It seems these days new scam brokers are popping up just as much as scam software and Binary Book is one of those new brokers. Though you probably have seen them quite a bit over the past year, they are a very new broker with a little over a year in existence. The reason they were brought to my attention was because it seems they have been linked to some of the most notorious scam software out there such as NEO2 scam and more. These scams promote this broker and lure people to invest with them, only rarely do they realize that this broker is a scam as they have never made any profit with the software in order to try and withdraw their money. I will get to that later.
About Binary Book
As you will be investing your hard-earned money it is perfectly understandable that you should want to know as much as possible about the broker you are investing with. Here we come to a problem with Binary Book.
Founded around August 2015 – though not all new brokers are bad, it is essential to wait a bit to see feedback about a broker before investing with them. Though relatively new, over a year is plenty to get enough information. Considering the number of negative reviews, I think it’s more than enough to confirm that perhaps investing with them is not a good idea.
Owned by USB Investments Ltd – here we come to a problem. See, as of March 14th, 2016 USB Investments LTD was liquidated. The official website claims that this company, or a company by that name, is still trading under the name of Binary Book. The problem is, it really is unknown who really owns the company, and if the information on the website is real. The company is claimed to be located in Saint Vincent and the Grenadines. Now, I tried to look up the company name in Saint Vincent and the Grenadines, and no such company exists there, at least not one that is registered. The company Tech SB in Bulgaria is an odd one too. I tried to look up the company in Bulgaria and there is zero trace of it. Considering the work they do one would think they would have a website or at least contact information listed somewhere, none exists.
Binary Book Contact Phones – In the website there are two phone numbers provided (+44 203 026 4498 UK and 312-809-5999 US). I looked up both of these numbers to try and connect them to an office (where one would think the phone is being picked up) but no such connection was found. The only thing I did find was the fact that both of these phone numbers have been blacklisted by numerous websites as being scam phone numbers. They have been used numerous times to harass people at crazy times during the day and night. These are not only individuals that have signed up for various scam websites, but people that have absolutely no clue about binary options or brokers.
Broker License – well, considering no real company actually runs the Binary Book scam broker it’s pretty obvious that this is not a licensed broker. Though a license doesn’t necessarily mean a broker is not a scam, and vice-versa, still I always prefer licensed brokers over non-licensed ones as at least you know there is somewhere that you can complain in case you have issues. Not that always does the tick.
What about the Binary Book Scam Platform?
Though they do use the Spot Option platform that is well known and liked by many traders, its benefits are basically the only thing the broker offers. The Spot Option platform has numerous benefits and offers trading in Binary Options, Ladder Options, Speed Trading, 30 and 60 second options, Pairs Options, as well as Weekly and Monthly Options. You can expect at most 80% returns with a maximum investment of 250%.
Withdrawing Money – though I will get into detail about the numerous complaints later, I do want to note their grand fees for withdrawals. A fee of $50 for wire transfers and $25 for credit and debit withdrawals. In addition you have a $10 processing fee on credit card withdrawals. This, is actually very high when compared to other brokers.
Bonuses – another issue I will discuss further as their bonus information in the website seems to differ from people’s experience. Bonuses range from 20%-10% and there is a required turnover of 30 times the bonus received, only it doesn’t include FX/CFD trades.
Unfortunately, even though it’s a great platform, if it’s not uploaded on a fast website it’s useless. Not only is the homepage and general website of the Binary Book scam broker, its platform is snail slow. This makes trading all the more risky and increases your chances of loss.
User Friendliness and Customer Service – well, considering that they offer the website and their trading platform in only 3 languages (English, Turkish, and Arabic) you can imagine that they aren’t really user friendly. Though the website offers some training information, its identical to what every other similar broker offers, nothing more. Plus, but the information can easily be found online elsewhere as well.Even though their customer service is all peaches and smiles while asking simple and straightforward questions, they have the habit of disappearing from the chat the moment you start asking difficult questions. That makes you wonder whether the problem is proper training so they are knowledgeable enough to answer, or they simply know that you won’t like the answer.
Numerous Complaints about the Binary Book Scam Broker
Regardless the bit of information that I do find on this broker and the company behind it, the question is whether they offer quality services and if they can be trusted. Aside from having zero transparency, they also have quite a track record for such a young broker. There are pages and pages about personal experiences with this broker. From trusting their traders and losing all of their investment, to harassing calls for reinvestment and adding more funds to their accounts, it has all been done. On top of that, there are serious issues with withdrawals. When it comes to bonuses, people are getting very contradicting turnover requirements, some going into the thousands times the bonus amount. All in all, in all of my searches about this broker, I actually found zero positive real experiences. From the looks of it, every single person that has invested with them has lost, or is currently fighting to get their money.
It is useless investing with a broker with such a negative track record. Considering the fact that the company behind this broker is a mystery, there is no real contact information or address, and everything concerning the broker is a lie, I would not recommend trusting them. On top of that, this broker gets its only recommendations from various and numerous binary options scam websites that gain a fat referral fee for sending them new traders. The platform and website are slow, they do not share real information with you, and they are linked to far too many scams, what more do you want? The Binary Book is a scam broker that simply should not be trusted with your money.