OptionFair is owned by B.O. Tradefinancials Ltd which is located at 1, Kosta Hadjikakou, Kyriakos Tower, 1st Floor, Agios Athanasios, CY-4107 Limassol, Cyprus. Being located in Cyprus, they are regulated by the CySEC under license number 216/13 since 27/09/2013. The address for OptionFair’s registered headquarters is Ioanni Styliamou 6 2nd Floor, Office 202 2003 Nicosia, Cyprus. In a recent development (March 2015), OptionFair (as part of TechFinancials) has made an IPO and is now the first binary options broker listed on the London Stock Exchange. OptionFair also owns the following CySec approved domains: eu.33option.com; www.33option.com; www.tradefinancials.com.
Is OptionFair a Scam?
OptionFair is not a scam. OptionFair were among the pioneers of the binary options industry as they launched their unique trading platform back at 2010 and already sold the trading platform to more than 5 brokers, some of them are much known binary options brokers (the platform is now called “Tech”). Unlucky for OptionFair, some of those brokers were probably better marketers as they’ve already claimed a stable status in binary options trading. BinaryOptionsthatSuck.com team has and still monitors those brokers including OptionFair for over 3 years now, and we are finally pleased to announce that OptionFair is back, alive and kicking. When I first review that broker over3 years ago, I was extremely pleased with the technology of this platform, including the short expiries and high profits. The fact that OptionFair is also the platform operator and owner only triggered me more to try and understand why other brokers, one of them is actually recommended by Bots.com, became more reputable. Other issues like withdrawal process, Bonus amounts and wagers, customer support and platform technology are much more important to me than a regulation stamp. I can honestly say that OptionFair really do qualify to be a recommended broker if taken those aspects of binary options trading into consideration, as I think they should and must.
Update 2017, OptionFair seems to be “sleeping” since there are not many comments on them and their traffic (although stable) is extremely low after a dive last year. As always, we try to figure out reasons for unpopularity and loss of business. In this case, we could reveal that shortly prior to the loss in clients, CySec fined OptionFair a hefty sum for various reasons including unfair advertising and not acting in their customers best interest.
Editor’s Note – Why does OptionFair Suck in 50 Words
They suck because they are just a smaller less stable version of 24Options. This might not matter but the drop in traffic is a telling sign.
Why OptionFair Doesn’t Suck in 50 Words
OptionFair offers on a smaller amount of assets than the average. Expiry times are also shorter, nevertheless, all assets return’s are above the average. I would have preferred more assets available to trade but then again, the shorter expiries and good return could make a trader a lot of money in no time. Long time in business but really doesn’t move forward.
Should I Open an Account with OptionFair?
OptionFair trading platform is quite different from most other Binary Options brokers since its trading section is organized and based on the expiry times of assets. The first assets on the asset column are assets that about to expire while the last assets are only expired on the end of the day or the week depends on their availability. Traders can easily view the next assets that about to expire or simply rearrange the asset list so they can locate a later expiry time much easily. Some people say that OptionFair really took the Binary Options time variable to the limit as it seems like they have given more thought in time variables then in variety. 2017 Update: Another great advantage of OptionFair is the above average In-The-Money return; OptionFair return is up to 100% for all types of assets.
I bet you noticed that OptionFair recently changed their website appearance. I think a change is good as long as it brings a breath of fresh air without messing with the overall functionality of the site. Well, OptionFair is doing more than that because they actually manage to improve the looks and the functionality by creating a more fluid experience for the user.
I don’t really know what the difference between Fuchsia and Candy Pink is nor if these colors are even similar but the guys that worked on the new OptionFair website did a great job at combining the colors in a way that doesn’t hurt my eyes if I look at the platform for a long time. It seems crisper and overall it looks like more work has been put into it compared to the old version but the thing I like most is the way it is organized now. I see a lot of brokers with poorly organized websites and I consider this a hint about their level of professionalism. Would I want to give my money to a broker that doesn’t show enough interest for their own website? Not really, because that just shows me how little they care about their customers. Well, the exact opposite is true for OptionFair’s new website. They saw room for improvement and they…improved. The site was already a good looking one but they made it better, proving once again why they are one of the top brokers in the business.
