OptionFair Review

Broker with an Average Service
Editor’s Rating: 73

Average

Average User Rating:

Average

Introduction

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.

Account Features

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.

Trading Details

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.

optionfair trading platform

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.

optionfair assets

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.

Trading Instruments

Call/Put

The Call/Put trading instrument has flexible expiries. In this platform it is called High/Low.

60 Seconds

Aside from the 60 second options they also have other short term expiries like 2 minutes and 5 minutes.

Pair Options

This trading instrument is not available with this broker.

Special Options

The special options are One Touch and Boundary which both have very good payout rates.

optionfair option types

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.

optionfair deposit

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.

Support

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.

optionfair customer support

User Reviews

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.

optionfair user reviews
optionfair user reviews
optionfair user reviews
optionfair user reviews
optionfair user reviews

Editor’s Opinion

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.

Conclusion

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.

Editors' Top Picks

21 comments

  1. Nill Adams

    Guys make sure that you checkout their trading signals. It’s a very useful tool that will alert you the with the most profitable possible trade opportunities in real time.

  2. Tyler Fargher

    If you’re looking for a broker that has a reputable name then Optionfair should be on your list. I chose to trade with them because they are regulated and a lot more stable.

  3. Adam Shadforth

    They are very generous when it comes to offering bonuses and extras. I was able to get a substantial welcome bonus and other additional perks.

  4. Nathan Potts

    It was only after reading the review about this broker that I decided to sign up with them, so far I have made quite a few good profitable trades, they also have a good fast platform, I haven’t come across anything that would make me use another broker.

  5. Oscar Heathershaw

    I like the new platform design, aside from being attractive, it is fast and glitch free. I suggest you try their Boundary Trading, it’s fun and offer a very exciting results.

    • Tim Rees

      You must have made a minimum deposit of 350 USD/EUR/GBP to be able to avail of the trade bonus. And the 25% bonus and 75% cash money is always applicable in most bonus terms.

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