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a Complete Guide for Binary Options Trading
As a reviewer of binary options brokers in the industry, we noticed that one of the biggest worries which binary options traders have when trading the markets is the fear of not being able to withdraw their money. We find this quite concerning as it is only binary options traders that seem to have this type of issue. It is not the fear of trading losses that occupies their mind as you might suspect but instead the notion that once they deposit their money with the broker, they will have a hard time getting it back. If we were to take a step back and look at the spot forex trading industry, we find that spot forex traders are more concerned about the spreads more than anything else. Perhaps a big part of this concern among binary options traders came about as the result of worrying stories that many of them have read on the internet about binary options brokers not letting traders withdraw their funds.
While it is difficult to ascertain the validity of these stories, we noticed that most of these incidents revolve around unregulated binary options brokers. Now due to the fact that the binary options trading industry is still evolving, regulation governing the trading of binary options is still a gray area in many jurisdictions. Nevertheless, regulatory oversight for binary options trading does exist in certain countries such as Japan, Cyprus, Malta and the United States. Generally, brokers which are regulated operate within a framework of guidelines designed to protect the interests of traders. They are also more inclined to act professionally as they run the risk of having their license suspended or revoked for any infractions of the regulations imposed by the regulatory authority. Hence, we have always recommended our readers and traders to only deal with regulated binary options brokers such as OptionFair so they never have to face any problems withdrawing their money.
A binary options trading brand owned by a company called B.O. Tradefinancials Ltd, OptionFair is one of today’s leading binary options broker. In fact, the broker is regarded as one of the pioneering brokers in the industry and holds the distinction of being the only platform owner and operator in the industry. This is due to the fact that OptionFair’s holding company B.O. Tradefinancials Ltd is actually a subsidiary of Techfinancials, a London Stock Exchange listed company and a major binary options trading platform provider.
Cornerstone of the Regulatory Framework
As a Cypriot based investment firm, OptionFair comes under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC). It operates with the CIF license number #216/13. Being a regulated binary options broker, OptionFair is able to offer their clients a world of benefits which unregulated brokers are unable to offer to their traders. But before we go further into the kind of benefits that OptionFair is able to offer their traders, let’s take a look at regulations which governs OptionFair’s operations.
The foundations of the laws by which OptionFair operates by have their origin from the Markets in Financial Instruments Directive 2004/39/EC passed by the European Parliament. The objective of the MiFID was to provide for the harmonization of regulations governing the provision financial and investment services across member states in the European Economic Area (EEA). It also seeks to increase competition in the industry as well as provide more protection to the consumer in the area of investment services.
In essence, the scope of the MiFID covers the following:
- Passporting of Authorization
Companies which are regulated under the MiFID guidelines in their home state are legally permitted to use their MiFID authorization to provide their services to clients in other EU member states.
- Client Categorization
Under the MiFID, financial services providers are required to categorize their clients according to professional clients or retail clients. This is because retail clients are given increased levels of protection as opposed to professional clients.
- Client Order Handling
In addition, brokers are now required to capture relevant information to ensure that the broker is acting in their clients’ best interest as well as to show how different orders from different clients are being aggregated.
- Pre-Trade Transparency
Brokers are required to act with transparency with regards to pricings provided to their clients.
- Post-Trade Transparency
Brokers are also required to publish prices, trading volumes and the time of the trades of listed shares even if the orders were executed outside of a regulated market.
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- Best Execution
Brokers are required under the guidelines issued by MiFID to take all reasonable steps to ensure that their clients’ trading orders are executed in the best manner especially with regards to speed and cost.
- Systematic Internaliser
Systematic Internalisers such as a broker that executes orders against its own book or against orders from other clients are regarded as mini exchanges and thus can be subjected to pre-trade and post-trade transparency requirements.
