Expert Option is noted for providing stellar binary options trading services, notable among which are:
Maximum Payout – The payout rate offered by Expert Option for successful trades is one of the highest in the industry. With ExpertOption, the lowest payout rate you can get is 80%, while the maximum can go as high as 95%. This is in the same binary industry where we have payouts of as low as 17%.
Low Commissions – Another remarkable thing about ExpertOption is the amount of commission, fees that clients incur for trading with them. As we will see later, Expert Option’s trading commissions are some of the lowest in the industry.
Trading Hours – The ExpertOption trading platform is open 24 hours a day all through the 7 days a week, meaning it is available all year round. So, in essence, anytime you feel like it, you can simply log in via any of the trading channels and start making trades. This gives traders the utmost flexibility and freedom to tailor their trading to their lifestyles.
However, we must note that not all markets are open at all times. In essence, while the ExpertOption trading platform can be accessed and trades made at any time traders wish, trading is still limited to the hours in which the markets you wish to trade on are open. For instance, the forex market, which is tradable on ExpertOption, is not always open throughout the week; you can’t trade during weekends and specific national and international holidays. This is the same case for stocks and commodities. However, that is not the case for cryptocurrencies, as they are always open at all hours but that doesn’t mean that the best time to trade binary options on cryptocurrencies is 24/7..
As a result, you shouldn’t limit yourself to only one or a few instruments. Some traders even trade with automated trading software so they don’t miss the opportunities on the market.
Customer Service – ExpertOption customer support is available mainly in English and Hindi. You can speak to customer support representatives 24/7 and access other channels such as email, telephone or via a customer care form embedded into ExpertOption mobile and desktop applications. If you are an English speaker and wish to contact customer service, you can email via [email protected], or call via +44 20 3868 3160. For Hindi speakers, the email is [email protected], while you can call 000 800 442 0002.
What is Expert Option?
Trading binary options represents a popular ways to make money on the internet. Binary options may be seen as a derivative instrument that speculates on the probable movements of the prices of financial assets. In essence, binary options allow you to “bet” or “stake” (based on careful analysis) on the direction or movement of assets such as stocks, cryptocurrencies, commodities and, of course, forex. Expert Option does offer crypto pairs for trading, but it has no relation with some cryptocurrency scams that we covered in out bitcoin reviews.
In this case, you are not really interested in the underlying assets, but in the directions their prices. If the price goes in the upward direction, you go for a “Buy,” If you believe the price will go downwards, you enter a “Sell” trade. All this and more can be done over the internet. If your “prediction” or “bet” turns out right, you get paid a fixed percentage of the amount you put up. Otherwise, you lose that same amount.
However, to be able to trade binary options, you need to register with a binary options broker, who then gives you access to its platform, from which you can then trade. There is a plethora of brokers out there, and we have scams and phonies in the mix as well. Hence, the need for you to go for credible and reliable brokers who possess certain features, must be recognised in the industry and possess a commendable track record. They must also be registered with notable regulatory authorities. One such broker that possesses these features and much more is ExpertOption.
Expert Option is one of the most recognised binary brokers in the world, and a very respected one at that. This is partly because it has been in the game for a fairly long time, having been founded in 2014. ExpertOption boasts a membership of 9 million traders, with over 30 million deals being completed on its platform per month.
According to statistics from both the Google Play Store and the Apple App Store, the Expert Option app is ranked as one of the top finance trading apps in over 47 counties. Similarly, it was ranked the fastest-growing app in the Finance category in many countries.
Expert Option Login
Expert Option provides you with a variety of channels through which you can access its trading platform. You can access Expert Option’s trading platforms via web and desktop apps and mobile applications available on Android (downloadable from the Google Play Store) and iOS devices (downloadable from the Apple App Store). If you are an Android user, you can also download the APK file from the ExpertOption website. Unfortunately, despite its popularity, ExpertOption does not yet feature any integration with MT4.
All of these platforms are integrated in real-time. As such, if you choose to trade with any of the channels, you can easily switch to another as you use the same account across all the platforms.
To sign up, you can go through the website, the desktop app, or mobile applications.
Upon gaining access to the trading platform, you are first faced with a Expert Option demo account for which you don’t need any registration. To gain access beyond this point, you need to make at least one demo trade. Once you do this, the full trading platform comes into view. At the center-top of the page is a blue icon bearing “Real Account.” Upon clicking this, you will be taken to the registration page.
