OptionTrade Review – Scam or Legit?
OptionTrade, founded in 2013, is a binary options broker powered by HF Markets (Europe) Ltd, an award-winning broker in the Forex industry. OptionTrade was one of the first binary options brokers to be licensed and regulated by CySEC and is in full compliance with EU laws and MiFID. Their main office is located in Larnaca, Cyprus.
OptionTrade’s website is a pleasure to navigate and it moves along at a steady clip. All the sections are properly labeled and it was nice to see that the information was clearly laid out and easy to follow. Opening an account took only several minutes from start to finish.
There are three different accounts to choose from at OptionTrade. The standard account requires a deposit of only $100 and members receive one risk-free $25 trade. Traders with this account can trade over 80 different assets with a payout of up to 83%. The minimum deposit in the Premium account is $1000 and the account holder is entitled to one $50 risk-free trade. Premium account holders can trade 120 assets and receive payouts of up to 85%.
OptionTrade Account Types
$5000 is required for OptionTrade’s VIP account which comes with one $100 risk-free trade, access to 180 different assets, and additional bells and whistles.
Clients opening and funding a Standard, Premium or VIP account are eligible to apply for a Cash Match Bonus of up to 100% of their initial deposit. All three accounts can be traded via the OptionTrade mobile app.
I was pleased to see that OptionTrade offers a substantial Demo account with up to $1000 in virtual funds and unlimited usage. Not all binary brokers are so generous and many limit the span of usage to a month or so. The demo account can be set up through any of the three accounts and trades are executed in real time.
A trader has several options to choose from at OptionTrade. With the classic binary option trade, a trader can predict in which direction the price will move within a predefined time period. Clients can trade all of the products available from the asset list.
The Long Term Binary Option is essentially a prediction of which way the market will move within a predefined longer term time period (usually a week). Only a selected list of assets is available with this option.
The One Touch option at OptionTrade is based on whether or not an asset will reach a predetermined price level at least once by the time of expiry; very high payout rates of 300% – 500% are offered.
OptionTrade OneTouch Option
The ‘60 Seconds’ trading option is slightly different from that offered by other binary options brokers. If a trader notices a trend in the market, he can jump right in by trading options that expire within just 60 seconds. This option was designed specifically for traders who welcome fast paced trading and who can respond quickly and effectively to sudden market movements. There are 60 currency pairs available with this option.
With Ladder options, the strike prices are spaced at equal intervals, just like the rungs of a ladder, and for each preset a trader needs only predict whether the underlying asset will close above or below the strike price by a certain point in time. There are five strike prices for each ladder option, so traders have multiple opportunities to place a trade at different payout percentages with a potential return that can reach up to 1500%.
The Pairs option is a perfect for traders looking to spice up their investments by focusing on the relationship between two different instruments.
The myOptionTrade client area is an all-in-one account management solution where traders can manage all of their trading accounts via the same user-friendly interface by logging in only once.
OptionTrade offers a very generous welcome bonus. As part of their initiative to give clients a trading head-start, they provide a Cash Match bonus to anybody opening and funding a trading account and once a trade has been placed, the cash bonus of up to 100% of the initial bonus, with a maximum of $500, is deposited in the account holder’s account. There is no time limit on the required volume.
Funding to OptionTrade accounts can be done via bank transfers, credit cards and various online payment programs such as Skrill, WebMoney and Neteller. The minimum deposit to credit cards is $50 and the maximum deposit is $15,000. There is a minimum deposit of $250 when using bank wires and deposits are unlimited.
Withdrawals are made using the same methods. A minimum withdrawal is $10 and $150 via wire transactions.
OptionTrade has recently expanded the already extensive instructional material it offers its traders at the Academy. There are videos on the basics of binary option trading and more advanced lessons on strategies and trading tools. In addition, traders can view videos that instruct on how to use the OptionTrade platform.
OptionTrade Forex Courses
Registered traders can tune in to participate in online webinars presented by Blue Sky Binary, a leading industry educator. They can also benefit from past prerecorded webinars.
Major concepts and terms are listed clearly in their glossary section and there is an up-to-date economic calendar.
Customer support is available at OptionTrade 24/5 by Chat, email and phone to their office in Cyprus. I spoke to a representative via Chat and found it to be a pleasant and instructive experience.
All in all, I found OptionTrade to be efficient and user friendly. Setting up an account is simple and trades are executed efficiently.