Category Archives: Binary Options Brokers

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A New Empire On The Rise?


EmpireOption has begun to build what could be called a new binary options empire in South America.  This broker is very unique in several ways and is emerging as a leader in the industry. For one, it is a SpotOption powered broker but it is not part of the SpotOption white-label broker network. For another it is located in Uruguay and is regulated there under the Commerce Code of the same.

Why do these things matter? The platform that powers trading is one of the most important aspects of a broker. The platform is what the broker is all about. Assets, expiry, types of options, hours, pay outs and extra features are different from platform to platform and even from broker to broker within a platform framework. SpotOption is a great platform with one of the best available asset lists and most expansive choices of expiry, but it is also a white label business. This means that anyone with the resources to start a business in an appropriate location can buy into SpotOption, use all of its infrastructure, and put a whole new brand on the entire website, making a so-called “new” broker. This is why there are so many SpotOption powered brokers and why so many of them suck so bad. Empire is different because it is an independent business.

  • EmpireOptions is built on the Spot2 platform, one of the top platforms available today. It is not a SpotOption white label. EmpireOption is an independent company operating with its own resources, cashiers and banking solutions.
EmpireOption uses the Spot2 platform.

EmpireOption uses the Spot2 platform.

EmpireOption Is A Regulated Broker

Regulation also matters, it matters very much. Binary option regulation, in its various forms, can mean the difference between a broker that merely looks great and one that actually provides a fair trading platform and pays you when you make withdrawals.  Uruguay regulation has no jurisdiction outside of the country but it does mean that EmpireOption has to operate as a business under the watch of South America’s leading economy.  Unlike CySEC brands, EmpireOption welcomes U.S. traders and offers them the same great trading as citizens of any other nation.

The New EmpireOption

When Empire first came out they were not greeted with much enthusiasm and received some very mediocre reviews. The company took the words to heart it seems because they went to work and have emerged as a fresh new broker.  Along with a major overhaul of the website the company also changed how it treats your accounts. Instead of rewarding traders with bonuses that come with trading minimums and prevent withdrawals Empire uses a tiered account system.

The basic account comes with features and terms that you would expect to find standard at most binary options brokers. The minimum deposit for a Micro account is $200, not uncommon and maybe even below average . The Micro account has a $25 minimum trade, a $500 max withdrawal per action and all withdrawals cost $30. These terms are not awesome but as I said, not uncommon. Keep in mind that traders are rewarded as their accounts grow so this is not what I would call standard for the company. As your balance grows and you meet the next tier requirements your benefits improve. It only takes a balance of $1,000 to start getting some really nice improvements in your terms.

There are 5 tiers. The next up from the micro is called the Classic. Minimum balance is $600, minimum withdrawal is $100 and they are processed in 7 days instead of 10. Cost is $25 for each, the first is free.

EmpireOptions has a tiered account system that rewards larger accounts.

EmpireOptions has a tiered account system that rewards larger accounts.

The top tier is the VIP. VIP accounts have a minimum balance of $20,000 for the month and have no limit on withdrawal size, no limit on number of withdrawals, no cost for withdrawal ever and withdrawals are processed immediately. The only lag time for your money will be from the bank, credit card or online wallet you use to make your request. In order to meet account requirements minimum balances must be maintained for each level and a minimum number of trades must be made for the month. The lowest tier has the highest trade minimum, 20 trades of at least $25, the VIP tier has the lowest, only 5 trades.

This new system is revolutionary I believe. It provides the broker with a means to limit costly withdrawal actions from smaller account holders, encourages them to build their accounts and rewards them as their accounts grow. This could be the model that CySEC brokers follow as they phase out the bonus system, something I keep hearing rumors about.

Click here for a full review of EmpireOptions.

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How To Withdraw Binary Options Profits

Withdrawing your binary options profits is very important. It is why you are trading, isn’t it? To make profits and then use them to do what ever, live life, buy a car, pay for kids school etc etc. The reality of the situation is that it can be difficult to withdraw money from a binary options broker. There are several reasons for this, not all are scams I assure you. Some are affected by method of deposit, others by your geographic location or even by regulation. This is a quick guide into what you can expect and how to make the best withdrawal.

Regulation Makes A Difference

Regulation makes a big difference in your withdrawals.  CySEC and the newer Japanese FSA regulations make withdrawals much safer. In order to meet compliance regulations these brokers must hold your money in third party clearing accounts which means your money is always available. Your deposits, at least with CySEC brokers, are protected in the EU under the Investors Compensation Fund. When you make a withdrawal you will find the terms much easier to deal with, the time until you receive your money much shorter and your bonus monies available much sooner.

