Binary.com is one of the long-term binary options brokers available on global financial markets. Our Binary.com review revealed how they accept traders from South Africa and therefore, we decided to review their trading platform.
Binary.com initially appeared on financial markets back in 1999 and is operated by Binary Investments Ltd.
In the Binary.com South Africa review, we will take a closer look at the platform and trading instruments available to traders in South Africa. For more details about this safe binary options broker, read further in our Binary.com review.
Binary.com South Africa
Our Binary.com review showed how this binary options broker uses its own proprietary software, which puts him in the category of a few binary brokers who offer their own software to registered traders. They enable traders to use a variety of trading tools and a selection of different underlying assets.
Binary traders in South Africa should know that Binary.com is a regulated binary options broker.
Binary.com Mobile App
With a variety of useful features, the Binary.com mobile app will become a constant segment when trading binary options with this broker.
Key features of the Binary.com mobile application:
- Easy overview of trades on user-friendly interface
- Option to prepare for up to 5 trades at the same time
- Having access to features and trade options from the new sidebar menu
- Easily track past trades and monitor them under the Watch List tab
The mobile app is a great option for busy traders in South Africa who want to have access to trading platform from anywhere. The Binary.com mobile app is available on both Android and Apple devices and can be downloaded from Google Play and the Apple App Store.
Overall, mobile trading is becoming a great way to trade binary options since it is mostly used by busy traders who want to have access to the trading platform even when they are not in front of their computers.
The Binary.com app offers basic features needed for a successful binary options trading process. They have also prepared an Asset Index where they have listed several underlying assets available to trade with.
We find the simplicity of mobile apps to be a very important element of profitable binary option trading via mobile platforms. The Binary.com app is protected, which is important, but it could be updated a little bit more with extra features and a longer asset list.
We also learned that the Binary.com app offers registered traders a selection of different trade options, including both short-term and long-term ones. This way, all types of traders can trade binary options, including those who prefer riskier trading and those who don’t.
Is Binary.com Regulated in South Africa?
Binary.com does not hold a license from FSCA in South Africa however it is the only binary broker in the world to be regulated by MFSA (Malta, EU). The Maltese authorities made it virtually impossible to get licensed on Malta for financial services however given Binary.com formerly know as BetOnMarkets.com was considered a bluechip investment company they got a license. If you look on the website of Binary.com you will find that they are regulated in many jurisdictions.
It is important that a Broker does not necessarily have to be regulated in all jurisdictions in the world as some licenses are valid in many countries where local laws doesn’t have a proper regulator or an active regulator in the online trading space.
We have with 7 years experience not heard any problems about Binary.com in South Africa. We have not seen South Africa warn traders and citizens of South Africa to be on alert of Binary.com. We believe it is safe to say that if Binary.com was a scam operation set out to lure people in and steal their money, they would have done so by now and closed down the operations.
Binary.com Trading Features and Services
Our Binary.com review revealed to us how they offer a long list of trade options, combined with an exceptional list of different times of expiry. South African traders can choose whether they want to trade with the following trade options: One Touch, High/Low, 60 Seconds, Boundary, Long Term and Touch Options.
Traders can select between short term and long term expiry times, covering trading within 15 s, 30 s, 60 s, 2 min, 5 min, 15 min, 30 min, 1 hr, 24 hr, 24 hr+, end of day/week/month, 30 days and 150 days as maximum.
Traders can invest in different underlying assets, such as forex, commodities, OTC stocks, indices and volatility indices. A full list of assets can be found under the Asset Index at the bottom of the website.
Binary.com South Africa launched the MetaTrader 5 trading platform, which will start with volatility indices, while additional assets will come shortly. With MT5, traders in South Africa are able to:
- Use advantages for algorithmic trading
- Have custom-designed trades for higher payouts
- Have access to platform 24/7
On the other hand, they do offer binary trading demo account, which is an excellent news for inexperienced South African traders. When traders do binary sign up on this platform, they will be offered with $10 000 of virtual money for safe trading. Binary trading for South African traders on Binary.com demo platform is risk free since traders don’t invest their real money, but instead they get a chance to practice and test trading platform in order to have better trading results.
Binary.com South Africa has prepared one of the best educational sections, together with a blog. At the Learning Center, South Africans can find training videos, including those related to different assets. Also, traders can get more information about security tips, weekly market updates, glossary and FAQ. especially for new traders, Binary.com South Africa prepared a tab called New to Trading? and educational webinars to gain more trading knowledge.
If you would like to compare Binary.com South Africa trading platform with another binary option platform, you can check iq option free demo and see is this broker more suitable for you.
Another thing we came across Binary.com review is that they have implemented charts in real time, such as candlestick graphs and JAVA software, which enables traders to easily detect price range of chosen asset.
Binary.com Customer Support
What we discovered in Binary.com review is that they offer assistance via several communication channels, such as: email [email protected], live chat and phone for several countries worldwide. Binary.com South Africa also has offices in different countries (Malta, Japan, Malaysia and Isle of Man).
This way, traders can ask for help whenever needed and live chat is shown as the quickest option, since the support agent joined the chat within seconds. Having good customer support is valuable to have since traders need to trust their binary option broker, who will assist them achieve success while trading.
Also, this broker supports GameCare, an organisation which supports people with trading issues.
Binary.com South Africa has a multilingual platform, available in the following languages: English, French, Spanish, Russian, German, Polish, Portuguese, Italian, Arabic, Indonesian, Vietnamese and Chinese.
Binary.com Banking Info
Traders in South Africa should know how registration on Binary.com South Africa is free, however deposit is required to start trading with real money. Minimum deposit for Binary.com and Deriv minimum deposit is just $5, which is extremely low and also attractive for traders to join and begin their binary trading experience.
They offer an absolutely amazing list of deposit methods as we discovered in the Binary.com review. It is important to keep in mind how the selected payment method while depositing has to remain the same as when withdrawing.
Under the Banking tab, traders can click on Cashier to select a payment option and upgrade to a real account.
Available deposit methods with Binary.com are:
- Debit / credit cards: Mastercard, Visa and UnionPay
- Bank wire: Western Union, Internet Banking, Internet Bank Transfer and Bank Transfer
- E-wallets: Skrill Moneybookers, Neteller card South Africa, OK Pay, FasaPay, Perfect Money, Moneta.ru, WebMoney, QIWI, Yandex.Money and PaySafe Card
With cards and e-wallets, deposits are instant, while withdrawal time depends on the selected option, but is usually between 1-2 working days. Only via bank wire, withdrawal time can go up to 5 working days.
Fees are low with Binary.com and only via bank wire transfer, fees are $25.
There is no need for traders in South Africa to send any documents to authorise trading accounts, however make sure to keep an eye on SARS and binary trading tax South Africa so you don’t experience any legal problems. It is important to mention how payments are made only with AAA-rated banks, which implies better confidence for registered traders.
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