• Opteck

  • Bonus: Up to 100%
  • Options Payout: 65-85%
  • Rating: 7.4 / 10
Broker Name: Opteck
Platform: TraderSoft
Founded: 2011
Bonus: Up to 100%
Return/Refund: 65-85%/0%
No. Of Assests: 157
Regulated:   CySEC
Demo Account: Yes
Minimum Deposit: 250
US Traders:   Not Accepted

Opteck Review

Opteck is owned by Centralspot Trading Ltd, located at 249, 28th October Street, Lophitis Business Centre 1, Office 102, CY-3035 Limassol Cyprus. The registered office of the Company is situated at 6 Tassou Papadopoulou, Office 22, 2373 Agios Dometios, Nicosia, Cyprus and the business address is at Lophitis Business Centre, Office 102, 249, 28th October Street, Limassol, 3035 Cyprus. The Broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) since 20/06/2014 under license number CySEC 238/14. The company’s registration number is 325259.


Is Opteck a Scam?

This company is regulated and you can easily locate their physical address. However, Opteck must improve in two areas to become a more reliable broker: 1. Some basic information is lacking and I could only obtain after talking to live chat. Stuff like bonus wager, withdrawal process “Note, confirmation with your Account Manager or Broker is required for the finalisation of the withdrawal”, and upsetting fees like “maintenance fee” are not exactly my cup of tea. 2. I can see a problem with their staff, it seems they are sometimes too anxious to “help” traders they sometimes make mistakes causing damages to their clients accounts. Regulation prohibits the broker’s account managers to give any advice, so we hope we won’t be seeing that anymore. In any case, BinaryOptionsThatSuck.com team is here to follow!

Opteck became a regular of our Scam Watch Series during 2016 with people calling them a “gambling site”, “borderline negligent, if not crooks” and feeling tricked by them. It’s safe to say that this brokerage, despite its CySEC regulation, it’s not one of the top choices for traders because of this.

Update 2017, the ridiculous maintenance fee is still there but there is also the dormant account fee and the clearance fee, and a fee of 3.5% on all withdrawals… Binary Options are known for being free of charges and commissions so we don’t understand why Opteck is taking this new road, unless it is the only way they can make money. And you still have to talk to an account manager before your withdrawal is processed which sounds strange because many other brokers process your withdrawal automatically.

“A service fee of 3.5% is charged on all other withdrawals. In the event that this percentage equals an amount of $30 or below, the trader will be charged a standard $30 withdrawal fee. The maximum service fee for a single withdrawal is capped at $3,500.” $3,500, that is what I call SUCKY.

We don’t know of any other broker that would charge so much. This means, that if you would like to withdraw the minimum allowed amount (50$/€) your applied fee would be
at least $30 which means a withdrawal of 50 bucks will leave you 20… which might be why their traffic has been falling. Traffic has been significantly reduced in the past 6 months, falling more than 50%, which we consider to be a serious issue.


WARNING: This broker is not recommended due to a large number of complaints. Find users complaints below, continue reading this review or get started with a trusted broker now.


Editor’s Note –  Why does Opteck Suck in 50 Words?

The thing that bothers me the most about Opteck is the above average number of complaints made by their clients, and a very detailed ones as well. More than 20 pages of discussion (most of those are complaints) only on BOTS… That’s a big number no doubt. I do see some of the complaints being resolved, sometimes a bit too late but the majority are left unanswered.

Update February 2017 – since our last update the number of complaints has gone up, it looks like regulation alone is not enough to make Opteck one of the top tier brokers. Their reputation is slowly chipping away and will continue to do so if they don’t up their game. Putting the complaints aside, the horrible fee structure alone should scare away any client.


Why Opteck doesn’t Suck?

Their daily market commentary is still up to date, something most brokers don’t take the time to mess with. This is a sign of professionalism and should be taken as an example by all brokers and websites that cover the financial/trading sector. Opteck also offers many live webinars and during different hours which is good but I can’t say whether the are any good as we haven’t attended them. The topics “Technical and Fundamental analysis” and “Market Insight” sound good but why go there when you can use the BinaryOptionsThatSuck.com School, video library and forum?


