Is Binary Book a scam broker?
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BinaryBook is owned by Tech SB Ltd. and is located in Sofia Bulgaria. Previously it was owned by WSB Investment. Binary Book is an unlicensed and unregulated binary options broker.
BinaryBook works on the SpotOption trading platform which is used by more than 100+ binary options brokers. The platform also allows for CFD’s and Forex trading. The website is available in English, Turkish and Arabic. They deal in Indices, Stocks, Commodities, and Currencies.
SpotOption the trading platform allows for Ladder Options, Binary Options, Speed Trading, Pair Options, 30 and 60 seconds option, weekly and monthly options too. Binary Book claims a return on pair USD/EUR options at 81 percent.
Account types offered are Micro (minimum deposit $ 1000), Basic ($ 2001), Gold ($ 5001), Platinum ($ 10001), and VIP ($ 50000+). For an offshore and unregulated $ 1000 is quite a bit too high. They also provide Islamic Trading account. They have an affiliate program too.
You might have searched Google to know BinaryBook is a scam broker or not and may not have found much. Even their positive reviews are not true. The reason is that there are many investors, traders and common man promoting Binary Book and getting a big commission in return whenever someone signs up and get scammed online.
BinaryBook came up with a new trend or you can say an innovative idea that is the bot, which tells you everything you want to hear. You have to download the free software and sign up. Binary Book gives commission to scam software bot programs like Google Trader, Millionaire Blueprint, and Cash Code etc. whenever someone sign-up. Out of many names, these are few names which have become too popular. It offers a place to trade as it links up with many free binary options bots.
The modus operandi of BinaryBook scam is very simple. They give you bonus the very first time you start (Say you start by $ 1000). Once when you start earning a bit they give you another bonus. The reason for these bonuses is you have to work out the ratio of the bonus that they give you. When you add all that up you will have to work up to a whopping $ 60000 in your account to be eligible for the bonus. This figure keeps on increasing as you continue to play. Now suppose you plan to withdraw they will show you terms and conditions of withdrawal that is 60X. Their term and conditions are such that you must have 60X in your account if you wish to withdraw. In short more money you put in, more you win, more you get bonuses and the 60X terms go on increasing. At the end of the day, you will not able to withdraw anything. By the time you realize you will be deep in red of never ending spiral, it will be too late. Remember not to take any bonus or risk-free trades or broker trading. These are just a bait to lure you in never ending circles. Even do not go in for any auto trading software. BinaryBook is a scam broker who works on these principles and if you have been the victim of such online scam you can approach MyChargeBack to get your money back. They will guide you step by step how to recover your money.