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Option888 Scam Test
Option888 Scam Inspection
With so many new entrants into the binary options market, it is only natural for traders to be a little bit cautious when it comes to signing up with Options888. Actually, you should be cautious when signing up with ANY broker. After all, the industry is not helped by the number of binary options brokers that were closed or placed under investigation by relevant authorities in the past. This review will definitely answer the question of whether Options888 is a scam or not.
The answer to that is fairly obvious. It won’t take long for you to realise that this is a legitimate broker. In the short time the company has been around, it has been able to quickly amass a large number of loyal traders by offering many advanced features and an unparalleled service. Let’s take a look at these features and how they help you as a trader achieve success.
Option888 Scam Test | Sign Up, Bonus and Education
The sign-up process for Options888 is transparent and straightforward. At the end of it the trader gets a 100% bonus on the initial deposit. The minimum deposit amount allowed by the company is $250, 250 GBP or 250 EUR. The funding of the trading account with the bonus was instant, so we were able to begin trading with the bonus immediately. It is important to note though that Option888 only offers bonuses of up to $1500 (GBP or EUR).
Option888 wants to help traders build their careers in this business. This is why they have a good library of reading materials and videos covering all areas of binary options trading. We found these videos to be very educational, and the entry level training is perfect to help a complete novice understand the business of binary options trading. The quality of training materials available ensures that traders always will have a resource to refer to should they experience any difficulties in the trading process. This is important, because only traders who fully understand the workings of binary options will be able to fully utilize the wealth of features available at Options888.
Through the combination of high quality education and a 100% deposit bonus, new traders have a terrific formula for generating good results and building their trading portfolios. So, all of these features work perfectly, without any trace of an Option888 scam. However, this is just the beginning of our investigation. Keep reading!
Option888 Scam Test | Trading Software and Tradable Assets Offered
One of the ways scam brokers rip off customers is by offering dubious trading platforms that are not user friendly. Our review clearly shows that Options888 is not one of these scam brokers. The trading platform they offer is a magnificent piece of technology and is supplied by Tradologic, one of the leading names in the industry. The charts are precise and the platform offers a truly intuitive trading experience.
Trading options available on the platform include Range, Touch, One Touch, Long Term, Turbo/60 sec, as well as High/Low options. With payouts as high as 89%, you are sure to find a market that appeals to you. As any good trader will attest, a platform that allows a wide range of trading options is vital if you are to stay profitable and improve your portfolio. Switching from one trading option to the other is also very easy. This means you can take different trade types in seconds without any lag. A lagging platform is a nightmare for traders looking to make money on 60 sec options, for example.
You can trade any amount between $10 and $10,000 (or GBP/EUR).
There are also lots of tradable assets on the platform. Traders are spoilt for choice with 20 commodities, 27 indices and 30 currency pairs. Options888 is also one of the few brokers that offers a stock pickers market. Traders have 167 stocks to select from when choosing their own assets. Put that all together, and you will get an offer that is very difficult to match.
The asset range, interface and technology clearly point to the fact that Options888 is not a scam broker.
1st Place! Best Binary Broker 2020!
Best Choice for Beginners — Free Education + Free Demo Acc!
Sign-up and Get Big Bonus:
2nd place! Good choice!
Option888 Scam Test | Customer Support and Services
The customer support service on offer at Options888 is outstanding. All members of the staff are very knowledgeable. In a mystery shopper test we were not kept waiting for answers and met some of the most polite customer service personnel in the industry. You can get to the support through live chat, which is a preferred option for many, or by sending an email. You can also call them on phone or contact them via Skype. Before you contact them with your problem, though, it may be best to first go through the FAQs. The section is loaded with useful information and well designed, so you will often be able to answers to most basic questions without need to contact support.
The website has different language options including French, German, Danish, Norwegian etc. They are also always adding new languages, so the chances are that you can easily choose the language that suits you best if English is not your mother tongue. Definitely no signs of an Option888 scam here, but we’re just getting to the most important part of the analysis, so stay tuned.
Option888 Scam Test | Funding and Withdrawals
This is where many traders have issues with binary options brokers. If you are worried about Options888 being a scam broker that doesn’t allow an easy withdrawal, you can stop worrying right now. They are one of the best when it comes to transferring money to and from your trading account. The entire process is fast, easy and free from any additional fees, which is particularly attractive.
