Open Journal Systems

Binary options trading: A deep dive into user perspective and satisfaction

Rianmahardhika Sahid Budiharseno, Daffa Faadihilah Suntari Putra, Fadhel Husien, Berlin My Anggelita Pramesthi Cahyaningtyas

Article ID: 1972
Vol 9, Issue 3, 2024, Article identifier:

VIEWS - 64 (Abstract) 55 (PDF)


This study delves into the realm of binary options trading, a high-risk investment strategy, through the lens of user perspectives and satisfaction with the Binomo app. Binary options trading, characterized by its simplicity and potential for high returns, has seen a surge in popularity with the advent of online trading platforms. However, it also carries significant risks and legal implications. Through an analysis of 14,341 reviews of the Binomo app, this research uncovers key areas of user concern and interest, including aspects related to money, time, trading, and app functionality. The study reveals a prevalence of negative sentiments, highlighting potential issues of fraud, withdrawal problems, and overall dissatisfaction. Despite the high rating, the study underscores the need for prospective traders to understand the inherent risks and legal implications of binary options trading. The findings provide valuable insights for improving user experience, enhancing transparency and security, and fostering trust among users.


binary option trading; user satisfaction; risk management; customer review analysis

Full Text:



1. Novruzova OB, Pronina YO, Vorobeva ES. Binary Options as New Financial Instruments and Their Integration into the Financial Sector. Proceedings of the 2nd International Scientific and Practical Conference “Modern Management Trends and the Digital Economy: from Regional Development to Global Economic Growth” (MTDE 2020). 2020. doi: 10.2991/aebmr.k.200502.123

2. Yaasiin FN, Sitanggang TN. The Effect of Investment Knowledge, Technology Facilities, Student Status and Gender on Investment Interest of Prima Indonesia University Students in the Capital Market (Indonesian). J. Mutiara Akunt., 2020. 5(2): 59-66.

3. Kolková A, Lenertová L. Binary Options as a Modern Fenomenon of Financial Business. International Journal of Entrepreneurial Knowledge. 2016, 4(1): 52-59. doi: 10.1515/ijek-2016-0004

4. Raniya S, Marliyah M. Analisis Perilaku Investor pada Penggunaan Aplikasi Trading Online Binary Option Binomo di Kalangan Muslim Gen-Z. Jurnal Ekonomi Syariah Teori dan Terapan. 2022, 9(2): 168-181. doi: 10.20473/vol9iss20222pp168-181

5. Maverick JB. How Big Is the Derivatives Market? 2015.

6. Oh M, Kim S. Dimensionality of ethnic food fine dining experience: An application of semantic network analysis. Tourism Management Perspectives. 2020, 35: 100719. doi: 10.1016/j.tmp.2020.100719

7. Bruzzese S, Ahmed W, Blanc S, et al. Ecosystem Services: A Social and Semantic Network Analysis of Public Opinion on Twitter. International Journal of Environmental Research and Public Health. 2022, 19(22): 15012. doi: 10.3390/ijerph192215012

8. Price A. Online Gambling in the Midst of COVID-19: A Nexus of Mental Health Concerns, Substance Use and Financial Stress. International Journal of Mental Health and Addiction. 2020, 20(1): 362-379. doi: 10.1007/s11469-020-00366-1

9. Hartito FP. Use of Binary Options in Criminal Cases of Money Laundering by Trading Platform Afilliator. Int. J. Multicult. Multireligious Underst., 2022. 9(10): 260-269.

10. Azizah NA. Binery Option Affiliate Criminal Liability Case Study Binomo Investment Platform. Jur. Ilmu Huk. Fak. Syariah dan, 2022. 9: 52-67.

