ExpertOption is a well-known binary options broker founded in founded in 2014 and is operated by EXPERTOPTION LTD, located in Saint Vincent and the Grenadines, 1510, Kingstown, Suite 305, Griffith Corporate Centre. Registration number 22863 IBC 2015. In their Terms and Conditions, they mention that payment solutions are provided by Vestede Limited, a company located at Suite 3, 2nd floor, Icom House, 1/5 Irish Town, Gibraltar, incorporation No. 116061. This company provides payment services for expertoption.com.
ExpertOption is certified with FMRRC,Financial Market Relations Regulation Center, a non-governmental voluntary oversight agency. Their certificate number is 0395 AA Vv0113. They claim to be regulated by VFSC, Vanuatu Financial Services Commission but we couldn’t verify the claim. They can be contacted at phone: +44 20 3868 3160 and email [email protected]
Is ExpertOption a Scam?
ExpertOption comes off as transparent providing their certificate number and information. They are also regulated by FMRRC and claim to be regulated by VFSC (however, we couldn’t find them on the VFSC official website). FMRRC is a non-official “regulator” based in Russia. This organization is created for the purpose of regulating brokers. However, unlike with CySEC, we can’t really be sure how strict FMRRC is when it comes to monitoring brokers. And on top of that, at the time of writing, their FMRRC license is expired for about a month and we have no way of knowing if they will renew it or not.
What is good to see however is that ExpertOption does not appear to be soliciting clients where they are not licensed. In fact, we got a message popping up saying our country was not accepted.
Editor’s Note- Why ExpertOption DOESN’T Suck in 50 Words?
Two things I immediately see and like 1. You can start with a 10,000$ demo account without signing up which is a decent enough amount for practicing and feeling out the platform. 2. They are very transparent regarding the countries they can’t allow due to regulations.
Why does ExpertOption Suck in 50 Words?
What sucks is that bonuses lock your funds and you can’t withdraw or cancel the bonus once you have started trading. But according to their live chat, they don’t offer bonuses anymore, so I don’t really know what to make of all this (see the Bonus section below). Also, we can’t confirm how strong and effective an FMRRC regulation really is.
Should I open an Account with ExpertOption
You can open an ExpertOption account with only 50$ which is a fairly low amount or start with their relatively big demo account of 10,000$. The maximum investment amounts per trade are relatively low at 25/250/1000/2000/5000 for each account type, Basic, Silver, Gold, Platinum and Exclusive respectively.
The payouts, however, are advertised to reach up to 95% but the comments we have found to tell another story. Apparently, if you are successful, the payouts will decrease by 50% or more! To confirm that this wasn’t just the case of a couple of angry customers ranting on the internet, we checked various sources and looked for more comments. Unfortunately, we couldn’t reach a clear conclusion.
The platform itself looks nice and you have access to several indicators and technical tools like horizontal lines and trend-lines. You can also turn on or off the “trader’s deals” which shows where other clients are entering their positions. You can also use 4 different kinds of charts such as candlestick charts and different time-frames. Something I found helpful was that I could split the charts into two sections so I could monitor two assets simultaneously. The unique thing about their platform is probably the “full-screen mode”, a feature I have not seen with many other brokers. The platform is also available for download but what it lacks is a good explanation on how to use it.
The company does not provide services to clients from the following countries: USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, Japan, Korea, Puerto Rico, and Sudan. The full list is mentioned under their “terms” and it pretty much includes all countries that require a local regulatory certification.
Overall, ExpertOption is a good option because they offer a free demo (no registration needed) and a very low minimum deposit of 50$. Use their demo, then deposit the minimum (if you liked the demo of course) and see how it goes from there. It doesn’t have to be a huge commitment; test them out first. The minimum investment per trade is only 1 dollar so you have good leverage with a 50 deposit.
ExpertOption broker Complaints
We couldn’t find that many comments but it’s not strange because most EU countries are not allowed due to regulations and neither is the US and Canada. The few comments we did find from various sources, however, told the same stories: the payouts will decrease if you are making money and only increase back when you lose. Also, the bonus lock will bring the usual bonus issues so beware of that. However, a broker can change their payouts as they wish and that in itself is not really a scam bad just bad service.
ExpertOption Regulatory Announcements and Warnings
Since ExpertOption does not accept clients from most European countries it is not strange we can’t find the regular warnings and fines we usually find on other brokers.
Bonus percentages depend on account type and a volume of 50 times your bonus must be reached before you can withdraw your own deposit and/or the bonus.
However, a live chat representative mentioned that Bonuses are no longer available. This is weird because they still offer bonus information in their Terms and Conditions.
Trading Bitcoin With ExpertOption
ExpertOption is another broker that is going “all in” with Bitcoin and cryptocurrencies. Their crypto basket is quite big and the trading conditions are good, on paper at least: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, Ripple, IOTA, Monero, Zcash, Dash and even some exotic pairs like BTC/THB (Bitcoin vs Thai Baht) or BTC/INR (Bitcoin vs Indian Rupee).
The payouts for successful trades go up to 88% and the lowest I’ve seen was 72%. This is very high for cryptocurrencies (some brokers offer 20% to 50%) that’s why I say “on paper”. It’s possible for these percentages to go down during volatile times. The expiry times for cryptos are limited to a maximum length of 5 minutes.
User Friendly 17/20
The website is user-friendly and comes in 15 languages. The platform itself is great but it really needs a good explanation or tutorial. On the plus side, the education area is well-worked on with strategies, technical analysis, glossary, psychology and lots of other information.
No. of Assets and Expiry time 15/20
There are a number of OTC assets you can trade over the weekend with 89-95% payouts. The asset index is very wide and includes tons of currencies, stocks, commodities, etc. but also a lot of cryptocurrencies (outlined in the section above). However, the expiry times need some work because the longest I’ve seen was 5 minutes (maybe it’s because I used a Demo account).
Commissions, Support and Effective return 15/20
The returns are promised to reach up to 95% but you are not going to find many assets reaching that high during the trading week and people have reported that these high payouts get lowered shortly after you start profiting. A 10% fee will be deducted from your withdrawal if you have not traded on your account more than you have deposited. Live chat is available for support.
Deposit, Payment and Bonus 16/20
Minimum deposit is low, at 50$ only but bonuses are unclear. Some parts of their website state that bonuses will be awarded but live chat told me they don’t offer bonuses. It’s unclear which version is true but their T&C say that accepting bonuses means you cannot withdraw unless you have reached a trading volume of up to 50 times the bonus. The transaction methods supported are Visa, MasterCard, Maestro, Neteller, Skrill, Perfect Money, FasaPay and others. The minimum withdrawal amount is 10$ and the advertised processing time is 2 business days.
Website Extra’s 17/20
The platform can run two charts/assets at the same time and a full-screen feature is available, something we have not seen with many brokers before. ExpertOption is also launching an ICO for their own coin: EO Coin, which will power three platforms. For more info about the ICO, read the White Paper.