As of June 17th 2016, CySec suspended regulation of BuzzTrade (and BinaryRoyal) due to non-compliance. The firm now no longer trade.
BuzzTrade are owned by AirFinance Pro, an investment firm based in Cyprus. BuzzTrade has been designed to appeal to the discerning UK market, with an emphasis on innovative trading solutions alongside cutting edge technology and security. Established in 2015, the firm are growing rapidly.
Regulated via CySec, and therefore adhering to the MiFID financial regulations, the firm operate under the mission statement; “maintain the trust of our customers by offering the best service and the best products”
Here are some of the other key details about the BuzzTrade brand;
- Demo Account – Yes
- Minimum Deposit – £250
- Minimum trade – £5
- Signals service – Yes. Free to all account holders.
- Bonus details – Up to 100%, plus 5 risk free trades.
- Mobile App – Yes.
Platform Features
The Buzz Trade trading platform has a familiar look and feel for binary options traders. It does offer a good degree of flexibility for traders, particularly when it comes to setting expiry times.
Assets are listed down the left hand side, and categorised into the usual groups of stocks, forex, commodities and indices. The type of option is selected via tabs above the asset list (there is more detail on the trading types on offer later in the review). In the short term tab, only the asset, payout, current price and expiry ‘countdown’ are displayed. In the long term tab, the expiry time can be manually set – this a great feature for traders wishing to trade on news releases, as they can set the expiry more precisely than at other brokers. Traders can pick any future date, or any 15 minute time slot during the remainder of the day.
Once an asset has been selected, the price graph on the right of the trading platform will update with the relevant details. From here, traders can analyse the price movements further. The charting window can be ‘detached’ allowing traders to view a larger version. There are also a wealth of technical analysis tools available. As well as a choice of graph type (candlestick, area, line etc) there is also the “Studies” drop down menu, that allows technical analysis layers to be overlaid, including things like moving averages, and bollinger bands. The timeframe of the price charts can be amended via the slide bar at the top of the graph.
To the left of the price chart are the trading buttons. As is the standard approach, the strike price is displayed between the Call and Put buttons, selecting either will open a new screen, where a trader can enter the amount of the trade and confirm it. Traders can also open positions from the asset list in the ‘long term’ window – just to the right of the asset information is an amount field and small call and put buttons (a green and red arrow). Setting an amount and clicking the icon will open a trade immediately based on the expiry time set.
Open trades will appear immediately in the window under the price graph. This view defaults to open trades, but a recent trade history can also be selected. Traders can also amend open deals from here – either closing them, or investing further in the same position.
Trading choice
BuzzTrade offer options on forex, commodities, stocks and indices. Their asset lists are very comprehensive indeed – offering trading on over 200 assets. Forex is certainly a strength, with plenty of the ‘minor’ forex pairs available, including Scandinavian, Polish and Russian pairs among a list of over 50. The stock list is equally impressive, and BuzzTrade excel in this area.
They offer two kinds of option:
Long term – A traditional binary option, but with longer term expiry times, spanning days, weeks, months or even years (Certain assets can be traded up to 30 years). Traders can select any date they wish with the long term trades, they are not confined to certain time periods. This is useful where traders might be expecting certain price movements at specific times – such as a news release.
Short Term – As the name suggests, short term binary options with short expiry times. BuzzTrade cater for 3, 5, 15 and 30 minute expiry times.
While the asset lists are a clear strength, the option types are a little limited. This situation is likely to be improved as the firm grows and traders request more innovative binaries.
Mobile
Buzz Trade deliver a solid free mobile trading application, available on iOS and android (version 2.1 and higher). As the firm continues to grow the application grows with it – the latest update was in August 2015.
The layout is clear and intuitive, and the trading platform retains the feel of the website. The application will need further development though, in order to allow players to withdraw and deposit via the mobile platform.
Payout
Payouts at BuzzTrade are very competitive. The most traded assets see payouts of around 95%. As ever, the payouts will differ based on expiry time and asset. Traders have the ability on certain assets to tailor the payouts to their own needs when making the trade. Traders can decide to have some of their investment returned, even if the market moves against them – the price for this is a lower payout when they are successful. For example, a particular trade might pay 60% when finishing in the money, but 15% when it does not (note the initial investment is only returned where the trade finishes in the money). This feature is only available on certain assets.
Withdrawal and deposit options
Deposits can be made to Buzz Trade via two methods. Either wire transfer or via credit card. Credit card details are not stored with the broker for security reasons – this does mean however, that details need to be entered each time a deposit is made. At present, accounts can only be funded in either USD or EUR – once selected, this cannot be changed.
There are no charges for withdrawals, and the full amount can be withdrawn at any time. They must however, be for $50 or more.
Withdrawals are available via the same processes as a deposit – BuzzTrade require verification before withdrawals can be made, which requires the following;
- Colour copy of a valid photo ID (e.g. Passport or driving license)
- Colour copy of a Utility Bill or bank statement no more than three months old (for proof of address)
These steps are normal across binary options brokers. It is worth verifying an account well before a withdrawal is needed, as delays in this process are the single biggest cause of complaints and disputes between traders and brokers.
Other Features
BuzzTrade offer their clients the following features and benefits:
- Account Types – Traders can choose from the ‘Classic’,’Professional’ and ‘VIP’ accounts, with benefits improving at each level (such as free signals, training webinars and higher bonus levels).
- Range of Educational material – Including webinars and courses on both binary options and technical analysis.
- 24/7 Support
BuzzTrade introductory video;