11. Lestari RI, Arifin Z. Godaan Praktik Binary Option Berkedok Investasi Dan Trading. Jurnal Ius Constituendum. 2022, 7(1): 19. doi: 10.26623/jic.v7i1.4875

12. Cofnas A. Trading Binary Options: Strategies and Tactics. John Wiley & Sons; 2016.

13. Ismayawati A, Fauziatal I. The Criminal Law & Muamalah Studies on the Affiliator Role of Binary Option Transaction. Jurnal Akta. 2022, 9(2): 183. doi: 10.30659/akta.v9i2.22366

14. Retaduari EA. The articles that ensnare Indra Kenz regarding Binomo, from Online Gambling to Money Laundering (Indonesian).

15. Purwanti T. There are 7 Suspects in Binomo Case, Police Continue to Search for Evidence & Witnesses (Indonesian). Available online: (accessed on 5 December 2023).

16. KOMINFO. Government Blocks 1,222 Illegal Commodity Futures Trading Websites (Indonesian).

17. Mjo. Binomo uses affiliates to attract investors, servers abroad (Indonesian). Available online: (accessed on 5 December 2023).

18. U.S. Securities and Exchange Commision. Binary Options and Fraud. 2016.

19. Nursanti TD. The Development of Option Market and The Role of Indonesia Financial Service Au-thority (OJK) In Indonesia Capital Market Period 2004-2019. Jurnal Ilmu Manajemen & Ekonomika. 2020, 12(1): 20. doi: 10.35384/jime.v12i1.171

20. Haidar MB, Emmilia Rusdiana. Kategori Binary Option Trading Sebagai Perjudian Berbasis Dalam Jaringan (Online). Novum J. Huk., 2022. in press.

21. Puspitasari D, Rachim FRA. Binary Option as a Futures Trading Commodity in Indonesia (Indonesian). Jurnal Hukum Lex Generalis. 2021, 2(8): 627-648. doi: 10.56370/jhlg.v2i8.98

22. Budiharseno RS, Husien F, Suntari Putra DF. Higher Education Institutes Customer Satisfaction: Big Data Evidence From Online Textual Reviews in Universitas Pembangunan Nasional “Veteran” Jawa Timur. Proceedings of International Conference on Economics Business and Government Challenges. 2022, 1(1): 1-8. doi: 10.33005/ic-ebgc.v1i1.4

23. Ledo BCA, Lopes CM de A. Estimating Risk and Risk Aversion in the Automobile Insurance Market. Brazilian Review of Econometrics. 2019, 39(1). doi: 10.12660/bre.v39n12019.73975

24. Liang Z, Yuan F. Weak equilibria for time‐inconsistent control: With applications to investment‐withdrawal decisions. Mathematical Finance. 2023, 33(3): 891-945. doi: 10.1111/mafi.12391

25. Yoo KH, Gretzel U. Influence of personality on travel-related consumer-generated media creation. Computers in Human Behavior. 2011, 27(2): 609-621. doi: 10.1016/j.chb.2010.05.002

26. Serra Cantallops A, Salvi F. New consumer behavior: A review of research on eWOM and hotels. International Journal of Hospitality Management. 2014, 36: 41-51. doi: 10.1016/j.ijhm.2013.08.007

27. Kwok L, Xie KL. Factors contributing to the helpfulness of online hotel reviews. International Journal of Contemporary Hospitality Management. 2016, 28(10): 2156-2177. doi: 10.1108/ijchm-03-2015-0107

28. Cheung CMK, Thadani DR. The impact of electronic word-of-mouth communication: A literature analysis and integrative model. Decision Support Systems. 2012, 54(1): 461-470. doi: 10.1016/j.dss.2012.06.008

29. Gu B, Ye Q. First Step in Social Media: Measuring the Influence of Online Management Responses on Customer Satisfaction. Production and Operations Management. 2013, 23(4): 570-582. doi: 10.1111/poms.12043

30. Hennig-Thurau T, Gwinner KP, Walsh G, et al. Electronic word-of-mouth via consumer-opinion platforms: What motivates consumers to articulate themselves on the Internet? Journal of Interactive Marketing. 2004, 18(1): 38-52. doi: 10.1002/dir.10073

