BinaryUno Review
BinaryUno is operated by Smart Choice Zone LP, which – according to them – is incorporated and located at 272 Bath Street, Glasgow, Scotland. However, they don’t specify if this is the owning/operating company, or simply a payment processor, or simply a name they like putting on their website.
In their Terms And Conditions they say that although the customer is entering into an agreement with Titanium Tech Solutions Limited, Smart Choice Zone LP is taking liability for complaints where end users have deposited money through Smart Choice Zone LP. They also say that Titanium Tech Solutions Limited holds a Vanuatu license and company number 14694 but I couldn’t find any trace of such company on the official site of the Vanuatu Financial Services Commission.
Is BinaryUno a Scam?
BinaryUno is not regulated and many countries in the EU require authorization and regulation before allowing any brokers to offer financial services to their clients. Simply by targeting EU members, the broker is already risking warnings and can be considered a scam. My second concern is the terms and conditions. Signing up with them after reading the terms is like setting yourself up to get scammed on purpose. If you would happen to be in a disagreement with them and you have agreed that your money is not yours and they can charge fees whenever and how much they want, you rally have no recourse if there is a problem, which there most likely will be. The third alarming fact is, of course, the complaints and warnings issued I have found. Sure, they are not that many but I wouldn’t be surprised to see more in the near future because, being registered in late 2014, BinaryUno is still quite new. Finally, the lack of information regarding the company is also a typical trait of shady brokers.
Editor’s Note – Why Doesn’t BinaryUno Suck in 50 Words
BinaryUno does not suck because the live support was actually available and tried to help even though they couldn’t answer all the questions. Furthermore, the SpotOption platform includes all the features you would expect to find, and you can trade Forex too.
Why Does BinaryUno Suck in 50 Words
BinarUno sucks because they are not authorized nor regulated and they offer the lowest payouts I have ever witnessed. I have also found alarming complaints regarding withdrawals being impossible and account managers wiping accounts. What I found in the terms and conditions further strengthens my bad feeling about this broker.
Should I Open an Account with BinaryUno?
BinaryUno is not regulated and the virtual address in the UK does not qualify as an authorization to provide services to UK citizens or anyone else in the EU or abroad. At least BinaryUno is “clear” about that, if you use your magnifying glass again you can read the following: “Binary Uno is not operated from the UK and our services may not be used by UK residents”. I am not sure whether “may not” are the right words here considering you require regulation by the FCA to provide financial services to UK citizens. In that case, why is it still possible to choose the United Kingdom when registering? Ok, now I’m confused and the live chat couldn’t clear things either as he did not know these things.
Financemagnates reveals that the main target for BinaryUno is EU and the Middle East. Hence, the lack of regulation in the EU is a big problem but what I wanted to address is the complaints on this broker. The first one is a comment left under the article I just referred to, at Financemagnates. The rest of the complaints (about 6 of them) are on YouTube, all claiming withdrawal issues and wiped accounts. However, the most alarming part is the section 4.3 in the Terms and Conditions:
4.3 Whenever the Client transfers funds to the Company, those funds belong to the Company and will be treated by it as its own for the purpose of securing or covering the Client’s present, future, actual, contingent or prospective obligations, subject only to any contractual obligation of the Company to pay or return money to the Client according to the terms of this Agreement. The Client will not have a proprietary claim over money transferred to the Company, and the Company can deal with it in its own right
To understand the difference between a good T & C and an unfavorable one like the above, let’s compare with a regulated broker’s T & C below:
21.1. The Company will promptly place any Client money it receives into one or more segregated account(s) with reliable financial institutions (i.e. an intermediate broker, a bank, a market, a settlement agent, a clearinghouse or OTC counterparty) and the Client funds will be segregated from the Company’s own money and cannot be used in the course of its business.
