Option10 Review
**** Important Notice – Option10 is Out of business. 1/7/2012.
Editor’s Note- Why does Option10 Suck in 50 Words
This Option10 review is much more than just a review about another Binary Options Broker; it’s actually an article about a vicious scam that hearts thousands of investors every month. Option10 is just an example of how some Brokers actually try to confuse traders and stain the whole industry doing so.
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Option10 Full Review- They call it a scam
Option10 Binary Options Broker was launched a couple of months ago (2011), almost one year after Option10 older brother OptionBit was launched. Both Brokers are based on the technology of Tradologic Binary Options innovative trading platform. Tradologic platform is off course 100% web based so there’s no need for any software to be downloaded to the PC. Option10 and OptionBit are almost similar and the differences between them are hardly noticed. It’s fair to say that Option10 and OptionBit advantages and disadvantages could also be seen on OptionBit review page since they are quiet similar. So why does Option10 Suck? From the same reasons that OptionBit suck- Both sites are very new and as far as I can see, they are not trustable completely at the moment. The lack of information about assets is quite disturbing. If you try to figure out the changes and movement of the asset on the chart you will find it hardly impossible to figure. The second thing that bothered me is actually a trust issue- the represented chart and numbers are taken from Reuters, but the striking price suggested by Option10 is different. The difference between Reuters closing value and the brokers striking value is different in some other cases. Few Binary Options Brokers use different numbers but for it just doesn’t seem fair to list both value side by side since it could be very confusing. It occurred to me that sometimes I tend to focus so much on the chart that I forget that the real striking price (Real- Option10 suggested striking price…) is actually different and that this allegedly small issue could really harm trading and makes a trader quite pissed off. I’ve seen so many investors frustrated by this issue, and to those investors I can only say- avoid Option10 as this small issue could cause many headaches and dissatisfactions from trading. Of course it’s not the end of the world, but it could confuse traders very much; and all you trades and investors know- there isn’t anything angrier in the whole world as a frustrated trader.
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More signs of Binary Options Scam
There is a lot more to debate about the different between Reuter’s striking price and the broker’s striking price. Some say it’s a scam, I don’t think so. Readers can find more information about this issue on Our Binary Options Scams section and learn how to deal with this issue safely. In Option10 case, this issue is thrown into the traders faces with much more power since both values are represented at the same time but actually different and therefore much more confusing. Option10 use charts and values by Reuters to show the advance of their assets but actually suggest different striking values. In order to analyze an asset a trader needs to examine the chart but also remember that the striking price is different and represent in another tab! It’s a tricky situation and could be entitled as scam- the Option10 scam (rhymes doesn’t it?(:). Poetic or not, Option10 lost integrity in my eyes. Striking numbers are the heart of Binary Options, you just cannot go anywhere without them. The striking numbers need to transparent and clear as a glass so a trader can blindly trust the broker. If I can’t trust the charts I’m looking at then I just can’t trust anything else. Therefore and In conclusion, Option10 didn’t pass the first but ultimate test- the notorious Binary Options Brokers reliability test. My advice to all readers is to avoid Option10 in order to avoid unnecessary heart seizures.
Option10 Ratings
Since 2011. Trading Assets- 30 trading Assets. Minimum Deposit -250$. Payment- Credit cards, wire transfer. Options Profitability- 65%-81%. Out of money option refund-0%. Platform: TradoLogic. Languages- 11 different languages: English, Arabic, Spanish and Russian. Demo- Yes.
User Friendly 12/20
Option10 is 100% web based TradoLogic platform, so there’s no need for any software to be downloaded to the PC. The website homepage is smaller and more organized than many other brokers. In the trading area a trader can only see one asset at a time, which turns the browsing and navigating between assets longer than usual and frustrating on the long run. Another great plus is the availability of the site in 11 different languages.
No. of Assets and Expiry time 5/20
Total of 30 Assets: 8 stocks, 11 currencies (forex), 6 commodities, 5 indices. Option10 seriously lacking in their selection of assets and expiry times. Overall 30 assets and only half hour to a couple of hour’s expiry times are just not enough to be considered a professional broker. The only consultation is the availability of a few Touch options for weekends.
Commissions, Support and Effective return 11/20
Option10 Don’t charge any fees or commissions from investors when they initially deposit or purchase options. Option10 support is only available via 4 international numbers- Mexico, UK South Africa and Cyprus. There’s no US support. The live chat service wasn’t very quick and helpful the few times we have tried, available 24/7. The effective return is among the high in the industry- between 65%-81% with an average of 75% In-The-Money return for most assets, while the Out-of-Money refund is simply disappointing- 0%.
Deposit, Payment and Bonus 16/20
Option10 Minimum deposit is average/low – 100$. Accounts can only be held in US Dollar. Deposit is available via C.C. or Wire transfer. Withdrawals are not limited to a minimum. Withdrawals are generally available via C.C or wire transfer (25$ charge). Option10 offer a bonus of up to 30%, up to 1500$.
Website Extra’s 15/20
Option10 offer their customers with some very innovative and professional trading tools that make trading much more interesting. First, other than the simple Digital striking price option, there are also Range and Touch options. The Touch option is usually available during weekend for some assets and could generate profits of up to 400%. Range Option gives a trader chance to make high profits by choosing a suggested range of striking price, again, only for a few assets with specific expiry times. Moreover, Option10 has a Rollover and Extend option to delay or close options before and after the expiry times. From the learning aspect, Option10 provides its customers with a few helpful trading guides. Unfortunately, there isn’t any live news bar or any other market information tools.
Option10 rating: 59/100 – Not Regulated (-10) = 49
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