GrowBinary Review

Review

GrowBinary, founded in 2013 and located in Limassol, Cyprus,  is a binary option broker operating under the EU Markets in Financial Instruments Directive (MiFID). Under the brand name of Growell Capital, it is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).

GrowBinary does not accept U.S. clients.

Accounts

It seems that there is a ‘one size fits all’ concept behind the accounts at GrowBinary, with each new account holder getting offered a different account package based on their history and deposit amount. Account perks may include faster withdrawals, individual consultations, and the chance to claim a GrowBinary bonus on initial deposits. Traders can ask to have a customer service rep contact them when they open a new account, which is very helpful in making sure that they get the package that is just right for them.   

The minimum trade is $100 and the maximum trade is $1500.

There is no mention of a demo account.

GrowBinary Asset Index

Options

GrowBinary offers several different options.

One Touch Binary Options are a type of exotic used by traders who believe that the price of an underlying asset will exceed a certain level in the future but who are unsure about the sustainability of the higher price.  One Touch requires that the trader predict not only the price direction  but also the exact target price and traders can make up to 500% on each trade. 

For instant gratification, the GrowBinary platform allows traders to ride the short term trend with 60 second expires.  All it takes is a click on “call” or “put” and a wait for the expiry.  Multiple positions can be opened at the same time.

GrowBinary’s Long Term feature offers the ability to take an option until the end of each month or until the end of the year.  This option allows enough time to pass so that a trader is able to exercise his/her market predicting capabilities, and profit from their experience.

Pairs allow traders to predict which of two assets will outperform the other by expiry.  Pair Options are based on comparison, and only the relative performance counts.

With the ladder option, a trader gets a range of price levels, which are lined at equal intervals, such as on a ladder. The trader assesses whether the underlying asset price will close above or below the pre-determined price level at the expiration time and also can choose an option that is “out of the money” to gain a potential return that can reach up to 1500%. A trader can exit a trade early by pressing the sell button.

Education

The GrowAcademy provides a series of useful lessons on trading for beginners and somewhat makes up for the lack of a demo account, while account holders have access to advanced webinars and videos as well. Furthermore, daily and weekly market recaps help keep traders in the loop.

In addition, GrowBinary offers other professional and user-friendly products for trading binary options and for traders to improve their trading skills with one-on-one training, E-books, videos, courses, and technical support.

Deposits/Withdrawals

Deposits can be made to trading accounts via credit cards, e-wallets such as Neteller and Skrill, bank wires, and money transfers such as Western Union and MoneyGram.

A minimum deposit of $100 is required for each funding method.

Withdrawals are made using the same methods.  There is no limit on the amount of withdrawal made.

Customer Support

Traders can contact a GrowBinary representative via email or by calling one of the telephone numbers listed on the website. There are separate phone numbers in Japan, Cyprus, London and Australia and support is provided in English, French and Arabic.

Chat support is available at all times so clients can receive assistance 24/7.

Conclusion

As a relative newcomer in the binary options arena, GrowBinary offers just enough features to attract a select type of binary option trader. The description of how binary options are trading on the landing page is informative and straight to the point and can be very well appreciated by new traders. I missed seeing a demo account and sorely lacking are bonuses or promotions. It was nice to see that this broker is regulated as a majority of binary options brokers are not.

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Features

GrowBinary was introduced into the industry in 2013 and has come a long way since then. Although the features are not unique, they are strong and reliable and easy to understand. The platforms used for trading are popular and reliable and traders can feel secure in the fact that the broker is regulated by two trustworthy regulators. Many binary options brokers do not have any regulation and this added feature is admirable. The design and layout of the website is very attractive and it is user-friendly.

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Platforms

Spot Option

One of the brightest spots at GrowBinary is their use of the superior modern SpotOption platform, which is easy and versatile. Even though options trading has gone global, GrowBinary only offers their site in English and Arabic although English language live chat support is now available 24 hours a day to accommodate world-wide customers.

All of the SpotOption option types are supported, including standard call/put, one-touch, 60-second, and pairs options.

GrowBinary Trading Platform

The Option Builder and the Pro Trader

The Option Builder and the Pro Trader function featuring roll over, sell early, and double up options are also featured. Around 80 underlying stocks, indices, commodities, and currencies were offered at the time of our GrowBinary review, which should be enough for all by the most demanding traders. Profit returns are slightly above average, topping out at 85% with out-of-the-money trades carrying refunds of up to 10%.

There is no mention of mobile trading.

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User Reviews

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