Withdrawals are incredibly fast, as every request made before 18:00 GMT is approved the same day. There are no withdrawal fees and a minimum withdrawal amount of just $25. We made a test withdrawal of $200 to a MasterCard and it was processed the same day while the funds hit our bank account in less than 48 hours! Very impressive.
Bear in mind that you need to have your supporting documents verified before you can withdraw funds. These supporting documents required are your ID and Proof of Address (a utility bill is usually needed, but a bank statement will do just fine, too).
The funding and withdrawal options supported by Options888 include Truly, Sofort, Paysafe Card, Ukash, iDeal, Skrill, Moneybookers, Bank Wire, Visa Electron, Maestro, MasterCard and of course Visa. Quite a lineup, wouldn’t you agree? Don’t forget that the minimum deposit allowed is $250, though. While this may not be ideal for some people looking to test the waters, it is pretty standard among the best brokers in the industry.
The demo account offered by Options888 should be enough for anyone looking to test the trading platform; or their trading skills. Through it, you will be able to check everything out without any financial danger. We consider this another proof of the broker’s transparency because the demo account hides absolutely nothing from you and you can see for yourself that the platform works perfectly. Another big plus for Option888 in our book.
Option888 Scam Test | Is Options888 regulated?
In this time when there are many scam brokers, it is not advisable to open an account with an unregulated company. Options888 is not a scam broker and the company is duly regulated by Malta Gaming Authority. This is probably the greatest proof of their legitimacy you can find.
Part of the rules guiding their membership with the MGA is that they are expected to report all transactions that go into a trade repository. The reports cover both financial and non-financial counter parties, as well as all kinds of transactions, including commodity, equity, etc. With this information, it is easy for the regulators to detect system risks, thereby ensuring a high level of transparency.
With this kind of security, traders will never have to worry about losing their trading capital (except through bad trades) and they can be confident in the knowledge that any queries that may arise during the course of their trading career will be addressed properly.
Option888 Scam Test | Conclusion
Options888 is not a scam. It is a new but highly transparent binary options brokerage committed to providing the right environment needed for binary options traders to thrive. They have a valid license from a very reputable regulatory body and go to great lengths to make sure every last cent on their website is perfectly secure. The company is also very transparent, which can be seen from the quality of their customer support and the fact that their demo account allows you full access to the features of the trading platform. There is absolutely no doubt in our mind – this is a completely safe and trustworthy trading partner. Therefore, if you want the best for your money, open an account with Option888. They belong to the very top of the online trading industry.
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Option 888 Broker Review
More investors are turning to Option 888 as the go-to binary options brokerage that offers a variety of binary versions in comparison to others. This brokerage is relatively new having started it operations in the year 2020. Despite this, it has been attracting investors due to its more effective and easier investment software that deals with investment instruments like stocks, commodities, indices and currencies. It simplifies its binary trading options to all types of traders including the very new and helps them to analyze its wide choice of assets.
The Option 888 binary options brokerage is based in Malta but has satellite offices in Germany, France, Sweden, Holland, Spain and other European countries. It provides a very easy to use trading platform that enables the investors to enjoy excellent money management features that can’t be found anywhere else. It offers three types of binary options for trade that are exclusive to this brokerage. These options include Touch, Digital and Range.
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Option 888 Broker Review
Option 888 offers a 100% welcome bonus on the initial deposit to any new trader which features a minimum deposit of 250 dollars up to a maximum of 1500 dollars. This is not all as many more additional bonuses are also on offer. Option 888 treasures the education of its clients and offers a series of both introductory and advanced binary options training videos and e-books. This thus ensures that their clients are the best informed in the market thus enhancing their trading success rate.
Customer Service and Support
Option 888 has a multilingual website that caters for its global clientele. This website supports quite a number of languages including English, German, Danish, French, and Swedish, just to name a few, with many additions coming up. For support, a live chat is also available and can be found on the lower right corner of the site.
Other communication facilities include email, Skype and phone. There is also a FAQ page that needs improvements like the inclusion of themes to make it faster for investors to find answers to their questions.
option 888 main page
Option 888 uses a wonderful trading platform that covers the whole browser window. It is easy to use and has very accurate graphs and trading experience. This platform, which is supplied by Tradologic, offers Turbo/60sec, High/Low, One Touch, Long Term, Range Options and Touch Options. These are very unique and rare options that are only found at Option 888. The platform is known to offer many assets for trade that includes about 27 indices, 30 currency pairs and 20 commodities. There are over 150 stocks that one can choose at Option 888.
