April 2012 Update: We can no longer recommend VIP Binary as a reliable source for binary trading due to several recent complaints from traders regarding this broker’s services.
Both brokers use the same platform (SpotOption) however GTOptions offers superior account conditions, better customer service and higher bonuses – including $100 free for new clients – and is overall a more reliable broker.
Those who are nevertheless still interested in our original VIP Binary review can read it below:
VIP Binary is a professional market-maker broker headquartered in the British Virgin Islands that has been operating since 2010. VIP Binary is focused on providing a simple, fast, and flexible platform that any beginning broker can use to get access to the financial markets without the jargon and intimidating statistics that usually deter new investors. This makes VIP Binary a great place for beginners to start trading binary options. However, advanced traders may feel a little left out without any special privileges for larger deposits or charting tools.
With VIP Binary you can trade 82 different underlying assets, letting you trade everything from currency options to index options. Some of the underlying assets that you can trade are:
• Stocks: 32 different stocks are offered
• Commodities: 7 different commodities, including gold, platinum, and crude oil
• Forex: 15 different currency pairs are offered
• Indices: 28 stock indices are offered
Opening an Account
One of the biggest downside of VIP Binary is that there is only one type of account offered. For newer investors, this won’t matter much, but more advanced traders are missing out on some of the special bonuses that other brokers offer their highest paying clients.
The minimum deposit is $200. Unfortunately, no traders are allowed from the USA. There is also no option trading guide offered to get you started like many other brokers offer.
With VIP Binary you have several different payment methods that you can use to fund your account. These include American Express, Bank Wire, CashU, Diner’s Club, Maestro, MaterCard, Visa, and Visa Electron.
The VIP Binary trading platform is entirely web-based so you will never have to download or install any software and will be able to trade from anywhere. It is based on the Spotoption platform and geared towards allowing you to trade options quickly and easily without much interference from a clunky platform with unnecessary additions.
With the platform, it is incredibly easy to locate the right option at the right time and place your trade. The put and call buttons are clearly marked and the charts are easy to understand. The options are divided by asset class, letting you find the right one as quickly and easily as possible. With the platform, beginning traders will feel right at home. Advanced traders may be left wanting more advanced charting tools however.
One very unique feature of VIP Binary is the ability to double down your binary option. With a double down you can double the amount of your trade and start a new trade using the current price as the high/low strike price. You get a new option with all the same terms as your old option. This is very useful when you think the price of the security is going to continue to move in the same direction it has been moving.
Rollovers are also allowed, letting you continue a winning trade for a larger return.
VIP Binary also offers all traders a 40% deposit bonus on their first deposit. It’s a great way to have some extra cash to trade with.
Payouts and Commissions
VIP Binary currently pays out options at a rate between 68% and 75% for successful options. Losing options are able to get as much as a 5% to 10% refund.
No other charges are associated with your account unless you want to fund the account by wire. Wire deposits and withdrawals are subject to a $25 fee.
Customer service is currently only offered in English and over the phone, via live chat, and email. The email support leaves a little to be desired however, as average response times are around one week.
We urge all interested in the trading platform VIP Binary offers to go to GTOptions.com which is offering a Free $100 no deposit bonus for all new clients.