Formerly known as BetOnMarkets.com, Binary.com is one of the earliest brokers to start offering binary options trading services. Founded in 1999, it is one of the most popular and most respected online trading platforms out there. Binary.com does more than binary options brokerage; it is also a forex broker.
Its physical offices are based in Malta and Malaysia, and its trading platform is available in multiple languages, including English, French, Mandarin, German, Indonesian, Italian and Portuguese, amongst others.
There are up a little over 100,000 active traders on its platform, who conduct as much as 195 million transactions per annum.
In 2019, Binary.com generated up to $1 billion in turnover, and client withdrawal reached $140 million. Binary.com is very much available in Ghana, but does not feature a dedicated website for Ghana like some other brokers.
It is regulated by the Malta Financial Services Authority – one of the very few binary options brokers regulated by the Malta FSA. It also has a license from the Financial Conduct Authority (FCA) of the UK, and is also registered with regulators in the Isle of Man. Binary.com is likewise one of the few binary options brokers that pays up to 100% on correct trades.
Binary.com allows speculation in currencies, stock indices and commodities. Binary.com’s platforms do not, however, feature binary options cryptocurrency Ghana, ETFs or individual stocks.
Binary.com Review Ghana
If you make your forecast with binary options and get it correct, you will earn the agreed payout. Binary option is a method of trading options with fixed payout in which you predict the outcome from two possible results regarding the probable movements of prices of assets listed in the financial markets. You can choose whether the market will go up after a particular time; for this, you will enter a BUY trade. This is also known as a CALL trade. On the other hand, you can choose whether the market will go down, and for this you are enter a SELL trade, otherwise known as a PUT trade.
Otherwise, you will lose your stake and nothing more – if the outcome turns out incorrect.
Binary.com Trading Platforms
There are several Platforms through which you can get to trade Binary.com; however, no matter the channels, they can generally be divided into 2 major divisions:
- The Basic Trading Platforms
These include the Binary.com WebTrader platform and the Binary Tick Trade App, which is available for download and installation via the Google Play Store and the Apple App Store – for Android devices and those powered by the iOS operating system, respectively.
You can make use of the Binary Tick app which is specifically designed for trading on the go.
It is worth noting that most of these basic platforms are developed as proprietary trading platforms by Binary.com itself.
- Advanced Trading Platform
The advanced trading platforms are usually third-party trading platforms upon which Binary.com holds its trading software, although some are proprietary as well.
The advanced trading Platforms typically contain more features than the basic ones; furthermore, they are usually meant for more than only binary options trading Ghana. They also feature other types of online trading including CFDs trading, forex trading and advanced options trading.
This is quite understandable bearing the fact that Binary.com is more than just one of the binary options brokers Ghana; it is a comprehensive derivatives trading broker.
These advanced Platforms include the Meta Trader 5 platform, Binary WebTrader, Binary Next-Gen platform, Binary Bot platform.
How to Trade Binary.com in Ghana
Trading binary options with binary.com is very easy.
What you need is to pick either of UP or DOWN direction for whatever asset you choose to trade.
If we are to outline steps as to trading with Binary.com for each trade you make:
- Choose an asset to trade.
Binary options have lots of markets to trade — including: – volatility indices, commodities, Forex and crypto coins.
The asset you choose to trade will depend on a number of factors. Such factors you should look into are listed below:
- The current market situation
You can look at the current market situation of assets in the general financial markets to select which you will trade. If a certain market is experiencing times of massive moves, it is quite advisable to avoid trading such markets. For instance, in the early times of the COVID-19 pandemic, there were massive moves in the stock markets across the globe. At such times, it will be the best decision not to trade stocks.
However, on the other hand, when these serious movements and uproar were happening in the stock market, the Gold market was experiencing a lot of steady increase and there were no wild volatility. As such, it may be advisable to trade such a market.
- The time and time frame
The particular time of the day or week that you want to make such trades should also be considered. Time frames affect a lot of market movements.
For instance, you do not want to enter the American stock market to trade any stock at the time when the market is about to close in New York. This is because there is usually massive volatility in the stock market around this time.
Then, on the weekends you may want to look into trading cryptocurrencies such as Bitcoin because the moves on weekends are usually a bit measured and minimal. No spikes or surprise volatility usually occurs on the weekends.
- Fundamental analysis
Similar to what was mentioned in (1) above, you should strongly consider conducting some levels of fundamental analysis to determine how the news will affect market performance.
You should note that a lot of events and happenings affect how the markets move. And as such, you should be careful before entering trades when particular happenings are ongoing. Or as an alternative, you should properly decide what the potential effects of the events on the market will be before you make trades.
Choose the start time, duration of trade and your stake amount.
Next thing you should pick is when you want your trade to start, as well as how long you want the trade to last.
Binary options trading is a game of time; what determines whether you are profitable or not is if your desired direction of prices occured at the expiry time you set. That is, for instance, if you set a BUY trade and an expiry of 1 hour, you are expecting the market to go up. But you can only profit if the market moves in the up after the 1 hour has elapsed. Otherwise, you are not making any profit.
