OptionRally new address now appears on both cysec.gov and OptionRally: 1, Griva Digeni Street, ZAVOS KRIEL COURT, CY-3035 Limassol, Cyprus. However, according to Bloomberg.com, OptionRally Financial Services Limited is registered at: 280, ANASTASI SIOUKRI AND MAKARIOS AVENUE, LORDOS CENTRAL COURT 1, 6TH FLOOR, OFFICE NO.16 LIMASSOL, 3105 Cyprus. The regulatory agency is the Cyprus Securities and Exchange Commission and the license number is 220/13, obtained in 07/11/2013. The company’s incorporation number is 301842 and their listed telephone number is 22 030 117. OptionRally.com is operated by OptionRally Financial Services Limited which replaces the former name TCM investments Ltd and before that; Tifozi Investments Ltd.
Is OptionRally a Scam?
I cannot decide 100% if OptionRally is a scam or not, even though they’re seemingly regulated and legit. Recent developments have come to our attention: since the new update to their website, the amounts required for the different types of accounts are not displayed anymore you will have to talk to one of their representatives for exact information… but be prepared to not get that info before you open an account.
They also like to keep their clients in the dark… mostly. They don’t tell how much the client needs to deposit in order to open each type of account and throughout their Terms and Conditions they leave a lot of room for interpretation, thus overall I feel I am dealing with a slippery company. That being said, they are regulated by CySEC so they have at least a small amount of supervision but as we all know, CySEC is not the most feared binary options watchdog, so I can’t be overly enthusiastic about their regulation.
Update February 2017: We can see that the complaints regarding withdrawals are still coming fresh in piles. Furthermore, the traffic to their domains, Optionrally.dk, Optionrally.com, Optionrally.eu and Optionrally.ae seem irregular and relatively low for a broker that is supposed to be quite big. There was however a large peak in October 2016 right after they were fined by CySEC. Whether this was a heavy marketing move in October to pay for the CySEC fines we can only speculate on – but connecting the dots, withdrawal issues and CySEC fines, we can only assume the worse!
Editor’s Note – Why does OptionRally suck in 50 words
Last time we’ve reviewed this broker my only complaint was the very small trading platform, and maybe the average low returns. Approx. 6 Months later, I’m feeling very disappointed with the amount of complaints concerning withdrawals, pricing, support and bonus terms. Basically, everything that a trader can complain about… Not a good sign when existing clients tell you to stay away from a broker.
Why doesn’t OptionRally suck in 50 words
OptionRally has one of the best educational materials that I ever saw in a binary broker, ranging from free videos to a comprehensive Glossary, daily and weekly market analysis and some actually good strategies. It really feels like this broker wants me to succeed, and is not just filling my head with crap. Thumbs up for that. Another good news is that OptionRally is now regulated by CySEC and they have recently updated their website appearance, making it flashier, in my opinion. Whether you like that or not, it’s up to you to decide.
Should I Open an Account with OptionRally?
OptionRally’s platform is a SpotOption technology very well implemented and all the information is easily available in what soon became clear to be a well organized website. Once I opened an account, the actual trading platform became larger and all its features became visible: 60 seconds, One Touch, Option Builder and Binary Meta. Also the assets became easier to choose and overall, it felt like a professional trading environment. The highest payout they offer is a respectable 81% and the refund can go up to 15% but they can both be modified through the Option Builder feature. Again, not bad trading conditions, but not exceptional either. OptionRally differentiates the trading accounts based on the minimum deposited amount and personally I find that to be a marketing trick, luring you with a higher first deposit bonus, an e-book or a dedicated account manager if you deposit more. Those are features offered by most brokers even for the minimum deposit, but OptionRally wants me to deposit a minimum of $1000 if I want an account manager or an e-book. Furthermore, they have an account named “Executive” which requires me to deposit any amount in the range of $5000 – $9999 and say that it is “Highly Recommended for beginners”. Allow me to disagree. That range of first deposit is way too high for a newbie and OptionRally should know better than to recommend something like that to a beginner. On a recent visit we noticed that they have removed from their website the information about the amount required to open each type of account. It could mean they want to change them or simply they don’t want anyone to know these amounts (no idea why they wouldn’t want this to be public). Update Jan 2016: I contacted their support to get the exact sums needed for each account and the answer was not surprising at all: they wanted to know my account number and when I told them I don’t have one they gave me a link to open one… duh. Just think about it: Client -Hey man, what is the minimum deposit for say… an Executive account? Customer Support – Hey, why don’t you open one and see then!?
Update September 2016: The sums for each account are still not known but at least the bonus percentages or the initial deposit are available: 15% for the Mini Account, 25% for Standard and Executive, while the VIP account will benefit from custom bonuses. All consequent deposits will receive a 10% bonus.
Ok, I saved the best for last. This feature is a first for me when it comes to binary brokers: candlestick charts. Could it be that we start to see brokers actually emphasizing the importance of Technical Analysis and recognizing its advantages? The feature becomes available once you open an account, with no need of depositing but don’t get too excited yet: you cannot attach any indicators on the Basic Charts and you can’t even draw a simple trend line or S/R level. That is so primitive that I had to check my calendar to make sure I am in the year 2013. But what am I doing here? When I can simply use their latest feature; “Advanced Charts” that allows you to customize it to your own strategy and needs. At least OptionRally tries to advance a bit and that in my book is commendable. Thumbs up again. Update August 2015: Their Advanced Charts don’t work anymore and clicking on the link just gets you an error message. Could be a temporary problem but we cannot spend all our time on OptionRally’s website to see when they decide to fix one of their features. If at the time of reviewing a feature doesn’t work, then they don’t get any bonus points for it. Update January 2016: Nope, Advanced Charts are still “missing in action”. All you get is a Forbidden message. Maybe I need a live and funded account?
