Why Does OptionField Suck In 50 Words
No regulation coming from a major financial authority, a relatively low profile on the online trading scene, and no Live Chat available at the time of our review. Now, you might be thinking that I’m nit-picking on that last one, but I don’t think I am. Traders need live chat for quick answers to their questions, or for directions on how to use certain features of the platform. Nobody likes to sift through the FAQ section for an answer and nobody likes to wait for a delayed email response.
Why OptionField Doesn’t Suck In 50 Words
Apart from their binary options webtrader, OptionField offers Meta Trader 4, which is hands-down one of the best platforms around, for experienced traders and newbies alike. Also, the recommended minimum investment is $100 this is not a requirement because their Classic account has no minimum deposit limits.
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 relatively new broker (launched in 2017). But that doesn’t make them a scam, just a company we don’t know enough about. For now, I recommend caution, especially because this is an unregulated broker. OptionField is not regulated by a prominent financial watchdog such as CySEC, ASIC, or the British FCA.
Should I Open An Account With OptionField?
OptionField is a Binary Options and FX broker owned by Optionfield Limited; according to their website, the company is incorporated under registration number 24466 IBC 2018 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines. However, we couldn’t verify the information on the regulator’s official website.
OptionField was launched in 2017 and offers Binary Options on a webtrader platform (no download necessary, as well as CFDs 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 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 armour because all we have so far is some talk and marketing tricks.
Accounts start at 0 USD (Classic), continue with Pro for 2,000 USD and Elite for 10,000 USD. The Classic account of course very accessible because they don’t impose any minimums whatsoever but the other 2 are too high and the extra perks they offer don’t justify the extra investment. Besides, depositing 10K USD with a loosely regulated 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, or extensive trading tutorials. What they do have is a Demo account, which is good for training and honing your skills, and some videos 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 not regulated by a major financial watchdog. However, they seem transparent enough and with fair trading conditions (low deposits, high payouts, good trading platforms, etc.). There might be better choices out there at the moment, but I don’t exclude them rising through the rankings in the future and besides, binary options brokers are almost extinct and clients who are still fond of this way of trading are running out of options so a new addition is welcome.
Optionfield Limited is located at Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent, and the Grenadines. The company can be contacted via telephone at email [email protected]; they do not provide a phone number.
We’ve searched long and wide, on the most popular forums and chatrooms but we couldn’t find any major complaints regarding this brokerage. Some people have complained about price manipulation, saying that OptionField’s quotes are different from the ones of other brokers. This fact alone doesn’t mean that price is manipulated, and it’s normal for charts to look different from broker to broker especially if they have different quote providers. It doesn’t mean that one broker or the other is cheating. With that being said, we cannot vouch for the accuracy or any quotes provided by any broker.
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 500 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.
Another bonus is the 3% crypto deposit cashback but this only applies “for every eligible cryptocurrency deposit”. Unfortunately they don’t specify the exact conditions of this cashback, or what an eligible deposit is.
Withdrawals at OptionField can be made via Uphold (provides card and bank transfer services), Skrill and Neteller (for non-EU clients), and cryptocurrencies (Bitcoin, Litecoin, Ethereum). The processing time is 1 business day and the fee is 10 currency units This means that if you have a USD account, the fee you will pay is 10 USD no matter if you withdraw $100 or $1,000. 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. Also worth noting is their Demo Contest: all demo accounts participate automatically and at the end of the month, the top 3 traders split a $2,000 prize.
User Friendliness 14/20
The website is well-organized but available only in English. The Meta Trader 4 platform is very good but it can take some time to get used to if you haven’t used it before. Demo accounts are available as well as mobile applications. US clients are not accepted.
Number Of Assets And Expiry Times 13/20
According to their asset index, OptionField only offers fiat currency pairs, a few cryptocurrencies (Bitcoin, Ethereum and Litecoin), and Gold (XAU/USD). This bad news for people looking to trade indices, stocks, and commodities as underlying assets so I hope they improve it going forward. The expiry times are 1, 2, 3, 4, 5, 10, 15, 30, 60 minutes, 4 hours, and 1 day. OptionField also offers CFD trading on Forex pairs, with leverage that goes up to 1:200 and moderate spreads.
Commissions, Support, And Effective Return 15/20
There’s a 10 account unit 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. They have a Live Chat support section but unfortunately all you can do there is leave a message. The effective return goes up to 93% (fFore Elite and Pro accounts) but only a few assets benefit from this high payout.
Deposit, Payment, And Bonus 15/20
The minimum deposit is 100 USD (minimum trade is $5) and can be made via credit cards, wire transfers Skrill, Neteller, and cryptocurrencies (Bitcoin, Litecoin, Ethereum). Withdrawals can be made via the same methods and take between 1 business day 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. To receive a bonus you will have to deposit at least 500 USD/EUR.
Website Extras 16/20
Meta Trader 4 (MT4) is the platform of choice and this is definitely an extra for Binary Options trading. Noteworthy additions are: a demo contest where the top 3 traders can receive real money, cryptocurrency deposits and withdrawals, as well as chunky payouts that go up to 93% (for a limited array of assets and for specific accounts).
OptionField Ratings 73/100