ExpertOption Review
What’s Wrong With ExpertOption in 50 Words?
It’s awful because bonuses cannot, under any circumstances, be revoked. So, if you anticipated receiving a bonus, achieving the required turnover, and then receiving the bonus in your bank account, you will be let down. Customers may, however, remove their own funds; in this case, the bonus will be void.
Why, in 50 words, ExpertOption DOESN’T Fail
1. You can start with a 10,000 USD demo account without joining up, which is a respectable amount for practicing and getting a feel for the site. 2. They are quite open about the nations they are unable to accept owing to legal restrictions.
ExpertOption: Is it a Scam?
Although it seems clear, ExpertOption is no longer regulated because its ownership shifted to EOLabs LLC. Thus, we are left with a broker (established in 2014) with sufficient expertise but no one to complain to in case some issues develop, which is perhaps not so fantastic.
The fact that ExpertOption does not appear to be seeking consumers in jurisdictions where they lack a license is encouraging. In reality, a notification stating that our country was not accepted kept flashing up. Although there is a generally positive attitude about this broker, you can never be too careful. Always be cautious when handling your money.
Should I register an ExpertOption account?
Established in 2014 and run by Saint Vincent and the Grenadines-based EOLabs LLC, ExpertOption is a well-known binary options broker. EXPERTOPTION LTD, the former owner and a registered member of the International Financial Market Relations Regulation Center (IFMRRC), no longer owns the business. As a result, EOLabs LLC is not subject to any prominent regulatory body that oversees the financial sector.
A very little deposit of just $10 can be used to start an ExpertOption account. Alternatively, you can start with their sizable demo account of $10,000. Again, the minimum investment each transaction is extremely low—just one dollar—while the maximum varies by account type and is, accordingly, 10/25/250/1000/2000/3000 dollars for Micro, Basic, Silver, Gold, Platinum, and Exclusive. The minimum deposits, which start at 10 USD for Micro and go up to 50/500/2,500/5,000 USD for Basic, Silver, Gold, and Platinum, respectively, are quite flexible. The minimum investment for their Exclusive account, which is available exclusively by invitation, is likewise unknown.
Although the payouts are touted as being large, the feedback that we have uncovered paint a different tale. If you are successful, allegedly, the payments will drop by 50% or more! We looked for more comments and examined a variety of sources to be sure this wasn’t just a few irate consumers venting online. Sadly, we were unable to come to a definitive decision. However, it should be remembered that rewards vary among brokers based on the state of the market, so this is not unusual.
The website itself has a great appearance, and you can access a variety of technical features like trend lines and horizontal lines as well as indicators. The “trader’s deals,” which displays where other clients are placing their positions, can likewise be turned on or off. Additionally, you can utilize four distinct types of charts, including candlestick charts and various time-frames. I found it useful to be able to divide the charts into two portions so I could simultaneously watch two assets. The platform can be downloaded as well, however a clear tutorial on how to utilize it is missing.
You should be aware that this broker does not serve customers from the USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, North Korea, Puerto Rico, Singapore, Bangladesh, Indonesia, Russia, Iran, and Yemen. The complete list, which essentially includes all nations that want a local regulatory certification, is listed in their “terms” section.
Because they provide a free sample (no registration is required) and an extremely cheap minimum deposit of just $10, ExpertOption is an excellent choice overall. Use their demo, then, assuming you liked the demo, make the minimum deposit, and then observe how things develop. Try them out first; it doesn’t have to be a big commitment.
EOLabs LLC is a Saint Vincent and the Grenadines corporation with its registered office at First Floor, First St. Vincent Bank Ltd., James Street, PO Box 1574, Kingstown. Contact them by phone at +44 20 3868 3160 or by email at help@expertoption.com.
Broker complaints for Expert Options
The comments we were able to locate from numerous sites all shared the same narrative: winnings will drop if you are profitable and will only rise again if you lose. Be aware that the bonus lock will also bring typical bonus problems. However, a broker may alter payouts at any time, which is not in and of itself a fraud but rather a poor customer service.
Many users have given ExpertOption a rating of 1 out of 5 on the ForexPeaceArmy boards and have referred to them as a flat-out fraud. Naturally, we are unable to verify any of the user experiences reported there; all we can do is alert you to the possibility of such comments.
Regulatory Announcements and Warnings for ExpertOption
It is not surprising that we can’t discover the typical cautions and penalties we typically find on other brokers because ExpertOption does not accept customers from the majority of European nations.
Bonus for ExpertOption
Up to 100% in bonus percentage, but it cannot be cashed out. Unfortunately, they don’t provide enough details about how the incentive functions in practice or what restrictions will apply if a bonus is taken. One thing we did discover (through their live chat) is that if you want the 100% bonus, you must deposit money within an hour of signing up.
Using ExpertOption to Trade Bitcoin
Another broker going “all in” on Bitcoin and cryptocurrencies is ExpertOption. Their selection of cryptocurrencies includes Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, Ripple, IOTA, Monero, Zcash, Dash, and even some unusual pairs like BTC/THB (Bitcoin versus Thai Baht) or BTC/INR. Their trading conditions are favorable, at least on paper (Bitcoin vs Indian Rupee).
The highest payouts for profitable cryptocurrency trades are 84%, and the lowest I’ve ever seen was 60%. On paper, this is a relatively high price for cryptocurrency (other brokers offer 20% to 50%). During erratic periods, these percentages could decrease. Cryptocurrency expiry times are restricted to a maximum of 5 minutes.
User Friendly ExpertOption Ratings 18/20
The website has 15 languages and is user-friendly. Although the platform as a whole is excellent, it truly needs a decent introduction or tutorial. On the plus side, there is a lot of information in the education section, including methods, technical analysis, a dictionary, psychology, and other topics. Demo accounts and mobile platforms are accessible; US clients are not welcome.
Asset count and expiration date: 17/20
You can trade a variety of OTC assets with comparatively significant payouts during the weekend. The asset index is quite diverse and include numerous cryptocurrencies in addition to currencies, stocks, commodities, etc (outlined in the section above). The longest expiry time I’ve observed was 5 minutes, but most assets were only valid for 1 or 2 minutes, so the expiry times might use some improvement.
Effective Return, Support, and Commissions 16/20
The returns exceed 85%, but you won’t find many assets reaching that level over the trading week, and some people have said that these large payments drop off quickly once you start making money. However, we are unable to verify such claims. Although ExpertOption doesn’t charge any fees or commissions, the e-wallet or other payment method you use might. Support is available via live chat.
Bonus, Payment, and Deposit 17/20
Although only 10 USD is required as the initial deposit, bonuses are ambiguous, and the turnover requirements are not made explicit. Some sections of their website claim that bonuses can reach 100%. Visa, MasterCard, Maestro, Neteller, Skrill, Perfect Money, and other payment processors are among those that support deposits and withdrawals. The promised processing period is two business days, and the minimum withdrawal amount is ten dollars.
Website Extra’s 17/20 offers social trading (you can view other clients’ transactions directly on the chart), and its cryptocurrency payouts are significant (some are even above 80%). Other than that, we can say that the platform has a full-screen feature and can run two charts or assets simultaneously.