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Review of BinaryUno

BinaryUno

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Broker BinaryUno
Website URL
Free Demo Account No
US Traders Allowed No
Overall Score
binaryuno.com
About BinaryUno.com
BinaryUno is a binary options broker based in in the Seychelles, with a virtual office in the UK and owned by UNO Media Solutions Ltd. BinaryUno uses the SpotOption trading platform, has apps for both Android and iOS. With over a hundred different assets which you can speculate on as well as a range of options types and expiry times, BinaryUno might seem like a tempting broker to do business with, but you should be warned that this broker is not licensed by CySEC or any other regulatory body. This site also has a lot of complaints on the internet from former customers who have lost thousands of Euros because the site never paid them. The only positive review of this site is from a page that appears to be run by the same people behind the website itself, so be warned that BinaryUno seems to fit the classic definition of a scam in the name of binary options trading. Admittedly, it can be quite convincing when a broker is using a legitimate trading platform like SpotOption – and they do appear to trade binary options, but tend to keep their clients’ money rather than giving it back or allowing withdrawals.

Background
According to their website, BinaryUno has been around since 2005, which is a few years before binary options trading became popular and widespread. It appears they’ve managed to stay in business by taking customers’ investments and the profits from any successful trades. This is admittedly a very successful model for a business, which maximises their profits – allowing clients to trade in binary options and then keeping all of the money from successful trades for themselves – but it is of course unethical and is basically an elaborate scam.

Geographical spread
The main target audiences for BinaryUno seem to be Europe and the Middle East, given that without the broker being licensed by a local regulatory bodies BinaryUno cannot target customers in countries such as Australia, India, or the United States. While this broker has a virtual address in the UK, as an unlicensed broker it is forbidden from offering its services to citizens and residents of that country as well. It’s somewhat of a curiosity how a broker can have a dedicated support number and an address of a country which it cannot do business in, but this is nothing that we haven’t seen before. It also appears that the site boasts customers from countries where it’s not legally allowed to do so – another ethical violation that could set unaware customers up with criminal charges. With the site available in English, Arabic, and Russian, it seems quite clear that the target audience is mostly traders around the world and not from EU countries – in line with their avoidance of regulations.

Services
BinaryUno offers the usual selection of binary options, plus an array of educational resources in the interactive academy. Actually, there are more educational resources here than on many other binary options sites – including a lot of videos explaining how binary options trading works and the best strategies to use. This is a great thing to see in a binary options broker, since users get so many resources when they open an account. It’s just a pity that if you do, you might never get your earnings. There are also some nifty features like a strategy adviser and an economic calendar.

What can you trade?
Like with any other binary options trading platform, traders get the usual call and put options, and you also can trade in pairs options, long term options, and various options ranging from one to five minutes in duration. Of course there’s the usual selection of currency pairs, stocks, and commodities like you get with any other site, but the returns are a bit lower than other brokers at 77% on EUR/USD pairs. The minimum trade size is $25 (slightly higher than the usual $10 minimum trade found on many sites), and the maximum is $5000. While the BinaryUno.com would lead you to believe that the minimum account deposit is $1000, it is actually possible to open an account with a minimum deposit of $250 – given the ridiculous bonuses discussed below, it seems like it makes more sense to start with a lower deposit amount if you choose to use this site.

Trading Software
BinaryUno uses the SpotOption trading platform, which is common in the world of online binary options trading – so it might look quite familiar to a lot of users. You get binary options of varying length, plus one touch options and ladder options here. With the iFollow feature, traders can track the actions of leading traders and imitate their actions – which is a feature unique to BinaryUno. There are also Android and iOS apps for trading wherever and whenever you want to, and all in all the trading platform is pretty solid. All in all, it’s a reasonably well designed site that uses a familiar platform, so usability should be the least of your complaints.

Bonus Offers
There are a number of bonus offers, ranging from 35% to 150% depending on your account type and deposit amount. Bonus offers are of course a great thing to have sometimes, but there are a few sites out there which will bombard you with a bunch of bonuses to prevent you from withdrawing. With a turnover requirement that is 30 times the bonus, it would seem as though BinaryUno’s objective with bonuses is in fact to prevent customers from ever withdrawing their funds. A 35% bonus on $1000 would be $350, so with their turnover requirement a trader would have to make above $10500 on that in order to ever withdraw. That’s absolutely ridiculous, and with a site that offers much larger deposit amounts and bigger bonuses it is extremely deceptive and conniving – supposing a customer deposits $10,000 and gets the maximum bonus, they’d have to make $450,000 in order to withdraw their funds.

Customer Support
Like with most other binary options trading websites, BinaryUno offers several ways of contacting customer support – you get a phone number, live chat, and there’s also a customer support email address. Customer support seems to be somewhat helpful, though they are not omniscient and remain quite opaque about the company – not a good sign from a broker whose policies in the fine print basically state that they have the ability to do whatever they want with your money – including charging a dormant trading commission at their discretion without stating how much that commission is or how long the account in question need be dormant before the fee is levied. Accounts from users around the internet paint the picture that this broker has a habit of disappearing with traders’ money and having both the gall to ask them for more as well as being insensitive towards demands for money to be returned or for payouts. A trustworthy broker normally doesn’t behave like this and offers great customer support with their clients’ interests in mind.

Deposit and Withdrawals
BinaryUno provides users with several deposit options, including credit card, wire transfers, and several online payment services. Deposits are of course encrypted for security, but then if this is a scam broker as it seems likely to be, that won’t make much difference. Presumably they’re prompt about showing the money you’ve deposited as being in your account, but if they have a policy of doing whatever they see fit with money and have a history of taking money then it really doesn’t matter so much if a deposit is credited to your account promptly when you’re never going to get your money back.
As an unlicensed broker with a number of complaints, it seems fairly unlikely that you will ever get your withdrawals if you end up trading with BinaryUno. There are a number of legitimate binary options sites out there, and it’s strongly advised that you stick with one that’s licensed – do your research before signing up with any binary options broker so that you don’t lose your money in a scam. There are a number of complaints from users never getting their withdrawals and even a few reports of account manages wiping accounts on BinaryUno, so it appears that this is a site you should not use for binary options trading. It’s also important to not the terms and conditions used on this site – a legitimate broker will place client money into segregated accounts so that the company cannot use a customer’s deposits for business operations. BinaryUno’s policy is exactly the opposite of this, stating that they will treat traders’ money as their own and use it as they see fit. This obviously points to a scam, and traders will almost certainly never get their withdrawals from this site. With the number of real binary options brokers out there it’s not like you don’t have enough choices to potentially make a lot of money with binary options trading. BinaryUno simply isn’t one of those, so it’s best to avoid it altogether.

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