At the bottom of OptionsXO homepage, a new company name and address appear: Omni Global Solutions SRL Bucharest, Third sector, 17 BABA NOVAC street, ground floor, Bl. G13 ,2ND entrance, Ground Floor ,suite 45,District 3 , Romania. They don’t offer any information about the role of this company, they just throw the name and address there. Omni Capital LTD still owns and operates the website according to their homepage and Terms And Conditions. The address in Romania corresponds to their Operations Center according to their Contact Us page.
Is OptionsXO a Scam?
On our first review of OptionsXO (about 3 years ago) it was unclear if they were a scam or not, which is why we have decided to make an updated review now. For 2-3 years, OptionsXO remained frozen. Completely frozen. The brand was owned by one of the binary options pioneers, who managed to irritate many traders and establish an unfavorable reputation. Under the new management and team of investors, the company has established itself as an up-to-date technology providers. The new website is astonishing, really a delight for our eyes. The support team over at OptionsXO finally came along with our demands and will resolve any issues occurred under the first owner. Our team is also here to support and assist everyone who had trouble with OptionsXO in the past. We still see complaints, therefore we urge clients to avoid managed accounts. Meanwhile, we’ll keep monitoring and re-assuring our readers they get up-to-date reviews and news regarding OptionsXO’s upcoming regulation. Update 3/2016: OptionsXO Have Officially Filed for CySec Regulation. Update 8/2016: Still no regulation, we strongly advice to take caution here.
Update August 2016: The website cannot be accessed from Central Europe and an Error Code is displayed instead. This could be just a regional problem, generated by technical reasons but we have to remember that some of the brokerages that closed their doors forever, experienced this type of problems as well. Anyway, when the website becomes inaccessible to users, it’s a sign that the brokerage is having some sort of problems. I cannot make any speculation, I am just stating the fact that optionsxo.com is not accessible at the moment, from my location. We will keep monitoring and will update this review if the website becomes accessible again.
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Editor’s Note – Why OptionsXO Doesn’t Suck in 50 Words?
OptionsXO have made a very impressive turnaround, and turned back time and time again. Tech platform is a positive thing, some nice education materials, but that’s about that.
Why does OptionsXO Suck in 50 Words?
Sorry, but their website looks like an advertising for a tropical trip. It seems they are in the travel business, not financial; they go over the top with beaches, waves, palm trees and women in bikinis.
Should I Open an Account with OptionsXO?
For a second I thought I had accidentally opened the 24Option platform. The design is quite similar, but this is no surprise as both brokers are using the innovative Tech technology. I can’t recall when we the first time I saw this design, probably in the early days of OptionsXO and 24Option. Other than that, the website is beautifully built and well organized and all the needed trading tools are easily available, this being one of their strong points. The new management has already filed for CySEC regulation, and as we all know, there’s nothing better than trading with a broker awaiting for regulation… Why you’re asking? Well, would you like to have complaint when applying for reliability certificate?
The platform supports standard high/low binary options, boundary, one touch and short term. Expiry range from 60 seconds in the short term section all the way through end of the day, end of the week and even end of the month or longer for the most heavily traded assets. Intraday expiry is available for most options. They also have a great feature represented by the High Yield Options which allows the trader to achieve profits of up to 360% by using the Above/Below function. All this is thoroughly explained on the website with the use of a lot of pictures and examples.
OptionsXO offer four types of accounts, with different advantages and extras. For the standard account the trader needs to deposit just 200 USD/EUR/GBP like we mentioned but for the next type of account (Silver), the minimum deposit account jumps to 2000 USD/EUR/GBP. That’s really expensive in my opinion and the sum keeps increasing, going as high as 10K USD/EUR/GBP for a Platinum account. The advantages offered by the VIP accounts become obvious when I tell you they come with additional payout, up to an extra 4% for Platinum account holders, and up to 5% for Diamond & VIP members.
Update August 2016: The investment requirements have changed and are now much higher: the Mini account has a $250 minimum deposit (previously $200), the Silver now requires $5,000 deposit (previously $2,000), Gold is $25,000 and Platinum is now $50,000 (previously $10,000). There is no VIP account but it was probably replaced by the Platinum.
