WMOption was owned by Orion Service EOOD Bulgaria, located at 39 Aleko Konstantinov st, Sofia, Bulgaria and operated by the same company: Orion Service EOOD. According to their website, their main office is located at Horton House, Exchange Flags, Merseyside Liverpool, L2 3PF, UK.
WMOption is now CLOSED and does not accept new clients. Their main web address (wmoption.com) doesn’t work anymore, but some of their other web addresses redirect users to PrimeCFDs, which is a brokerage owned by the same company that previously owned WMOption. For further information about PrimeCFDs, please read our Review of PrimeCFDs.
Is WMOption A Scam?
They are transparent, offering information about their owning company and address and explicit withdrawal and deposit terms and conditions. I would like to see them get regulated by a major financial authority, fit into industry’s standards nowadays. WMOption has what it takes to become an industry leader; a serious regulation would provide that seal.
Editor’s Note – Why WMOption Does Not Suck in 50 Words?
WMOption is a well-oiled trading machine. Everything is where it’s supposed to be and more importantly, works as it’s supposed to work. They are not over the top, flamboyant or any of that stuff, but instead they try to offer a reliable binary options service, with good returns and without crazy fees or weird trading conditions with an easy withdrawal process.
Update February 2017: They keep an updated Daily Briefing in their Blog section of the website. I consider that all brokerages should have something like this – and most of them do but the information is months old so it’s totally useless. Thumbs up WMOption for keeping it up to date!
Why WMOption Sucks in 50 Words?
The smiling girl on the main page. It’s been a long time since I haven’t seen a brokerage that displays a female model on their homepage and seems like WM Options tries to bring this trend back. Come to think of it, if this is the worst thing I have to complain about, it means the brokerage is doing a good job so far.
Should I Open an Account with WMOption?
The platform provided by WMOption is TraderSoft. It’s currently considered a good platform and a one of the most user-friendly in the industry. Lately, I see more and more traders pay attention to the technical aspect of the market, meaning they analyze candles, indicators, tops and bottoms. All this is difficult to do on a small, line chart but WM Options has chosen to offer candlestick charts (the option is available at the top right corner of the platform) and a Strategy Advisor, as well forex trading and social trading. The last tool offers predictions based on the most widely used binary options technical indicators: Bollinger Bands, Relative Strength Index and Moving Averages. These indicators can be quite difficult for a newbie, but with the use of the Strategy Advisor, you don’t need to know how to “read” them; you will simply get the information Put or Call once the selected tool has finished analyzing (lasts about 10 seconds so don’t worry about time). For a higher success rate, you can check all three indicators and trade only if they all agree. See why I say WM Options seems like a service provider that has the trader’s best interest in mind?
Update February 2017: In the past WMOption used the SpotOption platform but they’ve recently switched to TraderSoft, which is a bold move but one that I commend. The charts look more professional than the ones of SpotOption (without saying the latter is a weak platform) and Price Action analysis is a lot simpler. Also, the trader can switch between timeframes, thus allowing for Multiple Time Frame Analysis, which is another major advantage.
The educational material is structured like a school, with pictures, explanations below them and step by step tutorials as well as videos in the Academy section, including live webinars and a unique system that allows the trader to receive live signals. An e-book titled “Guide to Trading” is also available for free. The teaching is meant to get traders started and most of the material will only be available once the account is funded but this is how most broker’s education works. Hey, if you want an in-depth trading education that’s completely free, you can always check out our School.
WMOption offered a large variety of trading accounts, ranging from the smallest of $250 (Rookie Account), followed by Basic ($1,000), Silver ($5,000), Gold ($25,000) and the very best VIP that requires a whopping $100,000. There’s something for everyone so even if you are just getting started with binary options, you can test the waters with a $250 investment or if you are a serious veteran you can go for the VIP account that comes with tons of perks. Of course, in between these accounts, traders have a lot more options to choose from, keeping in mind the value over return.
There are some complaints but this is normal for any brokerage that has some years under its belt and now WM Option is no longer a “green” company. Overall everything is within normal parameters but we recommend you read their Terms and Conditions to avoid any trouble.
WMOption Regulatory Warnings And Announcements
When searching the websites of the main regulatory authorities around the globe, we couldn’t find any major warnings against WMOption. This is a good sign but we will keep an eye out an will update the review as necessary.
The Bonus ranges from 20% (for the Rookie Account) to 70% (for the Gold Account) and 100% for the VIP Account. To withdraw your bonus you will have to trade a volume of at least 50 times for each $1 received as a bonus. Before that trading volume is met, the client cannot make any withdrawal. This is somewhat typical for the industry, but our recommendation is not to accept a huge bonus.
An average withdrawal takes about three business days to process an additional 5 business days for the money to reach your account. The ways to withdraw are credit cards (if you deposited through credit card you would have to withdraw to the same card), e-wallets (Neteller is the favored one) and wire transfers. There is no minimum withdrawal amount, which is a good thing and no hidden fees.
User Friendly -/20
The website is translated in English, German, French and Arabic, not the biggest number of languages but at least they are widely used around the globe so I don’t see a major issue here. The trading platform itself is one of the best in the industry and user friendliness is a big part of that success.
Update February 2017: They have reduced the number of languages to 2: English and Arabic. I don’t understand the reason why but it surely makes the website less user friendly. Also, their Education/Academy tabs just display the message “Gallery doesn’t exist” – I’d say that’s even less user-friendly. However, the platform is still straightforward to use and the website easy to navigate overall.
Number of assets and expiry times -/20
They now offer 15 currency pairs (Bitcoin is also available), 6 commodities, 72 stocks and 22 indices but the number of assets differs depending on the type of options you are trading. The expiries are the usual for a TraderSoft platform, ranging from 60 seconds to 2 minutes, a few hours and end of the day and even end of the year, with all the standard time frames in between. Touch/No Touch is available. For example Quick Options (expirations between 30 seconds and 10 minutes) will have a lower number of assets than High/Low Options.
Commissions, Support and Effective return -/20
There are no commissions for opening an account but you will pay a fee for almost anything else (we recommend you read their Terms and Conditions): Clearance fee of 0.5% of any trade (winning or losing). Withdrawal fee of 3.5% (or a minimum of $30) of the amount requested. Dormant fee of 50 USD/EUR/GBP per month if your account is inactive for 2 months and a Maintenance fee of 0.5% of account balance (including bonuses), paid every month. Sorry, but that’s just too much. Cut back on fees guys!
Deposit, Payment and Bonus -/20
The minimum deposit is $100 but the lowest account starts at $250. The Bonus starts at 20% (Rookie account) and goes up to 100% for the VIP account. The required turnover is now 50 times the Bonus. Withdrawals can be made through the same methods, with a processing time of 2-3 business days and additional 5-7 business days for the money to reach your account. The return is between 70-85% for ITM and a flat 10% refund for OTM.
Website Extras -/20
Candlestick charts and WM-TV make for great extra features. They also have an up to date Daily Briefing and live webinars.
WMOption Overall Ratings N/A CLOSED