OptionFair Review


OptionFair Overview

Founded 2010
Accept US traders No
Normalized profit 70%-89%; Refund of up to 0-15%
Trading assets Forex, Commodities, Stocks, Indices
Total assets 37
Minimum Deposit 250 $/€/£ or ¥20,000
(Secondary deposit 200 $/€/£)
Min. Trade size $30
Deposit Methods Credit Card, Bank Transfer, Moneybookers, Western Union, MoneyGram
Withdrawal methods Credit Card, Bank Transfer, Moneybookers, Western Union, MoneyGram
Platform Special features High/Low, Boundary, One Touch, Rollover, Double Up, Closable setting
Demo Account Yes
Regulated Yes
(full EU regulation by CySEC)


 

Pros

  • 24/7 Support Team
  • Market Analysis and Market Highlights provided Daily
  • Early Closure Feature
  • Low Spreads
  • Industry-High Refund Of 10% to 15%
  • Mobile Trading Supported
  • Option for Weekend Trading
  • Regular Offers of Large Bonuses

Cons

  • Asset List is limited
  • Does Not Accept US traders
  • Option for Paypal Deposit and Withdrawal not supported

I regard myself as considerably new to the world of trading, ease of use and flexibility are always a consideration on my part. Of course, I try brokers that come highly-recommended from my friends. But, what I always go for is the platform that I myself have found extremely suitable to how I trade. I’d say, having stumbled upon OptionFair is my best discovery among binary brokers as of yet. Here is what I’ve found out and why I see myself using it for a long time.

OptionFair started its operation only in 2010 but it seems like it has been in the industry for a very long time. It knows the binary trading business through and through. They’ve been around so long that OptionFair has perfected investment processes that would make your trading experience worth your every dime, which I will tell you all about next.

Website Reliability

OptionFair is duly licensed by the Cyprus Securities and Exchange Commission (CySEC). The license was, in fact, issued to OptionFair’s parent company B.O. Tradefinancials Ltd, a company that offers financial binary options, commodities, stocks and forex trading services. You may find information on OptionFair’s regulation on this link http://www.cysec.gov.cy/licence_members_1_en.aspx. Click on B.O. Tradefinancials Ltd on the CySEC webpage and you will be redirected to the OptionFair website.


OptionFair runs on the TechFinancials platform. With this fact alone, I am assured of investing my hard-earned money with a highly-rewarding broker known for its quality performance on the market.

Operating out of Limassol, Cyprus, OptionFair has it base operations headquartered in the European Union (EU) particularly in Italy, France, Germany, Spain and the UK. Also, its presence is felt in the trading world all the way to Dubai.

It is reassuring to know that OptionFair is a signatory with the requirements outlined in the Markets in Financial Instruments Directive (MiFID). The MiFID is the European directive for the markets of financial instruments seeking to regulate all brokerage businesses within the Eurozone. Moreover, OptionFair is now working on obtaining the Autorité des Marchés Financiers (AMF) and Banque de France guarantee.

With an excellent reputation to boot, in terms of platform efficiency and transparency and website security, these pieces of information are definitely enough for me.

Website Design

In seeing the platform for the very first time, the blue color permeates throughout the website. In the psychology of colors, this brings calmness and serenity. Which echoes what traders should keep in mind while trading: to remain calm amidst volatile market situations. Now, I don’t know how it is with most people but, the visualization associated with this color works for me just fine. I keep cool and I am more focused while waiting for my trade positions to close.

The website design is very intuitive. It presents what I, as a trader, might need and want to access easily. With support from Reuters for real-time data feed, the latest market news are within reach in just a few simple clicks. Now, these pieces of information are instrumental to my trading decisions. And the fact that it is readily available on the homepage makes it even more accessible. Seasoned traders know that a reliable data source is extremely helpful when opening trade positions. Moreso to the newbie trader, this is a goldmine!

The OptionFair platform is very easy to understand, and does not have a complex layout that could have scared off newbie traders or that would have left me confused. In fact, it is one of the most structured platforms I’ve seen online.

