50-125% deposit bonus for new traders!
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|Headquarters||Kingstown, St. Vincent and the Grenadines|
|Languages||English, Spanish, Pourtuguese, Russian, Norwegean, Chinese, Korean, Thai, Indonesian, Malay, Tagalog, Hindi|
|Minimum 1st Deposit||$50|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||$1000|
|Bonus||50-125% deposit bonus for new traders!|
|Free Demo Account|
|Deposit Methods||Visa, Mastercard, UnionPay, Neteller, Skrill, WebMoney, WeChat|
|Withdrawal Methods||Visa, Mastercard, UnionPay, Neteller, Skrill, WebMoney, WeChat|
|Number of Assets||70+|
|Expiry Times||1 min, 2min, 3 min, 4 min, 5 min|
|Types of Assets||Currencies, Commodities, Stock, Indices, Bitcoiln, Litecoin|
|Option Types||High/Low, Turbo|
|Trading Currency||USD, EUR, RUB, CNY|
|Account Currency||USD, EUR, RUB, CNY|
|US Traders Allowed|
- Impressive trading platform and smartphone app
- Offers trading in Bitcoin and Litecoin
- Available in multiple languages
- Not suitable for professional or larger traders, maximum trade size $1000
- No Regulation
- Only short term options up to 5 minutes
- Limited payment options
Starting operations in 2015 and catering to traders from all around the world, ExpertOption is a newcomer to the binary options industry. With a very slick and expensive marketing campaign in multiple markets, us here at BinaryScore were very interested to review this broker.
Website and Trading Platform – 18/20
There’s no denying that ExpertOption has one of the slickest and most visually appealing trading platforms on the market. The company has clearly made a massive investment in technology to put this together.
There’s a variety of advanced charting features including technical indicators and basic chart drawing, however only short term charts under 5 minutes are available, therefore making it not suitable for longer term chart analysis (a few of us here at BinaryScore use TradingView – it’s free!)
ExpertOption iPhone and Android App
There’s the ability to make deposits and withdrawals directly from within both the web and smartphone applications and a “social trading” function where trades from other users on the platform appear in real-time on the chart.
Assets, Payouts and Expiry Times – 15/20
There’s a good selection of currencies offered to trade including some of the more exotic currency pairs such as USD/HKD and USD/ZAR. They also offer a couple of the major indices (Dow Jones, S&P), commodities (Gold and Oil), stocks and “cryptocurrencies” (Bitcoin and Litecoin).
ExpertOption’s focus is short-term trading and it only offers options with expiries of 1 to 5 minutes. This might be fine if you only ever trade in the short term but many traders will want the flexibility to trade longer term options of 1 hour or 1 day.
Trading is offered over the weekends “Over-the-counter” (OTC) but we do not recommend it as it’s difficult to determine where the pricing data/feed comes from.
Expert Option web platform.
Payouts range from 170-195% and vary depending on market volatility. We did not experience any issues, but do note growing complaints from traders on forums and social media about payouts being reduced after multiple winning trades.
Deposit, Payment Methods and Bonus – 15/20
There are the usual payment methods of credit cards, international bank transfers and payment processor Neteller. They also offer deposit in CNY via WeChat.
Bonuses are based upon the amount deposited and appear generous but they are subject to very strict trading volume requirements to receive. The ExpertOption requirement is 50x the bonus amount. For example:
Deposit $1000. Receive $1000. You must make $50,000 in trades (50 x 1000). The bonus is then yours to withdraw.
ExpertOption bonuses and deposit options.
We also note that the ExpertOption maximum trade size for all traders is $1000. Due to this, ExpertOption is not suitable for many larger and professional traders.
Licensing and Regulation – 7/20
ExpertOption is not regulated by any government body at all.
It is a member of a mysterious Russian organisation called the “Financial Market Relations Regulation Center (FMRRC)” which gives the appearance of regulation and claims to have a compensation fund in the event of a broker collapse. They have given no indication that they are seeking to become regulated by a government regulator.
While we are not suggesting that ExpertOption is anything but an honest operator, we are wary of dealing with unregulated brokers and urge caution to traders. We cannot recommend them for professional traders or those who have large accounts.
Customer Service – 16/20
They offer support through email, phone and live chat 24 hours a day, 7 days a week.
Phone and live chat support is offered in various languages but it isn’t exactly clear which ones exactly.
We were very excited to trial and review ExpertOption as they are a newcomer and had such an impressive looking platform and marketing campaign. We were left with mixed feelings overall regarding this broker, while the platform lived up to expectations we didn’t feel entirely comfortable with the lack of government regulation and the approach they take towards deposit bonuses.
The low maximum trade size of $1000 and limited local payment options makes it unsuitable for many traders.