GGBinary – Broker Review and Trader Feedback

There are a number of questions that have arisen as to where the brand operates from, and whether the brand is regulated or not. It would seem that the company (Golden Grand Global Holding Limited) is only registered offshore in New Zealand, but is actually a Chinese company, which may also have a branch in the Seychelles. Regardless of that, GGBinary has a robust product and excellent customer care. The site is available in a variety of languages and they even offer 100% welcome bonuses on deposits.

What are the advantages and disadvantages of trading with GGBinary? These are summarized below so that traders can get an idea of what they can expect with GGBinary.

Trading platform is easy to use and therefore suitable for beginners.

Multiple expiry times for trades: Traders can choose from multiple expiry times for trades; from 30 seconds all the way up to weekly expirations.

Mobile trading is possible using the mobile app. This enables busy traders to do their stuff on the go.

No regulation: To all intents and purposes, GGBinary is not a regulated brokerage brand. Therefore, traders have nowhere to seek redress if they have suffered some injustice in the hands of the broker.

Traders must always consider the trading conditions of any broker they want to do business with. What are those factors that make up the trading conditions? Trading conditions refer to things such minimum deposit and investment amount, bonus requirements, payouts and number of positions you can hold open at one time.
So without further ado, we present the trade conditions for GGBinary.

Minimum deposit for GGBinary Regular account is 200 units of the account currency. VIP account holders must have a minimum of 5000 units of account currency to be able to open that type of account. Minimum investment into a trade is 20 units of currency. Account currency can be in Chinese Yuan (CNY), Euros or US Dollars and you can hold as many positions at once as you want.

Sell Option feature is available: sell back your option to the broker when it is in the money, few minutes before expiry. This is used to lock in profits, but has the disadvantage of leading to a reduced payout.

Bonuses are awarded to clients of GGBinary in a percentage that can be negotiated by the trader. However, no withdrawals can be made until a trade volume of between 30-50 times the bonus awarded, has been generated by the trader. Finally, payouts start from 65% for 30 seconds trades and up to 85% for regular Call/Put trades.

Underlying assets traded on GGBinary are spread across 5 asset classes: forex, cryptocurrencies, stocks, indices and commodities. As is expected, there is an appreciable representation of Asian stocks on the asset list.

The trading engine of GGBinary is web-based. It can be accessed from the GGBinary website. It features a nice and simple interface, which features a line chart on the left, the option type and expiry just above the chart, the entry price and the trade types, followed by the payout percentage, and the investment amount. There is also an option to participate in social trading.

Mobile trading is possible on GGBinary. There is a mobile app which is listed on the App Store as well as the Google Play store. These can be downloaded using the QR Code on the mobile website page of GGBinary’s website.

There are several functions that can be done very easily from the mobile app. In addition to regular trading, the trader can also use a number of functions, switch between 14 languages and view open/closed positions.

GGBinary does not offer a demo account per se. What the company has done is to provide a demo version of its trading interface. This allows prospective users and active traders on the platform to get a view of what the platform looks like, the various functions available, trade types and other functions.

The only thing that a trader cannot do with this interface is to execute the actual trade. However, all the steps leading up to the execution of a trade can be performed on the demo version of the web-based platform.

What are the account types that are offered by GGBinary to its users? GGBinary features a Regular Account and a VIP account. The VIP account holders tend to have more benefits than the regular account holders. Here are the features and benefits attached to the two account types. If you are an intending trader on the GGBinary portal, you can use this information to decide on which account you will go for.

The Regular account gives one free withdrawal a month, you will receive regular bonus amounts to trade with,you will be provided with an account manager and weekly market analysis. With a VIP account you will see faster withdrawals than standard account holders, you will be entitled to 3 free withdrawals each month, larger bonus amounts and will receive one-on-one training and support plus daily market analysis.

The process of opening an account starts with the initial sign up. On the lower left corner of the screen, the trader can click on the SIGN UP button to open the page containing the account opening form.

The form shown above shows what details the trader is expected to provide. The full name, address, a strong password, country and telephone of origin are required. One the trader clicks on the “Open an Account” button below the online form, the account is opened. Login is usually by using the email and password entered into the form. Once this is done, the trader will be required to provide further details as well as submit identification documents for verification. These steps must be completed before an account with GGBinary can be funded.

The minimum withdrawal amount for traders on GGBinary is $20. However for VIP accounts, there are no withdrawal limits. VIP account holders also get three free withdrawals a month, with greater priority. Other account holders get one free withdrawal if the amount to be withdrawn is more than $2000. Withdrawals of more than $5000 can be done twice without paying withdrawal fees.

The account wallet is a multi-currency account which is denominated in USD, CNY and Euros. All withdrawals must be preceded by a verification process. If the user will deposit or withdraw with a bank card, that user must take a selfie with that card, and also present a government issued ID card in addition. A proof of address such as a utility bill or a bank statement must also be provided.

To be able to trade successfully on a binary options platform, the trader must have some degree of trading knowledge and a little experience. Trader training is at the core of the operations of GGBinary.

The trader training suite is represented by the Education Centre on GGBinary and features the a wide variety of resource materials. These include Instructional videos, which are available to teach the trader about how binary options trading on GGBinary works using demonstration videos, trading strategies for binary options which are featured in the Trader Strategy article series. While not suitable for beginners, it helps intermediate traders to take their trading to the next level. Finally you will find market analysis is also provided daily for VIP traders.

While this company is not regulated, that is not to say you should not work with them. Regulated companies can offer terrible services and vice versa. With any broker that you do not too much about, it is worth starting small. Deposit the minimum amount and use this to test out the platform and the broker themselves including their response time. It is worth getting in touch with a broker if you have any questions that are not answered on the website. This is an excellent way to test out their response times and efficiency and is usually a good reflection on the broker themselves.

A further investigation of this company’s operations shows that it registered the domain in New Zealand, but actually operates from either China or the Seychelles. This explains the lack of a registration/license number from the New Zealand financial regulatory body. Knowing the hardline stance that Chinese financial regulators are known for, it is very likely that the brand operates offshore. Working with an unregulated broker may mean you do not have recourse or an intermediary to lodge complaints with. However there are many solid unregulated brokers on the market too.