Update (June 2017): Based on a number of complaints we’ve received (see the comments below), it’s possible that BitPlutos is a SCAM! Therefore, we currently do NOT recommend opening an account with BitPlutos. If you have managed to withdraw money and believe that BitPlutos is legitimate, please let us know by commenting below. Read about legitimate cryptocurrency day trading services.
BitPlutos is a relatively new binary option operator, which works with bitcoins and is therefore able to provide binary option trading services to US-based customers, on the European trading model (with the broker being the sole market-maker of the setup). The trading platform used by BitPlutos is the SpotOption one, which powers most CySEC-regulated brokers, but which isn’t really available in the US in this shape and form, except for BitPlutos of course. The mobile product offered by the operation is outstanding, as are the various trading tools. The list of underlying assets is also impressive, and there are 60-second trades available. Support can be reached through live chat too, which is a definite plus.
Other drawbacks are the relatively intricate interface (which shouldn’t really pose any problems to those used to the SpotOption platform), and the fact that the operation does not accept other cryptocurrencies. The registration process can be convoluted for some, but it doesn’t have to be that way.
The company behind the BitPlutos product is Exclusive Ltd, which has other such proprieties too. eXbino is for instance another one of their operations, aimed at the non-US binary option market. BitPlutos has most likely been created to harness some of the potential of the US market, through the relative anonymity offered by bitcoin.
Opening a BitPlutos Account
Opening a trading account at BitPlutos can be extremely lengthy and convoluted, or very simple and fast, depending on the path one chooses. While all the fields of the registration form are marked mandatory, one can actually start trading anonymously, by providing a username and a password. By adding a phone number to the mix, traders will gain access to trading signals, educational material like webinars and an account manager, whose services are available 24/7.
BitPlutos used to work with Polycoin, and Polycoin will actually flag users based on the origin and history of the bitcoins they deposit. Geographical user information is logged as well, so this is not the place to spend stolen or illicitly acquired bitcoins. However, currently they work with Cubits instead of Polycoin.
Other deposit methods exist too. In fact, traders can deposit through Skrill, Neteller and even bank wire, but this is where things start to get complicated. Extensive additional documentation has to be provided with such deposits. Furthermore, there’s a hefty EUR 50 fee on bank wire withdrawals. Deposits/withdrawals made through such alternative methods can take up to 10 days to settle. If you’re not in the US or the UK, you will mostly likely be able deposit and withdraw using a credit card.
None of these problems exist with bitcoin deposits of course, which are instantaneous, as well as anonymous. It is very important to remember though that bitcoins can only be withdrawn to the wallets from where they were deposited.
BitPlutos Market Making
As said above, BitPlutos works on the European business model, in which the broker is the sole market maker. This means that the prices on all traded assets are provided by BitPlutos. In their terms and conditions, they state that while they have their prices supplied by Reuters’ live feed, these prices can vary a few pips to reflect the actual prices for which BitPlutos is willing to sell the options. If slippage occurs though and traders fail to lock in their trades at the desired rates on its account, the option to void such trades exists.
The fact alone that BitPlutos reserve the right to manipulate prices, should be cause for alarm, but there’s more where that came from. Their terms also state that because of bitcoin’s high volatility and because of all the speculation that goes on with the cryptocurrency, they reserve the right to reduce the profits registered by their traders up to 90% on short-term trading. This might just be a mechanism to cope with the issues presented by bitcoin, which are indeed real: due to a sudden up- or downward swing, the broker could indeed find itself unable to settle contracts. It could also be a license to do as they please with their clients’ profits though. Whatever this provision is used for in practice, its presence in the Terms and Conditions is a major mark in the “minus” column.
BitPlutos Option Types
Expiry-wise, the options offered by BitPlutos cover a wide range. Their long-term options – which expire in over a week – carry payout rates of 75%. Short term options include 60- and 30-second options, which sometimes carry rather abysmal payout rates of 55%.
Besides the classic Put/Call options, BitPlutos also feature Pairs, One Touch and ladder options, opening the path for a wide range of technical analysis-based strategies to be used. In addition to the regular tools needed to manage their trades, BitPlutos’ traders can sell their position early to stop losses, they can double them up, if they see it’s headed in the right direction, or they can use rollover to extend the expiry.
The minimum on deposits is 0.025 BTC, while the minimum on a single trade is 0.01 BTC. BitPlutos offers an exchange as well, which lets traders purchase BTCs at the bitstamp rate. They will be required to turn over their purchases though, at least 5 times, even if they do not request a bonus.
BitPlutos Review Conclusion
BitPlutos is a solid binary options trading product. If you would like to enjoy the SpotOption platform for binary options, you’re in the US and you have bitcoins, BitPlutos would seem to be the perfect choice.
BitPlutos is mostly popular in very popular in the US, India, the Philippines, Nigeria, Russia as well as other countries. If you deposit using bitcoins then it really doesn’t matter where you are in the world. You will be able to invest with BitPlutos. They provide support in the following languages: English, German, Russian, Polish, Spanish and Arabic. They would also be a great broker for people in Japan, China and South America.
Please share any information you have about BitPlutos – good or bad – in a comment below.