As Cyprus is part of the European Community, the country is obligated to follow the guidelines as stipulated in the MiFID with regard to regulating the financial services provider industry. Naturally, as OptionFair is under the jurisdiction of the CySEC, it needs to abide by all the regulatory requirements as laid out in the MiIFD and implemented by CySEC.
This meant all the funds that you have deposited with OptionFair must be kept in a solid financial institution such as Trier 1 banks. In addition, the funds must also be kept segregated from OptionFair’s operational funds. By doing so, your money is safeguarded from any possible abuses by OptionFair as well as from claims made by any creditors of OptionFair in the event of a lawsuit.
But most important of all when you deal with a regulated broker like OptionFair, your money is covered under the Investors Compensation Fund (ICF) scheme. This meant should ever OptionFair becomes insolvent, you can make a claim for compensation for an amount up to 20,000 euros.
With all the measures and regulatory requirements that are in place, you never have to worry about the safety of your funds when you deal with a reputable broker such as OptionFair. So given how safe your money can be at OptionFair, your next question is probably how easy is it to withdraw your money from OptionFair?
The withdrawal process at OptionFair is as straightforward as it can be. With OptionFair, you never have to worry about problems making a withdrawal. The first step toward making a withdrawal at OptionFair is to make sure that you have gone through the verification process.
Undergoing the Verification Process
The verification process is a process which all traders with regulated brokers have to go through as the brokers have to verify your identity. This is done to prevent any attempts to mask money laundering activities done under the pretext of trading the financial markets. In addition, the verification process is also done to protect the account from any withdrawals by unauthorized individuals who might have stolen your identity.
In order to establish your identity, you need to submit several documents to OptionFair such as copies of your passport or government-issued ID like a driving license or an identity card. These documents will help to verify you are who you said you are.
In addition to your identity, OptionFair will also need to verify your location. Verification of your address will require you to submit copies of your latest utility bills or bank statements. It should be noted that bills or statements submitted should not be older than 3 months and must show clearly on the bills you current address as well as your name.
If for any reasons you are unable to furnish all the necessary documents and verify your identity and address, then you will have tremendous difficulties in trying to withdraw your money. Many traders have complained about the verification process because they are required to submit so many documents and after doing so are still unable to withdraw their money. The fact of the matter is sometimes the traders simply do not provide the correct or valid documents which is why they run into trouble when trying to withdraw their money.
Making Your Withdrawal At Optionfair
After you have gone through the verification process, you should be able to make a withdrawal without any problems. To start the withdrawal process at OptionFair, simply log in to your trading account with your User ID and password. Once you have done that, go to the “My Account” section and specify the amount that you want to withdraw from your trading account.
Once you have submitted your withdrawal request, it will take about 3 to 5 business days for your withdrawal request to be processed. Once the withdrawal request has been approved, OptionFair will then transfer the withdrawal amount to your credit card or bank account depending on what methods was used to fund your trading account.
Normally, the method of withdrawal will be the same as the method used to fund the trading account. If you had used your credit card to fund your trading account, then the withdrawal will be initiated through the same method. However, traders should take note that the amount withdrawn through the credit card cannot exceed the amount that was deposited using the credit card. For example, if you deposited $1000 into your trading account with your credit card, then the maximum amount that can be withdrawn through your credit card is also $1000. If the amount withdrawn exceeded the amount deposited, then the excess amount will be transferred using bank wire transfer.
OptionFair does not impose any minimum withdrawal amount on their clients and this gives their traders the freedom to withdraw whatever amount they want from their trading account. In addition, there is no fee imposed for the withdrawal made, provided it is not more than once per calendar month. Any subsequent withdrawals made within the same calendar month will incur a service fee of $30 for each withdrawal made.
Apart from bank wire transfer and credit cards, withdrawals can also be made through the following methods listed below depending on where the trader is physically located.