Customer Support

In initiating a chat session, I learned that the OptionFair online support staff is composed of multilingual speakers that can provide support to multilingual traders such as English, Spanish, Arabic, Italian, French, Russian, German and Hungarian speakers.

My eagerness to chat with a representative was replaced by boredom as it took a full two minutes before finally chatting with Benjamin. Now, this is considerably a long waiting time for a representative to go online and answer my query. However, whatever annoyance I’m feeling was quickly replaced by appreciation as he tried to answer my questions adequately.

The agent that greeted me was nice and pleasant at the onset. When I asked regarding the regulation of OptionFair, he directed me to go to the CySEC website. He could have offered the direct link that would have brought me to the website immediately. It was not offered proactively. He could have offered the info himself to save me some time looking for the information online.

After posting an inquiry on CONSOB regulation, I felt that he suddenly became defensive and was dodging the question. I posed as a trader moving to the EU region, particularly in Italy, and that I would be trading from there most of the time (hence, the CONSOB-related question). I agitated him a bit just to see how he would respond. I asked if he was ignoring the question on the security of OptionFair being covered by an Italian governing body. The answer I got was not what I had expected. I should say, I was a bit disappointed. Jeeez, why is he so touchy about regulation issues?

Account Creation

Of all the trading platforms I’ve opened an account with, I had the easiest time with OptionFair. It only asked for my first & last name and my contact details, and voila! I had a trading account with them. It was a breeze, actually. There was no need to fill out several fields that would have required too much of my time.

User Interface

The OptionFair platform is web-based, making it easier for me to initiate trades after inputting my login information. What greeted me right after creating an account was the trading page, with three tabs conveniently labeled and set side-by-side to easily see them. The Trade tab is the main trading platform, deposits and withdrawals are done in the Banking tab, and you can see your account details and current balances or bonuses on the My Account tab. Furthermore, you can see here your open trades and trade history, as well as the ability to change information on your profile. You can find helpful links to the FAQs and live chat in the Help tab, and if you prefer other means of communication the contact details are here as well.

There are three main trading options offered by OptionFair, each showcased on their own tabs. The first is the standard High/Low option, where traders can speculate whether asset prices will be higher or lower than the strike price after a contract expires.

The second is the One Touch option where returns will depend on the target price you set. If you think that the markets will touch your price target before the contract expiry ends, then expect rewards coming your way.

The third one, Boundary option requires setting dual price targets, a range if you may call it. Select the Out button if you speculate that the price of the asset will exit the range of the high part, or go lower than the low part. If you predict that the price will be within range, simply select the In button.

Choosing from among the options, there are several dropdown menus where you can select the assets you want to trade on. You may select from Forex, Commodities, Indices or Stocks. Each market type will allow you to focus on specific assets, which is especially helpful when you choose the Short Term option. This is not the only flexibility OptionFair allows, you can also filter out trades based on their expiry times.

The Trading Room

The minimum trading amount is only $10, which can be either in US dollars or in EUR. Now, this is lower than most brokers. When placing a trade, you can choose from among the options tabs on the left pane. Once you’ve entered your position between the High and Low buttons, you will be asked to enter the amount you want to invest. On the right corner a graph displays the current status of your trade, clicking on the arrow inside the graph will give you a candlestick interpretation of your trade (Professional Chart). Also, details about your open positions will be on the lower half of the page. I say, this can be very convenient for traders who want easy access to technical analysis tools and would want to place trades immediately.

Everything I needed was conveniently placed on one trading page. OptionFair has completely taken out the complexity of trading and instead replaced it with a very straight forward platform that is user-friendly and very easy to navigate. I felt that I have become the efficient trader that I could be, judging from how I can easily execute my trades.