Should I Open An Account With Opteck?

Opteck is regulated by CySec and right from the start I could see they are transparent and I can easily get information about the company that owns the website and also their physical address, a thing that should be adopted by all brokers. After all, I give them all my personal details and copies of government issued photo ID’s so why some brokers choose to hide their name is beyond my comprehension. But as I was saying, Opteck publicly shares this information, so there’s no problem here.

The platform used by Opteck is TraderSoft, which is known to be very user friendly and intuitive; you can trade directly from the chart by clicking on the Up or Down arrows that appear when you move the mouse pointer over a chart. Once you click on the arrow, a box automatically appears and you can select the desired amount to invest. It’s so simple and to the point that I don’t think even a newbie could mess up a trade and blame it on the platform. A great addition made by Opteck is the feature of selling an option: once you opened a Call or Put trade, if you feel like price is not going your way, you can choose to sell the option (close the trade) and by doing so you will receive back a part of your initial investment.
Opteck’s attention to detail and their decision to do things the right way translates into a professional trading environment and an overall impression that we are dealing with a respectable broker…but (there’s always a “but”) they cannot get rid of some of the old bad broker habits like Customer Support telling me that I can receive a 100% bonus only if I deposit today…Come on, I know that I am going to receive that bonus tomorrow and the day after that if I know how to ask for it, but I guess they have to sell their product after all and advertise it the best they can. Another way of selling their product is by not giving me a Demo account until I deposit…500 euro. “Now that’s kind of expensive” I replied and the answer came swiftly: I’ll lower it to 300 euro…but the offer is valid only today. Everything seems to be happening “only today” so I must be very lucky, right? Well, even the best brokers suck sometimes but overall I was pleasantly surprised by Opteck’s approach.

Update August 2016: Their website is a bit more polished than before but doesn’t stand out as one of the greatest and the Demo account still requires clients do have a Bronze Account ($500 minimum deposit). Live Chat support is not willing to… support at all and answered my questions with predefined copied text. My question “Who is your platform provider?” returned an answer along the lines of Our platform is the most innovative… no download required… the best…

They still have monthly maintenance fees of 7.50. I assume this means 7.50 USD or EUR or whatever currency your account is in. The problem is that I have to assume because they don’t say what it is even in their Terms and Conditions and their support is going to just copy – paste something like “We are the best in the business”. Keep in mind there’s also a Clearance Fee which will be applied to all of your trades. I recommend you read their T&C, especially section 20 if you want to know about their fees.

Update February 2017 – putting together the ridiculous amount of fees, dormant account fee, clearance fee and the extremely high withdrawal fee it seems like Opteck really doesn’t like withdrawals or want you to trade with them. In addition, you must go through your account manager verbally in order to approve a withdrawal and we all know what that means… (so they can try to keep you from withdrawing) This is really unprofessional and there are many better brokers who offer free and fast withdrawals and no such fees and if I were you I would try to look for them instead. Considering the crackdown by regulators on such behavior I’d expect to see this change, or Opteck to start receiving some major fines.



Opteck Complaints

Most complaints are very detailed and seem very authentic. It really seems like opteck’s clients decided to take some time to explain their feelings, the experience they have been through and overall send a clear massage – they’re not happy. Some complaints have been taken care of by Opteck Support, which I find great, but not enough. Recently we’ve seen a decrease in complaints, our team will keep following.

Update August 2016: Seems Opteck have their ups and downs: before we’ve seen a decrease in complaints but now there’s an increase. Well, as we always say, even the best brokers suck sometimes… and Opteck is not even one of the best.

Update February 2017 – we can see that not only have many regulators have issued warnings towards Opteck but there are still many serious complaints which make them look like a bad broker. Stories like “account managers wiping accounts” or withdrawals not being processed or being difficult to achieve do not instill trust. You can also search for Opteck on our main page (select magnifying glass icon) and you will notice how often they appear in our scam watch articles, April, June, August, September, December scam watch and also noticed in our news articles on regulators issuing warnings against Opteck.


