OptionWeb ReviewDecember 1, 2015
Optionweb is probably one of the oldest and most respected brokers in the industry. It has built itself a solid reputation based on a few very strong points. The first and most evident aspect is the stringent and uncompromising conformation to CySec regulatory guidelines.
Update: Optionweb no longer accepts customers from most countries in the world. It has chosen to conform to the strictest form of compliance to regulations and is basically excluding around 95% of the world’s population. In light of this development we are no longer recommending this broker and advise them to be more pragmatic in their interpretation of regulation. Otherwise they will be left with no business.
Minimum Deposit: $200
Minimum Trade: $5 on 60 Second Options
US Traders: Not Accepted
Demo Account: No
Regulation: CySec, MiFID License Number 175/12
Accepted Currencies: EUR, USD, GBP
This broker is only suitable for European traders
Registration Process: Lengthy and cumbersome, however very professional and you can definitely see a the level of professionalism. You will be required to fill out excessive information concerning your level of income and history of trading, however this is due to regulatory requirements imposed by the Cyprus Exchange and Securities Commission.
Security & Safety: Well, I think that it’s very plain to see. You will be required to verify your details and answer a phone call, otherwise you will not be able to fund your account and execute trades. On a structural level, Optionweb is PCI Compliant, which means the credit card information is stored on a secured server by a company specifically licensed by the credit card companies for this purpose. It means they adhere to the strictest norms of compliance and anti-fraud as well as anti-money laundering laws. Needless to say the cashier section of the software is encrypted by a 128 Bit SSL layers, which means all the transactions are coded and potential hackers will just prefer to move on to the next victim instead of spending countless hours trying to breach the security protocols.
Banking: The payment methods include the usual Visa and Mastercard (debit as well), but also Skrill (Moneybookers), Neteller, Neosurf, and Paysafe Card. You can also withdraw funds to your credit card and E-wallets, which is an unusually refreshing deviation from the standard wire transfer.
Accounts Types: 5 account types are on offer – Starter, Standard, Silver, Gold and Platinum, and are variants of your initial deposit amount as well as trading competence. Starting out with the ‘Standard’ account, a useful Demo option is enabled, making it simple to practice different techniques and strategies without absorbing any potential exposure.
Bonus Policy: The bonus structure is extremely stingy, and if you are looking for this form of incentive seek alternative brokers. Additionally, for any bonus you receive you will be required to trade 20-30 times the bonus you receive. For a details explanation about the pros and cons of accepting bonuses in binary options please make sure to get full details from your broker before investing.
Dormant Account Policy: This is something I don’t like and can be very disturbing. If you have a balance in your account but don’t actively trade, Optionweb reserves the right to charge you a 5 Euro “administration fee”. Well, granted it’s not a lot but let’s say some people prefer email communication and have unlisted phone numbers. So, the broker can’t call them, and if for some reason the mail gets into the spam box for whatever reason this trader is very likely to feel cheated. So I personally don’t agree with this policy and believe it is just another way for the company to improve the stats.
Educational Tools: Optionweb offers a free E-book, Daily reviews, news updates, and economic calendars. It also offers personalized trading, guaranteed trades, and coaching for more serious investors
Mobile Trading: You can use iPhone or Android device to download their app. In fact I have done so and found it to be very friendly for monitoring my trades, however I always prefer trading with my desktop at home.
Trading Features: These include currency pairs, Classic Binary, OneTouch, Ladder and OptionBuilder. Trades can be executed from as little as $5, and ITM trades can potentially reach an 88% payout percentage for up/down style trades, and up to 750% for OneTouch, although I don’t recommend it due to the high level of risk involved with this feature.
Assets: There are about 120 assets including stocks, currencies, indices, and commodities. You can find all the major ones there like GOOG, APPL, and COKE, as well as the safe haven pairs like EUR/USD and USD/GBP. Less traditional assets like TOPIX and MICEX are also available if you are interested in a bit of diversification.
Customer Service: The service is very polite yet correct and not very warm as maybe Canadians or Australians would be accustomed to, however the response times are good and informative.
Conclusions: Overall I have to recommend Optionweb in this review particularly if you are from a Western European country (but not only). Their not too big like 24Option, which means they do try harder, and they are also more attentive and resolute when asking difficult questions like how many days does it take to withdraw money from my account (that would be up to 5 days after all documents are signed and delivered). Additionally they come across as very professional and institutionalized, and this is something which is extremely important these days where you have new brokers sprouting like mushrooms in the forest and offering you special and unusual perks to join them.
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