The payout system of Option 888 is highly rated and offers returns of up to 89% which is good by any standards. The returns differ from the types of assets that are traded and this requires proper choice of strategy for maximum profit margins.
Financial transactions at Option888 are convenient, fast and reliable. Global currencies which include the Euro, Dollar, Sterling Pound and other major currencies can be deposited or withdrawn from your Option888 account by credit cards, wire transfer or a mailed check from the brokers. Deposits are also offered through a number of alternative methods which include Sofort, Ideal, Trustly and PaysafeCard.
The minimum deposit amount at the moment is 250 dollars and the maximum is 1000 dollars. The minimum transaction rate for each trade stands at 10 dollars which is much lower than other trading platforms. This helps new traders to start up and gain experience by taking advantage of the lower rates. Also available to encourage new traders is a bonus of 100% of the deposit amount.
payouts option 888
Account Types and Bonuses
Option 888 is a very professional binary options broker that embraces all types of traders from the very experienced to the newly inducted. It features a standard account that has some of the finest and most flexible account types which include the Gold, Silver, Bronze and Platinum accounts to choose from depending on your expertise and efficacy. Silver, Gold and Platinum accounts are upgraded accounts types which offer you additional benefits. These accounts will enable you to maximize on your profits with advice from your personal broker.
The main bonus that is offered by Option888 is the 100% bonus on the initial deposit of up to 888 dollars. Active traders are also rewarded depending on their trading rates and amount of assets used. Higher trading activities are rewarded by higher bonuses and you can even get a VIP status. With a VIP status, you can get invitation offers to special events, higher yields and you can be assigned a personal broker.
Binary Options Available on Option888
Option 888 offers a wide range of trade options to choose from. They range from
- Turbo options– The Turbo option is a popular option for investors who love short term investments and quick returns. The most popular Turbo at Option 888 is the 60 seconds one.
- High/Low options – This is a binary option that is mostly known because it is the traditional option. It touches on the increase and decrease in performance of an asset. If an investor speculates that an asset will perform better s/he chooses the high option. After the trading period expires and the assets would have performed above the investor’s prediction, the trader receives his/her money back with a certain payout on top. On the other hand, if s/he believes that an asset will perform dismally s/he will take the low option. If the assets perform as dismally as expected then the trader gets his/her money back plus a payout. In case the asset index remains the same, no payout is made. The trader only gets his/her money back instead.
- Range options– this is a type of option where an investor speculates if an asset will expire within a given range. This is usually based on tunnel trading and it is an exclusive option that is only available at Option888. One must speculate whether the price of a particular asset will expire in or out of the speculated range. All the payouts here range from between 75-81% return on investment.
- Touch option– This is also a new kind of binary option trading which is based on Forex trading principles that are easy to learn by new traders and investors. In touch trading, you must predict whether an asset will be capable of touching an arranged strike before its time of trading expires. When correctly predicted, a predetermined payout of between 75-85% is usually made.
- One Touch – The One Touch option relates to a choice of whether it will touch the value of the asset or not (No Touch). These are particularly important in fluid or volatile markets with fluctuating values. They are also favorable in flat markets.
option 888 trades
Option 888 has a mobile app that is compatible with most mobile operating systems including android version 2.2 and higher, and iOS. This mobile app was updated in 2020 and that enables it to operate as the full website version especially the trading window. The display has clarity and features a wide range of facilities that enables investors to operate their accounts fully from anywhere. These facilities include open trades, cashier, trade history, profile settings just to mention a few. These functions feature very prominently in Option 888 mobile app and make it very efficient in terms of mobile trading.
Option 888 Asset Index
This binary option broker deals with quite a number of assets that are not only quantitative in nature but also offer quality. It handles a variety of commodities, stocks currencies and indices that offer a nice trading experience to any trader. These assets include about 20 well known commodities, about 30 currency pairs, 27 indices and over 150 stocks to choose from. This wide variety of assets gives traders the much desired flexibility when it comes to investment choices. The commodities include zinc, soybeans, lead, and nickel among others. While the most common indices here feature global brands like Nikkei, Nasdaq, S&P 500 and others, the stock list is wide and comprehensive but features companies like Google, Coca cola, Alibaba just to name a few.