Another section I always look up in the terms and conditions is the dormant account fee. I don’t mind it much when a broker charges a small fee after say three or six months and have stated very clearly how much and under what conditions. In the case of BinaryUno, well, let me quote section 12.7:
“…the Company may charge the Trading Account with a Dormant Trading commission, at a rate to be determined by the Company from time to time, close any open trade and/or the Client access to the Trading Account and/or terminate this Agreement.”
Once again they have stated that they do whatever they like. What rate would that be? 1000 dollars? 10,000 dollars? And how long do I have to be away to be considered dormant? Does a weekend in the Canaries count, what about if I’m busy at work for a week? You get the point…
Moving on to the next subject… The platform is SpotOption and BinaryUno offers the standard SpotOption features. Binary Options, Pairs, Long Term, Short Term, Touch, Ladder and Forex. The platform colors are nice and you can use candlestick charts as well as the strategy adviser that is starting to become a common feature on SpotOption platforms. . . but remember, you can get all this at a regulated broker too.
BinaryUno Complaints
There’s a massive wave of RAGE against this broker online. Even in the comments below this review, you will find people calling them a ripoff and swindlers. That same vibe is present all over the internet, with people complaining about failed withdrawals but also about trades made by the account managers that resulted in ZERO account balance.
However, there’s one guy – John (you can trust him, that’s not a fake name #sarcasm) who says that the negative comments are “sponsored” and that he withdraws 25K every month, with “no problem whatsoever”. Cool story, bro… cool story.
BinaryUno Regulatory Warnings And Announcements
19/09/2017: Canadian regulator British Columbia Securities Commission (BCSC) warned that Binary Uno, operated by DOM Technology Services LTD (operating company has changed since then apparently) is not authorized to offer its services to British Columbia residents. Source: BCSC Warning
03/03/2017: The Australian Securities and Investment Commission (ASIC) has warned that Binary Uno, operated by Smart Choice Zone LP is soliciting Australian clients without having the proper licenses and authorizations. We couldn’t locate the warning on ASIC’s website. Source: Finance Magnates
Binary Uno Withdrawal
This brokerage only allows credit card and wire transfer withdrawals, with the minimum being 100 account units (EUR/USD/GBP). The fee for each transaction is $35 and the time it takes is between 5 and 10 business days.
Binary Uno Bonus
The bonuses start at 35% (for the lowest account) and go as high as 150% for the Elite Account (250K minimum deposit!!!). The turnover is bonus amount x 30. We recommend you read their Terms And Conditions carefully before accepting such a high bonus
Binary Uno Extras
They have a feature called HF – I have no idea what it stands for because they don’t say. However, it looks like FX/CFD trading and this is always a good addition for a binary options broker.
BinaryUno Ratings
User Friendliness 13/20
Finding information regarding the firm itself was next to impossible but there is an education center and the material there does not require signup. The FAQ is pretty good and contains the necessary basic information. The website is only translated in 4 languages and there are no Demo accounts
No. of Assets and Expiry time 10/20
The assets are 26 currency pairs, 2 commodities (Gold and Silver), 7 indices and 6 stocks, which is way below average. Expiry times are SpotOption based as in every 15 minutes or end of hour, day and longer terms. There is also, 60, 120, 180 and 300 second options, FX/CFD, Touch, Pairs and Ladders.
Commissions, Support and Effective Return 10/20
There are no commissions to open an account but withdrawals are subjected to a 35$ fee per transaction. There is also a dormant account fee that can be charged anytime and at any rate the company desires. The returns are the lowest in the binary options industry as the maximum payout is only 77%.
Deposit, Payment and Bonus 15/20
Bonuses vary from 35% up to 150% depending on your deposit amount and account type. The turnover requirement is 30x the bonus. Deposit/withdrawal methods are Visa, MasterCard, Maestro and Diners.
Website Extra’s 12/20
Strategy advisor, candlestick charts and FX/CFD which are now rather common with SpotOption platforms.
BinaryUno Overall Ratings: 57/100