BinaryCoin aims to be the first digital currency that connects the worlds of binary options trading and cryptocurrency. Find out how it works today in our review.
What is BinaryCoin?
BinaryCoin, found online at BinaryCoin.io, aims to build a bridge between binary options trading and cryptocurrency.
The ICO began in October 2017 and continues through the end of November. By investing in BinaryCoin, you can purportedly earn “guaranteed returns”. The company is selling tokens at a price as low as $0.45 during the ICO, yet expects a valuation of $350 per token by Q2 2018.
BinaryCoin was created by a company named OPBinary, which was founded in 2015. The company claims to have partnered “with other high-ranking investors and binary options brokers” to create BinaryCoin.
According to the BinaryCoin whitepaper:
“It is the first investment platform combining two large digital economies, binary options and cryptocurrency, backed by a strong team experienced with existing products and services that seeks to expand its community through this initial money supply”
In addition to a binary options trading platform, BinaryCoin can be used to participate in some type of lending scheme. That lending scheme promises to pay investors returns as high as 135% for lending money over a 90 day period.
How Does BinaryCoin Work?
Binary options are a trading vehicle where people “bet” on whether the price of a particular asset will go up or down. Many people compare it to gambling. It’s enormously popular online and around the world. BinaryCoin aims to improve the industry using blockchain technology.
How can blockchain technology improve binary options trading? The blockchain can provide transparency, security, and decentralization.
BinaryCoin seeks to implement blockchain technology into OPBinary.com, described as “the most intuitive, secure and revolutionary binary option investment platform on the market,” according to the BinaryCoin whitepaper.
Investors can access the platform to trade binary options, including binary options with stocks, commodities, indices, and currencies.
The long-term goal is to implement BinaryCoin into a number of other binary options trading platforms. There will also be a mobile app for Android and iOS called the “Anti Hack Mobile Wallet”, which users can use to store their BinaryCoin tokens.
The BinaryCoin ICO
The BinaryCoin ICO started in October and continues until November 30.
There’s a total supply of 10 million BRC tokens, set at an initial price of $0.45 USD. The coins will rise to $1.25 per token by the end of the ICO. A total of 9.5 million tokens are available through the ICO, with the remaining 500,000 tokens reserved for “development applications and other products of our ecosystem in our roadmap,” explains the whitepaper.
By December, the company estimates that 1 BRC will be worth $25 USD, which is when the token will be listed on CoinMarketcap and CryptoCompare. By January 2018, the BinaryCoin whitepaper expects a price of 1 BRC = $45 USD. This is when they plan to partner with binary options brokers and implement their “Anti Hack Mobile Wallet” for iOS and Android.
By Q2 2018, the company expects 1 BRC will be worth $350 USD.
BinaryCoin also has a referral system in place, where you can earn up to 20% of a referral’s tokens by referring them to the ICO.
BinaryCoin Lending System
In addition to the binary options systems listed above, BinaryCoin has “loan packages” available to investors. Those loan packages range from $500 USD to $10,000 USD.
BinaryCoin has different borrower rankings. The better your ranking, the less you’ll pay to borrow money. There are 30 day, 60 day, and 90 day loans, ranging from 30% ROI to 135% ROI in each period.
Yes, BinaryCoin claims investors can earn 30% to 135% in a 30 to 90 day period just by lending money
It’s not totally clear why a binary options trading platform is creating a lending system. The company describes its lending system as “advanced and aggressive” with a purpose “to unite diverse digital economic markets” – whatever that means.
In any case, the lending system goes active in December 2017.
Who’s Behind BinaryCoin?
The BinaryCoin whitepaper doesn’t mention any team members, and no authors are listed. There’s also no specific information on the “About Us” page of the official website.
A quick visit to OPBinary.com reveals some worrying things about the company behind BinaryCoin. The company claims OPBinary.com is a fully functioning binary options exchange. However, the website, found here, is barely functional. It looks like it was designed by a child, and it seems to advertise a pyramid scheme under the “Opportunity” section. A WHOIS check for that website shows it was created in January 2017, despite the fact that the BinaryCoin website claims development began in 2015.
BinaryCoin is a digital token designed for use at OPBinary.com, a binary options trading website and forex trading platform. The company behind OPBinary.com has launched an ICO where they intend to sell BinaryCoin tokens at a price of $0.45 to $1.25 per token.
By Q2 2018, the BinaryCoin whitepaper claims investors can expect the token to be worth $350 USD each. That’s an enormous jump, and we’re not totally sure the whitepaper supports that rise. The company expects to release Android and iOS apps, for example, and wants to list the coin on various exchange sites, but it’s not clear why they expect such a massive jump in valuation. Most coins get listed on exchanges after their ICO, but most coins don’t experience such a massive jump in value.
It’s also not clear which other binary options trading platforms the company plans to partner with. Several coin exchanges are listed on the official website, but we don’t see any specific binary options trading platforms.
Some might also take issue with the lack of team information: we know nothing about the development team, management team, or location of the company.
BinaryCoin also has a lending program in place – although it’s not totally clear why a binary options platform also wants to get into the lending space. There’s also a referral system where you can earn massive rewards by referring other people to the platform. This referral system seems more like a pyramid scheme than a genuine investment opportunity.
In any case, you can learn more about BinaryCoin by visiting BinaryCoin.io online today.