Since its introduction about a decade ago, the binary options trade has grown fast. This growth has caught the attention of many traders and the general public at large. This is because this type of investment has been widely accepted as a good investment practice that has the ability of offering high returns on investment.
Its popularity has brought with it a large number of binary options brokers who wish to tap into this booming business that has a wide client base. Many brokers are driven by the aim of increasing their profit margins at the expense of their clients. This has created a lot of disgruntlement especially to traders who feel cheated by not so honest brokers. Most of these complaints are in the areas of poor investment decisions, on the part of the broker, withdrawal problems and poor customer support. Also of importance is the type of binary options robot that is used by many brokers some of which are out there to exploit any uninformed trader. There are many robots in the market and it is difficult to distinguish between the genuine and the not so genuine ones. Some of these robots are outright scams.
It is therefore imperative for a trader to be informed about the operations of the binary options trade before they commit their hard earned money with any broker.
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KeyOption is owned by Nuntius Brokerage and Investments Services and is based in Athens, Greece. They use the SpotOption trading platform where traders have the opportunity of choosing from more than 180 assets to trade with. Also featured are the Long Term, High Low, 60 Seconds options which also includes Ladder, Pairs and One Touch Options. The broker also offers binary options on Commodities which include Gold, Platinum, Oil and Silver. They also provide exotic currency pairs like the South African Rand, Singapore Dollar, Turkish Lira and also the Russian Ruble. Opening a new account requires a minimum deposit of 250 Dollars.
The broker features a number of account types which are specifically designed to suit the needs of individual traders. These account types include:
Standard Account – This account offers up to 250 Dollars as a welcome bonus and does not have any standard fees and no commissions are charged here. Account holders here are entitled to a one on one training session with experts and an account manager for the beginner. There are all sorts of educational materials including video library, alerts and newsroom research. It is a good account especially to beginners in the binary option trade.
Pro Account – This account is opened with a minimum deposit of 1000 Dollars and has a welcome bonus of 500 Dollars. It also does not feature standard fees and commissions. You are also able to access videos and other important updates as regards your account. It also features an account manager who is at the pro level.
VIP Account – You need a minimum deposit of 5000 Dollars to open this account and you can be able to win back about 2500 Dollars in terms of welcome bonus. No standard fees and commissions apply here and also feature client protection insurance. It offers you all the features that are found in standard and pro accounts. It also features a Trading Central Reports and SMS Signals.
What KeyOption Has to Offer
SoftOption trading platform– KeyOption’s primary trading platform is web-based and does not require to be downloaded. It is therefore possible to make trades anywhere there is internet access. It is a very easy to use platform with logical and functional buttons. The platform here is attractive and appealing and is powered by modern software that is combined with data feeds. This platform is fully integrated and provides up to date information and data.
Deposit and withdrawal options – It is very easy to make deposits and also effect withdrawals because there are various options available. These banking options include the use of credit cards which is the easiest and quickest method of funding your account. All transactions here are processed in real time and reflect on the account almost instantly. You can also use Skrill which is an online web wallet account type that you can use to send and receive funds from your KeyOption trading account. Again, you can also send money directly to your bank account using a wire transfer. There is also a new deposit method here which is known as the Cash U.
KeyOption Academy – KeyOption is well known for its academy that is beneficial to traders especially when it comes to informing them about the operations of the binary options trade. The broker tries to encourage traders who are new in the field to subscribe to their services and platform. The KeyOption Training Center has excelled in this field where traders are exposed to trading tutorials, webinars, e-book learning kit and an array of trading strategies. They are currently offering three different courses which include Introduction to binary V.O.D, Binary Options Trader Course and The Advanced Binary Trader Course.
Assets – A wide range of assets, more than 180 from the leading securities exchanges in the world including commodities, stocks, currency pairs and indices is also available on this platform.
A review of this broker would not be complete without looking at the other features that traders may find important. This includes features like
Speed Master – It offers the fastest and exciting options to traders and ranges from 60-120 seconds and allows a trader countless of profitable opportunities every day.
Classic – This is a good feature for beginners. It is a simple tool to use and provides for both long and short term expiry times. It is possible to get high returns with limited risks.
Touch or No Touch – This feature searches for profit making opportunities in each and every kind of market. It does not matter if the market is volatile or flat you can find profitable opportunities here.
