QuickOption is a brand owned and operated by Rodeler Limited, a financial services company registered in Cyprus (HE312820) and authorized and regulated by the Cyprus Securities Exchange Commission under license number 207/13. Rodeler Limited is located at 39 Kolonakiou Street, Ayios Athanasios, Limassol CY-4103.
Is QuickOption a Scam?
Rodeler Limited, the company behind the biggest binary options broker, 24Option, has started this new brand just for mobile trading. QuickOption targets both Android and Apple and falls under the same CySEC regulation as Rodeler Limited and 24Option.
Editor’s Note – Why Doesn’t QuickOption Suck in 50 Words
QuickOption doesn’t suck because the company is regulated and is well capitalized, owned by Rodeller Limited, the same owner of 24Option. The payouts are very high and I think the option to focus all energy on the mobile platform as a separate company is not a bad idea since they are already dominating the regular computer/browser based industry with 24Option.
Why Does QuickOption Suck in 50 Words
Instead of giving my own opinion, I will share the view of the angry crowd. Meaning, the hundreds of reviewers on the Play Store who say that the minimum is too high, there is no demo account and the account managers are rude and pushy – even when it says on the main site “we promise to NEVER call you!”. What’s up with that?
Should I Open an Account with QuickOption?
This app comes with 70 plus assets and offers up to 90% payouts which is among the highest in the industry. You can trade the high and low options and select either short or long term expiries. In the app, you can find: social trading, expert signals, education, asset alerts, financial news and a “bot” that will function as a FAQ and answer your questions. After executing a trade, you get to approve or cancel the trade but you can also set to skip this part for one click trading if you prefer.A circle counts down your expiry and displays your position and it’s easy to select or search for other assets. Overall, the trading platform itself isn’t too fancy but it looks good and does the job.
First thing that caught my attention was that every client is eligible for a “new account bonus” up to 25$. Before you get the bonus though, you must verify your account and deposit 2000$. This sounds way too high for a 25$ bonus… but the amount you need to turnover to free the 25$ is even crazier! Believe it or not, it’s 36000$. Now take 36000 and divide it by 25 and you get 1440. In other words, you need to trade 1440 times the bonus amount. What ever happened to the good old 30 or even 50 times the bonus? On the bright side, you can withdraw your own money at any time, even prior to reaching the insanely high volume requirement but it will cancel your bonus in the process. There is a complete table explaining how the bonus system and withdrawals work under the bonus terms and conditions policy… well, if you can find it first. Ok, so here is a guide to find the bonus policy, (why so secretive?). First, click the Client Agreement, found at the bottom of the page on their website. Next, search on this site for “bonus terms and conditions” (press CTRL+F to search). You are not there yet, click the link you found after your search and it takes you to the bonus terms. Finally!
My next problem is the dormant account fee. So, I get no demo account and if I am away to practice somewhere else, after only two months, I will be charged 50$ if I have not been active? It doesn’t state what “inactive” really means and how often I will be charged the penalty. Nevertheless, it’s bad customer service. Leaving that behind, the last nail in the coffin is the following:
“The Company may sell, transfer or otherwise share some or all of your assets, including among others your Registration Data, personal information and Log Data, in connection with a merger, acquisition, reorganization or sale of all or substantially all of our shares or assets, or in the event of our bankruptcy and may also transfer your Client money under the same circumstances.”
I need to make a huge deposit and they still need to sell my information? The worst part is the app wants access to basically everything in my phone, here is the list of what it wants permission too: App history, read contact card and accounts on the device, read your contacts and location, your SMS and MMS, Phone status, Modify, read or delete the contents of your USB storage, access to the camera and view Wi-FI connections. The list goes on… but this is too freakish already. Some might not care at all about this but I am sure many are concerned about their privacy. . . and why do they need access to my camera?
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I have only read the reviews on the Google Play and not the App Store but there were mixed feelings, positive and negative, nonetheless. As for the negative comments, they were regarding various subjects such as bonuses, account verification, lack of demo, the minimum deposit and trade size being too high and even regarding the positive rating’s legitimacy. As for the bonuses, the reviews were coming from the typical newbie who did not read the terms and conditions and people who thought it was free money with no strings attached. However, I understand that 36000 is way too big a turnover volume as I mentioned before.
In general, most “complaints” were coming from people who seemed to know nothing about binary options or did not read and understand the terms and conditions (which are hard to find, remember).
Let’s move on to discussing the accusations of the “fake” positive 5 star ratings and reviews. To be fair, some of these 5 star ratings did indeed seem very suspicious. “The App works like a charm”, writes Kumar… but here is another Kumar with a similar review with the exact same words and another Kumar and another Kumar… Is something wrong with my eyes or did someone from the sales department implement a shortcut, heard of “The Mechanical Turk” anyone? Not? Well, Google is your friend.
I must also mention the fact that some clients brought up stories of rude and extremely pushy account managers calling their phones. This is awful considering QuickOption claims: “we promise to never call you”. By the way, this statement clearly counters the terms and conditions in the “Client Agreement”; “You accept that the Company may, for the purpose of administering the terms of the Agreement, from time to time, make direct contact with the Client by telephone, fax, email, or post.”
So which is it going to be? Are you calling or not calling? And if you are going to call, the least clients can ask for is some respect.
User Friendliness 15/20
No demo account and the terms & conditions, bonus policy are not easy to find unless you are experienced and know what and where to look for it. The inside app bot can answer questions and there is support but the calling part is not friendly at all.
No. of Assets and Expiry time 16/20
For a mobile trading app, I consider 70+ assets relatively high since there are regular brokers with less than 50 assets. Expiries are short term mostly up to 5, 10 and 15 minutes which are good for mobile trading but a few more would have been better. The trade type is only high and low.
Commissions, Support and Effective Return 15/20
The highest payout is advertised at 90% but I believe it is only eligible for VIP members with big huge deposits even bigger than the $2000 mentioned above. The support did answer as many reviewers as possible and had even resolved many cases regarding account verification, withdrawals and rude account managers but the fact there are so many complaints doesn’t inspire confidence.
Deposit, Payment and Bonus 12/20
The deposit methods are very limited, C.C, Debit and Wire Transfer are what’s available. A welcome bonus of 25$ is eligible for verified account holders that deposit 2000$/€ or equivalent. The required turnover to release the bonus, 36,000$ is way too high and not worth the measly 25$. Instant withdrawals are advertised but the terms and conditions state 5 business days to be the standard duration.
Website Extra’s 10/20
The extra is the help robot, “expert” signals, social trading and financial news. By the way, the social trading is total BS, it’s just crappy signals.
QuickOption Rating 68 + Regulated (+3) = 71/100
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