Binary options market integrated itself as one of the major trading markets in the last decade, especially in the last 7 years. Often compared to Forex, the binary options market is less complex and resembles a gambling arena. Many broker companies registered as binary options brokers and quickly attracted large masses of people. Binary options brokers sometimes have a hard time to prove themselves in the market full of scammers. Nevertheless, the best brokers find a way to stand out. This OptionTrade review is devoted to one of the best and most-valued brokers in the business. OptionTrade definitely stands out with its business conduct and professional approach.
Background Information
OptionTrade is a part of the Cypriot Investment Firm HF Markets Ltd with a registered seat in Larnaca in Cyprus. It is no surprise then, that it is CySEC regulated and in compliance with the MiFID EU directive. You can be assured that CySEC regulated entities underwent a strict registration procedure where they had to meet the highest industry standards. For traders, this means that their investments are safe and that they can trade in a protected environment. Fairness and transparency are the fundamental values of CySEC.
Pros
- Strict regulation policy
- Popular and convenient platform
- Stimulating bonuses
- Great customer support
- Free Demo account
- No fees on deposits and withdrawals
Cons
- Limited number of accepted currencies
OptionTrade Trading Platform
The OT Trader is the running platform of OptionTrade. This platform belongs to the more sophisticated ones among binary options platforms. It is secure and offers some really neat and advanced features.The platform is web-based, requires no download, and it is very user-friendly. The platform is a trader’s basic tool and their trading career needs to be supported by all basic and sophisticated elements.
Account Types
This top broker offers a Demo account to people who are just starting out. Beginners need to develop a certain set of trading skills to subsequently develop a trading career. The Demo account is suitable for studying all the features and options on the platform and to prepare for the real thing. The good thing is that no deposit is required and you can freely investigate the market with no risk of loss.
The live accounts include Standard, Premium and the VIP account.
- The Standard account requires a $200 deposit and offers payout up to 83%, webinars, personalized training, etc.
- The Premium account requires a $1000 deposit and offers (additionally), free video tutorials, and advanced webinars, as well as payout of up to 85%.
- The VIP account is accessible at $5,000 and offers payout up to 88%.
The shared features of these accounts include: client protection insurance, simple withdrawals, multiple accounts with one login, OptionTrade Academy materials according to account level, e-books, and the accepted account currencies USD, GBP, and EUR, as well as Cash Match Bonuses. The webinars at different levels are multilingual (English, Italian, Brazilian, Bulgarian, etc.)
OptionTrade Cash Match Bonus
Traders can apply for the Cash Match Bonus up to 100% of their deposit. The broker lets you withdraw your initial deposit and profits even if you got the bonus on the basis thereof; the company will simply keep the bonus and hand it again to traders when they meet the needed requirements (trading volume). The Cash Match Bonus is placed and kept on a separate Bonus account. The bonus requirement is that you have to trade the value of the initial deposit 20 times to be eligible to trade or withdraw the bonus. The amount of the bonus depends,of course, on the deposited sum, but the maximum bonus amounts to $500.
Payments and Banking
A long list of payment methods is accessible with OptionTrade: wire transfer, credit cards, e-wallets (Skrill, Neteller, fastpay), for deposits, as well for withdrawals, whereby deposits are additionally accepted via Sofort, iDeal, and WebMoney, which are not supported with withdrawals. OptionTrade does not charge any fees, but the wire fees for depositing below $250 will not be paid by the broker.The withdrawal processing time usually takes 10 minutes, except for wire transfers and Sofort. Of course, electronic payments are handled instantly (for both, deposits and withdrawals). Their payment system is very well developed and withdrawals are possible with no further complications. This broker is certainly worth your time.
Out of Business
OptionTrade Customer Support System
A customer support is often called the mirror of the broker since it reflects how much they care about their clients. OptionTrade seems to know that very well and offers well-trained employees who are always glad to help out with any issue, simple or complex, regarding trading or your account. The efficient customer support is knowledgeable, kind, and polite. Available in multiple languages like German, English, Chinese, etc. it is at your disposal 24/5. You can reach them via live chat, e-mail, phone call, and the call-back option. The call back-option is rarely seen with this brokers, but OptionTrade is a leader in many aspects, so this extra feature hardly comes as a surprise.
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