Opteck Regulatory Announcements and Warnings

8.12.2016: Manitoba’s MBS adds Opteck to their list of “Alerts & Cautions” due to them not being registered in Manitoba to provide financial advice in the region. Source: MBSecurities.ca

26.04.2016: Italian Consob adds Opteck to their blacklist after BCSC also warned about them. Source: Consob.it

08.04.2016: The BCSC in British Columbia warns against Opteck who is falsely claiming to be based in Belize and for unlawful solicitation of BS residents. Source: BCSC.bc.ca

02.07.2015: Belgian regulator FSMA, strongly advises against investing with Opteck and their (former) owner B.H.N.V. Source: FSMA.Be

13.02.2015: ASIC in Australia warns of Opteck for being unlicensed binary options provider. Source: ASIC.Gov.Au

21.01.2014: French AMF adds Opteck to their list of unauthorized websites. Source: AMF-France.org


WARNING: This broker has been blacklisted by many regulators worldwide. Looking for a Safe Broker in the UK? Check out our Trusted Brokers now.


Opteck Bonus

The Bonus starts at 20% for the basic account holders with 250 deposit but it can go as high as 100% if you are a VIP member (100,000 deposit!). To withdraw the bonus, you have to trade between 40-50 times the bonus amount as stated in the “terms and conditions”. The good part is that you can withdraw your funds despite the bonus as it is “kept separately” from your own funds.



Opteck Withdrawal

There minimum withdrawal amount is $50. Once the client has provided the required documents, the withdrawal will be processed within 3-4 business days and a few more days to get account manager authorization… After which, depending on the individual’s bank, it can then take up to 7 days to show on the client’s statement. Withdrawal can be done in the same way as deposited, up to the minimum deposit amount. The rest of the profits could only be withdrawn through bank-wire.

Update August 2016: Processing time is on average 3 to 5 working days and a fee of 3.5% must be paid. More fees… In addition, if the 3.5% fee doesn’t reach 30$/€, an additional 30$/€ fee is added to your withdrawal fee!



Opteck Ratings

User Friendly 19/20
The Market Pulse platform is intuitive, the website is well structured and all features are easy to use. There is a small delay when executing a trade, but within acceptable limits. The website is available in 9 languages including English, French, Italian, Dutch and more.


Number of assets and expiry times 17/20
Their basket of assets is average low as they only have about 50 assets to trade. The expiry times range from 60 seconds to 2 minutes, daily and sometimes longer time frames, with the possibility to trade One Touch Options and Range High/Low.

Update 2017, the advertised assets reach up to 157 and signing in to the platform we can see that under High/Low there are around 44 currency pairs to trade but not all available during the time we looked which is normal but at least 30 were available which is great. In addition, 94 stocks, 7 commodities and 12 indices are available but again, bear in mind that not all of them will be available at the same time and for all option types!


Commissions, Support and Effective return 13/20
On the first day of each month, you will be charged a maintenance fee which is something most brokers don’t do. Their Customer Support is quick to answer and helpful, giving pretty straightforward answers. There’s a 3.5% withdrawal fee. The effective return goes as high as 84% (1-3% higher for VIP members) and you no longer get a refund up to 15% if your options expire Out of the Money.

Update February 2017- there are many strange and high fees at Opteck… Clearance fee on the first day of each month, dormant account fee, withdrawal process fee and withdrawal additional 30$/€ minimum fee.


Deposit, Payment and Bonus 16/20
The minimum deposit is $250 and can be made using various methods: wire transfer, major credit cards, WebMoney, CashU, Western Union, JBC. A withdrawal will be processed by Opteck within 5 business days but it could take between 7 to 10 business days until the funds will show in your account. The normal bonus is 20% but it can be higher during their special promotions.

Update August 2016: The bonus trading volume now ranges between 40 and 50 times the bonus amount. 


Website Extras 12/20
There is the possibility of “one click trading” and candlestick charts with a limited amount of tools like trendlines, S/R lines and shapes but also a good number of indicators.


Opteck Ratings 77 + Regulated (+3) – *Low User Rating (-5) = 74/100

Notice: This broker is rated below average among our members and staff. Start your trading career with a Top Rated Broker Now!.


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