Rating Section
- Bonuses: 85/100
- Software: 95/100
- Customer Support: 70/100
- Options Choice: 70/100
- Overall: 80/100
Ratings Summary
We rated the bonus section an a modest 85/100 since ExpertOption offers various levels of bonuses to its members. For the trading software, it rated a high score of 95/100 because of the sophistication of the platform and user-friendly interface. Customer support earned an average score due to some of the complaints it has received. As for the option choice, it also scored an average score due to the lack of choices but quality of them offered by ExpertOption.
ExpertOption Introduction
It’s always an overwhelming task to make an important decision when there are so many viable options. This couldn’t be truer than with binary options brokers. The market is saturated with online platforms offering binary options trading. The problem is, some of these problems can not be trusted and may be fraudulent. We want to make your decisions easier by shining light on the binary options broker known as ExpertOption. This broker has gained massive interest in recent years and is accepting traders from all over the world. Let’s delve in as we uncover the facts and aspects of this lucrative broker in our in-depth review.
Company Information
ExpertOption is an established binary options broker operating out of St Vincent and the Grenadines. Their headquarters are located at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, St. Vincent and the Grenadines. The company’s vested LP registration number is SL21576. Although the brokerage is located in the Caribbean, it is licenced and regulated by the Vanuatu Financial Services Commission (VFSC) and the Financial Market Relations Regulation Center (FMRRC) with it’s licence number being TSRF RU 0395 AA Vv0084. The company’s vision is to provide a 100% transparent trading experience for their customers through their online platform. The company operates on four core values being Clients, Reliability, Simplicity, and Speed. As well, they take security very seriously and are verified by Visa and MaterCard, and encrypt all their data with top of the line cryptographic algorithms.
Trading Platforms
ExpertOption features their very own trading platform which has been designed and developed exclusively by them and for them. The platform is very straightforward and has been designed with the trader in mind, meaning the interface is aesthetically pleasing and easy to use with various features packed into it. It also features numerous technical analysis tools such as 4 chart types, 8 indicators, and trend lines. Another attractive and lucrative feature is the signal providers. ExpertOption offers a continuous stream of trading alerts and signals. These signals cover all of a trader’s assets, and have either Strong Buy, Buy, Neutral or Sell & Strong Sell. The trading platform is available on desktop in either an application format in which you download, or through the internet on their web-based platform. Both versions of the platform are of high quality and fast acting, with the desktop application being at a slight advantage with speeds and features.
Mobile
A user friendly and responsive mobile application has become a must for binary options traders, and ExpertOption has delivered in this regard with their impressive and award winning mobile app. The app is available on both Apple’s Mobile App Store and the Google Play Store. Through both these platforms, the mobile app has been rated the top finance app in 47 countries. The mobile app features full trading platform functionality, which means all the amazing features of the web and desktop applications are available. The app is great for people who move around a lot and need to execute important trades always.
Assets Available
ExpertOption members are given the option to choose from three major asset classes including Currency Pairs, Indices, and Commodities (Gold & Oil). With the market Indices being the most popular assets traded on the ExpertOption platform due to the inclusion of many S&P500 companies. In total, there really is not many assets to choose from compared with many other binary options brokers, with a total of around 50 assets. The asset expiry ranges are only short term from 60 seconds to 5 minutes. This is unfortunate for many traders who prefer long term trading.
Fees and Payouts
ExpertOption is absolutely free to trade with. It doesn’t cost anything to open an account, and there are no few fees whatsoever involved once you begin trading. However, ExpertOption does charge a commission of $5 on winnings. As for payouts, ExpertOption can offer clients up to an astonishing 95% payout on all winning trades. This high payout is above the industry standard of around 85%.
Bonuses & Account Types
ExpertOption offers clients various features, however it depends on which account type the trader holds for these features. ExpertOption offers traders quite a few options with a total of 4 different account types. See each account and their features below.