This does not mean that an unregulated broker is bad. You may not have access to a CySEC or FSA broker, or you may simply to choose to use another broker located outside one of those jurisdictions.  That is OK. There are still good brokers with decent withdrawal terms, just be sure to check into them before you make you deposit.

Click here for more on binary options regulation.

Banking At A Binary Option Broker

The brokers always make it easy to make a deposit, or fund your account as they like to say. The quickest way for them, and perhaps the worst way for you, to give access is through a credit card. This isn’t necessarily a problem but it could be, especially if you only make the minimum deposit or a very low deposit. When you withdraw back to that card you will be faced with a limit on the amount you can withdraw, regardless of the individual brokers terms. This limit is the original amount of the deposit you made. When they pay a withdrawal they are actually giving you a refund to your card, they cannot refund more than you gave them. After that amount is met you will have to receive the rest through a wire transfer or check.

Withdraw By Check, Are You Kidding?

Withdrawing by check may be the worst method. This is only because of the amount of time it will take to receive the check and a couple of other concerns that I have. Depending on where the broker is located it could take a very long time for the mail to deliver the envelop even if it is priority. Along the way there is no telling what could happen to it. It could get lost, damaged or stolen. Once you get the check you will have to deposit it in your own bank account, there could be problems there. I’m not saying these things happen all the time but we’re talking about money so I think it pays to be cautious.

Wire Transfers Are Much Better

Wire transfers are a much better way to handle your withdrawals. Of course, you will have to have a bank account or other that you can make the transfers to. This is not a problem as nearly any local bank will do. Most brokers will have a short processing time which will affect the amount of time to receive your money regardless of withdrawal method. A short time, from my experience, is 3-5 business days. Some are shorter. The longest processing times can run up to a month. On average it will take up to 2 weeks, 10 business days, to receive money by wire.

The Best Way To Withdraw Profits

The best way to withdraw your profits comes down to how you deposit your capital to begin with.  I suggest using Skrill or some other on line wallet. Skrill is a place where you can set up an account from which you then fund your binary options trading account. You can link your Skrill account to your banks, your credit cards, your debits cards and other forms of payment. You can then transfer money back and forth from your accounts and your Skrill account at will.

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The best thing about it is that these transfers are nearly instant in most cases. There are many other benefits to using this method as well. For one, you can use the Skrill account as a collection point for capital. Then, using it to make a deposit is very easy. Most binary options brokers accept Skrill or MoneyBookers or some other on line wallet. There is no limit to deposit and none for withdrawals in most cases. Aside from processing times Skrill withdrawals are instant.

Click here to visit Skrill

Read This Before You Withdraw

Before you can make any withdrawal you will have to meet identification requirements. This is standard for the industry and required to help prevent money laundering. If you do not fulfill the requirements you will not be allowed to withdraw. This can cause unnecessary delays for you. You will need to provide a picture ID, bank account numbers and in some cases utility bills or other material. I suggest getting everything ready before you even make your deposit. Make photo copies or scan everything into your account and begin the verification process at the very start.

Terms Of Use And Bonuses

Always read the terms of use before making any deposits to any broker. The terms will state what the requirements for ID are and which methods for banking are available. In addition, the terms will also tell you what fees to expect because there are usually fees involved. Some brokers charge a fee for withdrawal, usually $30. Sometime the fee is waived for the first and then any others are charged. Certain types of withdrawals will also have additional fees, such as wire transfers. Each bank that comes in contact with the transfer may charge a fee as well.

Bonuses will definitely make withdrawal a difficulty. Bonuses, or free money, always come with a trading minimum and often other conditions that can affect your withdrawal. Trading minimum is the minimum value of trades you must make in order to “earn” the bonus. If you try to withdraw any principal or profits before reaching the minimum will negate the bonus and all profits tied to it. Some brokers will even prevent you from withdrawing at all before reaching the minimum but avoid those. CySEC regulated brokers have better bonus terms. They allow you to begin withdrawing capital and profits based on bonuses after reaching a certain threshold of trades.

LBinary social binary options trading platform

LBinary Social Binary Trading

Social trading is a fast growing phenomenon and one that is ideal for new traders. It is the fusion of social media resources like forums and chat rooms with binary options. At heart it is community based trading.  Social trading allows interested people from around the world to interact, share, learn and trade binary options in an environment safe from affiliate marketers and scammers.

Forex brokers recognized the benefits of social trading long ago. In fact, this form of a trading has gotten so big in the forex industry that there are now at least a dozen dedicated social trading platforms. Some binary options brokers have begun to venture into the social arena. Those of you who know me will also know that I can be found on the Communitraders Social trading website, an off-shoot of Binary Options That Suck DOTCOM.  I also helped to write the Ebook, Forex Copy Trading Survival Guide so I actually know what I’m talking about.

