Editor’s Verdict
Overview
Review
Headquarters | Cyprus |
|---|---|
Regulators | CySEC, MiFID |
Year Established | 2010 |
Execution Type(s) | Binary Options |
Minimum Deposit | $250 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
OptionFair, founded in 2012, is an binary options trading platform provider operated by B.O. TradeFinancials, located in Cyprus and regulated by CySec as well as MiFID. OptionFair offers options in major currency pairs as well as commodities and stocks.
Accounts
At OptionFair, traders can choose from one of five trader account types, each one providing investors with more and more features and promotions.
OptionFair Account Types
The Standard account requires a minimum deposit of $250 and a bonus of 30% is awarded to the account. The minimum trade is $25. $500 is required to open the Silver account which offers a 40% bonus on the deposit amount. The minimum trade here is also $25 and an additional profit of 1% is added.
A Gold Account can be opened with a deposit of $2,000. A 60% bonus is available as well as an additional profit of 2%. $15,000 is the amount needed to fund the Platinum account and an 80% bonus is awarded to this amount. A profit addition of 3-4% is offered.
Anyone with $50,000 can open the VIP account, receive a 100% bonus and an additional profit of 5%.
A minimum trade for the last three accounts is $50 and there is no withdrawal fee from any of the five accounts. Leverage is not provided.
All traders are entitled to receive trading signals in real time sent via SMS or email about which asset to trade, the direction of the trade-i.e. Call or Put, and the expiry time.
I was disappointed when doing this review to see that a demo account was not offered.
Features
Most of the information on the OptionFair website is presented in a logical, easy to read manner. It is offered in a host of different languages including English, Spanish, German, French, Arabic, Italian, Russian and Hungarian.
OptionFair is somewhat unique in that it allows traders to move between OptionFair’s Binary Options and Forex with a single click. This is not often found with binary option brokers.
The Daily Financial Newsletter keeps traders up to date on breaking news. A chart of rates for live currency pairs and an economic calendar are posted daily, both of which are supplied by Investing.com.
In addition, there is an early closure listing and an expiry calculator.
What I really liked about OptionFair is that there is a separate FAQ section for specific topics. For example, there is a FAQ specifically for Forex trading, another one for opening an account etc. This certainly makes searching for answers that much quicker.
Bonuses/Promotions
There are several promotions being offered at the time of this review.
$100,000 in prizes was being given away each month in the OptionFair Trade to Win Tournament. Each week, the traders with the longest run of successful trades are posted on the site and at the end of the month the winners walk away with cash prizes.
With Invite-A-friend, traders receive up to $150 cash money commission for every friend who deposits funds in their new account and the friend receives $25.
Anyone opening an account and using the OptionFair platform to place a trade receives five risk-free trades worth up to a maximum of 100% of the original deposit. Funds received are deposited into the account and are considered bonus money.
Education
OptionFair’s education center is extensive with tutorials on the basics of binary option trading and free webinars and ebooks for all account holders.
The video tutorials are broken down into four basic courses, with several interesting modules in each category. These include Binary Options, Trading Platforms, Market Analysis and Option Strategies.
OptionFair is dedicated to promoting traders’ success. They offer a series of webinars that cover a variety of subjects and are targeted for traders of all types. Expert trading instructors cover the fundamentals of what binary options are all about and provide some interesting trading techniques and tips on successful investing.
Any trader that holds an OptionFair account can reserve a spot in one of the webinars.
There are also several textual lessons on the basics of binary option trading that can be viewed without having to open an account.
The easy-to-read ebook that is available to all traders explains how to begin trading Binary Options, how to understand trends, where to get your info and much more.
Deposits/Withdrawals
Deposits can be made to OptionFair account through a number of methods including wire transfers, credit cards, MoneyGram, Western Union, Skrill, Neteller, Qiwi and other online payment systems.
Requests for withdrawals will be sent to the same account used to make the initial deposit.
OptionFair does not charge traders for depositing or withdrawing.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |
Customer support is available 24/7 from its main office in Nicosia and telephone contact numbers are provided for each country serviced. I spoke to Chat several times and found them forthcoming and pleasant. There is also email support.
Conclusion
OptionFair isn’t only a binary options broker. It’s a broker and an original trading platform. It’s nice to see a regulated binary option broker as many other such brokers are not under any regulatory supervision. In addition, as part of TechFinancials Group, OptionFair is now listed on the London Stock Exchange.
Features
It is not well known, but OptionFair’s trading platform is already used by more than five different brokers. OptionFair was among the pioneers of the binary options industry when they launched their unique trading platform back at 2010. It acts as the platform operator of the technology used by this platform, which includes short expiries and high profits which can reach up to 89% on some options. The short list of assets is a disadvantage but it doesn’t detract from the broker’s other features.
Platforms
Proprietary Platform
The OptionFair trading platform is backed by OptionFair’s sister company TechFinancials, and has been developed to provide the finest Binary Options trading interface. The platform offers a wide range of financial instruments and assets. The TechFinancials team has developed a series of advanced pricing algorithms, providing the technology to power an unparalleled range of financial instruments.
There are three trading styles offered at OptionFair in addition to the standard High/Low option, OneTouch, Boundary and Short Term. What I found strange however is that there is very little explanation provided for the differences in these styles. I didn’t see much more in FAQ.
OptionFair Trading Platform
Mobile
OptionFair offers a mobile trading platform that is designed to fit your smartphone, iPad or Tablet and is completely free to install. It is fast, intuitive and secure; giving you full access to over 130 global assets.
OptionFair Mobile Platform
Trading Platform
Automated Trading | |
|---|---|
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |