We have found out that Binary8 has shut down their operations.
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This is a web binary option broker that has been around a long time and their experience shows through in their website; it’s a web broker that obviously gets a lot of its design thoughts from experienced traders and analysts. They were first traded on in 2009. Although they are not as fancy as some other brokers they still offer a good trading platform and they have very good banking practices too.
Online since: 2009
Max Returns: 90%
Minimum Deposit: $250
Minimum Investment: $25
Maximum Investment: $5000
Currencies: USD, EUR, GBP
Countries: All But US & Israel
– It is a site with a very user friendly platform
– Fast withdrawal policy
– Designed by experienced traders and analysts
– Low minimum investment
– Site layout is very easy to see and understand
– Generous trading bonuses
– Has a demo account available
– Lack of trading choices
7 Binary Options Rating:
Binary8 Special Features
What impressed us the most about Binary8? It had to be their very fast withdraw times that were among the fastest we have seen in the binary options industry. Right behind that our favorite feature is the easy to use trading platform that is also very fast. We were starting to see a little theme that this broker does not like to waste their trader’s time. As with any site there are pros and cons, so at the end of this review its up to each individual as to what they read to see if the like this web broker enough to give them a try. Some of the features we will discuss also have strings attached to them that will take away from some features.
There is no shortage of loyalty programs on Binary8. The most popular one is based on the amount of money you first deposit into your account when first signing up to trade with this broker. As we review the individual account levels you will notice that the amount of the initial deposit not only gives you the option of taking a sign up bonus, but it also unlocks more features for you to use as the account level you sign up for increases.
Here is an overview of the Binary8 account levels:
- Binary8 Basic Account
This level is attained by depositing a minimum of $250 dollars in an account and makes the investor eligible for a 25% sign up bonus. Like all levels with this broker it includes fast withdrawal times. It also enables the user to get access to such features as learning tools and financial news.
- Binary8 Plus Account
This level is attained by depositing a minimum of $500 dollars in an account and makes the investor eligible for a 35% sign up bonus. Like all levels with this broker it includes fast withdrawal times. It also enables the user to get access to such features as multiple monthly free withdrawals, learning tools and informational one on one trading sessions.
- Binary8 Premium Account
This level is attained by depositing a minimum of $1000 dollars in an account and makes the investor eligible for a 50% sign up bonus. Like all levels with this broker it includes fast withdrawal times. It also enables the user to get access to such features as multiple monthly free withdrawals, learning tools, weekly strategy lessons and a personal trading session.
- Binary8 Ultimate Account
This is definitely the account level that serious professional traders want to sign up for. It is a level that is attained by depositing a minimum of $10,000 dollars in an account and makes the investor eligible for a 100% sign up bonus. Like all levels with this broker it includes fast withdrawal times. It also enables the user to get access to such features as multiple monthly free withdrawals, learning tools, weekly strategy sessions, higher return on investments and informational live trading sessions.
Why are fast withdrawal times a feature? Because very rarely do you see a binary options trading site that guarantees withdrawals are processed the same day they are received at all account levels. It must be noted that like many binary option brokers, Binary8 has trading turnover requirements that come with account bonuses before those funds can be withdrawn. The turnover for bonus withdraw requirements on Binary8 is 40 times the amount of that bonus. They take this one step further and will not let a user even withdraw their own funds unless they have reached 25% of the turnover bonus; this was a big drawback to the site as we are concerned and something we feel compelled to point out.
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Binary8 Trading Platform and Assets
The trading platform with this web broker takes full advantage of the windows experience and it is obvious they place a huge emphasis on charts too; they are three different types of asset charts that the user can choose to display like with binary option robot. The right side of the display window is where the platform features are to place the trades; there is also a toggle button that will take the trading window full screen if you so desire when using the web platform. We did not really feel this was necessary unless you are using a device with a small screen such as a smart phone or tablet.
There were some noticeable shortcomings in the trading platform choices which raised a little red flag with us. One of the big problems is that this broker only allows for the trading of the more traditional high/low options. Also the options that were offered were exclusively of the short term variety; these ranged from 30 seconds up to 60 minute expiration times. Although the choices are limited it does keep with Binary8’s philosophy of keeping it simple, fast and concentrating on doing one thing well. If you like trading simply and doing it in the fast lane then Binary8 may be just what you are looking for.
The asset list is adequate with this web broker. They offer 33 stocks, over 20 indices, 10 commodities, and almost 15 currencies. As we mentioned before the trading with this web broker definitely favors short term traders. There are matched pairs available under the list of assets too which are becoming very popular to trade.
It really comes down to this with Binary8. It seems what they do as far as trading is concerned they do well but they have such a very limited variety of choices. So each investor has to make a choice if they can live with those parameters that Binary8 seems to have.
Customer Service and Support
There is a distinct lean toward the Chinese binary options trading market with this site; as a matter of fact, that and English are the only two languages that customer service is provided in. We tested their service with both live chat, phone and email. The nice thing about the live chat is you do not have to leave the web browser but we found that the response time there was less than adequate.
Again we have to point out here how much we thought of Binary8’s same day withdrawal processing; it makes us wonder why if they can do it then why don’t many other sites seem to be able to do it too? A customer wants access to their money and their profits and it should not take 10 days for them to get it. Keep in mind that you must have submitted proof of identity documents before you can initiate a withdraw.
The process of making deposits is very straightforward and conventional. The minimum account deposit that is required is $250 which is about average for the industry. You can make a deposit using such funding sources as Visa, MasterCard, Neteller, Skrill Moneybookers and Union Pay. And of course bank wire transfer is always supported.
There is a $25 fee for making a withdrawal using bank wire transfers but credit card withdrawals are free in most instances. This is similar to the requirements of most web brokers. Some of the e-wallet companies will charge as high as 4% for withdrawals done with them. In order for withdrawals to be processed on the same day they must be received Monday through Friday 8 in the morning until 3 in the afternoon. Dormant accounts will be charged periodic fees until the money is gone.
Our Final Thoughts on Binary8
This site definitely left us with some mixed emotions. On one hand there were things we really liked about it like the well-designed trading platform, but on the other hand this was tempered by the fact the trading choices were limited. We don’t feel there is any real reason why someone should not trade on this site; we just feel it needs to be improved a little to get a higher recommendation. It definitely is a site which is geared toward limited option and faced pace trading as we mentioned before.
Customer Service: Live Chat, Support@binary8.com
Languages: English, Chinese
Trading Options: High / Low
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 30 sec, 60 sec, 2min, 5min, 15 min, 30 min, 1 hr
Deposits and Withdrawals: Visa, Mastercard, Bank Wire, Skrill Moneybookers, Neteller
Withdrawal Time: 2-3 days
Demo account: Yes