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.
Option 888 in a Nutshell:
- Broker: Option888
- Platform: Tradelogic
- Founded: 2014
- 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.
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.
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 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.
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.
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.
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.
Platform and Trading
Option 888 offers their traders the Tradologic platform which is a refreshing variation from all those SpotOption related brokers. Most of the features are quite similar, but there are a few extras.
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.
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.
In addition to all above, Option 888 offers 30 page eBook
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 2014 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.
Written by Michael Allen