!
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  - david petty
    06/04/2018 21:59
    
    most of you take the BONUS
    most of you take the BONUS and thats where they make their money as you have to reach the turnover before you can withdraw i made over 80k with them in under 4months i a only deposited 1k and i dont have any problems
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Bob Standley
03/17/2018 05:36

This
This, so called, Binary Broker. Their platform is a joke, it has no charts or tools, nothing that looks remotely like a trading tool. The only Tools are Binary.com. They think that by having a low initial deposit no one will complain, what’s $10 or $20’s. Well I’v complained. not about $10, about the fact that they are thieving low life scammers just like the individual who penned their false review. They count on very few complaints and every $10 or so will add up, and it does. They offer a $20 bonus, I’m still waiting. Their customer support- sorry did I say customer support. They must have gone into the scamming business after 2016, reading the previous reviews, unless they where self written. Anyway if you want to give them a donation go right ahead, it’s your money to do what as you want.
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- pygont
  05/02/2018 23:27
  
  Yes Bob
  Yes Bob, money deposited with Binaryonline is for them to bring it into their graves. Karma… I had multiple brokers who told me exactly the same thing – John Hawkins, Jason Brown, Andy Klein, Scott Sanders, Don Ford – that they were in the best interest for their clients.. and when i stopped depositing, they were the same shitty person as their previous brokers. I have money in the account that i cannot withdraw now, and i think i will never get to….
  Don’t trade with them unless as you said, if you treat that as a donation. You cannot withdraw at all!
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Dragos Stefan
02/26/2018 05:35

In November 2017 and then in
In November 2017 and then in January 2018 I have deposited 19500 EUR with them. I decided to withdraw my money on 16 of January 2018. Up to today – 26 of January 2018 they still have not processed my request although I have wrote to them and asked for my money back. Have instructed my lawyer to start legal procedings against them and will go to my bank to start the chargeback procedure.
Do not invest with them!
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- Oh Man
  03/15/2018 01:46
  
  Hai Dragos
  Hai Dragos,
  Have you managed to get the money back? I have USD18,000 to withdraw. I got trapped and scammed by Eden Schmidt Account Manager +44-20-3026-0222 [email protected] Now with another name Shawn Paul
  BinaryOnline.com
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  - pygont
    05/02/2018 23:37
    
    Hi Oh Man and Dragos
    Hi Oh Man and Dragos,
    I had John Hawkins, Jason Brown, Scott Sanders, Andy Klein and Don Ford… someone told me these are fake names…
    i got scammed 13k and still cannot withdraw up to now and they insist i must trade 150k more and the only way to reach this turnover volume is to put in more money to reach the turnover quicker. I don’t buy in that anymore and just trying ways to get my money back. Love to hear some clues if anyone has it. Thanks.
    Don’t be scammed by BinaryOnline! Only depositing money and cannot withdraw!
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che
02/26/2018 04:40

I placed $250 to binary online
I placed $250 to binary online minimum and ask me to send personal documentation I send some copy of my government ID’s and other document’s but they still refused to my trading account and ask me to send again what a f**ing experience on binary online
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Briar
02/03/2018 11:51

I placed the minimum $250 but
I placed the minimum $250 but their forcefullness did not sit well with me. Calling and whatsApping me to send my personal documentation. I refused and asked for my money back but they say they can’t do that without me submitting the documents. Report them to actionfraud police uk.
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- pygont
  05/02/2018 23:30
  
  Thanks Briar
  Thanks Briar, I am unable to withdraw my money too up to now and have deposited 13k. Multiple brokers were haunting me with emails and calls – i wished i had not given in and ended up in current situation now that i have money that cannot be withdrawn (can never be…).
  How to report to action fraud police uk for someone not living in UK? thanks
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Frank
01/18/2018 10:09

I placed a $500 deposit with
I placed a $500 deposit with Binaryonline They then asked for a lot of personal documentation which I refused to provide. They are now saying that they cannot refund me unless I complete this documentation. I have also had others contact me claiming that they have been burnt by these ‘scammers’
Don’t trade with them.
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