Update January 2017: charts are working again, hurray! There are lots of indicators and even fundamentals inside the charting platform that runs smoothly.
OptionRally phone support went offline in 2016 and the company laid off up to 120 employees, according to Finance Magnates. OptionRally representatives have stated that the company is undergoing a reorganization process and sources across the industry mentioned that the company may be looking to fully automate its operations to comply with CySEC requirements and that is what happened. OptionRally has also become an Official Supplier for Scuderia Ferrari. This is one of the biggest partnerships in the binary options industry, so it looks like OptionRally are doing well… or maybe they fired the 120 employees to pay for the logo on the F1 Ferrari.
According to some complaints on the Internet, it seems like OptionRally closes accounts that show profit under the excuse of abusive trading patterns. I do not know what these patterns are or how OptionRally decides whether your patterns is abusive or not but it seems they don’t really like winners. Our OptionRally Review page is full of angry customers but some opinions also favor the brokerage so you might wanna check it out to get a feel of what people are saying about this brokerage. If you feel you have been mistreated, contact OptionRally and if the issue is not solved, use this link to file a complaint with their regulatory agency, CySEC.
Update September 2016: According to some users, OptionRally is using high-pressure tactics and are becoming a nuisance to their existing and potential customers. Other problems are withdrawal issues and price manipulation. However, these are all allegations until proven.
OptionRally Regulatory Announcements and Warnings
30.09.2016: CySEC fined OptionRally a sum of €138000 for non-compliance on several legislations such as: failing to act failry, honestly and professionally in relation to the bonus terms and conditions or the information on the website were not fair, clear and were misleading. Source: CySEC Bdb Board Decision.
23.1.2013: Optionrally and the company that operates them (former name Tifozi Investments Ltd) gets warned by the British Virgin Islands Financial Services Commission for falsely claiming to be licensed and regulated in the Islands. Source: BVI FSC Notice.
Their bonus differs for each type of account, ranging from 15% of the value of the first deposit for the Mini Trading account and going as high as 25% for the VIP account. They also have additional, smaller bonuses for each future deposit. To withdraw the bonus amount you have to trade fifty (50) times the bonus in only 150 days according to their Terms & Conditions. But if you receive some “special” bonuses, the volume you have to trade increases and it’s directly correlated to the type of bonus that you receive. Unfortunately this information is not available in their “Terms and Condition” and it was provided to me by Customer Support, a fact that I find disturbing because they can change it anytime saying that the Customer Support person made a mistake. For more information regarding bonuses and withdrawals, refer to section 32 of their Terms and Conditions.
Update September 2016: According to their terms And Conditions, “Turnover generated by the forex trading mode is excluded and cannot be considered as a valid turnover”. I believe the refer to Contracts For Difference (CFD) as “forex trading mode” but you will have to confirm that with one of their representatives.
For me the optional candlestick charts fall into the “Extra” category, as they are the first binary broker that I came across that offers this kind of chart. A noteworthy extra is the daily market review, which is actually up to date and they don’t feed me some market prediction 5 days old. I couldn’t really use that, could I?
Update September 2016: The Daily Market reviews are no longer updated and the features mentioned above are no longer Extras, considering that nowadays many brokers are offering them. However, OptionRally recently introduced CFD trading and this is an Extra feature.
User Friendly 18/20
The Spotoption platform does a good job once again and OptionRally offers a big amount of information and educational material. Almost all the things needed to create a professional trading environment are present and easy to access. On the downside, the FAQ page is very short and missing viable information. Available in 7 languages.
Update September 2016: Their FAQ section is now bigger and better, with a lot of nicely structured information.
Number of assets and expiry times 16/20
Their asset index is composed from 27 currency pairs, 2 commodities, 14 stocks, 3 indices and 1 pair (Gold vs. Silver). We have to note that since our last visit, overall their asset index has decreased significantly, except for the currency pairs, which are more now than before. The expiry times range from 60 seconds to 24 hours, weekly, monthly, yearly and with the possibility of trading One Touch Options.
Commissions, Support and Effective return 16/20
OptionRally charges no commission for opening an account or depositing but there is a 3 to 25€ service fee for wire transfer withdrawals depending on the requested amount. The support is quick to respond and polite but they try to avoid some important questions. The return is a max of 81%, depending on the asset and type of option (One Touch can go up to 400% return), so not one of the best available, but good enough.
Update September 2016: . Chat Support is polite but totally unhelpful because when I asked what is the minimum withdrawal, the chat person told me to open an account… it’s like we were speaking different languages.
Deposit, Payment and Bonus 12/20
The minimum deposit is $250 and can be done through Credit Card or wire transfer. If you want to deposit more in your account, the minimum re-deposit is $250 which I consider too high. The minimum withdrawal is $100. The bonus differs (15% – 100%) according to the type of account you opened and you have to trade 50 times the bonus amount if you want to withdraw it. In the terms & conditions it is stated that you need to generate this volume within 150 days! This does not leave you much time for education as you need to start trading immediately.
Website Extras 16/20
The candlestick charts are a great addition and so is the daily market analysis. Pairs trading (Gold vs Silver for example) would make a great Extra, but nowadays almost all brokers offer pair trading so I cannot include it in this category. Lots of educational material.
Update September 2016: CFD trading has been introduced and currently we categorize it as an extra.
OptionRally Ratings 78 + Regulated (+3) – *Low User Rating (-5) = 76/100