OptionField is a Binary Options broker owned by Optionfield Limited, located at Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines.
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.
The company 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 broker. Optionfield is not regulated by a prominent financial watchdog such as CySEC, ASIC or the British FCA.
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 recommended minimum investment is $100 but clients can invest as little as $5 per trade and Demo accounts are available. All good things but nothing spectacular.
Why Does OptionField Suck In 50 Words
No regulation coming from a major financial authority, 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 (available as a downloadable client and a web-based version). 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 a loosely regulated 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 not regulated by a major financial watchdog. However, they seem transparent enough and with fair trading conditions (low deposits, high payouts, great 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.
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 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.
Withdrawals at OptionField can be made via credit cards, wire transfers, Skrill and Neteller (for non-EU clients), EUR SEPA bank transfer, crypto-currencies (Bitcoin, Litecoin, Ethereum) and via UPayCard.
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.
User Friendliness 14/20
The website is well-organized and translated in 5 languages, which is enough but not the most I’ve seen. 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.
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.
Commissions, Support And Effective Return 15/20
There’s a 10 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 93% (Fore 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, EUR SEPA bank transfer crypto-currencies (Bitcoin, Litecoin, Ethereum) and via UPayCard. 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. At the time of writing this bonus is just a limited time offer.
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 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