Payout Percentage

I find the trade policy of OptionFair quite attractive. It offers a return rate of up to 85%, which is a bit higher than the 70% offered by other brokers. And for those of you who want to go after a higher payout rate, please take note of the following options information below:

High/Low Payout Percentage: 65-81%

Above/Below Payout Percentage: 220-360%

Touch/No Touch Payout Percentage: 70-77%

High Yield Touch Payout Percentage: 200-350%

Boundary Payout Percentage: 65-70%

High Yield Boundary Payout Percentage: 200-350%

60Seconds Binary Options Trades: up to 70%

Even if you are at the losing end, there’s no need to fret. You still get to enjoy a 10-15% return for out-of-the-money trades. OptionFair is considered as one of the most generous of the many brands in the binary options industry. You can also profit from bonus percentages given out depending on your initial minimum deposits

Bonuses and Promotions

If it’s your first time to join OptionFair, you will be offered a sign-up bonus depending on the amount of your first deposit. For just a minimum deposit of $500, you get four (4) free daily signals you can use for an entire month. Signals may give you automated alerts and its use increases the probability of a profitable trade.

That’s not all, for this amount you are also eligible for a demo account. You don’t even have to initiate trading to have access to a demo account, just to have $500 deposited on it is enough.
Signing up for different account types also comes with a different bonus scheme. Standard accounts with a first-time deposit of up to $499 qualify for a 20% bonus. For a Gold account receiving a deposit between $500-$999 for the first time receives a 30% bonus. And for a Platinum account, first time deposits between $1000-$5000 will receive a 50% bonus.

There are also seasonal bonuses that OptionFair gives out to customers especially during Christmas, the New Year and Easter holiday seasons.

Banking: Deposit/Withdrawal Process

The minimum deposit of $250 is considered as ‘standard’ in the binary options industry as there are brokers requiring the same amount. If they consider this as standard, for me it is a bit steep. As a newbie, I wouldn’t want to part with that hefty amount especially if I’m just trying to see how it feels like to trade. I was surprised, however, that the secondary deposits are lowered to $200, this is one feature differentiating OptionFair from among other brokers out there.

There are six (6) deposit methods accepted and I recommend the use major credit and debit cards, CashU or Skrill because other methods demand for a higher deposit amount. For Wire Deposits, the deposit amount required is higher. Please see the banking page of OptionFair below:

Similarly, Western Union and MoneyGram deposits require a higher amount of 1,500 in $, £ or € denominations.

The withdrawal process was essentially easy. Accessing the Banking page and clicking on the ‘Withdrawal’ tab, only the amount was required to put in. Clicking on the ‘Next’ button completed the process. And since I had a verified account, the process only took 36 hours to complete, which I think is an acceptable timeframe. This is also the same waiting time expected for deposits made via Skrill accounts. Note that the first withdrawal is free, for succeeding ones a $30 fee is assessed.

Typically, there is no minimum withdrawal limit for credit cards or Skrill accounts. However, for other methods there is a minimum withdrawal amount of 100 USD/EUR. And if the withdrawal amount exceeds that of the initial deposit, the rest of the money will be sent via wire transfer.

I used a credit card to make a deposit, and it was there that my withdrawal was credited back. And because it was my first time to withdraw funds, my proof of identity was requested in compliance with the anti-money laundering act. I appreciate this extra step on account security, though. But even with the correspondence, it only took a short time for the withdrawal amount to show up.

A Final Word

I do trades with popular assets that do not rely so much with technical events. One astounding attribute I appreciate with OptionFair is that they make a way for traders to receive updated financial information and the latest market trends crucial to accurate price speculations. With the free trading signals and the Professional Chart there is no need to go to other news sources just to get the latest market data, saving me time and allowing me to trade without delay.

Overall, I find OptionFair as a reliable broker. The absence of scam reports and just a minimum amount of negative comments is a testament that it is one of the most trusted platforms today. This is enough to give me peace of mind when I enter my trades.

VN:F [1.9.22_1171]
Rating: 4.7/5 (40 votes cast)
OptionFair Review, 4.7 out of 5 based on 40 ratings