Options Bank Review: The binary trading market has been attracting many players, including traders and brokers. The market now offers abundance choices for the investors and traders, and the choice of choosing the right broker remains the most important task for the traders. The traders need to asses’ various pros and cons of the brokerage company, and that’s where we assist them. Our endeavor is to provide a comprehensive analysis whether it is about binary option robot, signal service provider or brokerage offerings and evaluate them based on some stringent parameters.
Today, we are going to evaluate a fairly new entrant into the binary broking, namely the OptionsBank. The broking organization started its operation in 2016 and has been attracting many traders to their website. The following text details the advantages and disadvantages of the OptionsBank.
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The “About Us” section of the website indicates that their employees were either trader or had worked in a dealing room before joining the organization, and that makes them unique and advantageous. The company behind the OptionsBank is the OB Marketing Solutions Ltd.
The research on the website about the licensing has yielded a no results, and this is very disheartening fact.
The website of the Options-Bank is powered by Finantick and provides an unparalleled user experience. The platform provides easy to use interface with safe and secure trading environment for the traders. The website is built with dark blue, black and white theme, giving a professional look and feel. The website offers more than 200 assets to choose from a variety of asset types including currencies, commodities, popular stocks and indices. It includes popular currency pairs like EUR / USD, USD / GBP, USD / JPY amongst others, most traded commodities like gold, oil, platinum, and silver, selected indices of major stock exchanges like AEX, DOW, and FTSE among others, and selected stocks including apple, Facebook, Microsoft and google.
The brokerage house also offers a variety of option types to suit trader’s styles. It offers very short-term expiry like 30 secs, 60 secs, 90 secs, 120 secs, and 180 secs for the high-risk takers who prefers very short duration expiries. The company also has short-term expiry like 5 minutes, 10 minutes, 15 minutes, 30 minutes and 60 minutes, which are suitable for short-term day traders who prefer such expiry durations. Along with short-term expiry, the company also offers long-term contracts with expiry duration of 24 hours, 1 week, 1 month, 2 months, 3 months, up to 6 months to suit the long-term traders who prefer to buy and hold on to their positions for the longer duration of time. The offerings from the brokerage site are truly suitable for the spectrum of traders and are one of the most comprehensive amongst the binary brokers except that it does not have fancy options types.
The broking company also allows the users to follow their favorite trader and copy trades througha single click. The social feature is very useful for new traders as it shows how the successful traders are minting money through the binary trading. The platform provides transaction history for deposits, withdrawal, and trading transactions along with safe and secure environment for depositing and withdrawing funds. The broking house accepts funds in GBP, CYN, USD, CAN, GBP, CHF, AUD, JPY, and RUB. The website offers very limited resourcing for learning and sharpening the trading skills and also does not offer demo account for practice without registration. It is evidential that the company focuses more on the seasoned players than the beginners in the binary trading field.
The website requires you to fulfill the Know Your Customer and Anti-Money Laundering guidelines before starting the first trade on the site. The enrollment in the Options Bank requires standard form filling and generic fields. The company offers up to 100 percent bonuses on the initial deposit amounts. Also, it runs monthly promotions to attract the new users which include goodies like iPhone, iPad, or a discount on their signal services. The broking company also offers payouts up to 90 percent of the investment amount. The OptionsBank requires their client to deposit a minimum of $250 to start the trading on the platform, also, the minimum investment amount per trade is restricted to $ 25. The minimum deposit requirements and the payouts are competitive in the market though not the best. There are other brokers who accept minimum deposit as low as $ 10 and allows $ 1 as per trade investment amount.
While most of the broking company in the binary trading field provides access through a mobile application, the OptionsBank does not offer the mobile trading platform. This is a big negative for the traders who prefer to trade while they are traveling or watching their favorite movie.
Deposits and Withdrawals
The deposit and withdrawal procedures are seamless and can be accessed and executed with one click. The organization requires a minimum deposit of $ 250 to start the trading on the platform. The OptionsBank accepts deposits through credit or debit card, wire transfer, and Skrill. The company offers limited options for depositing and withdrawing funds compared to its counterparts. The acceptable currency for the brokerage house is GBP, CYN, USD, CAN, GBP, CHF, AUD, JPY, and RUB.
As the company requires you to fulfill KYC and AML guidelines before initiating the first trade, the subsequent deposit and withdrawal process is just a click away and takes up to 3 days to process the request. The website does not limit the minimum withdrawal amount through credit card as long as the account has not fallen into inactive category. The withdrawal proceeds are funded to the same source as the source of the deposits, and withdrawal through wire transfer attracts processing fees of $ 25 equivalent of the base currency.