LBinary Social Trading Review

LBinary, operated by Live Binary LTD is the leader in binary options social trading. They have incorporated a copy trading system into their platform so that traders can follow pro traders or build up their accounts and become pro traders themselves. For now, the platform is very limited but yet still offers the best copy trading available through a binary options broker.

LBinary

Traders are ranked in a leader board format and have several statistics handy for you to examine. These include the traders name, amount won, # of positions, success and number of followers. When you go and check it out you will notice that there are a lot to choose from.  To the side of each persons information is a tab where you can choose to follow the trader.  I like the way it is set up. You can follow each trader for a day, a week, a month, a year or other lengths of time defined by the platform. This way you can follow someone for a test period before taking the plunge and following them in earnest.

Top traders are ranked by asset, win rates and number of trades.

Top traders are ranked by asset, win rates and number of trades.

I also like the way they have the investment amount set up. Of course you can choose to go unlimited and make whatever trade the person you are following makes. I don’t recommend this at any time, it is way risky and could easily wipe out an account. Instead pick from a list of amounts ranging from $50 to $3000 per trade. This figure can be set as an amount per trade or as a limit, meaning you will make identical trades up to that amount.

The leader board can be filtered to help you find the best traders to fit your style and  needs. The first screen you will see will be what they call “cross asset” traders. These are traders who don’t specialize in only one asset. You can filter by any asset available on the platform.

My Last Thoughts On LBinary Social Trading

I think that Lbinary’s social trading platform is a great start and one that can be built upon. The only two things I can see that can be counted as a negative at this time can both be corrected with ease. First, there is no forum. Without a forum there is no real social aspect to the platform which makes it strictly copy trading. A forum would also give the pro traders a chance to build a profile and tell us how and why they do what they do when they are trading.

The second is that there just aren’t that many traders, and not very many of those have built up much of a record yet. I can overlook that because the social aspect of the platform is still new, time will surely  fix it because this is a good broker and a good feature. Anyway, to get the best of social trading forums you need to be using Communitraders. Who know’s, maybe at some time in the near future the full version of CT will include interfaces with reputable brokers like LBinary.

LBinary

Quick Review Of LBinary

LBinary is a Spot Option white label operated by Live Binary LTD.  The company is located in the Seychelles and is not CySEC regulated. This is good news for at least one reason, they allow U.S. traders. As far as being a Spot Option brand goes it is one of the best. If you like the trading platform then this broker is a good one to choose.  It has all the typical options available from this class of broker including high/low, one touch, 60 seconds, Options Builder and the Open Platform.

LBinary is a top Spot Option brand.

LBinary is a top Spot Option brand.

Assets and Availability

LBinary also has one of the most complete asset lists of any broker. There are over 100 international stocks, more than a dozen major currency pairs including Bitcoin binary options, 20 international stock indices and 6 commodities including gold, silver, copper, oil, wheat, sugar and coffee. Each is available during its normal trading hours; trading can be done nearly 24 hours a day, 7 days a week depending on which assets and options you are using.

Deposits and Withdrawals

Deposits can be made in US dollars, British pounds or euros. Minimum deposit is $250 with no maximum if using wire transfer. Credit cards and debit cards are limited to $5,000, Western Union transfers to $10,000.  Withdrawals to credit cards are limited to the original amount deposited but wire transfers have no maximum limit. The minimum withdrawal is $500 for wire with no minimum for credit or debit cards.  There are no fees for CC or debit withdrawals but $25 for wires.  Once your paperwork is processed it will take up to 2 full weeks for withdrawals to process and post to your bank or credit account.

Bonuses

There are bonuses available but I never recommend taking them, even with a reputable broker like this. The bonuses usually come with stipulations like a 30 times deposit+bonus trading minimum like this one. This means you have to trade your total account 30X its value before you can withdraw. This is OK if you don’t want to make any withdrawals for a long time, or can clear the bonus really fast. Usually what happens is that trying to clear the bonus will drive you to trade more than you should and lead you to lose your money.

Trader Education

LBinary has one of the best trader education pages on the internet. It consists of a video program and on page information that ranges from the usual introductory stuff you would expect through candlestick charting, strategy, trader psychology and money management.

 User Reviews

There are not very many user reviews on the internet, which is a good sign in disguise.  I think you can agree with me that if it was a bad broker the internet would be filled with complaints. The obvious lack of these complaints is evidence the broker is doing something right.  I use LBinary and like it.