iOption Binary Trade Broker – What We Really Think
UPDATE: It looks like iOption is about to, or has closed their doors for good. This is exactly why it is so important to checkout your brokerage before you deposit funds. Our current highest rated broker can be investigated by clicking here
Our Old Review (before they closed their doors)
iOption Binary Trade was established in 2008, when it also gained SEC approval. It took some time for this broker to really get off the ground, but they have recently started to become better known and more noticeable on the trading markets. They have many different assets to offer and they work with a wide audience, including established traders, novice traders and retail traders. This is something that makes the platform stand out, because most platforms focus on just one of these three settings. iOption Binary Trade is based in Cyprus, as most other traders are and they are said to have a really good sales team. We decided to give this platform a try to see what all the hype was about.
Their Trading Platform
The platform itself looks really good. As a web-based platform, it can be accessed from anywhere in the world, which we found to be really good. The homepage is well-designed and easy to navigate, with all necessary menu buttons located where you would expect them. New traders can easily contact support and the platform comes with a great tour to help you get the hang of the system itself. Our team found itself on two sides of the fence about this platform, with some of us finding it a really professionally designed systems, and others finding it completely immature.
Take a look for yourself, because we couldn’t agree on this one. The demo option is really good though, because it shows exactly what everything on the platform does.
iOption Binary Trade offers returns of up to 85%, which is very impressive on a single trade. However, you will only get this on the right assets, of course. You can trade over the weekend if you choose the “One Touch” option, which will leave your position in place until you reach your target. Do this right, and you could see a 400% return. Of course, this sounds much easier than what it actually is, and you can lose all of your investment if you mess it up.
Withdrawing your profits is easy to do through the various payment options they offer, including wire transfers, credit cards, E-Wallet and Moneybookers. We missed PayPal and Google Wallet on this one. Also, when you make a withdrawal, it can take up to a seven working days before it appears in your account. This was a definite drawback for us. On the plus side, once you are an established customer, it will only take two business days for this to happen.
iOption Binary Trade works across four markets, being commodities, stocks, indices and Forex. This is what is to be expected from a good online platform. However, they do have an extensive asset list, which sets them apart from some of the other options out there. Technically, therefore, it should be easier to maximize your returns.
The customer service really is second to none. The platform offers email, Live Chat and open ticket support. They also have international telephone numbers you can use and you can reach them in a wide range of different languages.
What We Liked
- Excellent set up, with a platform that is good for the three types of traders (novice, advanced and retail).
- They have a really good list of assets, allowing for a diverse portfolio. You can work both on the major markets and the smaller, not as known markets.
- One Touch is a fantastic addition that allows you to trade over weekends.
No fees or commissions charged to investors on deposits or purchases.
What We Didn’t Like
- No free demo account, meaning you can’t test the system before you sign up. In order to open an account, you have to deposit $250, which is pretty high if you’re not sure whether or not the system is good for you.
- Only one free withdrawal is allowed each month, with additional withdrawals costing $30 each. Plus, as stated, it takes between two and seven working days before you receive your money, and their payment options are actually quite limited.
- There are insufficient extras on the site itself. Although user friendly, we felt that this was something that was significantly lacking.
It is very clear that iOption Binary Trade is managed by an experienced team of people. They really are a veteran in the field of finance. However, their goal is to get iOption Binary Trade to be one of the best out there, shooting for glory, and we think that they won’t achieve this much. It is a very popular system for those who are new to the world of trading, and the interactive demo that is offered is really good to help you get a handle of not just the system, but trading as a whole. However, since you cannot try the demo without signing up, and signing up incurs a $250 deposit request, we feel that there really is something lacking in this system.
Don’t get the wrong impression, it isn’t all bad. There is a lot of educational and informational material available on the website, which is really good. So, as a beginner, you can learn your trade and we must say, in fairness, that if you don’t have the $250 to deposit, you probably aren’t ready to start trading either. With the educational tools, iOption Binary Trade could be a beginner trader’s platform for getting a handle on how the world of trading works. Whether or not you want to remain with this platform once you become more advanced is a matter of personal choice.
All in all, we can see why this platform is one of the big players in the field. It has some very strong advantages, but also some real disadvantages that stop it from going from great to absolute world class. However, we feel that “world class” is what the company is trying to achieve, so we wonder whether there will be some changes over time to counteract the various disadvantages that we have found.
Overall, we give the iOption platform 3.5/5 stars.