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Looking for a new broker? The first thing you should do is to look for complaints. Round here, we do the research for you! Searching for OptionsXO complaints didn’t took us too long… We see complaints dating back to 2013 (read above) and stretching all the way to 2016. It’s not uncommon to see complaints, especially when it comes to long time brokers. For that reason we’ll focus on the later complaints; Several clients complaint of misconduct business by account manager, most complaints are indeed solved by still a warning sign. You can read more complaints right here, in the bottom of this OptionsXO review page.
Update August 2016: Their reputation is starting to degrade! People are complaining that they cannot withdraw and in some cases, only the initial deposit was returned, with the account manager claiming that profits were made by him so he deserves to keep it… that’s mindboggling and I don’t know what else to say.
Their first deposit Bonus is 50% and the trading volume is 30 times the bonus amount. Other than the usual first deposit bonus, OptionsXO offer special promotions and bonuses but those are not fixed and can differ from month to month so you will need to contact them to get information about the current promotion. Some bonuses come with time limits so be sure if one will be applied to your account or not before you accept it.
Update August 2016: The bonus percentages depend on the amount you deposit but before making a withdrawal you will be required to execute trades to the value of your total amount times 20.
In order to withdraw funds, you will need to fill a Withdrawal Request and submit certain documents to confirm your identity, nothing different than anywhere else in the industry. The minimum withdrawal is 100 USD, if you choose to do it by wire transfer a fee of 25 EUR/GBP will be charged. According to OptionsXO, requests are processed within 4-7 business days from the time they were received and pay to your account within a standard week of processing.
Update August 2016: If the deposit exceeds $500, then the fees for withdrawals can go as high as 5% of the deposit.
The High Yield options are a potentially profitable addition and other than that, they have a Blog that can be considered an Extra feature. In terms of trading tools they have early closure, rollover and double up features to help maximize profits and reduce losses.
User Friendly 17/20
The website is available in 13 languages but the Terms and Conditions are only available in English and Russian; the platform used is provided by Tech Financials and does not require any software download. The platform is laid out well and tends to cater more toward short term traders than not but long term traders will find what they need here as well.
Number of assets and expiry times 16/20
OptionsXO basket of trading products is composed of 12 indices, 20 currency pairs, 27 stocks and 4 commodities for a total of 63 assets. The expiry times range from 60 seconds to the end of day, with the possibility of using tools like Roll Over, Double Up or Early Closure. Update August 2016: They have increased the number of currency pairs to 27 but now they only have 8 stocks, a huge drop considering they were offering 27 before.
Commissions, Support and Effective return 17/20
There are no commissions charged for opening an account but a 25 EUR/GBP fee will be paid if you make a wire transfer withdraw. The support is pretty quick to answer and moderately helpful. The effective return goes up to 89% and can reach an amazing 360% if you use the High Yield options. The major downside is the fact that OptionsXO does not offer a refund. Update August 2016: If the deposit is larger than $500 , the fee for withdrawals can go up to 5% of the deposit.
Deposit, Payment and Bonus 17/20
The minimum deposit amount depends on the type of account you want to open, starting as low as 200 USD/EUR/GBP and going as high as 10K for a Platinum account. Deposits can be made via Credit Card, wire transfer and e-wallet (MoneyBookers, Liberty Reserve, CashU, etc). A Credit Card withdrawal cannot exceed the initial deposit amount and any sum exceeding it must be withdrawn via wire transfer. The first deposit bonus is 50% and the wager is 30 times the bonus amount. They also have special promotions.
Update August 2016: The minimum deposit is $250 and the maximum is $50,000. The bonus is not fixed and depends on the amount you deposit but according to their T&C, the turnover amount has been reduced to 20 times the entire sum.
Website Extras 15/20
The High Yield options can become extra-profitable if used carefully. Rollover, double up and early closure round out the extra tools for traders. Plus, OptionsXO’s webinar and education system is very impressive, and allows daily market analyses as well as daily webinars for traders at all levels. Another thing we liked is the OptionsXO blog, which has a lot of valuable information and resources.
OptionsXO Overall Ratings = 82/100
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