OptionField is a Binary Options broker owned by Optionfield Limited, with head offices at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. Payment processing and website operations are carried out by Zurbaran Limited and according to the information they provide, the place of supply of services in St. Vincent and the Grenadines.
On their Contact page they list the address Gladstonos, 116 M. Kyprianou House, Floor 3&4, 3032, Limassol, Cyprus but it is not clear to which company this address belongs to (Optionfield Limited or Zurbaran Limited) or if it is simply a mailing address. They can be contacted via telephone at + 357 (25) 030418 or email [email protected]
Is OptionField A Scam?
They talk a big game, saying they are on a mission to bring a viable solution to clients who have been disappointed by other binary options brokers, also mentioning they know that binaries have suffered a big blow from public outrage and bans in several countries. And now they are here to change all that. Ok, sounds nice but I’ve been in this business too long to simply believe any broker that comes and says they are gonna change the game, they are gonna be the ones who turn the public’s perception around. At the time of writing, all I see are big words from a very new broker (launched in 2017). But that doesn’t make them a scam, just a company we don’t know enough about. Time will tell if they are true to their word but for now, I recommend caution, especially because this is an unregulated brokerage.
Editor’s Note: Why Doesn’t OptionField Suck In 50 Words
Their platform of choice is Meta Trader 4, which is hands-down one of the best around, for experienced traders and newbies alike. Also, the lowest account starts at 100$ and Demo accounts are available. All good things but nothing to write home about.
Why Does OptionField Suck In 50 Words
No regulation, very new on the binary options scene and the picture of a model on their Live Chat. Now, you might be thinking that I’m nitpicking on that last one, but I don’t think I am. What is the point of having a picture of a beautiful girl there? I am certain that’s not the picture of the actual support representative, so why? To inspire confidence? To show professionalism? None of the above! It’s there because the majority of traders are men and men like to see beautiful women. Cheap marketing used since the early days of binary options.
Should I Open An Account With OptionField?
OptionField was launched in 2017 and offers Binary Options on the popular Meta Trader 4 platform. As you may know, binary options have taken a big blow and lost most of their popularity due to constant scams, unprofessional brokers and several bans coming from financial regulators across the globe. Despite that, OptionField is still focusing heavily on this product, claiming they want to change the public perception that binary options are a scam.
Indeed, a good BO broker is needed because, despite all the backlash, there are still a lot of people who want to trade binary, but so far OptionField hasn’t proven they are that knight in shining armor because all we have so far is some talk and marketing tricks.
Accounts start at 100 USD (Classic), continue with Pro for 2,000 USD and Elite for 10,000 USD. Keep in mind this is your money; you are depositing in order to trade with what you deposit, it’s not some kind of fee or payment. The Classic account is very accessible (medium deposit in the industry is 250 USD) but the other 2 are too high and the extra perks they offer don’t justify the extra investment. Besides, depositing 10K USD with an unregulated and very new brokerage seems reckless to me.
OptionField lacks severely in the educational department because from what I can tell, they don’t have any type of e-books, videos or extensive trading tutorials. What they do have is a Demo account, which is good for training and honing your skills but that’s about all the education they facilitate.
As a whole, OptionField doesn’t seem bad but I cannot get over the fact that they are new and unregulated; on top of that, they don’t provide enough information about the owning and operating companies. I believe there are better choices out there at the moment, but I don’t exclude them rising through the rankings in the future.
We’ve searched long and wide, on the most popular forums and chatrooms but we couldn’t find any complaints regarding this brokerage. This is probably due to the short time they’ve been in business, so we will update this section when and if something substantial changes.
OptionField Regulatory Warnings And Announcements
So far no regulatory agency has issued warnings or announcements regarding OptionField. Again, we believe this is due to their short time in the business.
Their Bonus can go up to 100% but this is a limited time offer and the minimum deposit requirement is 1,000 USD. According to their Terms And Conditions, withdrawing the bonus is impossible but they don’t specify any limitations imposed on the client’s deposit.
Withdrawals at OptionField can be made via credit cards and wire transfers. The processing time for both is 1 to 5 business days and the fee for both is 1% but no less than 10 account units and no more than 20 account units. This means that if you have a USD account, the maximum fee you will pay is 20 USD. Elite and Pro account holders benefit from one free withdrawal per week.
Binary Options on Meta Trader 4 are the main extra feature that OptionField offers. Also, they mention that you can use Expert Advisors to trade options. We don’t recommend using this feature unless you are experienced and have enough skills to do so.
User Friendliness 13/20
The website is well-organized but unfortunately, I couldn’t find a way to change languages so I can only assume that English is the only one available. The Meta Trader 4 platform is very good but it can take some time to get used to. Demo accounts are available as well as mobile applications.
Number Of Assets And Expiry Times 12/20
According to their asset index, OptionField only offers fiat currency pairs, a few cryptocurrencies (Bitcoin, Ethereum and Litecoin) and Gold (XAU/USD). This a very limited asset basket so I hope they improve it going forward. The expiry times are 1, 2, 5, 10, 15, 30, 60 minutes, 4 hours and 1 day.
Commissions, Support And Effective Return 15/20
There’s a 1% (or max 20 account units) fee for withdrawals but Pro and Elite account holders benefit from one free withdrawal per week. Please read their Terms And Conditions if you are planning on opening an account because there may be other fees or commissions. The Live Chat support was very quick to respond and answered my questions instantly, without any fuss, just how it’s supposed to be. The effective return goes up to 85% according to their homepage but the highest I’ve seen on their Options Specification page was 80%, which is still good.
Deposit, Payment And Bonus 13/20
The minimum deposit is 100 USD and can be made via credit cards or wire transfers. Withdrawals can be made via the same methods and take between 1 and 5 business days to process. The Bonus can go as high as 100! But cannot be withdrawn, only used for trading. They don’t specify if any other restrictions apply to withdrawals in case you’ve accepted a bonus. At the time of writing this bonus is just a limited time offer.
Website Extras 14/20
Meta Trader 4 (MT4) is the platform of choice and this is definitely an extra for Binary Options trading. Also, traders can use Expert Advisors on MT4.
OptionField Ratings 67/100