- China Union Pay
- Western Union
OptionFair pays a tremendous amount of attention to their withdrawal process to ensure that their traders are not burdened in any way. They understand that they are dealing with an international clientele base and not all of them have the same access to the same withdrawal methods. Hence, they have provided various methods which you can use to withdraw your money with. Our review of OptionFair has shown that they have some of the best customer service around when it comes to withdrawal. and they have never been known to act fraudulently with regards to their clients’ money.
One of the most vital facts that you should know before selecting a binary options broker is the various options for withdrawal that the broker offers. It is no use if the trading platform is simple, the assets diverse and the return rate high if you simply cannot withdraw your profits. OptionFair withdraw is simple, easy and convenient. Moreover, the broker takes a number of precautions to ensure that no funds are misappropriated.
What is involved in OptionFair withdraw?
Here are the salient facts that you should know about the process of OptionFair withdraw:
- When you want to withdraw your funds, you will have to select the banking option in your accounts page and select withdraw.
- A box will appear where you will need to enter the amount that you wish to withdraw. Then you click on the button marked next.
- Depending on the method of OptionFair withdraw that you choose, subsequent steps will appear to guide you through the entire process.
- You can withdraw the original amount that you invested to the credit card or Moneybookers which you used to make the deposit.
- The profits can only be withdrawn by wire transfer to a bank account held in the name of the investor.
- You will have to withdraw using the same currency that you used to make your deposit. You can choose between American dollar, euro or pound.
- There is no minimum limit of OptionFair withdraw if you are using credit card or Moneybookers. However, as stated previously, if you are using credit card to withdraw your funds, the maximum withdrawal amount is the amount that you deposited. If you withdraw funds using wire transfer, the minimum amount is 100 dollars, pounds or euro.
- OptionFair withdraw will only be processed if there are sufficient funds in your account. If the conditions of trading of bonus have not been made, you will not be allowed to withdraw the bonus.
- You can enjoy one OptionFair withdraw per month free of charge. All subsequent OptionFair withdraw are charged at $30 per transaction.
- OptionFair withdraw requests will be processed when you have submitted the necessary documents (passport and currently valid utility bill) for verification purposes. Once the verification is complete, OptionFair Withdraw requests are processed within 36 hours.
- If you wish to cancel a withdrawal request, you will have to choose the pending requests option in the banking page and cancel the transaction. The money will then be credited to your account. But, if you fail to provide the verification documents, your request for withdrawal will be cancelled by OptionFair after fourteen days.
Trade easily to make high profits at OptionFair
The process of OptionFair withdraw is extremely simple and quick. Moreover, strict verification is done to ensure that the money is safe. So, you can trade with an easy mind with OptionFair Trading and end up with a profit of 89% or more.
7 Binary Options
OptionFair has shut down their operations in binary option trading.
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Our review of OptionFair will reveal that this is a strategically designed binary options platform that offers dynamic trading options. The primary goal of this brand is to offer secure and reliable trading efforts with a large variety of investment assets. Also what we found appealing is the simplicity of use that makes it an ease for beginners to dive into binary options trading and have not only a rewarding experience but an enjoyable one as well.
It has Fairsignals, which are trade signals for binary options just like the ones you would get from a binary robot software. They are in form of SMS or emails and they provide trading recommendations – making right trading decisions has never been easier.
OptionFair provides binary options traders with an excellent platform that promises high returns and using different accounts to meet each traders need. 7 Binary Options recommends OptionFair.
Online since: 2020
– Good variety of campaigns
– Does not accept customers from USA
7 Binary Options Rating:
We found in our review of OptionFair that one of the major incentives of any binary trading options platforms happens to be what this brand perfects. They offer an initial deposit bonus that is based on the type of account the trader has. This provides more funds for trading and everyone knows this is a plus in the trading industry. The sign up bonus (100%) for joining is one of the features we found to be quite accommodating because every trader appreciates the enhancements that bonuses present to their trade abilities.
The OptionFair platform has a very lucrative standard for maximum payout values and it brings benefits to beginning and seasoned traders. They have managed to dominate the market with return margins progressing up to 89% and these can be acquired within a minute.
Types of accounts
We found that Optionfair has the most strategically designed package of accounts. These packages are designed to accommodate the investor and filled with features and promotions such as expert trading sessions and initial bonuses.
The standard account
The standard account offers an initial deposit option of 250 dollars and a bonus of up to 30%. The trader also receives an introductory session in the financial area.
The silver account
The silver account carries an initial deposit of 500 dollars with a starting bonus of 60% and carries a profit of 1%. There is also a monthly financial expert session that comes with this account, on trading strategy and two live SMS.
The Gold account
The Gold account has an initial deposit requirement of 2000 dollars and initial bonuses that value up to 80%. There is also additional profits of 2%, expert financial sessions are offered weekly, three trading strategies and four SMS alerts.
The Platinum account
Also available and one of our favorite is the Platinum account.This one allows initial deposit amounts of $15,000, additional profits of 4% and 100% bonuses.
If that’s not enough, the unlimited financial advisory sessions and live SMS and five trading strategies really add icing to the cake. For VIP account holders, there is an initial deposit of $50,000 required and plenty of additional bonus perks. There are also financial sessions and unlimited SMS alerts to be enjoyed by traders.
Traders on OptionFair have the ability to trade various assets which is a great benefit. Assets such as indices, currencies, commodities and stocks are all valuable assets regarded by this platform. We find that binary trading option sectors that offer various forms of asset trading are a great standard and this helps to set OptionFair above the rest.
Deposit and withdrawals
We’ve found that deposits and withdrawal options offered by OptionFair has a major impact on our strong support of their binary options trading. There is an initial deposit of 250 USD, EUR, GBP, or an equivalent required. However, for trader convenience, this deposit doesn’t have to be made during registration.
These deposits can be made via Western Union or electronic wallets such as Neteller, CashU and Web Money. Other acceptable funding sources are bank, wire transfer and credit card.
The withdrawal requests apply to the corresponding account used to make the opening deposit. There is no minimal amount to withdraw and traders are afforded one withdrawal per month without commission fees.
OptionFair has a dynamic customer service support center that is available for live chats and emails.
Our review of OptionFair shows us that traders should have a positive trade experience with this platform. The cash outs occur rapidly and the various accounts are a wonderful benefit for all levels of traders. Their system is extremely easy to monitor and more invigorating to use for binary options trading. The bonuses are extremely accommodating and serve as a great motivational tool for those in the trading industry.
Customer Service: English, Spanish, Arabic, Italian, French, Russian, Polish / Live Chat / email: [email protected] / Phone: +44 203 519 0373
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OptionFair Broker Review
Our Review of OptionFair
OptionFair is well known in the online trading world as it is one of the leading brokers on the scene. This broker primarily offers binary options trading, and specialises in trading and market news on a real time basis. OptionFair offers some of the largest returns on the market: no less than 91%.
Account Types + Opening
There are five different accounts in OptionFair. The Standard account, for example, is designed for beginners. Other accounts, such as the Gold and Silver accounts are tailored towards more experienced traders who want to be able to trade with larger sums. Opening an account on the OptionFair site is quick and simple – all that is necessary is filling in an online form. Documents will need to be uploaded at a later stage, however, in order to confirm their identity before they can make withdrawals.
Promotions, Sign Up + Deposit Bonuses
The bonuses that you get with your OptionFair account will depend on the account type that you have. However, the maximum bonus that you can get is 100%. Bonuses are given on your first deposit.
Commissions and Fees
The charges that are demanded of traders by OptionFair will differ depending on what type of account the trader has. Though this broker states that they do not take fees or commissions, what they do do is charge traders for making a given trade.
Trading Platform Review & Mobile Apps
OptionFair prides itself on offering mobile trading, both with an app and with a mobile version of its site. The OptionFair website itself is easy to use and to navigate.
