Finding a broker to trade with can be a very tough task for me since I am a very picky investor. I don’t just sign-up with a brand especially if it has a so-so reputation and mediocre services. Then I stumbled upon OptionWeb which I find to be very interesting because I have been getting a lot of recommendations about this broker from my colleagues. While doing my research, I discovered that they are have been in operation since 2012 and are very popular in EU countries such as France, Italy and Germany and one of the reasons is that they are licensed and authorized by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission which happens to be the most trusted financial regulators in the European Union.
Testing out their platform using the demo account, I was glad to see that they offer different trading instruments aside from the standard binary options. The set of account types are also good for different types of traders and the perks that they offer are also very interesting such as the welcome bonuses, access to trading tools and even a monthly interest rate for the trading funds. Communicating with their customer service team was very easy and getting assistance from them is not a problem because their support is always immediate. All in all, I had a highly satisfactory experience with this broker. Scroll down to continue reading my detailed review of OptionWeb.
Demo Account: Practice for free!
You can take advantage of the free demo account and use the $50,000 virtual money for a period of 2 weeks if you have a Standard account and 1 month if you have a Silver account but if you’re a Gold or Platinum account holder then you can use it for an unlimited amount of time. Since the platform has real market conditions, this is a good way to learn the basics of trading without any risks.
Bonuses: Talk to your account manager
The welcome bonus that you can get will depend on your conversation with your account manager so be sure to ask for the most suitable deal. Depending on the type of your account, you may also avail other perks such as personalized training and access to various tools such as ebooks, daily reviews and economic indicators. They even offer monthly interest rates that can go for as high as 5.50%.
Platform: New and improved
They are using the new version of the Spot 2.0 platform so expect faster responses and no lags. They also have fully maximized the new features and added various trading instruments such as the Short and Long Term options, Pairs, One Touch and even FX/CFD.
Mobile Trading: Downloadable apps available
If you prefer to trade using your smartphone or tablet then you’d be happy to know that apps are readily available for download at the Apple App Store and Google Play Store. These applications are well-optimized for various mobile devices and offer a faster way to trade.
Tradable Assets: Different options available
They have a total of 180 assets available for trading and it’s good to know that they’ve included those that have the best profit opportunities so basically you have more options and most of them are the best ones.
Minimum Trade: Advantageously low
The minimum amount that you can invest for a single trade is $5 which is much lower the standard that is followed by most brokers today. With this trade size, more effective risk control strategies can be implemented.
Payout Rate: Depends on the account type
The options yield will be dependent on the type of account that you are using. Starter, Standard and Silver account holders can get up to 83%, while Gold and Platinum holders can get higher returns at 88% and 90% respectively.
This standard option type is available and is labelled as Binary Options on the platform
This can be found under the Short Term option tab and can also be set to 90 seconds, 2 minutes or 5 minutes.
This new and interesting option type is also available.
Other special options include the One Touch and FX/CFD.
Deposit and Withdrawal
Minimum Deposit: $200 to get started
A minimum initial deposit of $200 is needed to start live trading on the platform. This amount is negligible given that you have a number of assets to trade with a variety of instruments.
Deposit Methods: Major payment options accepted
Account funding is not a problem because there are plenty of ways to transfer the money. You can do this via credit and debit cards, bank transfer, Skill (MoneyBookers), Neteller, Neosurf and Paysafe cards.
Withdrawal Methods: Easy and problem-free
The same methods are supported except for Neosurf and Paysafe. All you have to do is access your account, click on Withdrawal Request, choose the payment method, enter the amount and you’re done.
Withdrawal Processing Time: As fast as 24 hours
The waiting time for processing your withdrawal request can be anywhere from 24 hours to 5 business days and this will be dependent on your account type. Based on the tests that I’ve done, I never experienced any delays and was able to get my money back within the timeframe that was allotted to me.
Channels: Different means of communication
Communicating with the support team is hassle-free because you can reach them via phone, email, fax and live chat.
Availability: Monday to Friday only
They are available from Monday to Thursday, 8:00 AM to 8:00 PM and Friday from 8:00 AM to 2:00 PM.
Supported Languages: Various options
They support different languages including English, Dutch, German, French, Italian, Spanish and Russian.
Average User Rating: 9.1
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: Fast and reliable
The platform layout is well organized and is free from any unnecessary elements. The result is a fast and lag-free performance which is an advantage especially when market prices are rapidly changing.
Support: Very efficient
Their customer support team is very easy to talk to. They don’t go around the bush and give straightforward answers. They also try to resolve most issues very quickly.
Reputation: Guarantees trading security and is fully regulated
What I really like about this broker is that they have applied optimal security conditions for trading which is one of the reasons why they are so popular. They also have a strong customer base in Europe including France, Italy and Germany due to their very efficient service. Their credibility is absolutely incontestable because they are authorized by regulative authorities in the EU like the CySEC and the FCA.
Editor’s Rating: 80
OptionWeb has a very sturdy platform that has a range of impressive features. The substantial bonuses, the high investment returns and the very informative education center are just some of its great advantages. And with a massive selection of profitable assets and a variety of option types, there are plenty of ways to generate substantial yields from this broker. This broker is no doubt one of our recommended brokers for binary trading.
As of September 28, 2016 we have received information that OptionWeb doesn’t accept new clients in accordance with new European Market regulations and due to pressure from the competent authorities to comply with the different European regulatory requirements. This suspension however is a temporary measure and is in no manner final.
For this reason we highly recommend that you trade with one of our highly rated brokers like 24option.