Option888 is a binary trading broker who has gained popularity since their inception in 2014. Its owner Capital Force Limited also doubles up as it’s operator and is based in the Republic of Samoa. It uses a trading platform known as Tradologic which offers a unique trading experience in addition to accurate data presentation through its precise charts. Some of the trading options available include Touch, OneTouch & Range. This Option888 Review aims at informing novice and even experienced traders about this broker.
To open an active account a $250 minimum deposit is required. This is quite a high amount when compared to other brokers who offer deposits at $10 or $20. Payouts range at between 70 to 85% which takes not less than 14 days to clear from your account, assuming all boxes are ticked, e.g. bonus T&C’s are met during that time frame. It has a vast library of not only reading materials but also videos on the various options of binary trading. There are customer service FAQs and a 24/7 access helpline to tackle issues such as technical problems on the platform.
An Option888 demo account serves more as a learning tool for both beginners who would like to view what they have learned so far on the platform and experienced traders who would like to test new strategies and new approaches on this trading. To acquire a demo account, one only needs to sign up and receive the $500 in virtual money to trade with.
Find the best trading platform. You capital is at risk when trading. Be careful.
Is Option888 A Scam? Is Option888 Regulated?
With the avalanche of binary trading options, traders need to be more knowledgeable of the various brokers present in the market. The fact that this broker has not offered conclusive information with regards to its regulation, a majority of people are willing to label it a potential Option888 Scam. Option888 has been the recipient of some allegations of fraud from its large client base.
Cases of money not being paid out on time or even at all, have become the norm. Add to the fact that its headquarters are offshore based raises a red flag. To clear an account 14 days is required. If you thought withdrawing your money would be a walk in the park, you might need to think again. Making a withdrawal involves a turnover of 30 times the bonus amount.
The majority of its web-based traffic emanates from scam software such as Bitcoin Code and fake news pages such as the Finanz-Report.com. Concern over unregulated binary trading options is increasing; it may be far better to stick to well-regulated companies offering CFD and Forex trading, of which tyou can find a number available with excellent reputations.
Alternatives to Option888
Apart from Option888, there are other binary trading brokers available who offer similar services in this trade and above all are certified by multiple regulatory agencies. IQ Option is a widely recognised platform regulated by CySEC and founded in the year 2008. It requires a minimum deposit of $10 which can be done via wire bank transfers or major credit cards.
It also covers areas of interest such as cryptocurrencies, Forex trading and CFDs. A Markets.com review shows that this trading platform is mainly a Forex and CFD broker and is a highly recommended platform due to its user-friendly customer service and its clear regulatory framework.