Mini Account
- Maximum Deal Amount $50
- Bonus 50%
- Maximum of 10 simultaneously open deals
- 24×7 Trading
- Education materials
Silver Account
- Maximum Deal Amount $100
- 24×7 Trading
- Education materials
- Personal manager
- Bonus 80%
- Maximum of 15 simultaneously open deals
Gold Account
- Maximum Deal Amount $300
- 24×7 Trading
- Education materials
- Personal manager
- Lead trading expert consultation
- Priority withdrawal
- Increased asset profit
- Bonus 100%
- Unlimited simultaneously open deals
VIP Account
- Maximum Deal Amount $1000
- 24×7 Trading
- Education materials
- Personal manager
- Lead trading expert consultation
- Priority withdrawal
- Increased asset profit
- Individual trading history analysis
- Bonus 125%
- Unlimited simultaneously open deals
As for the bonuses in the features above, their terms and condition are laid out very clearly which is refreshing compared to some brokers. Bonuses require a main turnover of x50 before withdrawing.
Deposits and Withdrawals
When it comes to the deposits and withdrawals, ExpertOption falls short compared to many other brokers in this regard. The level of transparency is quite low, leaving traders in the dark as to how these transactions take place. Although a plus side is, there are a number of ways for making deposits and withdrawals with your account, including Credit or Debit Card (Visa, Maestro, and MasterCard), as well as various e-wallets including Skrill, PerfectMoney, UnionPay, Yandex Money, Qiwi, PayWeb, Webmoney, and Neteller. However, ExpertOption does not support Bank-Wire transfers. Additionally, a minimum of $10 can be deposited or withdrawn from a traders account, and the minimum investment to trade is as little as $1.
Customer Support
Like deposits and withdrawals, the customer support also is a little disappointing according to many of their traders. However, the company does offer various forms of support including telephone, live chat, email, web form and paper mail. The languages of support include German, Russian, English, Portuguese, Italian, Chinese, Spanish, and Arabic. However, the language of choice is often only Russian, which can be disheartening to all the clients who don’t speak Russian. Their lower level of customer support definitely has an impact on the number of traders who invest with ExpertOption.
Extra Features and Resources
ExpertOption provides traders with an informative education section on their website. Here traders can learn the strategies involved with trading binary options, indices, or currencies. User can view numerous articles and tutorials geared to making them a smarter trader. In addition to this the site has an extensive glossary of relevant terms and their definitions. Another attractive feature is the social trading aspect, where traders can study results of VIP traders and get inspired.
Verdict
All in all, ExpertOption is a trustworthy and competent binary options brokerage offering their clients various lucrative advantages. Their very own trading platform is very sophisticated and user friendly with many available features. The company also offers enticing bonuses and some quality assets available to trade. ExpertOption does not have the best reputation for their customer service, but this may change as they gain popularity. As well, ExpertOption does try to help their clients through an extensive education centre and FAQ section. ExpertOption is an attractive and lucrative binary options broker to consider.
Pros
- Low minimum deposit of only $10
- High maximum returns of up to 95%
- Easy to use for beginner traders
Cons
- Customers from the USA are not accepted
FAQ
Is ExpertOption regulated?
Yes, it’s regulated by the Vanuatu Financial Services Commission (VFSC) and the Financial Market Relations Regulation Center (FMRRC).
What methods can I use to deposit funds at ExpertOption?
Credit or Debit Card (Visa, Maestro, and MasterCard), as well as various e-wallets including Skrill, PerfectMoney, UnionPay, Yandex Money, Qiwi, PayWeb, Webmoney, and Neteller.
Does ExpertOption accept international traders?
Yes, but their primary customers are in Asia and Russia.
How long will it take for my withdrawal request to be processed?
Withdrawals are processed very quickly, within the day.
Is there a fee for making a withdrawal?
No, there are no fees for anything with ExpertOption.
What is the minimum initial deposit requirement at ExpertOption?
Only $10 is the minimum deposit.