Training and Support for New Traders
Option 888 imparts the most needed education to its clientele who are among the best informed in the market. It provides a number of e-books and training videos which touch on binary options operations and other related information that improves the success rate of most traders. Traders dealing with Options 888 are very knowledgeable especially in regards to the operations of binary options. The binary options broker not only deals with experienced traders but also embrace novice traders who become experts in no time given a wide variety of educational materials that is always available to interested parties.
option 888 features
Option 888 has a very professional signal service that is arguably one of the most accurate in the whole Forex and Binary Options industry. This makes work much lighter by using its broad database in determining different aspects of trade. It simply sends a signal to every account that is signed to it in making a trade.
Being a new entrant into the binary options business, Option 888 has stamped its authority as a binary brokerage of repute due to a number of unique features that are associated with it. It’s very prominent trading platform is unique and is setting the pace in the binary options industry. Another very glaring advantage is their very fast and efficient withdrawal services. When traders need to make withdrawals after making a profit, it is always a nice thing that the transaction is done as quickly and as securely as possible.
On the downside is that this particular brokerage does not accept US citizens and this makes it not to be an all-embracing brokerage that is expected to deal with traders from across the globe.
For easier binary options trading, the use of the Binary Option Robot is highly recommended. This is a trading software that is automated and which generates signals and executes trades automatically. It is capable of analyzing trends in the market in real time and also able to calculate the values of trading indicators. This helps the trader in choosing which risks to take from a position of knowledge. It helps the traders make choices about high risks-high returns trading. It is a useful resource to traders in binary options trading.
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Option 888 Review
Option 888 review | This broker uses the Tradologic trading platform which is a good alternative to the more popular SpotOption platform that is currently dominating the market. This does not in any way imply that it is a worse choice. I believe that both will compete toe to toe for the place of the most popular binary option trading platform in the near future in between option robot.
Option 888 in a Nutshell:
- Broker: Option888
- Platform: Tradelogic
- Founded: 2020
- Bonus: Up to 100%, maximum $888
- Return/Refund: 65-89%
- Number of Assets: Around 200
- Regulated: Malta Gaming Authority
- Demo Account: Yes
- Minimun Deposit: $250
Is Option 888 a Scam or Trustworthy?
One way that Option 888 stands out of the crowd is their super-fast withdrawal services. When a trader has made a profit and wants to make a withdrawal, it is desirable that the withdrawal is possible quickly and safely. In this case Option 888 really stands out. If the request is made before 6pm GMT+1 they will process and approve it the same day and the withdrawal will be completed at latest on the next day.
View from the trading room of Option 888
How Binary Option Robot Can Change Your Life? Check This Out!
Option 888 is a quite new on the binary options scene But is it a scam? Read our through investigation article and find out the truth
How to Make Money with Binary Option Robot
Top Binary Option Robots in United States
Claim your free binary option robot, get started with three easy steps:
- Name of Robot
- Min. Investment
- Min. Deposit
1. Your Binary Option Robot will analyse the market and decide, which asset (currencies, indices, commodities and stocks), is right to trade at that point in time.
2. The Binary Option Robot Will Predict the Price Movement
Your robot will assess a wide-range of factors, and then make a prediction on how the assets price will move, saying: Call (up) if it believes the price will rise and Put (down), if it believes the price will fall.
3. Decide on how much you want to Invest
Then you need to decide how much you want to invest in the commodity and when that investment will expire.
4. Collect your Earnings
Finally, you collect your earnings (the good part!)
TABLE OF CONTENT
Option 888 offers an exceptionally good first deposit bonus: 100% up to $888. In addition, Option 888 has decided to reward active traders further. The most active traders get tailored bonuses depending on their trading activity and the level of assets used in the trading. The more you trade, the bigger bonuses and other benefits you can get, so it is indeed worth trading actively. It is also possible to acquire VIP status, once you have attained that, they offer you invitations to special events, a personal broker to assist you and higher yields on your trades.
Best Binary Option Robot
All these promotions and bonuses together make it worthwhile to take your trading seriously, and also encourage you to make deposits large enough to commit you to the whole process. If you do not have time to learn how to invest in binary options, I suggest using Binary Option Robot, it is a one of a kind automated trading tool or developed option signals service which helps you to reach maximum profits with minimal effort. Now you can get this excellent auto trader tool completely free by clicking the button below.