You can register by simply providing your email address and password, and clicking the “Create Account” button. However, note that there is a “Terms and Conditions” link to which you must consent.
Alternatively, you can register through your Facebook or Google account.
Upon registration, you are automatically taken to the “Deposit” page to deposit into your live account. If you are ready to, you can go on to make deposits. However, if you are not, you can click the triple bar icon on the top-left corner of the page to go to other sections of the trading platform.
The first option you come across is the “Trade” option, leading you to the main trading home page. Here, you have the chart of whatever instrument you are analysing. Other features on the platform include the “News” section, where you get access to market-moving information.
Expert Option Demo
ExpertOption provides its traders with a $10,000 Expert Option demo account. What is remarkable is that as you may have seen above, you don’t need to sign up to be able to trade with ExpertOption’s binary options free demo account. In essence, it means that Expert Option does not get your details before giving you access to a demo account. This is against the norm with most binary options brokers who expect you to register your data before you can be given access to a virtual account.
One more remarkable thing about the demo account you have access to is that you also get all the standard features of a live account.
As for the assets available for trading, Expert Option demo account boasts one of the most comprehensive collections of instruments. You can trade CFDs, Forex pairs, company stocks, commodities, equity indices, and individual cryptocurrencies. However, it must be noted that not all assets are available in every country. Expert option demo can help you to get more familiar with the trading benefits of binary options vs stock options.
Furthermore, ExpertOption provides traders with a lot of bonuses and promotional offers, one of which is a 100% bonus on their first deposits. However, it must be noted that there are some downsides to this. For one, there are usually strict conditions to be observed. For instance, you may be expected to make a turnover of up to 50x of your original capital before you can make any withdrawals.
All good brokers are expected to create services geared towards creating a better experience for traders. One of such is trader training. Expert Option provides you with an educational section that is quite accessible as it is embedded with the mobile application; this means that you can learn on the go. The education materials are comprehensive as they cover every aspect of trading education you will need to trade with ExpertOption.
One more good thing about the trading education it provides is that it is entirely presented in video format. Audio-visual learning has been noted to be one of the most impactful forms of learning, and one which fits almost all classes of persons.
Expert Option Analytics
This is another feature that Expert Option has included that could help inform your trading. The analytics section is more for those traders who would like to have some fundamental analysis on particular assets and markets.
For example, the first section is a collection of videos that will take you through the latest market movements and news over the past week. We were quite impressed with these videos as they were well presented and had useful visuals and charts to support the data.
Another handy tab in the analytics section is the part that gives you an overview of the financial exchanges and what their trading hours are. This is more relevant for those traders that want to trade in equities during live market hours.
ExpertOption Minimum Deposit
ExpertOption minimum deposit is just $10. As is typical of most binary options brokers, Expert Option operates a segregated account structure, in which there are different live account levels that traders can open.
- Micro Account, which is primarily targeted towards beginner traders. It requires a deposit between $10 and $49. Perks that come with this account include access to educational materials and a maximum number of 10 trades allowed to be opened in a single time. The maximum trade value here is $10.
- Basic Account, which requires a minimum deposit of $50 and a maximum of $499. You also have access to educational resources; you can open 10 trades at a particular time, and you can open trades worth up to $25.
- Silver Account, which requires a deposit of between $500 and $2,499. In addition to the educational resources, you also have access to daily market reviews and financial research. The number of trades you can open at a time increases to 15, and you are allowed to trade for a maximum trade of $250.
- For a deposit of between $2, 500 and $4,999, you get the Gold Account on which you have access to educational resources, daily market reviews, economic research, and priority binary withdrawal. You are allowed to open up to 30 trades at a time, and your maximum trade value is $1,000.
- Up next is the Platinum Account, which requires a deposit of $5,000 and above. With this account, you can open an unlimited number of trades, and your maximum deal amount is now increased to $2,000.
- Finally, there is the Exclusive Account. With this account, you can bet up to $3,000 on a single trade and open an unlimited amount of trades. However, you can only get this account by invitation.
Expert Option Withdrawal Limit
To discuss the process of Withdrawal, we must first know the deposit process.