So properly conduct your fundamental and technical analysis to properly measure the proper expiry to set. Binary.com has expiry periods ranging from as low as 10 seconds up to 365 days (a year). Similarly, you also have to pick the stake amount. This is the amount you are willing to risk for the trade. If the trade goes in your favour, you win a fixed percentage of this amount based on your broker’s set payout. So if your binary options broker’s payout percentage is 85%, you will be paid exactly 85% of this stake amount.
On the other hand however, if the trade turns out to be against you, you lose all of this money. As such, we recommend that you don’t risk more than 2-3% of your account as stake amount per each trade you make.
3) Enter your buy or sell trade.
Upon selecting your desired instrument and conducting the right analysis, you now have to pick the direction of your trade. Can also be referred to as CALL or PUT trade.
There are multiple channels through which you can access Binary.com trading platform. With a PC or a binary trading mobile Ghana device you can access it via the web. The web platform is known as WebTrader. For smartphone users, Binary.com has the TickTrade app available on both the Google Play Store and Apple App Store (for Android and iOS devices respectively).
Finally there is another multi-barrier trading platform by Binary.com known as Ladders, dedicated to FX binary options trading. All the above are proprietary trading platforms. Binary.com trading platform is however accessible through the third-party platform, MetaTrader 5. This is a feat that is rare among binary options brokers.
Still on third-party platforms, Binary.com supports two third-party charting and technical analysis platforms for, Trading View and Smart Charts. Binary.com trading platform comes with a number of technical analysis tools, price bands and indicators. If you are a new trader or you are reluctant to do manual trading, then you will find Binary.com trading bot useful in making trading decisions. They also provide an education platform to teach you the basics of trading binary options.
Binary.com Demo Account
Binary.com demo account comes with $10,000 of virtual funds. Traders only need to provide their email and password in order to open Binary.com binary options demo account Ghana. Other brokers usually ask for more details and some of them provide the first deposit in order to activate the demo. Binary.com allows traders to register without the credit card details or any kind of payments.
After they open a demo account traders can choose to place trades with different markets like Forex, Indices, Stocks, Commodities and Volatility Indices. The demo account welcomes traders with a walkthrough guide that shows a step-by-step instruction. Aside from the market list, traders can choose the underlying asset they want to trade with. The next step allows traders to pick a preferred trading type: Up/Down, Touch/No Touch and In/Out. Below the trading types, traders have the option to set the start time, duration or end time and preferred payout or stake amount. After the trade parameters are adjusted, a trader needs to predict the direction of chosen assets and purchase the trade. This step completes the trading process and a trade will be executed.
Binary.com Minimum Deposit
To be able to trade a live account with Binary.com, you need to deposit $5. This is by far the lowest required minimum deposit amount you find of any broker. This relatively low minimum deposit opens up trading to many brokers.
With such a low deposit amount required, it is no surprise that Binary.com don’t need lots of attractive bonuses to entice people to sign up to their trading platform. However, there is a $20 welcome bonus offered to those that open an account with just $5.
To deposit you have to login into your trading account on any of the platforms provided by Binary.com. In the navigation bar (you see three dashes), you see the “Cashier” section. Clicking on it takes you to the Deposit and Withdrawal section. From then on you can then click “Deposit”. You will see a number of Deposit options. Click the one you have access to, and fill the required information.
How to Make Payments
Binary.com not only lists its payment methods but also details which currencies are applicable for each method. These are summarised below:
- Bank Wire and Money Transfer available in USD, EUR, GBP and AUD.
- Card Payment Debit card payment is available for USD, GBP, EUR and AUD
- Electronic Wallets are available for USD payments (Skrill, WebMoney, Yandex, Qiwi and Neteller, amongst others).
Although recently introduced, Binary.com is one of the first binary options brokers to facilitate cryptocurrency payments. Support coins include Ethereum, Bitcoin, Bitcoin Cash and Litecoin.
Binary.com Withdrawal Ghana
- Credit/Debit Cards: Visa, MasterCard, UnionPay.
- E-wallet services: These include FasaPay, PerfectMoney, Skrill, Neteller, WebMoney, Ukash, Qiwi, YandexMoney, Paysafecard and a few others.
- Bank Wire: Bank transfer, Internet bank transfer, Western Union and Internet banking.
E-wallets deposits are either instant or can take up to a day; with credit/debit cards you may wait up to 3 days and for bank transfers to clear you may need to wait up to 5 days. All of the transactions should be done in the currency of your initial deposit. It is either USD, GBP, EUR or AUD.
How to Withdraw from Binary.com in Ghana
There are a number of third-party financial technology (fintech) firms that Binary.com has partnered to facilitate faster Withdrawal processes. You can make use of any of these to withdraw your funds faster from Binary.com Ghana. One of them is AnasmoTek, a well-respected e-currency exchanger.
Is Binary.com Regulated in Ghana?
We cannot say that Binary.com is directly regulated in Ghana, especially considering the fact that no Ghanian regulatory body has come up with any rules on it. However, this is the same case with all other credible binary options brokers operating in Ghana. Nevertheless, this is not so much of an issue. Binary.com is one of the most trusted brokers, as you can see everywhere online.
Is Binary.com a Scam?
Of course not. Binary.com is far from being a scam; in fact, it is one of the most Credible out there. This is due to several reasons, a few of which are listed below:
- regulated by the most prestigious bodies
- established in 1999
- delivers exceptional value