Every client who opens a live trading account with Binary Xchange can benefit from an optional welcome bonus, and high volume traders can look forward to opening a VIP account with extra benefits and perks. The trading software offered by this broker is cutting edge and easy to access while there are several ways of contact the customer support team. The lack of asset choices lets their broker down however, since there are only around 60 to choose from.
As a modern broker that offers trading across foreign currencies, stocks, indices and commodities, Binary Xchange aim to address the needs of investors at all levels of experience by offering a selection of different account types to accommodate both novices and professional traders. This broker also offers educational resources to help traders to maximise their profits and features such as trading signals and social trading to improve the client’s trading experience.
Established as recently as 2016, Binary Xchange is owned by the Zurix Corporation Ltd and is based in the Marshall Islands. This broker offers potential returns of up to 91% per trade and has over 25,000 registered clients on its site. There are four different option types to choose from and around 60 trading instruments to select. Although this broker is not licensed or regulated by a recognised body, it does ensure the safety of clients’ funds and personal information through strong site-wide encryption and by having strict compliance procedures. Also, all client funds are kept in segregated accounts, so that they are well protected in the event of a financial crisis.
Binary XChange offers around 60 assets for traders to select from.
Their list of assets includes:
Bonuses & VIP Programs
Every client that opens a trading account with Binary Xchange can benefit from a welcome bonus of an undisclosed amount, although it may be up to 100% of the client’s deposit depending on circumstances and the account level opened. There is a minimum trading volume requirement of 40 times the bonus amount in order to withdraw any profits. There is also a VIP trading account offered by this broker which allows clients with the highest trading volumes to enjoy added benefits and perks. For a minimum deposit of $50,000, clients can enjoy benefits such as personalised fundamental and technical analysis, weekly and daily trading sessions, a personalised portfolio structure, customised trading conditions and 1 to 1 training.
The Binary Xchange trading platform, like most others offered by binary options brokers today, is entirely web based meaning that clients are not required to download any software or to install memory intensive programmes onto their laptop or PC. Instead, clients can use any internet enabled device to access their trading account, to check assets and to execute trades as well as enjoying complete functionality across all of the educational resources and customer support options. This allows clients the convenience of trading at any time and from anywhere in the world using n Android smartphone, iPhone, iPad or tablet. Unfortunately, this broker does not appear to offer a mobile app to facilitate trading from mobile devices on the go.
Deposits and Withdrawals
There are only two methods by which Binary Xchange’s clients can pay funds into their trading account or withdraw any profits. These are:
- Credit Card (Visa, MasterCard, Visa Electron, Maestro)
- Bank wire transfer
Unfortunately, no e-Wallet methods are available.
The minimum amount which can be deposited into a Binary Xchange account is $250 (or the equivalent) through a credit card or $1000 via bank wire transfer. The maximum amount which can be deposited via credit card is $5000.
Depositing funds into a Binary Xchange account is very simple through the website and accounts can be opened in any one of 3 currencies including:
- US Dollar
- Pound Sterling
Once a base currency has been chosen, it is not possible to switch to a different one at a later date. Other local currencies are also accepted for the convenience of clients from around the world.
It is quick and easy to request a withdrawal through the website however there is a minimal withdrawal limit of $100 and all withdrawals must be made via the method through which the initial deposit was received. There is a fee of 4% levied on all withdrawals made by credit or debit card via CardPay and of 5% on all withdrawals made by card via OrangePay.
There are several methods through which clients can contact the Binary Xchange customer support centre. These include:
- Live Chat
- Telephone helplines (3 telephone numbers are provided to contact the teams in Australia, Spain and the UK directly.)
- Web Form
The website is available in four languages, English, Spanish, Russian and German.
Extra Features and Resources
Providing educational resources is becoming more common among binary options brokers in the marketplace today and Binary Xchange offer their clients a range of educational materials which can be accessed free of charge by clients in order to widen their skills and deepen their knowledge of investment. There are video courses, articles and ebooks to choose from aimed at clients of all levels of experience. One to one training sessions are also available to higher level clients. Some of the other features which are available to clients include the opportunity to try social trading, robot trading and trading signals.
Binary Xchange has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.
- Cutting edge trading software that is suitable for use by both experienced and novice traders
- 100% online trading interface requiring no installations or downloads
- Instant customer support via the live chat facility
- Choice of customer service contact methods including emails, live chat and telephone helplines
- Multilingual website
- Multilingual phone support
- Free educational resources
- Several account types to suit the needs of traders at all levels of experience
- Strong SSL encryption site wide
- Choice of base account currencies
- VIP accounts for high volume traders
- Trading signals
- Social trading opportunities
- Robot trading
- Returns of up to 91% per trade
- Bonuses offered to all clients on registration
- No e-Wallet deposit or withdrawal options
- Not regulated or licensed by any recognised authority
- No mobile trading app
Can I be sure that my personal and financial information is safe with Binary Xchange?
If you are concerned that the fact that Binary Xchange is not licensed or regulated and therefore may not be a safe choice, you can rest assured that your information is in safe hands. All client funds are held in segregated accounts to protect against any unforeseen financial crisis, and strict compliance procedures must be adhered to in order to deposit or withdraw funds for extra client security. Since the entire website is also protected by strong SSL encryption, clients can be sure that their money will be secure.
Which currencies does Binary Xchange offer as a base account currency?
When you open a trading account with Binary Xchange you must select which base currency you want for your account. You can choose from either US Dollars, Pounds Sterling or Euros, however you need to be certain in your decision as you cannot then later change your mind and swap to a different currency.
Can I use any e-Wallets to make a deposit or a withdrawal with Binary Xchange?
At the moment, Binary Xchange only seem to offer credit or debit cards or bank wire transfers as their options for depositing or withdrawing funds. At the present time there do not appear to be any e-Wallet methods available to choose.
Does Binary Xchange offer social trading opportunities?
Social trading is a great way for less experienced investors to make a profit by following the trades of more experienced and professional investors. Clients can use the social trading facility offered by Binary Xchange to find profitable investments and to maximise their chances of success. This helpful tool is also useful for aiding novice investors to gain greater experience in the markets and to learn valuable trading strategies that they can then add to their repertoire of skills.