Binary options trading is increasingly becoming one of the most popular channels to make money online, as it remains one of the easiest ways to trade financial assets globally. As a result, there is no end to innovations and technological advancements in the binary options trading ecosystem. From automated trading bots to risk-free trading, innovation is changing the way and manner in which binary options trading is done; and we are experiencing a departure from the past in many ways. One such aspect is that of binary options brokerage platforms. We have already seen brokerless trading platforms. For the first time, we are seeing crypto-based platforms, the pioneer being CryptoBO.
CryptoBO Binary Option
CryptoBO is the first crypto-based binary options broker in the world. This means that all trading processes are done in crypto coins. You make deposits in crypto; your account balance is quoted in crypto, and you get to withdraw your profits in crypto. For now, however, Bitcoin is still the only accepted cryptocurrency.
CryptoBO allows you to trade popular company stocks – such as those of Google and Coca-Cola – as well as not-so-popular stocks such as Lukoil. You can also trade in both major and cross currency pairs; up to 10 stock indices, commodities, and of course, cryptocurrencies. CryptoBO introduced what are known as cryptocurrency pairs; here, crypto coins are either paired against Fiat currencies such as BTC/JPY, BTC/EUR, and ETH/JPY or paired against other crypto coins such as in ETH/BTC or ETH/LTC.
CryptoBO promises up to 91% payout on successful trades, all paid in Bitcoin.
One thing you may get with CryptoBO, which is difficult to get elsewhere, is client confidentiality. With CryptoBO, you do not need to go through any complex verification process to submit documents to prove identity. Once you sign up and verify your email, you are good to go.
Finally, CryptoBO provides you with all-year-round access to profiting from financial markets, as you can trade 24/7 for 365 days of the year. In the same vein, CryptoBO’s customer service is available on a 24/7 basis via Telegram, live chat, email, and surprisingly, via Skype.
On the flip side, however, the downsides you may face from trading with CryptoBO include the fact that you cannot deposit fiat currencies. As a result, this is not for people who are non-crypto fans.
CryptoBO Sign up
You are then taken to a page for you to login to your account. Provide the username you entered during registration and your password; undergo human verification and get logged in to your new account.
CryptoBO Promo Code
One way in which binary options brokers can support traders who use their platform is by providing them with promotional offers. CryptoBO makes such promotional offers available to its clients. They are, most times, channeled towards helping traders increase their trading capital through trading bonuses.
There is a 100% bonus made available to all traders when they deposit into their trading accounts.
However, you do not need any deposits to earn bonuses from CryptoBO. Once you sign up, you are automatically given a Free 500 Satoshi (unit of Bitcoin) bonus credited to your real account. Here, you do not need any deposits; all you need is to go through the registration process summarised above.
Furthermore, from time to time, CryptoBO gives traders access to occasional promotional offers in the form of bonuses. Traders can earn up to 10,000 Satoshi, or even more, during a typical promo offer run.
CryptoBO Minimum Deposit
For starters, it is worth repeating the fact that you don’t need to make any deposits into a real binary options trading account before you make money from the markets trading with CryptoBO. Once you sign up, you can access a signature 500 Satoshi bonus, with which you can make trades in the markets right away. The good thing about this is that you can replenish this 500 Satoshi once it gets exhausted.
It is also worth noting that if you wish to deposit into your live trading account, CryptoBO does not impose any minimum deposit restrictions on traders. You can deposit any amount you are willing to trade with, although it must be in Bitcoin. However, you must note that to make trades, you need a minimum of 0.0000001 BTC per trade. When converted to fiat currency, this will amount to $0.01. Comparatively, this is very minimal compared to the $1 minimum trade value that is usually set by most traditional brokers. Thus, you can never find a lower figure elsewhere.
To make deposits, login to your CryptoBO account, where you will see a graph-like icon in the top left corner of the page. Upon clicking on this icon, you will see a number of options showing up; you will select the second item, “Billing.” There are 3 options here – Deposit Funds, Withdraw Funds, and Transaction History – that show the records of your deposits and withdrawals.
Upon clicking “Deposit Funds,” a space appears; here, you enter the amount you wish to deposit into your trading account in Bitcoin. Hence, you need to check whatever the amount you want to deposit is in fiat currency (probably in US Dollar) and convert the same to Bitcoin. Then enter the Bitcoin amount in the space provided, and click “CONFIRM.”
Next up is a page displaying the Bitcoin address to which you are to send your deposit. This is your address – i.e., the address of your live trading account. You send whatever amount you wish to deposit in Bitcoin to this address. Your live trading account gets credited almost immediately. Alternatively, you can pay there on that page by scanning the QR code linked to your account, which is provided on the page.
It is important to note that CryptoBO does not provide you with a demo account. Still, we can say that the 500 Satoshi automatic live bonus can well serve the purpose of any demo account.
Withdrawals are also made in Bitcoin. To make withdrawals, go to the same “Billing” section and click the “Withdraw Funds” option. A page pops up where you are to provide the BTC address to which you want your withdrawals to be sent; next, you are to enter the amount you wish to withdraw in Bitcoin and click “CONFIRM.”
Usually, your withdrawal gets credited in 3 hours or less. The minimum amount you can, however, be allowed to withdraw is 0.002 BTC.
CryptoBO Trading Platform Review
The CryptoBO trading platform is set up in a way pretty much similar to other traditional binary options trading platforms. Once you login to your trading account, you will encounter the trading platform home page. At the top of the page is your account balance, which is quoted in Bitcoin. For the trader who is just signing up, you meet a default balance of 500 Satoshi ( 0.00000500 BTC). To the right is a “Profile” icon where you can get to edit your profile and enter more details about yourself. Next to it is a “Bell” icon signifying notifications. On the left side, we have a graph-like icon that contains links to “Billing,” “Tickets,” “Live Support,” “Partnership Programme,” and others.
Further below on the trading platform, we have charts which can be customized to suit a trader’s preference. Down below are the “Call” and “Put” bars coloured in green and red, respectively, where you get to enter trades.
CryptoBO trading platform can mainly be accessed through a web app on both PC and mobile. It does not feature any mobile applications, at least for now.
If you ask us, we can’t say. Admittedly, CryptoBO has brought about some innovation in the binary options brokerage space. Apart from the anonymity that comes with trading on the platform, you also have access to seamless deposits and withdrawals that cryptocurrencies offer.
However, some red flags are worth noting.
For one, we don’t know (or are not provided with) any information about the company behind the CryptoBO platform. We are not provided with any address as to where its offices are domiciled.
Furthermore, CryptoBO does not mention anywhere that it is regulated. As such, we can take it at face value that it is not. This puts traders up for potential risks, as it translates to the fact that CryptoBO is not subject to any financial authority. If (or when) irregularities are committed, there is no institution to check an unregulated broker.