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  • OptionFire

  • Bonus: 25
  • Options Payout: 55-81%
  • Rating: 1 / 10
Broker Name: OptionFire
Platform: MarketPunter
Founded: 2010
Bonus: 25
Return/Refund: 55-81%/10%
No. Of Assests: 65
Regulated:   No
Demo Account: No
Minimum Deposit: 200
US Traders:   Not Accepted

OptionFire Review

Important Notice – OptionFire is out of Business!!!

 

Editor’s Note – Why does OptionFire Suck in 50 words

According to their website, OptionsFire main mission is to make Binary Options simple. They made such a good job making their trading platform so simple so they forgot to bring some fun into. One question still remains – why is there a blank screen after hitting “license and regulation” tab?

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Why OptionFire doesn’t Suck in 50 Words

As they claim, OptionFire is a regulated brand. Trading with a regulated binary options broker is usually safer, but a as far as BOTS.com know, OptionFire regulation is not a based fact. I think any potential trader should ask that question a few times before depositing.

OptionFire Full Review: OptionFire is an amateur broker

As another TradeSmarter brand, OptionFire supplies a simple 100% web based platform with no need to download any kind of software to the computer. OptionFire was launched on early 2010 with a mission to simplify the world of Binary Options and be transparent with every transactions made by investors. With 11 different languages available and a powerful regulated brand behind, OptionFire is on it’s way up. OptionFire main specialization is the Australian markets and clients, alongside with Islamic faith clients. Overall OptionFire website is similar to most other TradeSmarter brands, with a few minor changes from the original brand. So why does OptionFire Suck? Because it’s just not it. I mean, they don’t have anything different or special from other Binary Options brokers. From the trading aspect, the only trade method is a simple Call/Put Option. From the visual aspect, the website seems very simple and unattractive and the colors are awful. In one word- boring. After all, for me trading is a lot more than just a simple Call/Put option.  I want my broker to look attractive, from all aspects. I admit, I never really liked the TradeSmarter Platform but some brokers made this platform a bit more attractive by adding some new colors and designs to the basic look. OptionFire did absolutely nothing. The Black and Orange design is out-of-date and really highlights the fact that we are talking about amateurs here. With a slogan like “plan your trade, trade your plan”, I’d rather plan my dinner, and then eat my dinner. Oh and I almost forgot! OptionFire has a cool and efficient market reviews and news live feed tab, it just takes a while to find it. I really liked it as it’s different and better than many other brokers’ live feed, the only problem is, again, to find it… you won’t find it in the trading platform where it should be, but you will find it in the FAQ section. I really don’t understand why. Somebody said amateures?

Is OptionFire a Scam?

Some binary options brokers are scam, while some brokers such as OptionFire are not scam and even further. OptionFire closing price is quoted directly from Reuters so an investor could be 100% sure that the closing price is real and untouched. Many other Binary Options Brokers do no work like that, which makes some investors that are not aware of it very angry and frustrated. OptionFire isn’t like this at all, and for that I applaud them. On the other hand, investors will get bored quickly using OptionFire, or worse, investors could make more money trading somewhere else. The In-the-Money return can sometimes be very low as 55% only, although it could rise to 80% in different but very minor cases. I’d say that average in-the-money return is somewhere between 60-70%. Average low compared to the industry. OptionFire also offer new clients bonus offer, but only as high as 25%, which is another indicator that OptionFire is not a scam, but not a great broker. The biggest downside for me at least is the trading itself. The only trade method is winning or losing a prefixed amount on a prefixed call/put option. No touch, No range, no weekend. Simplicity as OptionFire claims it to be. Beginners might enjoy learning Binary Options on OptionFire, but will find it boring very quickly. Other types of investors might not like it all. I didn’t. OptionFire need a makeover I think, if not, I don’t know what to look from this broker. After all, it’s another name brand from MarketPunter family, not the brightest one.

 

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OptionFire Complaints

Bots.com are searching for any binary options broker complaints, scam, frauds etc. searching for OptionFire complaints lead us into few forums, mostly discussing OptionFire regulation issues. Some people say regulation is not a big matter, even scammers could gain regulation. Other people say trading with OptionFire is safe, excpect that U.S. doesn’t recognize the Australian regulation.

OptionFire Bonus

OptionFire allows a bonus of up to 2000$ for initial deposit. The wager is average, 15*bonus amount.

OptionFire Withdrawal

The withdrawal at OptionFire is quite easy, within 10 days your money should be deposited back to your account. Non-Australian traders will have to pay 15$ fee for any withdrawal.

OptionFire Ratings

Since 2010. Trading Assets- 65 trading Assets. Minimum Deposit -200$, 200€, 200Aus$. Payment- Credit cards, wire transfer, others. Options Profitability- 55%-81%. Out of money option refund-10%. Platform: TradeSmarter. Languages- 11 different languages including English, French, Arabic. Demo- Yes.

 User Friendly 10/20

OptionFire is 100% web based TradeSmarterunter platform, so there’s no need for software to be downloaded. The website is similar to other TradeSmarter brands, with minor changes. Navigating throw different menus and assets can sometimes be a drag, and the overall design is a bit boring and pleasant sometimes. OptionFire supplies its investors with many tutorials and learning demos, while trading is simple and easy.

No. of Assets and Expiry time 12/20

Total of 65 Assets: 42 stocks, 11 currencies (forex), 6 commodities, 6 indices make OptionFire offer a sufficient amount of assets either for all types of investors, the downside is the options expiry- only until the end of the day.

Commissions, Support and Effective return 10/20

OptionFire Don’t charge any fees or commissions from investors when they deposit or purchase options. Clients outside Australia could be charged up to 20$ for withdrawing. OptionFire support is available only via four international numbers, in English or French, or via email. The live chat service is quick and polite, available 24/7. The effective return is among the low-average in the industry- between 55%-85% with an average of between 60-70% for In-the-Money, while the Out-of-Money refund is 10% in most cases.

Deposit, Payment and Bonus 12/20

OptionFire is regulated. Minimum deposit is average/low- 200$ or 200€. Deposit is available via C.C., Wire transfer or many other methods stated in OptionFire website. Withdrawals are not limited to a minimum withdrawal and available via the same methods, with a charging fee for non-Australian costumers. Additional withdrawal fees do not apply on C.C. OptionFire bonus goes up to 25% or 700$ which is average and fair.

Website Extra’s 5/20

OptionFire Supplies its clients with various learning tutorials, more than most other brokers, making them a good place for beginners from the learning aspect. The major downside of OptionFire is the lack of any kind of special features. Another thing I could not understand is why the great live news feed is so hard to find.

 

OptionFire rating: 49

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