CryptoBO is the world’s first crypto-based binary options broker. Here, all trading processes including, deposits, withdrawals, and the actual trading, are all done in Bitcoin. The platform witnesses over 50,000 contracts completed daily. With CryptoBO South Africa, you can have access to trade almost all global financial markets, listing over 100 instruments. These include forex, stocks, equity indices, and commodities. Furthermore, and most importantly, CryptoBO South Africa offers access to cryptocurrency binary options trading more than any other broker.
With CryptoBO South Africa, you can trade what is called “Cryptocurrency pairs,” which features cryptocurrencies and actual physical currencies being paired against each other. So they have instruments like BTC/EUR and ETH/JPY, amongst several other pairs. The payout rate for successful trades with CryptoBO South Africa varies from instrument to instrument with rates up to 91%.
CryptoBO Binary Option
Many factors make the CryptoBO brokerage system comparatively better than the traditional fiat binary option broker, some of which are outlined below:
- Confidentiality and Anonymity
As you will see below, signing up to trade with CryptoBO South Africa is one of the most stress-free such process you will find around. To start trading, you only need your email and username. Beyond this, you don’t need any verifications or proof of identity.
This is as against the practice of traditional brokers who will request you scan and submit identity documents like your driver’s license or international passport. Some will require that the bank account through which you deposit into your trading account must be one that bears your name, as verified by whatever identity document you are putting up. The irony is that the verifications are not required when you are to deposit, but when you want to withdraw your funds.
We know this has prevented many traders who lack the requisite documents from accessing trading platforms.
- Crypto Payments
It is no gainsaying that paying through cryptocurrencies trumps fiat payments (through banks and other channels) on many fronts. For one, payment is fast, as your deposit can reflect almost immediately. Likewise, your withdrawals can get credited in 3 hours or less.
Furthermore, the chances of fraud are greatly reduced as Bitcoin (and indeed most crypto) transactions operate on a blockchain where multiple parties verify transactions.
Similarly, conducting trading transactions through Bitcoin eliminates the heavy charges that banks and other financial services providers charge when you make transactions with fiat currency.
Finally, Bitcoin payments hide traders from the radar of regulators and the government that may charge taxes.
- All-year Round Trading and Customer Service Access
The CryptoBO trading platform is available 24/7 throughout the year, which means that anytime you wish to trade, it is open to you. Similarly, CryptoBO’s customer service is available all-year-round. It can be accessed via Telegram, live chat, email, as well as on Skype.
CryptoBO Sign up South Africa
You can sign up on CryptoBO South Africa’s platform with few easy steps.
Confirmation – An account confirmation link is almost immediately sent to the email you provided in the email you entered; you are expected to click the link to confirm your account.
Signing In – Upon clicking the link, you are taken to the sign-in page to provide the username and password entered earlier.
Once you do this, you can start using your account right away.
CryptoBO Promo Code South Africa
CryptoBO South Africa provides traders with many promotional offers, especially in the form of bonuses.
For one, there is free 500 Satoshi (BTC 0.00000500) real crypto funds that every trader gets upon signing up. Even more amazing is that you can replenish this 500 Satoshi as many times as you desire.
When you decide to fund your account, you are given a 100% binary trading bonus on your first deposit.
Finally, occasionally, CryptoBO holds promotional offers where traders can get to earn bonuses. You can check the notification section in your account for these.
CryptoBO Minimum Deposit South Africa
With CryptoBO South Africa, there is no minimum deposit requirement. You can put up any amount you wish to trade with.
However, you require a 0.0000001 BTC trade value for each trade. This translates to $0.01, which is far below the $0.01 commonly required by other non-crypto brokers.
In order to make a deposit you need to go to the “Billing” section in your trading account and click “Deposit Funds.” In the blank space provided here, you enter the Bitcoin equivalent of the amount you wish to deposit, after which you click confirm.
Next, you are presented with 2 deposit options: Paying into a Bitcoin account, or depositing through QR code.
CryptoBO Withdrawal South Africa
Right there in that “Billing” section, you can withdraw your profits. Under the “Withdraw Funds” subsection, you enter the amount you wish to withdraw and the destination BTC address.
You should get your withdrawal in a maximum of 3 hours.
CryptoBO Trading Platform Review South Africa
CryptoBO’s trading platform is available via its website.
Below is a short guide on navigating the platform:
Trading Home Page
When you do binary login into your account, you first see this trading home page. Here you find the charts of whatever instruments or assets you want to trade. The default instrument on the page is BTC/USD, but you can always change it to your choice instrument.
The default chart type is a line chart, but there are icons for you to customize it to become a candlestick or bar chart.
Right below the charts, you can set your desired expiry period for each trade, as well as the amount you want to put up per trade.
Further down are the CALL and PUT orders, which signify a “Buy” or “Sell” trade, respectively.
Finally, you can set your preferred language and time zone.
The human-head icon located at the top right corner signifies your profile. Here you can enter personal information such as real names, location, and contact details. You can also reset your password.
The “Billing” section contains deposits, withdrawal, and transaction history.
Here, you can perform tasks such as asking questions and transferring funds.
You can chat CryptoBO customer service, which is available 24/7.
CryptoBO App South Africa
CryptoBO does not yet have any mobile binary trading app; however, you can access its services via its website
CryptoBO Scam South Africa
The CryptoBO brokerage model is a commendable one and cannot be labeled a “scam.”
However, some issues have to be addressed, some of which are summarised below.
The binary options South Africa space has been noted for being full of scams in the past, hence why government authorities have doubled down on binary option trading. In fact, some countries have gone as far as banning binary options altogether.
Sadly, most responsible for these binary options scams are binary options brokers. From manipulating trades to diverting trader’s funds to denying trader withdrawals, binary broker scams manifest in several forms and methods. To avoid falling victim, you should ensure that a reputable financial regulatory body regulates your chosen broker. In the binary options space, such include the UK Financial Conduct Authority (FCA), the European Securities and Markets Authority (ESMA), or even the South African Financial Services Board (FSB). This protects the trader as the broker is expected to comply with the rules set by these agencies if they contravene, appropriate sanctions can be applied. You don’t get to enjoy these benefits with unregulated brokers. Sadly, CryptoBO South Africa is one.
CryptoBO does not appear to be a transparent broker, and this lack of transparency takes da number of forms. For one, the anonymity afforded traders, although good at times, can be used against traders. Since traders don’t verify their identities, scammers and hackers can have a field day unchecked. Although this is understandable given that it involves cryptocurrency and blockchain, which operates on anonymity, we still must state that it puts traders at risk of loss.
In another vein, CryptoBO did not disclose its location or head office.
Other things lacking in education include lack of education materials and binary trading guide, especially on how to use crypto to trade binary options.
Putting the above issues into consideration, you should conduct due diligence before signing up on the platform and don’t get confused with some other Bitcoin related products like Bitcoin Revolution app South Africa.