Option888

Option888 have not sought to register with the FCA to provide Binary options trading to UK residents. They are therefore not legally allowed to accept UK traders.

UK visitors are advised to check our brokers table for a regulated brand, authorised to provide binary options in the UK.

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Option888 have generated a high number of complaints and should not be used

Option888 are a new innovative binary options broker, founded in 2014 by trading professionals from Sweden and Germany. The Option888 platform is owned by Altair Entertainment N.V. and has been licensed by Curacao eGaming and Malta LGA. The firm have just released a completely rebranded website, which offers an exceptional customer experience.

The firm focus on three main aims;

• Customer Support.
• Quick withdrawals. (£250 Minimum)
• An excellent trading platform.

Option888 put a lot of effort into reassuring their traders about the security of their funds, and also provide some unique trading tools and extensive training videos and tutorials. The main feature that will convince traders of the aim to focus on customer service however, is the quick withdrawals. Option888 will approve any withdrawal made before 18:00 the same day – an industry leading service.

Here are some of the other key details regarding Option888;

• Demo Account – Yes (£100 starting balance)
• Minimum Deposit – £250
• Minimum trade – £10
• Signals service – No
• Bonus details – 100% deposit match bonus, up to £888.
• Mobile App – Yes. Android and iOS catered for.

Trading Platform

The Option888 trading area is very simple, and very clear. Five tabs across the top of the screen make selecting the type of options easy (the five types are explained in more detail below). The menu list below and to the left, allows traders to choose the asset class they are interested in. All very simple and intuitive. One nice feature is the ability to create a ‘custom‘ asset category – where a trader can add their most traded assets. A simple and useful idea, but at present, only available at Option888.

To the right of the asset lists is the trading window. Option888 have moved away from the Green/Red buttons and standardised the look and feel of the site as a whole. So the Buy and Sell buttons are both yellow – in keeping with the site design. They remain absolutely clear for traders, and the strike price is still made clear in a field between the trading buttons.

The payout is also listed at the top right of the trading area, and this can be tailored if the trader so desires. So there is the option to reduce the payout where an option finishes in the money – but ensure some of the initial investment is returned. So for example, where the standard payout is 178%, a trader could select instead, a payout of 158% – but know 20% of the investment was returned if the option finishes out of the money.

The expiry times are worthy of mention in any Option888 review. In addition to the short term expiry times more frequently associated with binary options, they also offer much longer term expiries. Some can stretch to as long as two months. These longer term expiry times really open binary options up to traders who prefer to make long term assessments of value – or use binaries for hedging. So those who like to use the fundamentals to make value calls on stock prices, may find Option888 a good fit. All expiry times at Option888 use GMT as the relevant time zone.

While the trading area is uncluttered, it does lack some of the information that other platforms include. Some traders may prefer having the ability to trade with four windows at once, others might like to see some of the other information that is available in other trading areas. It is down to personal preference.

Trader choice

Option888 offer options on forex, commodities, stocks and indices. Their asset list is one of the most comprehensive in the binary options sector. Coupled with varied expiry times, the firm really deliver a flexible binary options experience.

They offer four kinds of option:

• Digital – The traditional High/Low options. Will the asset rise in value, or fall?
• Touch – Will an asset price ‘touch’ a particular value at least once before the expiry time? (Option888 have both an ‘Up’ touch value, and a ‘Down’ touch value). Note with this option, there is not a choice to select ‘no touch’.
• Range – Known elsewhere as a boundary trade – Will the asset price remain within two preset values? (A high and low value) or will it breakout? These are a useful option for assets that go through trading ‘extremes’ – either very flat, or very volatile.
• Turbo – Very short term binary options with very short expiry times. Option888 offer expiry times of 30 seconds, 45 seconds and 5 minutes under the ‘turbo’ listing.
• One Touch – Will the asset price ‘touch’ a preset level? With the One Touch option, the choice is ‘Touch’ (It will touch the value) or ‘No Touch’ (It will not touch the value). These are particularly useful in either highly volatile, or very flat markets.

Mobile App

The Option888 mobile app was last updated in October 2014 and is compatible with android (version 2.2 and higher) and iOS.

The trading window operates in exactly the same way as the full website version. So the assets, and option types are listed along the top of the screen, and once selected the trading window displays beneath – listing expiry times, payouts and the current option price. The display is clear and everything fits well – nothing looks or feels ‘squeezed’ as can be the case.

Outside of the trading window, the app features a great range of facilities that will allow traders to operate their account fully, from anywhere;

• Cashier
• Open trades
• Trade history
• Profile settings

These are the functions that can sometimes be overlooked when mobile apps are developed, but Option888 have produced a well rounded application.

Payout

Payout levels at Option888 tend to range between 76% and 80%. The Touch binary option can reach payouts of 220% but does require more substantial price movement. Digital, Turbo and Range options all payout between 76-80%.

Withdrawal and deposit options

Option888 offer a variety of deposit and withdrawal options. A key aim of Option888 is to approve all withdrawals made before 18:00 the same day. This is a bold commitment, which ensure clients do not experience any delays beyond those imposed by the banking industry. Withdrawals are one of the main areas of complaint for some traders, so it is noteworthy when a broker acknowledges this potential problem area, and takes steps to improving their service in that area.

Withdrawals can be made to a credit card, wire bank transfer of cheque. There is a minimum withdrawal amount of £250.

Deposits can be made at any time . The minimum deposit is £250 and the is a maximum deposit transaction is £5000 – but multiple transactions can be made. Option888 use Comodo SSL to ensure payment information is encrypted and secure.

 

 

Other Features

Option888 offers its traders the following additional features and benefits;

• Close Now – This tool allows traders to close a deal prior to the expiry time – either to lock in a profit or reduce losses.
• Extend – This feature allows traders to extend the expiry time, giving the option more time if the price has not moved in the anticipated direction. There is a one off fee to use this extension.
• Quick Withdrawals – The ‘Same day approval‘ promise will be a real boost for any traders that have suffered withdrawal problems at other brokers.