I got curious about OptionFair’s service so I decided to do thorough evaluation of this broker to know if what they say on their advertisements are indeed true. After doing a background check, I learned that their headquarters is in Nicosia, Cyprus and that they are currently authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). At first, this sounds impressive but as I explored their features, I realized that these advantages really don’t matter if they fail in terms of service quality. I’ve checked their account packages and was impressed with the perks that they offer but this will only be provided to those who will deposit considerably high amounts ranging from $2,000 and above. Their maximum payout rate is higher compared to the rest of the brokers today but the downside is that it is only applicable to just a few assets. Overall, I find OptionFair’s quality of service to be generally average with certain disadvantages. You may continue reading for my detailed review.
Demo Account: Test trades permitted
This demo account is provided after an initial deposit has been made. This is for making test trades so I can figure out which strategies are more effective without the need to use real money.
Bonuses: Plenty of extra benefits
The bonuses that they offer ranges from 20% up to 100% but in order to get the best benefits, you’ll need to deposit an exceptionally high amount.
Platform: Same as the others
Their platform is basically the same as with the other brokers that I have tested. Currently they only offer four option types.
Mobile Trading: Compatibility issues
They have apps for Android and iOS platform users but these seem to have some issues on certain devices. I tried installing it on one of my tablets which I bought from China but it says that the app is not compatible.
Tradable Assets: Sufficient for my needs
Currently, their platform has over 100 assets which are mostly my favorites but I expect them to make it more diverse in the future so I can expand my portfolio.
Minimum Trade: The standard size
A minimum investment amount of $25 is required for each trade. This is the standard minimum trade size that is required by the majority of the brokers today.
Payout Rate: A little higher than the average
The majority of their assets offer payout rates of around 70% to 80% and the highest that they can provide for the regular options instrument is 91%. This however is just for a few assets only.
The Call/Put trading instrument has flexible expiries. In this platform it is called High/Low.
Aside from the 60 second options they also have other short term expiries like 2 minutes and 5 minutes.
This trading instrument is not available with this broker.
The special options are One Touch and Boundary which both have very good payout rates.
Deposit & Withdrawal/Support
Minimum Deposit: The average requirement
The minimum initial deposit was $250. This is a little higher than the industry standard so prepare to shell out some extra money if you’re used to depositing a lower amount.
Deposit Methods: Wide coverage
Making payments is very easy since they support a variety of methods such as credit cards, Elite Traders Club Card, Wire, Western Union, MoneyGram, Skrill, Neteller, WebMoney, QIWI, China Union Pay, Abaqoos and iDeal.
Withdrawal Methods: Safe and easy
The experience is the same for cashing out and best of all it is secured and protected.
Withdrawal Processing Time: Funds arrive as promised
The maximum waiting time for the funds to be processed is 5 days. When I cashed out my money, it took around 7 days for me to see the funds reflected on my credit card using the same method that I originally used for funding my account.
Channels: Various methods supported
Their customer support department can be reached by various ways: phone, email, fax and live chat.
Availability: Every day and every night
They are available 24 hours a day but the waiting time however is an issue that they need to work on.
Supported Languages: European and Middle East support
Most of the languages that they support are European and Middle Eastern tongues like English, German, Spanish, French, Italian, Russian, Arabic, Hungarian and Romanian.
Average User Rating: 6.0
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Nothing exceptional
The layout of the platform is no different from the usual ones that you’d see on other brokers. It’s okay but if you’re looking for something unique or better then you’d likely end up getting disappointed.
Support: Long waiting time to contact agents
Although the service was generally okay, I usually have to wait for a few minutes on the phone to be able to talk to one of their customer service representatives.
Reputation: Broker with an average service
OptionFair has been in service for a couple of years already but their reputation remains to be just average based on the comments and reviews that I have seen on the web.
Editor’s Rating: 73
OptionFair may offer good payout rate and a diverse range of supported payment methods but the overall quality of their service is generally average. If you’re looking for a broker that offers optimal trading conditions then finding another broker would be your best option.