Option888 is not a new broker but it is one that has only recently come onto our radar. It is owned and operated by Capital Force ltd, Rebublic of Samoa, registered under No.70611, 13 Novasage Chambers, Level 2, CCCS Building, Beach Road, Apia, Samoa. Samoa does offer some limited business oversight but is not to be considered a regulator of binary options. The broker can be contacted through email at [email protected], live chat on the website or by phone. The English language number is 442038932468.
Is Option888 A Scam?
Option888 does not at first appear to be a scam. The broker has been in operation for some time and has yet to draw serious adverse attention to itself. There are some red flags including lack of regulation, off-shore headquarters and use of bonuses but these do not necessarily make them a fraud. What may make them a fraud is that most if not all of their traffic, according to SimilarWeb, comes from affiliate sources like the Bitcoin Code (scam software) and Finanz-Report.com (a fake news page/sales funnel). The sight has seen a major increase in traffic over the last month which may be a good sign, except that it is mostly from Germany where non-Cysec/non-regulated binary options are illegal.
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Editor’s Note – Why Doesn’t Option888 Suck in 50 words
Option888 might not suck because there are brokers operating outside the legal framework of regulation you can trust. And also because the platform is pretty good, it’s built on Tradologic and offers the more traditional style of spot binary options that we’ve all come to know and love.
Why Does Option888 Suck in 50 words
The broker might suck because it is unregulated and operating within countries known to require regulation. It also gets a lot of complaints about money not being paid out. This may be nothing but it is a red flag that should not be overlooked.
Should I Open An Account With Option888
Option888 is relatively new on the scene but has been around for a couple of years without major incident. The broker appears to operate legitimately but caution is still required when opening an account. The trading is good regardless, the platform is Tradologic and one of the top on the market today. It supports just about all types of traditional spot binary with the assets you want to trade. There are short term, long term, high/low, touch, no touch, boundary and what they call advanced. Advanced is similar to SpotOptions Option Builder where you can choose a risk/reward profile to enhance profits or limit risk on losses.
Standard digital are short term high/low style binary with expiry every 15 minutes out to 2 hours from the current time. Touch options have similar expiry and require a single touch up or down to pay out. Expiry for range options is set at 30 minute intervals with usually 2 to choose from, 30 minutes or 1 hour. Turbo Options are the shortest term expiry; 1, 2 or 5 minutes from purchase. One Touch is similar but different to Touch in that requires one touch to pay out, or no touch if you choose. The Touch requires a touch either down or up. Assets are available in all four classes; indices, stocks, commodities and forex. The list is quite full and nice to look at but be warned, you may not find them all available for trading. Things like Sugar, Cocoa and some indices are only window dressing.
The minimum deposit is average for the industry but high at $250 when compared to some with $10 or $20 deposits. They can be made with CC, wires or ewallet as can withdrawals. The minimum withdrawal amount is also $250 and does not come with any fees save those your bank or card may charge. Withdrawals may take up to 14 days to clear to your account, according to the terms and conditions, and one of the longest I’ve ever seen. Bonuses are available if that’s your thing, up to 100% depending on deposit size, and require a 30X turnover before ANY withdrawals can be made.
I really couldn’t find much in the way of complaints that were in any way relevant, at least not at first. The most recent one I could find was dated to early 2016 and had no follow up. It said that the broker wasn’t returning money after a withdrawal request. I checked into several forums including ours here and could find nothing fresher than 2014 but those were nothing more than queries from members looking for info. After a bit more searching I did find one website with what appears to be real comments from real users; they say not to trust this broker because you won’t get your money back.
Option888 Regulatory Update;
Option888 VIP, a service of Option888 for high profile clients, was entered onto the Swiss FINMA warning list as not being registered to provide services in the country. FINMA 15/6/2016
Italy’s CONSOB lists Option888 in a blanket warnings covering brokers not regulated to operate in Italy and appearing on warnings from other agencies. CONSOB 2/10/2017
Options888 does offer a bonus and it is probably exactly what you expect. You can get up to 100% of your initial deposit depending on the size, delivered at time of deposit. In order to clear the bonus for withdrawal you will need to meet turnover of 30X the bonus amount. No withdrawals will be permited until the turnover is met.
Withdrawals do not appear to be easy with this broker. You can withdraw to ewallet, CC or wire but you will have to wait up to 14 days or longer depending on the situation. The FAQ’s say withdrawals take up to 10 days but in the terms it clearly says 14 days with a possibility of being longer. That is of course if you clear the bonus terms.
Option888 Ratings 69/100
User Friendly 18/20 I can give this one a high rating for user friendly because it is. It is really easy to use, the platform is decent and there isn’t much bad to say about it. The problems come later, that’s when things can turn unfriendly.
Number of Assets & Expiry 15/20 This broker isn’t too bad on either but neither is it too good. The asset list looks awesome, the problem is that most of it is just fluff and not to be found at trading time. Expiry is also OK but you won’t find much for longer term traders, short term traders are well covered.
Commissions, Support And Effective Returns 16/20 I can give another high rating here because there are no commissions, support is present and returns are OK. It’s not the best I’ve seen, live chat is more like “I’ll catch up with you later” chat but I don’t mind, I don’t want those jokers talking to me anyway. Returns are average, nothing to write home about but nothing to sneeze at either.
Deposit, Payout & Bonus 10/20 This broker scores low here. Deposit is higher than usual at $250 (that used to be standard but now so many brokers let you in with $10 or $20 bucks) and payouts are only average. What really sucks is that they still use the old bonus rules which totally tie up deposits and make it hard to ever get money out, if you ever can at all.
Website Extra’s 10/20 There isn’t anything special about this broker. You might consider the types of options, the number of varieties, an extra but it isn’t really. If you are looking for something special this isn’t it.
Option888 Overall Ratings 69/100
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