Update 2017, their list of assets are now improved from 37 up to 111 assets of which 35 are currencies. In addition, their payout system has changed. Instead of the typical 80-85% turnover, you now get 100% BUT, there is a small fee for each execution. For example, you take a call option, you pay 2.5 $ or € handling fee which seems fair. They also allow one commission free withdrawal per 31 days which sounds like a good deal and no minimum withdrawal amount.
BOTS.com always advice potential traders to look for any information regarding the specific broker they’re looking for before depositing. What we do is simply search several search engines about OptionFair complaints, scam, frauds, etc. It is easy to do, harder to determine what’s really true, but don’t worry cause we’re here to help! We did found some very interesting comments about OptionFair in one forum; apparently some people weren’t satisfied with the number of trading tools. Other were comments coming from people frustrated by the fees charged, but overall, nothing really bad about OptionFair.Also captured a few positive comments, a very uncommon thing(:.
Update 2017, the number of complaints are still very few. The few but yet most common ones are regarding price manipulation and being unable to execute most of your trades. In response to the complaints they were fined in 2016 by CySec for not acting in the best interest of their clients.
OptionFair Regulatory Announcements and Warnings
08.07.2016: CySec fines OpTionFair and their owner B.O. Tradefinancials Ltd for 138,000€ for misleading advertisement, not acting in their clients best interest and several other issues. Source: CySec.gov 6/16.
09.03.2015: BCSC in Canada mentions OptionFair in their alert list of unregistered binary options platforms that target Canadian citizens. Source: BCSC.bc.ca 3/15.
Update February 2017- OptionsXO no longer offers bonuses per the new CySEC and MiFID rulings. They do however provide two types of risk free/trade insurance type rebates for new customers.
Deposit is always an important issue, but here at BOTS we care more about the withdrawal. It’s easy to deposit, harder to withdraw as it turns out sometimes. When it comes to OptionFair, the limit for withdrawal is similar to most brokers in the industry, but when it comes to process time – OptionFair states that normally the withdrawal will be processed within 36 hours (VIP) to 5 days. No problem withdrawing your deposited amount if bonus wager is not fulfilled. We noted that OptionFair, fairly enough, allows one free withdrawal per 31 days. Additional withdrawal requests may cost up to 30 currencies.
User Friendly 18/20
OptionFair platform operates on a unique 100% web based platform, with no need for any software to be downloaded. OptionFair website is modern and very elegant; navigating between sections and the trading process is simple and very friendly. The trading process is simple and very friendly to use. Live information about the asset and other charts are provided within a simple click on an asset and appears just above Overall, the FAQ section and glossary are complete and inviting, the trading process is fun and the availability of the site in 5 different languages makes OptionFair a user-friendly environment.
No. of Assets and Expiry time 17/20
Total of 118 Assets: 56 stocks, 35 currencies (forex), 7 commodities, 20 indices. OptionFair variety of assets is average, maybe below average, with room for improvement. The expiry times are good stretching from minutes to a couple of days for most assets times, mostly shorter expiries good for intraday but not above.
Commissions, Support and Effective return 16/20
OptionFair don’t charge any fees or commissions from investors when they first deposit or purchase options. Withdrawals are charged with a 30$ after more than one transaction per month. 1 free wire transfer on month, more- 30$ fee. OptionFair support is available via 5 international numbers- in English, French, Italian and Spanish or via email. The live chat service was very quick during most hours of the day and weekends. Update 2017, the returns have changed to 100% for all assets. Instead, OptionFair charges a 2.50 Euro fee per execution. The live chat was advertised to be online in 7 different languages but when we tried to ask them a question it said there was no one available at the moment.
Deposit, Payment and Bonus 17/20
OptionFair Minimum deposit is 100 only. Deposit is available via C.C., Wire transfer, Cash-U, moneybookers, and more. Withdrawals are generally available via the same methods, with an exception- if the value of the withdrawal exceeds the initial amount, the rest of the money will be sent via wire-transfer. E-wallets are added for smoother deposits and withdrawals via: Neteller, WebMoney, Qiwi, CashU, Abaqoos and Skrill. We didn’t find info regarding bonuses but they offer insured trades and a 10% money back deal with specific terms and conditions. No bonus.
Website Extra’s 13/20
The biggest extra is the 100% payout on all assets, and then there is the simplified FX trading too.
OptionFair Overall Rating: 80/100 + Regulation (+3) = 83