Let’s speak about how to start investing, what the main nuances are and whether you can trust each broker. The first step is to figure out whether trading broker you chose is reliable and how safe will your money be there?
If you don’t have any experience in trading and you are a beginner, you can rely on this review, and at the end of the article, it will become clear what broker you can’t trust and vice versa.
Let’s examine the trading broker Binary Uno. They were established in 2005 but officially opened in 2014. This company is owned by UNO Media Solutions Ltd. located at Mahe, Seychelles. Their official site is www.binaryuno.com.
Regulation that they don’t have
On the website, you can find the information about their operating company. It is Smart Choice Zone LP which is situated in Scotland. As regard to their location, all the United Kingdom organizations, providing financial services should be registered in FCA (Financial Conduct Authority), which regulates them. But Binary Uno doesn’t regulate by any authority. Why is it important for brokerages? Such authorities as FCA guarantee withdrawal your money from trading brokers.
As for regulation, we may say that they don’t have it at all, even registration in Seychelles aggravates the situation, because all the suspicious companies that deal with money have registration on various Isles to avoid the taxes. They can disappear with your money at any moment, and as the absence of regulation – they will not have any problems with the law.
Besides on the FCA website, there is a warning that you shouldn’t deal with Smart Choice Zone LP, because of lack of trust to them.
In 2017 the Australian Securities and Investments Commission (ASIC) stated that this broker is suspected of being a scam.
Recently there is an increasing amount of messages about psychological pressure against traders by Binary Uno analytics.
Conditions That They Offer
They use the new SpotOption binary options trading platform. The company offers you FX, CFDs and Commodities.
The company cannot offer you a demo-account, which is not really good, because investing is a big step and this is connected with a large sum of money. As a beginner, it will be better to try the demo first.
Minimum deposit is $250, but if you open a new account they ask for $1000 that is too much for a beginner. As a starter, you can find a trading broker with less deposit.
Their returns on $EUR/USD binary options are 77% which is a bit lower than other brokers.
Conclusions That We Made
Binary Uno is an unlicensed and unregulated broker. Low investor’s confidence and mistrust of credible financial organization lead us to conclude that you shouldn’t trade with them. Remember that deal with unauthorized companies may result in the loss of a significant sum of money.
We don’t recommend you to invest your money there, because it’s better to find well-regulated and reliable trading broker on the market.