FIRST BINARY

Note: FIRST BINARY's official website: https://firstbinaryoption.com/ is currently inaccessible normally.

FIRST BINARY Information

FIRST BINARY is a Seychells-based company who started its business in binary options since 2011. It deals with financial tradings in binary options for forex, commodities, stocks, indices and CFDs, etc. The company offers demo accounts for practicing and requires only $/￡5 to initial a trade. Educational resources such as video guides, forums and articles equip investors with necessary knowledge to profit from their investments.

Furthermore, the broker supports multiple languages in English, Arabic, Russian, Espanola and Portuguese.

However, it's worth noting that the company currently operates without valid regulation from any financial authorities. The unavailable website further impairs its credibility and legitimacy.

Is FIRST BINARY Legit?

The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.

Downsides of FIRST BINARY

Unavailable website: FIRST BINARY's website cannot be opened currently.

Regulatory concerns: The company operates without any regulations, meanig that it does not comply to rules from any regulatory authorities. This heightens trading risks with them.

Lack of transparency: The broker does not openly reveal info on trading conditions.

Limited customer support channels: FIRST BINARY can only be reached by email and live chat (impossible now due to inaccessible website).

What Can I Trade on FIRST BINARY?

First Binary Options offers around 50 binary options specifically based on Forex, Commodities, CFD, Stocks, and Indices.

1. Forex: Binary options on currency pairs allow traders to predict whether a currency will rise or fall within a specified time frame.
2. Commodities: Traders can use binary options to speculate on the price movements of commodities like gold, oil, and precious metals.
3. CFDs: Binary options based on Contracts for Difference enable traders to bet on price changes without owning the underlying asset.
4. Stocks: Options are available on individual stocks, allowing traders to forecast whether a companys share price will go up or down.
5. Indices: Traders can engage with binary options on major stock indices, betting on the overall performance of market segments.

Accounts

FIRST BINARY not only offers demo accounts for traders to familiarize themselves with the platform, but also provide a Standard live account with minimum deposit at only $/￡5, affordable to most traders that they have a chance to start investment activities even with small capital.

Nonetheless, other necessary info such as spread, leverage, commission for this broker are not disclosed, making it difficult for traders to calculate their overall trading costs in advances. You'd better seek clear clarification on this with the broker before tapping into actual trading.

Trading Platform

FIRST BINARY is said to offer a web-based proprietary trading platform and can be accessed on Windows and Android devices.

Options Types

First Binary Option claims substantial earning returns of up to 765% and a refund of up to 15% for losing trades from its 5 types of options: high & how, one touch, no touch, in range, out range.

1. The high & low options is the traditional type used by most investors where traders predict whether the asset's price will be above (High) or below (Low) a specific price at expiration.
2. One Touch: Traders bet that the asset's price will touch a predetermined level at least once before expiration. The broker guarantees 45% of earnings on assets with this kind of options.
3. No Touch: Traders forecast that the asset's price will not touch a specified level before expiration, aiming for a payout if correct.
4. In Range: Traders predict that the asset's price will stay within a certain range during the options duration. Around 300% returns are proclaimed by this broker.
5. Out of Range: Traders expect the asset's price to move outside of a predefined range before expiration. This method is said to help you earn 10% returns within a certain period of time.

Though considerable returns are promised, traders should be extremely cautious since there's no 100% guarantee of profits with any investments.

Deposit & Withdrawal

The broker supports several payment methods: credit/debit cards, wire transfer, Skrill, Liberty Reserve, Perfect Money, OKPAY, CashU, Bitcoin, WebMoney, Liquid Payments, and W1.

Traders can fund their accounts in USD, EUR and RUB. Deposits and withdrawals are usually processed instantly per claimed by the broker.

Customer Support

FIRST BINARY offers contact windows via email, live chat, Facebook and Twitter. But currently live chat is no more an option due to the inaccessible website.

Conclusion

In summary, FIRST BINARY is not a recommended broker generally. Though the broker focuses on binary options trading and offers educational resources for learning, the low minimum deposit is also friendly to most traders, its operation without regulation is a significant red flag since this means less compliance to financial rules. In addition, the unavailable website leaves no window for customer to know about the company and its trading conditions.

Think twice before you choose this broker to trade.