What is GGBinary? Is it a Scam?

Though the exact inception date of GGBinary remains unclear, there is abundant information surrounding this cryptocurrency exchange. So, what is GGBinary? Is it a scam? Find the answers in the article below by Mytour.

GGBinary - Unraveling the Mystery. Is it Legit?

Trading Conditions at GGBinary

- Trading assets: 100.
- Option profit: up to 85%.
- Initial deposit: 200 USD.
- Minimum trade amount: 10 USD.
- Demo account: Available.
- Online registration: Yes.
- Support phone: + 852 3050 1788.
- Live chat support: Yes.

General Information about GGBinary Exchange

Various questions arise regarding the origin of this brand and whether it undergoes supervision. Golden Grand Global Holding Limited is registered in New Zealand but operates in China with a branch in the Seychelles Islands (East Africa).

However, GGBinary offers excellent products and customer care services. The website supports a variety of languages and even provides a 100% bonus when users make deposits.

Pros and Cons of GGBinary Exchange

Here, Mytour will outline some advantages and disadvantages of the GGBinary cryptocurrency exchange.

Advantages of GGBinary Exchange:

- The trading platform is user-friendly, suitable for beginners.
- Choice of expiration time: Traders can choose the expiration time for various trades, ranging from 30 seconds to a week.

Trading Conditions

Traders should carefully consider the trading conditions of any broker they intend to collaborate with. What factors contribute to trading conditions? These conditions involve elements such as minimum deposit, minimum trade amount, payment methods, and the number of positions you can hold open at a time.

Here, Mytour will introduce you to the trading conditions of GGBinary:

The minimum deposit amount for a GGBinary account is usually 200 units of the account currency. VIP account holders must have a minimum of 5000 units of the account currency to open this account type. The minimum investment for a trade is 20 units of the account currency. The account currency can be Chinese Yuan (CNY), Euro, or US Dollar (USD), and you can hold multiple positions at the same time.

The Sell Option feature is available: sell your option back to the broker when it reaches a certain price, within a few minutes before expiration. This feature is used to lock in profits but may result in a reduced payout amount.

Bonuses are awarded to GGBinary customers based on the percentage that traders can negotiate.

However, withdrawal initiated by the trader can only be done once the trading volume reaches 30 - 50 times the awarded bonus amount. Lastly, payouts start at 65% for 30-second trades and go up to 85% for regular call/put option trades.

Asset Base

Assets traded on GGBinary span 5 categories: forex, cryptocurrency, stocks, indices, and commodities. Notably, there is representation of significant Asian stocks in this asset list.

Trading Platform

GGBinary's trading tool is web-based and accessible from the GGBinary website. The trading tool features a sleek and simple interface with a line chart on the left, option types and expiry times right on the chart, entry prices and trade forms, followed by payout rates and investment amounts. There's also an option for social trading participation.

Mobile Trading

Traders can execute transactions with GGBinary on mobile devices. The app is available for iOS devices on the App Store and Android devices on Google Play. Users can also download the app using the QR code on GGBinary's mobile website.

Some functions are more easily performed in the mobile app. In addition to regular trading, traders can utilize various features, switch between 14 languages, and monitor open/closed positions.

Demo Account

GGBinary does not provide a demo account. In reality, the company offers a demo version of the trading interface. This allows potential users and active traders on the platform to have an overview, explore various features, different trading forms, and other functionalities.

The only thing traders can't execute with this demo is real transactions. Nevertheless, all the steps leading to actual trading can be performed on the demo version of the web platform.

Types of Accounts

GGBinary offers a regular account and a VIP account. VIP account holders usually enjoy more benefits than regular account holders. Below are the features and perks associated with these two account types. If you're a future trader on the GGBinary portal, you can use this information to decide which account type suits you best.

Regular accounts allow one withdrawal per month. You'll receive regular bonuses for trading, need to provide an account manager, and undergo weekly market analysis.

With a VIP account, the withdrawal process is faster than regular accounts. You can make three free withdrawals per month, enjoy more bonuses, and receive one-on-one training and support for daily market analysis.

Account Opening

The account opening process begins with initial registration. In the bottom left corner of the screen, traders can click the SIGN UP button to open a page containing the account opening form.

The account opening form displays detailed information that traders must provide, including full name, address, strong password, country, and mandatory phone number.

Upon clicking the Open an Account button below the online form, the trader's account will be opened. Log in using the email and password entered in the form. After completion, traders must provide additional details and submit verification documents. These steps must be completed before depositing funds into the GGBinary account.

Withdrawal

The minimum withdrawal amount for GGBinary traders is 20 USD. However, for VIP account holders, there is no limit on the withdrawal amount. VIP account owners can withdraw funds three times a month with higher priority. Other account holders can withdraw once a month if the withdrawal amount is over 2000 USD. For withdrawals over 5,000 USD, traders can perform two fee-free withdrawals.

The wallet account is a multi-currency account in USD, CNY, and Euro. All withdrawals must undergo the initial verification process. When depositing or withdrawing via a bank card, users need to take a selfie with the card and additionally present their ID. Evidence of residence, such as utility bills or bank statements, must be provided.

Trader Education

To trade successfully on a binary options platform, traders need a certain level of trading knowledge and some experience. Trader education is a core activity at GGBinary.

The trader education package is presented by the Training Center at GGBinary, containing diverse resource materials, including instructional videos, available to teach traders about the principles of binary options trading on GGBinary's products using illustrative videos. Binary options trading strategies are detailed in a series of articles on Trading Strategies.

While not suitable for novice traders, it supports intermediate traders looking to enhance their trading skills to the next level. Ultimately, daily market analysis is provided for VIP traders.

Is GGBinary a Scam? Should You Trade with GGBinary?

Although the company is not regulated, it doesn't necessarily mean you shouldn't engage in transactions with them. Regulated companies may offer worse services or vice versa. For brokers you know little about, start with a small amount. Deposit the minimum and use it to test the trading platform and the broker, including their response time.

If any questions remain unanswered on the website, you can contact the broker for support. It's an excellent way to check response time and efficiency, often a good reflection of the broker.

Further investigation into the company's activities reveals they registered their domain in New Zealand but operate from China or the Seychelles.

This explains the lack of certain registrations/licenses from the New Zealand financial regulatory authority. Dealing with an unregulated broker means you have no recourse or intermediary to assist in resolving complaints with the broker. However, there are many unregulated brokerage firms in the market.

After reading Mytour's article, it's hoped that readers have a clear understanding of what GGBinary is, whether it's a scam, and can make an informed decision on whether to register with GGBinary for binary options trading.

Additionally, you can explore more about the cryptocurrency exchange IronFX [here](link).