There is also limitation on the number of withdrawal request per month; Account with an initial deposit less than $ 5,000 are allowed only one withdrawal per month, account with an initial deposit between $ 5,000 and $ 10,000 are allowed only two withdrawals per month, and the accounts with more than $ 10,000 deposits are allowed only four withdrawals per month. It is advisable to read through the terms and conditions of the website before jumping onto the real account with the brokerage house.
The limited deposit and withdrawal options along with restrictions as mentioned above are definitely deterring factors when compared with other well-known names in the arena.
Signup and Bonuses
The OptionsBank requires you to fill generic fields to enroll as a trader. The signup is hassle free and asks you to fulfill KYC and AML guidelines before initiating your first trade on the platform.
The company offers up to 100 percent as a bonus of the initial deposit amount but requires you to fulfill 40x volume in order to withdraw the funds. Time to time, it also offers promotional goodies and cash-back offers for their registered users. The company also offers three account types with a variety of advantages associated with them, and the following text provides the details on the same:
Account balance requirement: $ 5,000
Max position size: $ 1,000
Welcome Bonus: 100 percent
Risk-free trade worth $ 1,000 (4 trades of $ 250 each which you cannot loose on, and if you lose they will refund)
Current Month Promotion: iPhone 6S
Access to Signals through Skype
Access to choice of strategy
Fund protection & insurance: 5 percent.
Account balance requirement: $ 10,000
Max position size: $ 2,000
Welcome Bonus: 100 percent
Risk-free trade worth $ 2,000 (4 trades of $ 500 each which you cannot loose on, and if you lose they will refund)
Current Month Promotion: iPad Pro
Access to Signals through Skype
Access to choice of strategy
Fund protection & insurance: 12 percent.
Provides personal debit card
Access to Signals through e-mail
Payment of interest on the account balance: 1.8 percent
Account balance requirement: $ 1,000
Max position size: $ 200
Welcome Bonus: 75 percent
Risk-free trade worth $ 250 (4 trades of $ 50 each which you cannot loose on, and if you lose they will refund)
Current Month Promotion: 50% discount on signal service
Access to Signals through Skype
Payouts and Trading
The OptionsBank offers payouts up to 90 percent of the investment amount, this is a positive for the company as it falls on the upper strata of the brokerage companies. The company offers one of the most comprehensive lists of assets for the trading along with expiry ranging from 30 seconds to 6 months. The offerings also provide access to currency pairs, commodities, stocks, and indices for the trader.
The comprehensive list of assets and expiry durations are very favorable for all kind of trader types and are big positives for the brokerage house. The limiting factor is that it does not provide a mobile application for the trading on the go.
The years of experience of the team has percolated into a robust customer support system. The customer support system can be reached through a variety of mediums including phone, e-mail, web chat, and contact form. The customer can put their queries through an e-mail, or call directly on phone or message directly to the representative on live chat through the window on the bottom right corner of the website.
The customer support service is available round-the-clock on five business days. The OptionsBank takes pride in their support services and provides services in the English, Greek, Spanish or Russian language. The support staff is equipped and trained to provide immediate assistance on various subjects of the binary trading including technical matters.
As soon as we open the website we are taken on a pleasant experience. The aesthetics and the offerings of the website are very attractive in the binary trading arena. The company offers more than 200 assets with expiry ranging from few seconds to several months. The company’s payout ratio of up to 90 percent and the bonuses of up to 100 percent also falls in the top strata of the binary brokers. On the negative side, the website does not hold a valid license for the binary trading from the known regulators, and the limited or absence of education material on the website pulls down the attractiveness of the brokerage house. The brokerage company also put many restrictions on the withdrawal of funds and its minimum deposit amount also is a hindrance for small traders.
Although the company provides one of the most attractive trading platforms, we recommend you to dodge the website due to its unlicensed status. There are trading platforms like Option Robot, who has built their reputation with consistent policies and customer service. The Option Robot also has an association with famous brokerage sites like Banc De Binary amongst others who holds a valid license from the reputed CySEC (Cyprus Securities & Exchange Commissions) with an array of assets and expiry to suit the requirements of the traders.
Overall, we would recommend choosing Option Robot compared to the OptionsBank, as a binary trading partner for all the traders.
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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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