Editor’s Verdict
Overview
Review
Headquarters | Cyprus |
|---|---|
Year Established | 2009 |
Minimum Deposit | $200 |
US Persons Accepted? |
***As of November 2013 iOption is no longer functioning as a binary options broker. We advise all interested traders to find a more reputable binary options provider. Check out our top recommended brokers list here.
With an ample choice of Forex pairs, stocks, indices and commodities to trade, iOption should probably have been called MYOption. The broker’s Option Builder also offers traders the ability to manage their own risks and profits as they wish which streamlines the trading experience and increases the potential for income. Read our full iOption review to determine if iOption is the right broker option for you.
General Information
Founded in: October 2009 Headquarters: Cyprus Minimum Deposit: $250 Minimum Trade Amount: $10 Maximum Per Option: $1000 Languages available: English, Spanish, French, German, Arabic, Italian, Portuguese, Turkish and Romanian.
Trading Platform
The iOptions trading platform is located directly on the homepage, which makes it possible for traders to jump right in after they’ve logged in. There is no heavy software to download as there is with most Forex trading platforms.
All of the required information is located directly in the trading platform. When a trader wishes to place a trade he can see a list of his choices along with the time remaining, the strike price and the return and protection rates. Then he can choose either Call or Put (as with any binary options broker), and then the option rolls open with additional information. One thing we appreciated about the iOption platform is that each pair is listed in its own row, so that you can digest each option without being distracted by others in the same visual field.
Traders can also watch a demo to see how the system works before registering. This can be useful for anyone new to binary options trading, but is hardly necessary for anyone who has tried binary options trading before, as the iOption platform is entirely straightforward. Unfortunately, iOption does not offer a free demo account as some other binary options brokers do, but with the low minimum deposit of $250, traders can practice with minimum investment – and they may even profit during the process!
iOption Trading Platform (Click image to enlarge)
Features
Like many other binary options brokers, iOption offers up to 81% return on investment from a single trade, depending on the asset chosen. However, this margin of profit is not uncommon in the world of binary options. What was unique, however, was the one-touch trading option, which allows traders to request trades on the weekend, when the market is closed, and have their positions remain open during the week until the target is hit. If the set rate is reached, the trader will receive the payout at the end of the week. If the target is not hit, the trader loses the sum invested. OneTouch offers a payout up to 400% which is among the highest ROIs available in online trading.
iOption OneTouch Trading (Click image to enlarge)
Another useful feature offered by this binary options broker is the ability to roll over an option, which can be very helpful if it looks like it will expire ‘out of the money’, and you want to expand the potential for a successful close.
Similarly, iOption offers the ability to choose the expiration of your option from 15 minutes to 1 month, based on your market knowledge and trading style.
Customer Service
Customer support is available via email, chat and phone support. iOption makes it easy for their global network of traders to call in by offering phone numbers in 12 countries. Emails can be earmarked for specific departments so that traders can get responses from the correct representatives.
During the course of our iOption review we tested their chat service 5 times, and were mostly pleased with the service. The customer service representatives were all knowledgeable and encouraging, though some were friendlier than others. We also waited over 30 minutes for chat service on the weekend. Nevertheless, the company’s chat service was more than satisfactory.
Chat with iOption (Click image to enlarge)
Ease of Use
Although we’d used other binary options services before, we still had a small learning curve when it came to using iOption. This learning curve prevented us from jumping straight into our trading, but was not especially burdensome. In fact, we recommend that everyone using a new platform take some time to poke around before investing. The company’s introductory does a good job of explaining the trading process, but we found that it helps to look at the platform firsthand before trading.
Opening an account with iOption took only a few minutes, and was significantly faster than opening a standard Forex account. As is the case with any reputable online broker, identification is required in order to withdraw or deposit money. These documents can be submitted via email or fax. Deposits can be made via wire transfer, credit card, PayPal and MoneyBookers. Withdrawals can be made through the same channels, and can take 2 days to process. iOption offers one commission-free withdrawal each month. Each additional withdrawal is subject to a fee of $30/€25.
Final Thoughts
iOption is a solid option for both new binary options traders and those looking for a new trading platform. A menu of over 85 assets to trade will help traders with all trading preferences find something to trade, and a weekend OneTouch option will allow traders to stay focused on profits all week long.