You can deposit your real account via many channels, including bank cards (debit and credit) provided by MasterCard, Visa and UnionPay. You can also deposit through e-wallets, including Skrill, Neteller, FasaPay, Perfect Money. Lastly, there is the option of bank transfer.
If you deposit any of the above options, your trading account gets credited almost instantly; however, the bank transfer option may take several hours, if not days, to reflect. No commissions have been charged on deposits.
The above options are also the same channels through which you can make withdrawals. It must be noted that whatever channel you choose through which you make deposits, is also the same channel through which you can make withdrawals. This is not limited to Expert Option alone; most binary options brokers introduced this policy to guard against fraud and laundering of funds. It also helps ensure quicker transactions.
ExpertOption boasts one of the fastest withdrawal processes amongst binary brokers. Your withdrawal usually gets reflected almost immediately, except for bank withdrawals that may take considerably longer periods before you can receive them.
ExpertOption Commissions and Spreads
As has been mentioned above, ExpertOption fees and commissions are some of the lowest in the industry. In addition to regular withdrawal commissions, Expert Option also charges commissions on payouts for successful trades. ExpertOption usually charges an average of 5% commission on successful trade payouts, depending on the amount involved. This is far below the industry average of as high as 15% charged on payouts.
Furthermore, ExpertOption also boasts ultra-low spreads, of as low as 0.1 for major currency pairs. However, it must be noted that spreads can increase or decrease far more than usual during abnormal market conditions like during times of extreme activity or even extreme inactivity.
Expert Option Scam
There are several participants in the binary options brokerage space, with many more springing up from time to time, with newer brokerage models and more fascinating offers, to lure traders to their platforms. As such, a trader searching for a broker is faced with a myriad of choices. Unfortunately, not all of them can be regarded as credible.
It is sad to note that there are more scams in the binary brokerage space than real and credible ones. This has led to a clampdown on many binary options brokers and, in fact, the scrapping of binary trading in some countries. If you are US trader, getting a Nadex account might be the the solution for binary options trading since Expert Option doesn’t accept US traders.
At one point, both Google and Apple (owners of Android and iOS operating systems) planned to scrap all binary options trading and related mobile applications on their Play Store and App Store platforms. Should that, however, discourage you from trading binary options? No. What you have to do is become aware and educated on how to spot the right brokers.
Good and authentic brokers have some common traits. For one, they usually have credibility. Just a random search online will help you determine if the broker is worth it or not, by sampling people’s opinions. Of course, we are not instructing you to listen to bandwagon sentiments, but you can’t deny that the opinions of a majority about a brand might most likely be the true nature of such a brand.
By far, one of the most important attributes again is if such a broker is regulated by a credible government financial authority in whatever country. Being a regulated broker does a lot of good to both the promoters of such a broker and the clients who sign up with them.
Although there are many more factors that play out when it comes to deciding on a broker, we believe that the above are a starting point. And Expert Option, the broker under review, can be said to pass the above tests excellently. It can be boldly said that Expert Option is a credible broker and not a scam; furthermore, it is regulated by some financial authorities.
Contributing to this dilemma is that not all of these brokers operate the same brokerage model; from brokerless trading platforms to crypto-based binary options brokers, there appears to be a never-ending variety. One way to sieve through the numbers is by going to brokers who are registered with regulatory bodies.
Your broker being regulated by a financial services body comes with several benefits for you as a trader:
Existence of Broker-Trader Relationship Model
The binary options trading industry seems somewhat loose, as there does not seem to be any particularly universally accepted model or convention to doing things. As a result, different brokers come up with different models, as they deem fit. Some of these models and frameworks are not always in favour of traders. Regulators are there to check and ensure that a broker’s model either exists to benefit traders or does not hurt them.
Reduction in fraud
If a government authority regulates a broker, the chances of such a broker engaging in fraudulent activity are significantly reduced. That’s because most regulators have come up with rules for potential loopholes through which manipulation or fraud may be committed. Most regulators also perform oversight functions on brokers’ activities to check if breaches have been committed, with appropriate sanctions to that effect.
Protection of Trader’s Funds
Another benefit that comes with trading with a regulated broker is that the safety of your capital is almost guaranteed. This is because most regulators mandate brokers to separate their traders’ capital from their operating funds.