There are several different languages available. The supported languages are English, Swedish, Norwegian, Dutch, Danish, German, French and Finnish. Such a wide variety of languages is really a positive thing for European traders.
Option 888 is known particularly of their fast money transfers. They also offer a really wide range of different deposit options. For example, credit cards, such as VISA, MasterCard, and online payments such as IDEAL, Skrill, Sofort, Trustly and Paysafecard, along with traditional wire transfers are available. Depositing with credit card is the easiest way, but if a trader is making a larger deposit, for example, thousands of dollars, the wire transfer is the recommended method. Minimum deposit amount is $250.
Banking Options are several
When it comes to the actual trading in Option 888 broker site and their platform, they offer the traditional binary options methods such as up/down, one touch, range and turbos. But Options 888 has also taken the service to the next level and is offering special features that are rarely seen on competitor sites. One of these is “Early close” which allows a trader to close the option before the expiration if the trend seems unfavorable. This is an effective way to minimize losses.
The second special feature is their “Extend” feature, which allows a trader to continue the option and delay the expiration time. This is also a great way to minimize losses. This feature is very useful if the trader thinks that the option currently looks unfavorable, but in a little more time it could be profitable.
Like almost every self-aware broker site, Option 888 offers a mobile version for active traders to set trades any time they want and to follow how their trades are going from anywhere. The mobile version is available for Android and Apple products and can be downloaded from the Google Play store and the Apple App store. All that you need to do, is to sign up through the links from this site and create an account. Then, it is easy to download the app from the right store and sign up with your username and password.
The mobile platform also shows, similarly to the regular platform, the trader insight chart on the front page. Here you can follow how the other traders are placing their trades at the time. This is useful information and helps you to compare your own view to that of others.
Mobile trading platform is easy to use
The maximum profit for regular options is 89% and on average the payout stands between 75%-80% which is relatively good. For special features like range or one touch options the payout can reach up to 500% which is stunningly high. These are obviously riskier than the regular up/down binary options.
It is possible to achieve up to 500% return with one touch options
What to Trade with Option 888
Option 888 offers a wide range of trading assets including over 200 stocks, commodities, indices and currency pairs. The selection consists of 30 currency pairs, roughly 30 indices, 20 different commodities and around 130 stocks. The list of commodities is wider than most of competitors. The list includes such specialties like soybeans, zinc, nickel, lead and some other rarely seen commodities that cannot be found elsewhere.
The indices list consists of the biggest companies and global brands represented in many different stock markets around the world. Well-known indices such as S&P 500, NASDAQ, NIKKEI 225 and Dow ja Dax are included.
The stock list is really comprehensive and one of the widest there is. Such well-known companies as Apple, Coca-Cola, Alibaba and Google are represented.
List of commodities available to trading
Platform and Trading
Option 888 offers their traders the Tradologic platform which is a refreshing variation from all those SpotOption related brokers. Can not be stated that which one of the platforms is better among the best binary options brokers Most of the features are quite similar, but there are a few extras.
List of indices available to trading
Range is an option where a trader wins if an asset will expire within a predetermined range. Range offers better profits than regular up/down options. The turbo option is a short-term investment where it is possible to set a one or two minute expiration. If used in the right way, turbo options can be highly profitable. I tripled my own initial $2,000 investment within three days using them. The platform itself is easy to work with and does not require much practice. However, if the trader needs to practice before making real trades a demo account is also available
Expiration times vary from one minute investments to several weeks or even longer. This depends on the asset, the market and the trader. You should choose the expiration which best suits your own goals. Sometimes shorter expiration times are more effective, whereas longer investments can be used when probable direction of the overall trend is known. Long-term options are excellent, if you want to rely on the trend. On the other hand, the longer the investment period gets, the more possible events that can occur before the expiration date.
Option 888 offers a wide range of educational material and guides which are useful for advanced traders but especially for beginners. In their trading academy, there are courses such as: winning tactics, basic technical analysis and advanced technical analysis.
There is also plenty of video material about binary options and trading in general. The following courses can be found on the Option 888 site: course introduction, the world of global trading, binary options advantages, trading is an art form, chance and risk, are you an emotional trader, and distributing risk.
