Why Does ExpertOption Suck in 50 Words
What sucks is that bonuses cannot be withdrawn under any circumstances. So, if you planned on getting a bonus, reaching the needed turnover, and then getting the bonus into your pocket, you will be disappointed. However, clients can withdraw their own money, in which case the bonus will be canceled.
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.
Is ExpertOption a Scam?
ExpertOption comes off as transparent but since the owning company changed to EOLabs LLC, this broker is no longer regulated. So that leaves us with a broker with enough experience (launched in 2014) but with no one to complain to in case some problems arise, which unfortunately is not so great.
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. The overall vibe surrounding this broker is positive but you can never be too careful. As always, pay attention when your money is involved.
Should I open an Account with ExpertOption
ExpertOption is a well-known binary options broker founded in 2014 and operated by EOLabs LLC, a company located in Saint Vincent and the Grenadines. The previous owning company was EXPERTOPTION LTD, which was registered with the International Financial Market Relations Regulation Center (IFMRRC); however, this is no longer the case and EOLabs LLC is not regulated by any notable financial watchdog.
You can open an ExpertOption account with only 10 USD, which is a very low amount, or start with their relatively big demo account of 10,000$. The minimum investment amount per trade is again very low, at just 1 USD, while the maximum depends on account type: 10/25/250/1000/2000/3000 USD for Micro, Basic, Silver, Gold, Platinum, and Exclusive respectively. As for the minimum deposits these are very flexible, starting at 10 USD for Micro and continuing with 50/500/2,500/5,000 USD for Basic, Silver, Gold, and Platinum respectively. They also have an Exclusive account which is invitation only, thus we don’t know what the minimum investment is.
The payouts are advertised as high but the comments we have found tell another story. Allegedly, 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. However, it must be noted that payouts at all brokers change depending on market conditions, so it’s not something out of the ordinary.
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 platform is also available for download but what it lacks is a good explanation on how to use it.
Keep in mind that this broker does not provide services to clients from the following countries: USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, North Korea, Puerto Rico, Singapore, Bangladesh, Indonesia, Russia, Iran and Yemen… 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 10 USD. 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.
EOLabs LLC, registered at First Floor, First St Vincent Bank Ltd, James Street, PO Box 1574, Kingstown, Saint Vincent, and the Grenadines. They can be contacted at the phone: +44 20 3868 3160 and email [email protected]
ExpertOption Broker Complaints
The comments we’ve managed to find from various sources, 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, just bad service.
On ForexPeaceArmy forums there’s a wave of hostility against ExpertOption, with many users ranking them 1 star out of 5, and calling them an outright scam. Of course, we cannot confirm any of the user experiences shared there, we can only make you aware that such comments exist.
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.
The bonus percentage goes up to 100% but it cannot be withdrawn. Unfortunately, they don’t offer enough information about how the bonus actually works and what limitations will come into play if a bonus is accepted. One thing we did learn (via their live chat) is that you will have to make a deposit within 1 hour from registration if you want the 100% bonus.
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 crypto trades go up to 84% and the lowest I’ve seen was 60%. 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 18/20
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. U.S. clients are not accepted; demo accounts and mobile platforms are available.
No. of Assets and Expiry time 17/20
There are a number of OTC assets you can trade over the weekend with relatively high payouts. The asset index is very wide and includes 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 and most assets were limited to 1 or 2 minutes.
Commissions, Support, and Effective Return 16/20
The returns go above the 85% mark 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. However, we cannot confirm such allegations. ExpertOption doesn’t charge fees or commissions but the e-wallet or payment method you use may charge such fees. Live chat is available for support.
Deposit, Payment, and Bonus 17/20
The minimum deposit is low, at 10 USD only but bonuses are unclear and the turnover requirements are not specifically explained. According to some parts of their website, bonuses go up to 100%. The deposit/withdrawal methods supported are Visa, MasterCard, Maestro, Neteller, Skrill, Perfect Money, and others. The minimum withdrawal amount is 10$ and the advertised processing time is 2 business days.
Website Extra’s 17/20
Social trading is available (you can see the trades of other clients right on the chart) and the payouts for cryptocurrencies are high (some even above 80%). Other than this we can mention that the platform can run two charts/assets at the same time and a full-screen feature is available.
ExpertOption Overall Ratings = 85/100