Deposits & Withdrawal Methods + Ease
Minimum deposit amounts vary from account type to account type. The smallest minimum deposit amount is associated with the Standard account and it is $250. The Silver account, by contrast, has a minimum deposit of $500. Deposits and withdrawals can be done by bank transfer or by card payment and they are usually nice and smooth and hassle free with this broker.
Regulators & Safety: Are they a reliable, legitimate broker or a scam?
OptionFair is a regulated binary options trading platform. It is licensed by CySEC. In addition, it has built up a good reputation among traders and is transparent about its regulation and licensing information; OptionFair is almost certainly not a scam!
OptionFair ceased trading in February 2020
OptionFair is the binary options service of Finopex Group. They welcome traders from all over the world except the United States. OptionFair has the distinction of being one of the first to introduce a mobile version of the binary trading platform, allowing users to trade on their smartphones.
Bonuses and Promotions
Account opening bonuses are awarded to first-time traders on their platform. Periodic promotions are held as well. The amounts given out in bonuses vary and are arranged for each customer by the account officers.
Account opening balance typically starts from $200, but traders can actually start trading with as little as $100 in their accounts. OptionFair augments this with a generous bonus of 10-30%. Minimum trade amount is $10, and traders can operate accounts in US Dollars and Euros. Account opening is an online affair, after which traders are required to send supporting documents to Optionfair.com.
OptionFair has a vast array of electronic funding and withdrawal options such as Liberty Reserve, UKash, CashU, Skrill, credit/debit cards from almost every major card processing company you can think of.
OptionFair has the distinction of having developed advanced pricing algorithms that allow some of the most competitive pricing in binary options, and permits traders to trade on both sides of the asset. If you call them the equivalent of ECN brokers in forex, you would not be wrong. The range of assets that can be traded is unparalleled. Traders can make as much as 85% on every trade.
Platforms Featured and Markets Offered
The trading platform is a web-based platform that is easy to use and has been simplified for even novices to use without difficulty. One feature of this platform is the availability of an interactive chart for every asset listed for trading. As mentioned earlier, a mobile trading platform for use on smartphones exists, taking away the restrictions of trading with a PC. Assets traded are as follows:
1) Currencies: EURUSD, USDCHF, USDJPY, AUDUSD, GBPUSD and the Yen crosses.
2) Stocks: Telefonica SA, Lloyds, Vodafone, Apple, Google, BP, Barclays
3) Commodities: gold and silver.
4) Stock index futures such as the IBEX, DJ30, NASDAQ100, FTSE100 and Xetra Dax.
The asset index is a lot broader than what has been listed above. A more comprehensive list is available when traders open accounts. Traders can trade the following types on the web-based trading platform.
b) Touch/No Touch Options:
c) Boundary Options: Traders are able to trade the In/Out options with OptionFair.
Traders also have the option of using the option builder to choose the assets that they can trade.
OptionFair has a customer support that is way ahead of its peers. Users to the support section are initially presented with a Frequently Asked Questions section, which addresses basic questions about binary options and their services. At the next level, traders can contact the multi-lingual support team via phone, email, or live chat. The customer support is very robust.
Is Option Fair a Scam?
OptionFair is a binary options trading brokerage registered in the British Virgin Islands and operates out of Cyprus. The brokerage, one of the finest in the industry, came into existence in 2020 and is said to be managed by a group of highly experienced professionals from the financial industry. They are regulated by the prominent regulatory body in the binary options industry, the Cyprus Securities and Exchange Commission. OptionFair has involved itself in a number of innovations since 2020 and has been successful in diversifying their product portfolio. In addition to this, they offer several different secure options to safeguard your transactions.
It is an arguable fact that OptionFair ranks among the best three binary options brokers in the world. Their competitive pricing structure, payout system, wide array of funding and withdrawal options and robust customer support make them one of the most sought-after brokers. Most reviews you will get from traders who have used this service are positive. Until date, there have been no reports of traders encountering some of the problems that are commonplace with certain brokers. This is a good broker to trade binary options with.
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