All these courses are informative and designed to give a better understanding to traders on how to overcome the most basic mistakes that beginners usually make. We recommend getting familiar with these materials even if you are an experienced binary options investor. There is always something new to learn.
For more advanced traders there is material about aggressive trading, passive trading, market analysis and trend analyzing. Anyone who will study these materials properly and understand them will be able to make profitable trades.
Courses for advanced traders
Option 888 Additional Courses
To help understand economics as a whole and the mechanics behind it, Option 888 offers additional trading courses. The subjects of those courses are: growth, interest rates, savings and investments, globalization and economic systems. We recommend you study all those materials to fully understand all the causalities related to economics.
Option 888 eBook
In addition to all above, Option 888 offers 30 page eBook
More advanced courses
Option 888 customer service is quick and professional, as it should be. We got extremely quick responses in our test. They were very helpful and service was kind and professional overall. They can be reached by email, phone or live chat. Live chat is the best way to ask something that you need to know quickly. Email is a suitable option if the issue is not that urgent. It is also possible to contact them via skype if that is your preferred method.
Option 888 as a Company
Option 888 was established in October 2020 and they hold offices in Germany, Malta, Curacao and Sweden. They have Curacao and Malta licenses and they are in the middle of the process of getting licenses from Jersey and UK regulators. They clearly want to be as transparent as possible and holding several licenses definitely strengthens this agenda. They also offer the possibility to keep your account balance not only in Euros or US Dollars but also in Pound Sterling, Swedish Krona, Danish Krone and Norwegian Krone. This is not possible in every binary option broker site and is a pleasant surprise for traders from Northern Europe.
Due to regulations, Option 888 unfortunately cannot accept customers from the following countries: Afghanistan, Bulgaria, Cyprus, Ghana, India, Iran, Iraq, Israel, Nigeria, Pakistan, Somalia, Syrian Arab Republic and the USA. As the regulation gives trust and transparency, the other side of the coin is restrictions towards citizens of certain countries.
Conclusion and Overall Rating
Option 888 offers a well-designed platform for traders, a wide range of education materials and great customer service. The payout is only a little above average but the special features, which help you to minimize losses, lifts the payout percent to well above average. We can strongly recommend the Option 888 broker services to every investor who is interested in binary options trading or who wants to trade with a rock-hard broker site. Their trading asset selection is one the widest on the market. Aside from the fact that they cannot accept US customers because of the license and regulation, we really couldn’t find any real downsides.
For overall rating, we will give to Option 888 4,8 stars out of 5 which is one of best grades at the moment.
Option888 Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts & Conditions
Account type Minimum deposit Maximum leverage Average Spread Standard Not specified Not specified 2.0 pips
Obviously this broker used to offer binary options, but it has changed focus to forex. Nonetheless, Option888 does not provide much information on its trading conditions, nor account types.
Such lack of essential information, combined with the unregulated status of Option888 are the reasons why we gave it such a low rating. Read on to get all the details regarding this broker.
Many tradeable instruments
One of the few possible benefits of using the service of Option888 is the fact that it offers wide range of tradeable products. Its clients are able to choose from more than 30 currency pairs and CFDs on precious metals, commodities, indices and stocks. Besides, Option888 provides trading in the most popular cryptocurrencies in the form if CFDs – Bitcoin, Litecoin, Dash, Ethereum, Ethereum Classic, Ripple, Monero, and Bitcoin Cash.
Web platform with good charting
Unsurprisingly, the platform used by Option888 is quite simple, web-based and resembling a binary options trading software. However, we were very pleasantly surprised by the charts which are really good (as if provided by TradingView) and equipped with a number of technical analysis indicators. Mobile apps are also available.
Some e-wallets supported
The methods of payment at this broker include Bank Transfer, Credit/Debit Card, Sofort, giropay and Neteller.
Operated by an offshore company
Option888 Is operated by offshore company Celestial Trading Ltd., which is registered on the Seychelles. We keep reiterating in our reviews that dealing with offshore brokers is risky, but it appears that the situation with Option888 is even more serious. We found that Celestial Trading Ltd. has another brokerage brand, Xmarkets, against which the UK’s Financial Conduct Authority has issued a warning.
No info on trading conditions
As we mentioned briefly in the beginning, Option888 has not specified any of its trading conditions – initial deposit required, leverage provided, trading costs, etc. Such lack of transparency add additional uncertainty and lower further the credibility of this broker.
