Bloombex Intro
Here at Fair Binary Options we are thrilled about the new trend that seems to be catching on in the binary options industry. The goal toward truly fair binary options trading is live and we have already added one service to our list even though it did not launch yet. We are now presenting the new service – Bloombex Competition, brought to you by the same company that runs Bloombex Options binary broker. In the Bloombex Competition review we will present the important aspects of this peer 2 peer platform as the exchanges are called in binary options today!
Account Features
Bloombex Competition review is a different one as we already noted. With Bloombex Challenge, traders essentially trade binary options against each others. The logic behind the trading and profiting from such trades is somewhat different and we will describe it in the software section of the Bloombex Competition review. Basically idea is to remove market makers and trading against the house so traders can trade binary options in a real binary options exchange.
Returns with Bloombex Competition are up to 100%. Apart from the fairness and the fact that this is a new way to trade binary options, returns are one of the most attractive parts we encountered with Bloombex Competition review.
Bloombex Challenge also includes many bonuses for traders, and they also have attractive conditions that require only 16x turnover even if the terms are a bit unclear. In one place we see how traders must trade 16x to withdraw bonus while in the next sentence withdrawals are referred to as “funds” that cannot be withdrawn.
Trading Software & Assets
We want to outline in short how trading on Bloombex Competition is done. The system is somewhat different than with ordinary binary options trading. With Bloombex Competition, traders also choose asset, the trading amount and the direction of an asset, but the payouts and win conditions are somewhat different. Here traders are trading not so much on expiry time but one equivalent of touch options. They set an target price that the asset must reach at some point during the expiry time of the option to become a winner.
If they manage to do that, they get 100% return. However, this is not all. The further away is the price from the strike price (the price option was bought for) trader gets a better ranking. For those who do manage to hit the target price, it makes no difference, but with Bloombex Competition, traders who do not manage that, till have a shot of getting some money. If they ranked well, above the pay line, they will share what is left after all traders who invested and won have been paid out. Those below the line will obviously not get any profit. Goal is to rank in the top 50%. Those that do not want to risk much and set the price to near the strike price will get lower ranks and probably not get any share of the profit.
Traders can also move their target as the option expiry time progresses. This is a great risk management tool and it costs 1% of the investment. They can use it as much as they want until the option expires.
Bloombex Competition also has a demo trading option. it is not a demo account per se, but traders who sign up get an offer to try trading. There they can get a demonstration of the Bloombex Competition platform as we did for this review. It really shows how this platform works.
This is the part where we may have some problems with. While the platform performs great, it is very rudimental – we figured out traders can do all the platform advertises, but there are no price graphs. While these are not immediately necessary, it would be good to have possibility to get some analysis before moving on. However, this is something traders can use some popular websites like Yahoo Finance. The asset index is small however, this is understandable due to the fact this is a new platform and a new system. all together, there are 6 currency pairs, 6 stocks and 2 commodities. No indices.
Support Information
Bloombex Competition support includes all the usual modes of communication. Phone is there so traders can call one of 7 global centers that this broker has in order to get support. Also they can use live chat on the website. as always, there is an option of sending a mail to the customer service. Phone numbers are given below
Russia: +74999184396
Germany: +492112409081
Bahrain: +97316198434
France: +33170700013
Canada: +16475579733
UK: +442036951155
Turkey: +902127055657
Banking & Company Information
Traders with Bloombex Competition can use Visa, MasterCard of known credit card brands. Also available is depositing via Skrill or Bank Wire transfer. The minimum deposit amount is $250.
Bloombex Competition withdrawals are also relatively fast – it takes about 3 days to process the request. If the bank wire was used, then it might take some additional time for the funds to show up on the account. With other methods it is faster. Withdrawal carries some fees:
Credit card – 3.5%
PayPal – 3.4% + 0.5SGD
Skrill – 3%
Wire Transfer – $15.
Weird thing is that Bloombex Competition requires “voice signature” to withdraw funds, traders will be able to get more info on this from their account manager.