This is a review of the binary options brokerage services offered by Buzztrade, a binary options brokerage company which was launched in 2010. This makes the company one of the pioneer retail binary options companies around. The Buzztrade brand is owned by Buzztrade Ltd, and is licensed in Cyprus by the Cyprus Securities and Exchange Commission (CySEC). The company has been issued with CySEC license number 206/13.
Bonuses and Promotions
A number of bonuses are issued to both new and old traders on the Buzztrade platform. Exact bonuses are subject to negotiation between the traders and the account managers. Whatever the case, the following bonuses are available for traders on the Buzztrade platform:
- The Welcome bonus: Bonuses are given to new traders and these range from 50% to 100% of the new account deposit (first-time deposit). Traders are at liberty to negotiate the exact deposit amounts from their account managers, so the bonus amount is not fixed.
- Trading Re-deposit Bonus: This bonus is exclusively for existing traders in the system. These bonuses are re-deposit bonuses, which means that old traders whose accounts are dormant or who have left off trading for some time as a result of account liquidation are encouraged to resume trading once more by adding more funds into their trading accounts. This bonus is thus an incentive to give such traders added capital to resume trading and also take advantage of special market events which can cause increased volatility.
- Consistent Bonus for re-deposits are bonuses that are specifically used to encourage traders with dormant accounts to resume trading activity on Buzztrade.
- Bonuses are also provided for those who introduce others into the trading system. As a skilled trader, you can use your trading results to get others interested in replicating your success to join Buzztrade. Buzztrade recognizes this move and will reward you with their special affiliate bonuses. They are paid when referrals sign-up and complete their first deposit with Buzztrade.
- VIP Rebates: This is for those who have hefty accounts with Buzztrade. To recognize and reward the high rollers on their system, Buzztrade issues VIP Rebate bonuses. These are specifically a return of a certain percentage of invested amounts in trade once the traders are able to hit a particular trade volume within a month of trading.
Payouts and Trade Types
The trade types which are available on the Buzztrade platform are as follows:
- Up/Down option: This is the trend-based trade which has a payout of at least 70%, with a maximum of 85%. Payouts tend to fluctuate within this range and are affected by use of the Loss Return function, time of trade, expiry time used as well as use of the Rollover function.
- Pairs option trading pits the performance of one asset with another asset in its class. The payout of this option is between 70% and 85%.
- Long Term binary option, which is an Up/Down option with a minimum expiry time of 24 hours. The average payout is between 75% and 85%.
- 60 Seconds option is the Up/Down option with a 60 seconds expiry time. The average payout for this trade is 65% to 70%.
Buzztrade offers more than 200 assets pooled from 30 different countries, thus giving the asset index a wide geographical spread. The listed assets on which binary options are traded are:
- Commodities: Wheat, crude oil, silver, gold, silver, corn, sugar and coffee.
- Currencies: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/JPY, EUR/AUD, EUR/CAD, EUR/GBP, EUR/JPY, EUR/USD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/USD, NZD/JPY, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/MXN, USD/RUB, USD/SGD, USD/TRY, USD/ZAR
- Stocks: 3M, AIG, Alibaba, Allianz SE, Amazon, ANZ Bank, Apple, Axis Bank, Banco Santander, Bank of America, Barclays, Bayer AG, Baidu, Blackberry, BMW, Boeing, BNP Paribas, BP, British American Tobacco, Citi Group, Cheung Kong, Coca Cola, Daimler AG, DANONE SA, Deutsch Telecom, Disney, FIAT, France Telecom, Gazprom, Goldman Sachs, Google, HSBC Holdings, IBM, JP Morgan Chase, MICROSOFT, NATIONAL AUSTRALIA BANK, NETFLIX, ORANGE S.A., PETROBRAS, PFIZER, PUBLICIS GROUPE, RENAULT, RIO-AU, RIO TINTO, ROSNEFT’, S.BANK INDIA, SAB MILLER, SAUDI BASIC INDS, SAUDI REFINERIES, SBERBANK, SIEMENS AG, STARBUCKS, TATA MOTORS, TATA STEEL, TESCO, TESLA, TEVA.TA, TOTAL S.A.,
TOYOTA Unilever, UBS, Vivendi SA, Vodafone, Volkswagen, Volvo, Wynn Resorts, Yahoo!.
- Indices: ASX, Bombay SE, Bovespa-F, DAX, Dollar Index, Dow, Dubai, FAZ Short Banks, CAC40, FTSE100, Hang Seng, IBEX, Jakarta SE, KL Futures, KOSPI, MICEX10, NASDAQ, Nikkei225, PSI20, Shanghai 180, Shenzhen 300, SMI, Strait Times, Tel Aviv25, VIX.
Deposits and Withdrawals
The minimum transaction amount on Buzztrade is $500. The transaction methods on Buzztrade are:
- Bank Wire Transfer (International and/or Domestic)
- Credit Card (Processed via a clearing agency)
- Alternative payment methods such as AstroPay, Boleto, CashU, Dineromail, Lobanet, Moneta, POLI, POLINZ, QIWI, China Union Pay, Yandex-money.
The minimum deposit amounts for each transaction method are as follows:
- Credit Card: $250/€250/£250
- Electronic Payment: $250/€250/£250
- Wire Transfer: $500/€500/£500
Pros and Cons
- Traders can make a choice from over 200 assets that are traded in over 30 countries. This gives traders an avenue to get good geographical spread and trade a wide array of assets. This is also helpful for those who are not familiar with assets except those that emanate from their region. So a trader from the Middle East can, for instance, trade assets that originate from markets in the Middle East as opposed to markets from other regions.
- Traders on Buzztrade who own live accounts can operate free demo accounts.
- Buzztrade is a licensed binary options broker with CySEC license number 2016/13.
- The discretion applied to deposit bonuses allows traders to negotiate the exact bonus that they feel comfortable with. Bonuses with impossible conditions are not forced on the trader.
- There is a fully loaded trading resource centre which provides materials for Buzztrade newbies.
- Buzztrade is only licensed in Cyprus and so its licensing can be considered to be restrictive in nature.
- The Buzztrade website is not entirely user-friendly. For instance, there is no display of trade types and how they operate as is the case with other CySEC-licensed brokers.
The customer support information concludes our review of Buzztrade. Customer support can be accessed in the following ways:
- Live chat
- Email: [email protected]
Buzztrade has done well in upgrading its status to that of a regulated broker which has done quite a lot to boost its image and strengthen its binary options standing. This broker is worth considering because it allows traders to select assets which are from their geographical location and so provide some degree of familiarity which may aid improved trading success.