No demo accounts
This is by no means as big of an issue as the lack of financial regulation, but is still a negative. All decent brokers provide a free testing service.
S preads above the average
When we accessed the platform on Option888’s website (without logging in), we saw that the spread fro the most liquid pair, EUR/USD, is floating around 2 pips. Such cost of trading is by no means competitive, as most forex brokers offer spreads within the range fo 1.0 – 1.5 pips for this pair. For a real-time comparison of some of the best offers in the business, check our dedicated platform.
MT4 not supported
We always consider the absence of MetaTrader 4 in a broker’s offering as a flaw, as most traders know and love it. And the reason for this is that the MT4 is equipped with all a trader needs: advanced charting package, a number of technical analysis indicators, Expert Advisors (EA) and extensive back-testing and customization options.
Obviously Option888 is one of the many binary options providers that shifted their business to forex due to the regulatory pressure on binaries. Overall, we are not impressed by its offering – all the uncertainties around it, the absence of financial regulation, of MT4, the high spreads, etc.
That being said, the greatest issue we have with this company is its legal status. Offshore companies aren’t trustworthy in general, and that one seems quite shady. If you intend to invest a large amount of funds, we advise you to select among brokerages regulated in the UK or Australia for example, where the respective financial watchdogs are always on alert and your money will be safe and protected.
To sum up the positive and negative sides of Option888:
Cons Web platform with good charting Operated by an offshore company Some e-wallets supported No info on trading conditions Many tradeable instruments No demo accounts Spreads above the average MT4 not supported Broker Advantages
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XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Option888.com Broker Review
Demo Account: ⚖ Allows Hedging: Allows Scalping: Headquarters: United Kingdom Founded: Trading Platform(s): Tradologic Regulating Authority(s): Minimum Deposit: 250 Maximum Leverage:
Risk Warning: Your capital may be at risk
Our Review of Option888.com
Option888.com is a trading platform that offers unusually high returns – up to 88% in fact. In addition, this is a broker that also provides education about trading, markets and commodities as the company believes that training can only be done well with education. With options for both beginners and veteran traders, Option888.com aims to be an all round site that will appeal to everyone involved in the trading world. Option888.com also places great emphasis on support – for instance, as well as the 24 hour support provided for traders using this broker, when you open an account with Option888.com you can expect to receive a welcome call and a telephone monitoring session.
Account Types + Opening
It is quick and easy to open an account with Option888.com, and there are four account types to choose from: Bronze, Silver, Gold and Diamond. Bronze has the lowest minimum deposit and Diamond the highest. The Bronze account is clearly tailored to beginners. Though it is more expensive to open and maintain, a Diamond account offers many additional benefits, including next day withdrawals and the offer of 6 risk free trades (with a gold account you are given 4 risk free trades by way of comparison). There is an even more elite Senator account up for grabs too, whilst the Corporate account option is one that is developed on a bespoke basis in consultation with your individual Option888.com account manager.
Promotions, Sign Up + Deposit Bonuses
Bonuses are given on your first deposit with Option888.com and the size of the bonus that you get will depend on your account type. A 50& bonus and a modest bonus rollover is associated with the Bronze account whilst 100% bonuses and larger bonus rollovers are associated with the Gold and Diamond accounts.
Commissions and Fees
Commissions and fees depend on account types, but they are charged on trades placed, expired trades and withdrawals.
Trading Platform Review & Mobile Apps
In keeping with its slick and effortless image, Option888.com has developed an app for smartphones. Its site itself has a fluid, elegant feel that is uncluttered but nevertheless packed with practical tools and educational material.
Deposits & Withdrawal Methods + Ease
Minimum deposits depend on your account type. With a bronze account, you can deposit a minimum amount of $250 whilst with a Diamond account this is $20, 000. Again, withdrawal times will depend on the type of account that you hold. With a Diamond account you can get next day withdrawals, whilst the speed of withdrawals decreases as you move from Gold through Silver to Bronze accounts. Deposits and withdrawals can be performed using either a bank card or a bank account transfer, and traders need to verify their identity before making transactions.
Regulators & Safety: Are they a reliable, legitimate broker or a scam?
Option888.com is not regulated as yet but there is no indication that it is a scam.Best Binary Options Brokers 2020:
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