OptionBanque

Why Doesn’t Option Banque Suck in 50 Words

To my surprise, they keep an updated Daily Report that contains Technical and Fundamental Analysis. Many brokers have these Daily Reports, but almost none of them keep them updated, so thumbs up to Option Banque. It’s good to see a website that tries to offer guidance to their clients on a daily basis, even I cannot vouch for the accuracy of the analysis.

Why Does Option Banque Sucks In 50 Words Or So

At Option “Banquet” they have the widest “chocice” of markets and the possibility to trade “sepcIal” MCX Options. Those 3 are not my typos, but Option Banque’s and I am sure some of you will jump to their defense saying “come on, you just want to find something that sucks”. Firstly: yea, that’s what this section is about (duh!) and secondly: how would you feel if instead of 80% return they would give you just 10% because… mistake? How would you feel if they would get your bank account wrong, sending your withdrawal to someone else? Just a typo, right…

Is Option Banque a Scam?

This is the first question on everyone’s mind when thinking about sending money to a broker. Will they try to scam me? It’s normal to think that way, especially because the binary options industry is plagued by so many scammers, but there’s no clear evidence that OptionBanque is one of them. In fact, they are transparent, offering all the needed information about the owning company and their location, and we are also informed they are part of Capital Street Group, which also owns the Forex brokerage Capital Street FX. So we are dealing with a group of companies, branched in both Forex and Binary Options and so far we cannot assume they are scammers. Of course, this review will be updated if anything changes in the future.

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Should I Open an Account with Option Banque?

OptionBanque is owned and operated by Capital Street BancClear Corporation Limited, a company with a registered address at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, SVG. The brand is purview by Saint Vincent and the Grenadines Financial Service Authority under license number 22064.

The platform used is powered by Tradologic and although it’s not bad, it lacks some of the features and functionality provided by the ever-popular SpotOption. As usual, no download is required and a mobile version is available but this one has fewer features. The accounts start at 200 USD for the Power account and go as high as 10,000 USD for the Privilyge account. I don’t know what “Privilyge” means and I couldn’t find a definition online so I can only assume it’s a made up-word; that’s their privilege of course, but I believe they need to find better names for their accounts (is Power really a better name for their cheapest account than Mini, Standard, Starter, etc.?). If you plan to invest more than 25,000 USD, Option Banque offers the opportunity to open a bespoke account called Club Banqueire, with personalized investment solutions and concierge service. Personally, I don’t believe you should risk such a high amount but I guess “high” is relative; if you are a rich guy who needs tailor-made investment services, then maybe this is the account for you. Just make sure you know exactly what the privileges are.

According to Option Banque, they are an STP binary brokerage. STP stands for Straight Through Processing and means that your trades go directly to liquidity providers, without a dealing desk or manual intervention. This is great but somehow I would like to have more than their word on it. I am not saying they are not using an STP model, I am just saying that so far the only evidence is a few words on their website. I guess time will tell if they really use STP but if they do, they will surely get a lot of attention in the near future.

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Option Banque Complaints

We couldn’t find many complaints on the major review websites, but one caught our eye: a user complained that Option Banque’s Auto Trader (software that automatically places trades) is underperforming and closes most of the trades with a loss. We know that trading robots are not really the answer to your trading problems so it’s no surprise this one doesn’t make millions either but the positive thing is that an Option Banque representative immediately responds to the complaint. It’s good to see they have an online presence and that they communicate with their clients and we consider this a far better approach than just ignoring the problem, hoping it will go away.

Option Banque Bonus

They have a whole section of the website dedicated to bonuses and promotions so for full details, we recommend you visit that page. As a rule of thumb, the required trading volume is 30 times for each dollar received as a bonus, and clients’ funds cannot be withdrawn before this turnover is reached. This is a bad practice, which I hope will become obsolete soon but until then we have to deal with it and the best way to do that is to be aware that we cannot withdraw before the turnover is reached. According to their Terms and Conditions, in exceptional cases, money can be withdrawn before the turnover is reached. The bonus will be forfeited and only Option Banque will decide what case qualifies as exceptional.

Option Banque Withdrawal

Withdrawals take up to 14 banking days (which is a long time because the norm is 7 – 9 days) and can be made through credit cards (the same card used for deposit), wire transfer, or check sent to your billing address (the latter option may take longer). There is no minimum withdrawal amount, which is a good thing because it offers flexibility.

Option Banque Extras

Auto Trader (although we are not particularly fond of trading robots), up-to-date market analysis (daily), tons of promotions, including insured trades, Cash Back, and bonuses up to 300%. On top of all that, they offer MCX Options for certain commodities; these are futures contracts for the price of a commodity, in India, in Indian Rupees.

OptionBanque Ratings

User Friendly 16/20

The website is translated into 102 languages! Yes, that’s not a typo and you can even find Latin, in case you are a Roman soldier who wants to trade binary options after coming home from battle. However, I believe most languages are translated using Google’s translator but I cannot guarantee that. Anyway, if that’s true, the accuracy of the translation may be low. Other than that, the website has a few typos but nothing to write home about, and the Tradologic platform does a good job at being user-friendly. U.S. traders are accepted according to an Option Banque live chat representative. A demo account is available to clients with funded accounts.

Number of assets and expiry times 14/20

They have a huge asset index, composed of 31 currency pairs, 20 commodities, 27 indices, and more than 150 stocks. The expiry times start at 1 minute, 2 minutes, 5 minutes and continue in 15-minute increments up to one hour. Their long-term options can go from 2 days to 3 to 4 months expiry.

Commissions, Support, and Effective return 12/20

They do not offer information about the commissions and fees charged for deposits and withdrawals (or I couldn’t find it but that means it’s almost hidden because I’ve looked pretty hard). The support is decent, without being pushy and they’ve answered questions fairly quickly. Effective return ranges between 65% and 81%, which is average for the industry.

Deposit, Payment, and Bonus 12/20

Deposits can be made only in USD and only through credit cards or wire transfers (no e-wallets), payments can be made via the same methods (or check to your billing address) and take up to 14 banking days to complete (it’s a long time compared to other brokerages). The bonus turnover is 30 times for each US Dollar received. The lowest account starts at 200 USD.

Website Extras 16/20

They offer traders a lot of extra features but I consider the daily market updates the best and most useful ones. So I hope they keep doing that.

Option Banque Ratings: 70/100

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