YesOption was founded in 2013 and operated by Diamond Global Solutions SRL. They are registered in Romania at; Bucharest, 17 Baba Novac Street, bl. G3, 2nd entrance, Ground floor, suite 45, district 3, Romania. The number to customer support is: +40312294697. They also have an office in Lithuania, Gedimino 20, room 39, Vilnius. Despite being in business since 2013 and the new management, YesOption remains unregulated.
Is YesOption a Scam?
YesOption has not maintained a steady stream of traffic and overall traffic is relatively low for a firm that has been in business for 4 years. They are now under new management and there are not that many complaints nor comments about YesOption which could mean that traders are happy, or simply avoid to trade there, but the few comments we found were not overly positive. In conclusion, we can’t say that they are a scam but their bonus rules are not in line with what a good firm would offer and lack of regulation means it’s a gamble to trust them!
Editor’s Note – Why Doesn’t YesOption Suck in 50 Words
Update 2017: YesOption doesn’t suck because their terms and conditions (although hard to read (small print and not clearly separated in paragraphs) mentions who they are and their rules including a “conflict of interest policy”
Why Does YesOption Suck in 50 Words
YesOption is under new management (see above). They are still not regulated and the bonus terms are bad because it locks your funds after accepting a bonus.
Should I Open an Account with YesOption?
The platform is powered by SpotOptions and as an extra, you can trade Forex as well as Binary Options on the platform. Customer service was not available during the weekend so I could never ask any questions which obviously is a huge drawback. What’s the point of having “live chat” when there is no one there to talk to? That’s definitely something to improve on… On the plus side, YesOption offers higher payouts for Premium and Platinum account holders. This offer and their platform is very similar to 24Option but there is still much left to be desired before we can even consider comparing the two brokers!
YesOption offers signals and a trading robot. The signals are for 30-60 minute trading and they are sent to your email, SMS and published inside the platform daily if the market conditions are good. The robot is called AutoTrader Pro and it is advertisied as the “fastest, most accurate, cost efficient automated trading technology to date – Go auto and profit while you sleep!”
Sounds good? Well… hold on… let’s take a moment here and state the obvious, you and the broker are in a conflict of interest, something YesOption clearly admits to in their “conflict of interest policy”. Also, as a frequent reader on BinaryOptionsthatSuck.com, you surely already know that brokers are the last ones to offer you an actual working autotrader. And since this industry began, there has been no actual robot that has done anything other than blowing accounts. Therefore, the statement above from YesOption is exaggerated and misleading advertisement which we can’t approve of. Neither would the regulators – so if they were regulated they could get fines for such claims. Wrapping it up, I think it’s best to stick to strictly regulated firms with good reputation that reform according to new laws and demands from authorities.
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Most complaints I have found are about platform prices being very different from other sources and some execution delays. There were also a few complaints about withdrawal delays but they were not that serious. Update 2017: Their platform is now SpotOption and the very few complaints are mostly regarding pushy account managers who are only interested about deposits.
YesOption Regulatory Announcements and Warnings
21.08.2015 YesOption shows up on CFTC’s red list but this does not mean that they are in violation of any provision of the commission – states CFTC on their page. Source: CFTC.gov
Currently, YesOption offers a matching bonus up to 2500$ but it can stretch all the way up to 50 000$. You need to trade 30x times the bonus volume plus the amount the bonus was received for.
Update 2017: Bonuses reach up to 75% depending on your account type (up to 50K still true). The required trading volume remains the same as mentioned above but the volume generated based on trades from the platform’s “SpotFollow” feature will NOT count in your favor. Moreover, you cannot withdraw your own deposit until the required turnover has been met and any withdrawal request will be automatically canceled.
Before making your first withdrawal, your account has to be verified. Required documents are; utility bill, picture of ID and C.C. Credit card withdrawals are free of charge and you can withdraw via wire and Skrill.
User Friendliness 12/20
You can get some help in the academy and on the main page but there are no guides directly in the trading area. The site is available in two languages, English and German. The T&C was really hard to read – not user-friendly at all due to small print and no separation in clear paragraphs and points.
No. of Assets and Expiry time 14/20
There are a total of 125 assets. 34 currency pairs, 25 indices, 56 Stocks and 10 Commodities which is a fair amount of assets. Expiry times are just like other Techfinancials platforms. There is short term, 60 second, 90 second and 5 minutes. For higher timeframes you can choose anywhere from 5 minutes and add an additional 5 minutes for a longer expiry. Update 2017: They have switched to SpotOption which allows 60 second trading and long term but also Forex and CFD trading, one touch, ladder, pairs and limits.
Commissions, Support and Effective Return 14/20
The live chat support was not available during the holidays. Returns can be as high as 89% for VIP members which is relatively high. The dormant account fee is okay because it takes 12 months of inactivity from the trader in order to be considered dormant.
Deposit, Payment and Bonus 12/20
There are quite many ways you can transfer funds; MoneyGram, MasterCard, Visa, Neteller, Ukash, t thawte, Western Union, WebMoney, QQiwi, Cash U and wire transfer. Bonuses range from 25% up to 75% but max 50K. Your money will be locked after accepting the bonus and all withdrawal attempts will be cancelled until the required volume of 30x the (deposit+bonus) is reached. Notice that the T&C states that any trading volume generated by using the SpotFollow feature will not count towards clearing the bonus.
Website Extra’s 14/20
YesOption Overall Ratings = 66/100