Established in 2011, VIPBinary was initially seen as a promising new binary options broker. However, over the years that it has been in operation, it has instead developed a reputation as an unreliable broker of mediocrity. First of all, the returns which they offer reach up to a mere maximum of 79%. On average, you can only expect to receive a return ranging from 66% to 71% at the most. What this means is that you need to win at least 2 out of every 3 trades in order to generate a positive return. If by sheer luck you manage to make some money, you find yourself struggling to withdraw your money. These are some of the challenges which traders at VIPBinary have to endure.
Platform & Features
VIPBINARY While the design of VIPBinary’s platform might look sleek and proprietary, don’t be fooled for a minute as the platform is actually the white labelled 1st generation SpotOption platform. Nevertheless, the SpotOption powered platform is also one of the most popular platforms among brokers and traders alike for the simple fact that it is well designed and simple to use.
With this platform, VIPBinary’s traders can access 4 different types of options contracts such as Call/Put, One Touch, 60 Seconds and Option builder. And with the Option Builder trading mode, traders can even customize their risk reward ratio according to their risk appetite. In addition, traders can also select the expiry time of their trades. All these features help traders to better control their trading risks. However, we were quite surprised that VIPBinary doesn’t have the ProTrader mode. Under this trading mode, a trader gets access to more advanced features of the platform such as Roll Forward, Double Up and Close Now. Could it be that VIPBinary didn’t include all these more advanced tools as they don’t expect traders to stay long enough with them to learn to use them?
Regardless of the reasons why VIPBinary decided to skimp on providing their traders with more tools, we find that their coverage of slightly more than 80 different types of underlying assets and the minimum deposit requirement of 250 USD/EUR doesn’t exactly spell “Beginner Friendly” broker.
The average return you can obtain is from 66% to 71%. You can get a maximum bonus of up to 25%.
By skimping on what many binary traders regard as essential binary risk management tools, VIPBinary gives the impression that it doesn’t have their traders’ best interest at heart. Their primary concern seems to be to sign up as many traders as possible and get them to deposit as much money as possible before ignoring them. If this is truly their modus operandi, then you are better off with other more reliable brokers.
As for their web security, VIPBinary relies on SSL encryption technology to protect all the credit card transactions that flow through their web site. This is the financial industry standard measure and is considered adequate to protect your credit card information from being compromised on the internet.
Complaints – 1/10
When we checked the internet, we weren’t surprised to find a lot of complaints made against VIPBinary. Many of the complaints were about new traders being pestered persistently by the market representatives to deposit more money into their trading account. Another major complaint was about the difficulties of trying to make a withdrawal from this broker. Many of these complainants were of the opinion that either VIPBinary had no intention of paying money out or were deliberately delaying processing the withdrawal requests.
Bonuses – 1/10
The bonus that VIPBinary offer traders is pretty low by the binary trading industry standard. The maximum bonus which traders can hope to get is up to 25% only. Take note that you have to fulfil a minimum trading volume of 20x the bonus amount plus your deposited amount which is pretty steep in our opinion.
Customer Care – 1/10
Although VIPBinary provide traders with 3 different ways to get in touch with their support reps – such as web contact form, live chat and telephone, we had difficulties in getting in touch with anyone. In fact, their support services are as good as non-existent. The website is available in English, French and Spanish.
Price Manipulation – 3/10
On the surface, there seems to be no price manipulation on VIPBinary’s part. However, some traders experienced a widening of the spreads once they started winning more than they lost. Once the spreads start widening, wining any trade is impossible.
Deposits & Withdrawals – 1/10
Deposits at VIPBinary are accepted by way of credit cards, wire transfer and CashU. Maximum investment is $3,000. Withdrawals, on the other hand, are only through credit card and wire transfer. While their FAQs state that the credit card withdrawals are free while wire transfer is subjected to a $25 service fee, their terms and conditions state that all withdrawals are subjected to a $35 service fee.
Apart from having to meet the minimum trading volume requirement if you have accepted their bonus, you have to wait for 30 days after your last deposit before you can make a withdrawal request. Furthermore, you have to wait 5 to 10 more days before you can hope to see any money.
Security – 6/10
Apart from the SSL encryption security system, VIPBinary have no other security measures in place.
On our scam rating scale, VIPBinary has only managed to score 13/60. The poor score is a direct reflection of the quality of their services. As to whether they are a scam broker, we leave it up to you to decide. In our opinion, your interests are better served by avoiding this broker entirely regardless of how sweet some of the promises made by their marketing representatives.
Check out our binary options brokers blacklist to keep informed.