BOL Financial Factsheet – Review of Betonline Binary
If you have been thinking about trading binary options, you may have noticed something strange—and that is that some people call binary options investing, and others call it gambling. In reality, it is a product which exists in a gray area somewhere in the middle. It is a form of investing—but then again, wagering on sports can be as well. But the reality is that the vast majority of sports bettors are in it for fast and easy money. By that same token, so are the overwhelming preponderance of binary options traders.
So it should come as no surprise that BetOnline, a prominent online casino and sportsbook, has added binary options as their newest offering. On their site, they refer to them as “Financials.”
Quick Details About BetOnline Financial Trading
- Official Website: https://www.betonline.ag/financials/
- Low minimum deposit: $50
- Minimum trade size: $2
- Maximum trade size: Varies
- Average payout: 160-180%
- Out-of-money refund: Up to 20%
- Numerous types of options available to trade
- 82 assets available to trade
- Platform: Proprietary
- USA traders accepted
You can contrast Financials on BetOnline with binary options trading on Nadex. If you have been following our articles lately, you know we have been writing a lot about Nadex. Picture binary options traders existing along a spectrum with casual gamblers on one end and serious professional investors on the other. Nadex serves the pros. BetOnline serves the gamblers.
There is nothing wrong whatsoever with gambling on binary options! It is fun and it can be profitable. So long as you know what you are getting into, you can trade responsibly and even win. At least do it where you will get paid when you do—and that is a reputable online casino like BetOnline!
Step 1: BOL Financial Account Creation
Setting up an account on BetOnline could not be easier. Look at the top of the page and you will notice a login button in the upper right-hand corner. To the left of the input forms for your username and password, you will see a little red “Click to Join” button. Click it.
You will now be asked to fill out some really basic information. Submit it by clicking the big red “Click Here to Create Account” button (which looks more like a graphic than a button), and your login information will be sent to your email account.
Go to your inbox, open the email (it will show up right away), and you will see your username. You will have an impossible time remembering it since it is a set of random numbers and letters, but you can log in using your email address instead in the future. You will be automatically logged in when you click on the link in the email to activate your account, so you do not need to worry about this now.
Step 2: Funding Your Account – Deposit Methods & Payouts
When you click on the link to activate, you will automatically be taken straight to the deposit page. Here you can deposit funds using a variety of methods:
- Credit or debit card
- W.U. Person to Person Money Transfer
- MG Person to Person Money Transfer
- Wire Transfer
- Book to Book
- Cashier’s Check
- Money Orders
You will be asked to verify your account before making a deposit. The minimum deposit you can make depends entirely on the transfer method that you choose. See the full list here. With Skrill, you can deposit as little as $50.
Note that BetOnline also has minimum and maximum amounts set for withdrawals, and those likewise vary depending on the method you have decided to use. If you follow the link above and scroll down, you will see the list. For example, if you have decided to use per$on to per$on for your withdrawals, the minimum is $50 with a max of $500. Bitcoin can go as low as $20 and up to $5,000.
There are withdrawal fees, which apparently vary depending on the method and amount. I asked customer service for a list, but was unable to acquire one. Unfortunately, since you can request a $50 fee discount on Fridays, it seems that the fees must be pretty hefty.
Trading Binary Options on the BetOnline Trading Platform
If you decide to wager on binary options on BetOnline, you will be using the company’s proprietary trading platform. This platform looks very similar to others that you may have used on other binary options trading websites. On the left-hand side of the screen, you can select an asset (there are 82 stocks, currencies, indices, and commodities). Across the top, you can select the type of trade you would like to make. In the middle, you will be able to initiate your trade. On the right is the “Bet Slip,” which basically is just the set of input boxes for your bet amount and the win percentage/out-of-money return you would like to select.
Types of Trades Offered by BetOnline:
- Touch/One Touch
High/Low trades are what gave binary options their name—because every trade has a “binary” result—you win or you lose depending on whether price goes high or low after you make your choice. Because you literally only need to click “High” or “Low” and then wait for your trade to expire, trading binary options is ridiculously easy. That is exactly why it has become popular as a form of gambling.
With this type of trade, you say whether you think that price will reach a certain trigger value before the trade expires. If you are right, you win the payout, as simple as that.
This is in a way the exact opposite of a Touch or One Touch trade. You are wagering not that price will touch a certain value, but that it will not touch a certain floor or a certain ceiling, and will instead continue to range within a selected channel. I personally am a huge fan of range trades because they give you the means to make a profit even when the market is sitting still.
If you want to get in the fast lane, you cannot beat the turbo-charged rush of excitement that comes with Turbo trading. These trades last for 1 minute, 2 minutes, or 5 minutes, depending on the expiry that you select. They work just like High/Low trades in all other respects. If you win, you get the payout. If you are wrong, you lose.
BOL Financial Trading Platform Features Available
Player Insight. You will find this utility in the lower right-hand corner of the trading screen. It tells you whether the majority of other traders on BetOnline believe a certain asset is trading up or down. If you want, you can follow along and copy this sentiment (or you can bet against the public).
Control over your out-of-money refund and payout percentage. Most binary options websites will force you to accept a particular payout percentage, which is usually pretty low, around 75-85%. BetOnline is quite unique both in offering much larger payouts (160%+) and in giving you control over your risk. If you want, you can actually aim for a higher payout, but you will get a lower out-of-money return if you lose. Or you can go the other way, and opt for a lower payout and a higher out-of-money refund.
Is BetOnline a Good Broker?
I did test BetOnline’s customer service. I have read mixed reviews, so I wasn’t sure what to expect. I got on live chat with an agent and I can say it was a mixed but largely positive experience. The agent was very slow answering my questions, but he did answer all of them. So service is a pain, but it was still helpful.
All in all, BetOnline is an excellent broker. Again, this is a very well-established online casino and sports betting site. They have been around for ages and they have a rock-solid reputation. Their binary options trading feature may be brand new, but it is highly functional and offers you excellent payouts, control over your risk, and a variety of different trade types. If you are trading binary options for fun and want to play at a site which you can trust to pay out, then trade with BetOnline!