Pro option – This instrument is a relatively new innovation and allows traders to trade two totally different assets against each other. This type of trading activity actually opens up a variety of opportunities to make profits. This is an innovative instrument which KeyOption has invested in.
KeyOption has one of the best banking services as they accept a wide variety of e-Wallets as well as wire transfers and credit cards with withdrawals being guaranteed within a 48 hour time frame. All these transactions are backed up by the HCMC regulation. Standard account holders are eligible for a 1 risk free trade and bonuses of up to 50%. VIP account holders are entitled to 10 risk free trades monthly, and a 100% deposit bonus.
Bonus terms are stringent like with other brokers. No withdrawals can be effected once the bonus is accepted before actually meeting the turnover requirements. The bonus cannot be withdrawn until a 40x the bonus amount has been traded. However, profits can be withdrawn once a turnover requirement of 10% of the profits has been met. If you make a withdrawal before any of these conditions is met it will negate the bonus and this loss will be passed onto your deposit balance. This account also encourages Early closure and Rollover where you can fully maximize the risk and reward outcomes.
You can make deposits to your KeyOption account by the use of credit cards, wire transfer and other popular e-Wallets. Credit cards accepted here are similar to those that are accepted by other brokers and which include Maestro, MasterCard American Express and Visa. The minimum amount you can deposit using this method is $250 and the funds are available for trading immediately.
With KeyOption, withdrawals are effected the same way deposits are made and this includes the use of credit cards, wire transfers and the use of Skrill. Withdrawals at KeyOption take about 2 business days to be processed and this is a very reasonable time frame compared to other brokers. Wire transfer withdrawals take a short period of time to be ready for Transfer. The client receives the money directly to his/her official bank account.
KeyOption Promises vs. Reality
KeyOption has in the past been in controversial circumstances since many traders have been doubting its legibility and some have even labeled it as a scam. In the past the broker has been promising so much in terms of their trading platform but most view it as unresponsive when it actually comes to delivery of services. Most people are shying away from KeyOption because of non delivery and many reports from disgruntled traders.
Their withdrawal policy is quite harsh on traders but when they promise about bonuses and fast and efficient withdrawals one would expect that the broker acts according to his word. The broker would promise bonuses that are very difficult to redeem especially if you check the terms and conditions of redeeming the said bonuses. Traders are required to redeem a 1 dollar bonus by having a trading volume of 10,000 Dollars. Also it becomes very difficult to make withdrawals because of the many requirements including the identification issue where one is supposed to produce identification papers every time one wants to withdraw. This makes the withdrawal process to be stringent and this puts off most traders. However, the broker will promise you that their withdrawal process is smooth and flawless and that you can actually withdraw money within a time frame of 48 hours.
Shortcomings of KeyOption
KeyOption is known for its attractive educational and training aspects but it does have quite a number of shortcomings that need to be addressed. Among the most common complaints by traders about the site are
Its absence in the United States
This is a major disappointment since there are many Binary options traders who are based in America. By not accepting them this broker is losing a lot in terms of lost opportunities because there is a lot of money to be made in the American market.
Licensing and Regulation
KeyOption is not licensed by CySEC which is a well known and reputable licensing authority. However, they are licensed by the Greece based Licensing authority in the name of The Greek Capital Market Commission (HCMC). This is far below the binary options market standards which require that a broker of repute should at least be licensed by a global regulatory body like CySEC. It is unclear whether this broker is unable to meet CySEC’s requirements or not.
This broker does not have a mobile trading platform and this makes it very difficult for traders who are usually on the go to utilize its services. The lack of a mobile platform is limiting most traders in their trading activities because they can only do so by their computers but cannot use the services anywhere they want to, which is a feature that makes mobile trading very popular.
KeyOption’s withdrawal policy is very unfriendly to many traders because of the requirement of producing identification documents when one has to withdraw from his/her account. These documents include a photo, a recent utility bill showing your name and address and a copy of the credit card used to deposit funds. KeyOption offers good bonuses but the withdrawal terms for those bonuses are simply outrageous. According to them, for a 1 dollar bonus, a trader is forced to trade a volume of 10, 000 dollars in order to redeem the bonus. It is therefore useful to put this into consideration before accepting any bonus.
It is a known fact that any binary option broker has some shortcomings in one way or the other. But when the shortcomings outweigh the strong points in a broker, then that broker must critically be examined. KeyOption has been tested to stand on shaky grounds and any trader wishing to deal with them must take utmost care by reviewing most of its operation activities.
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Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.
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