31. Ludwig S, de Ruyter K, Friedman M, et al. More than Words: The Influence of Affective Content and Linguistic Style Matches in Online Reviews on Conversion Rates. Journal of Marketing. 2013, 77(1): 87-103. doi: 10.1509/jm.11.0560

32. Zhao Y, Xu X, Wang M. Predicting overall customer satisfaction: Big data evidence from hotel online textual reviews. International Journal of Hospitality Management. 2019, 76: 111-121. doi: 10.1016/j.ijhm.2018.03.017

33. Zhang X, Mengying T, Kim H. Exploration of Global Theme Hotels through Semantic Network Analysis of Online Customer Reviews: Focused on Disneyland Hotels. J. Ind. Innov., 2022. 38(1): 215-241. doi: 10.22793/indinn.2022.38.1.009

34. Ban HJ, Choi H, Choi EK, et al. Investigating Key Attributes in Experience and Satisfaction of Hotel Customer Using Online Review Data. Sustainability. 2019, 11(23): 6570. doi: 10.3390/su11236570

35. Xu X. Examining consumer emotion and behavior in online reviews of hotels when expecting managerial response. International Journal of Hospitality Management. 2020, 89: 102559. doi: 10.1016/j.ijhm.2020.102559

36. Ma Y, Xiang Z, Du Q, et al. Effects of user-provided photos on hotel review helpfulness: An analytical approach with deep leaning. International Journal of Hospitality Management. 2018, 71: 120-131. doi: 10.1016/j.ijhm.2017.12.008

37. Berezina K, Bilgihan A, Cobanoglu C, et al. Understanding Satisfied and Dissatisfied Hotel Customers: Text Mining of Online Hotel Reviews. Journal of Hospitality Marketing & Management. 2015, 25(1): 1-24. doi: 10.1080/19368623.2015.983631

38. Xu X, Wang X, Li Y, et al. Business intelligence in online customer textual reviews: Understanding consumer perceptions and influential factors. International Journal of Information Management. 2017, 37(6): 673-683. doi: 10.1016/j.ijinfomgt.2017.06.004

39. Gandomi A, Haider M. Beyond the hype: Big data concepts, methods, and analytics. International Journal of Information Management. 2015, 35(2): 137-144. doi: 10.1016/j.ijinfomgt.2014.10.007

40. Yaqoob I, Hashem IAT, Gani A, et al. Big data: From beginning to future. International Journal of Information Management. 2016, 36(6): 1231-1247. doi: 10.1016/j.ijinfomgt.2016.07.009

41. Social Network Analysis: Methods and Applications. The SAGE Encyclopedia of Research Design. 2022. doi: 10.4135/9781071812082.n576

42. Endah Kusumaningrum A, Indriasti Wardani W, Pranoto E, et al. Proceedings of the International Conference On Law, Economics, and Health (ICLEH 2022). Atlantis Press SARL, 2023. doi: 10.2991/978-2-38476-024-4

43. Pan B, Fesenmaier DR. Online Information Search. Annals of Tourism Research. 2006, 33(3): 809-832. doi: 10.1016/j.annals.2006.03.006

44. Higuchi K. KH Coder 3 Reference Manual. Kioto (Japan): Ritsumeikan University; 2016.

45. Handani ND, Williady A, Kim HS. An Analysis of Customer Textual Reviews and Satisfaction at Luxury Hotels in Singapore’s Marina Bay Area (SG-Clean-Certified Hotels). Sustainability. 2022, 14(15): 9382. doi: 10.3390/su14159382

(64 Abstract Views, 55 PDF Downloads)


  • There are currently no refbacks.

Copyright (c) 2024 Rianmahardhika Sahid Budiharseno, Daffa Faadihilah Suntari Putra, Fadhel Husien, Berlin My Anggelita Pramesthi Cahyaningtyas

License URL: