Ranking of brokers are subject to change. Elements that impact our ranking include general Broker Information, such as regulation, year estableshed, avaliable languages, trading platform features, ease of use and customer service. Additional elements that effect the ranking too are the number of consumer visits, percentage of sign ups and purchased services, the user device, operating system, location, the day of the week and time of day.
Options888 opened its doors to the public in 2014 so it is a relative newcomer to the binary options industry. It is also the first binary options broker to operate in Scandinavia and Germany. Option888 is owned by Altair Entertainment N.V and Pacific Ltd, both gaming companies. It operates under a gaming license not a binary options license. There is no official regulation.
Option888 offers only one standard trading account which requires a $200 minimum deposit before a trade can be placed. A maximum deposit of $5000 in any one account is permitted. The minimum trade amount is $10; the maximum trade $1000. Payouts range from 65% to 81%, depending on whether the Loss Return function is used, as well as the market conditions existing when the trade contract is initiated.
I was pleased when doing this Option888 review that there is a demo account available for live account holders and Option888 provides the demo trader with $500 of play money to practice trading prior to registering for a real money account. The demo account can be maintained for an unlimited amount of time which is far more generous than most other binary option brokers that limit the time allotted to 2-3 months.
Options888 does not accept traders from the USA.
There are hundreds of assets to choose from at Option888 including most major currencies, stocks, commodities and indices.
A unique feature at Option888 is its Trader Insight application which shows the percentage of traders on each side of a trade. This is the same as the order book used in Level II Forex trading that visualizes order flows.
The Option888 website is offered in several languages: English, Norwegian, Swedish, Danish, French, Germany and Finnish.
Option888 uses the Tradologic web-based trading platform with a long list of trading assets that include currencies, commodities, indices and equities. In the area of currencies, Option888 offers over 20 currency pairs that are available for trading around the clock. In addition to the major pairs, Option888 also trades the bitcoin.
Binary options choices at Option888 include High/Low with expiries from 15 minutes to 6 hours; the Touch and Range options have payouts between 75 % and up to 81% on traditional binaries. The Turbo Option which is a Call/Put option with a shortened expiry time.
The Option888 mobile app trading software is a version of the web-based platform. It can be downloaded on the Google Play store and Apple’s app store for the iPhone and iPad and traders can place trades or check their accounts whenever and from wherever they may be.
At the time of this Option888 review, the broker was offering only one type of bonus and that was the welcome bonus in which first-time account holders are given up to 30% of the initial account deposit, up to a maximum of $1,500.
There is an affiliate program which pays those who introduce traders to Options888. The payout is determined by the value of the first deposits of the introduced traders.
The broker also extends numerous promotions on a monthly basis but there were none offered at the time of this review.
Deposits and Withdrawals
Traders can deposit money and withdraw profits on Options888 using credit cards, bank transfers with a minimum of $500 and pay plans such as Skrill. Traders can fund accounts in either USD or Euros, but Euro deposits are converted into USD for the purpose of trading. Withdrawing money can be done by contacting customer service.
Traders at Option888 can participate in a selection of different trading courses which are geared towards both beginners and advanced traders. Account holders also have access to the video library which houses interesting videos for traders of all levels, starting with the basics of binary options trading and including more complex binary option tools and techniques. The videos can be viewed by account holders and questions can be sent to the customer support email address.
There is also a free ebook on how to trade binary options, which is downloadable from the website.
Customer support is available 24/7 by an online contact form, email or telephone to a number in Malta. In addition to a FAQ section, they also have a link to a quick guide with answers to common binary options related queries. I contacted customer support by phone during trading hours and spoke with a pleasant English-speaking representative who answered my question. She was very polite and I felt that she was extremely knowledgeable about the Option888 products.
Option888 is one of the fastest growing binary options brands on the market today. What sets them apart from the others is their intuitive and user-friendly website, live support and personal brokers in 7 languages. Navigation within the website is easy and confirmation after setting up a trading account is received within a few minutes of its submission. There are many nice features on the binary options trading platform and a nice choice of several different binary options.
Though Option888 is relatively new to the binary option arena, it has all the markings of becoming a leader within a short period of time.
The features offered at Option888 are those offered by other popular binary option brokers but they are often enhanced with extra items or tweaks.
Option888 features a 100% web based trading platform from Tradologic with a simple, intuitive interface.
The broker offers a wide choice of underlying assets which include stocks such as Amazon, Apple, Baidu, Facebook, Google, Caterpillar, eBay, IBM, Samsung, Yahoo and a host of other blue chip companies. Traders can choose commodities such as gold, crude, copper, silver, sugar, and coffee, to name just a few.
When it comes to Forex, there are over 20 currency pairs available for trading around the clock. Apart from major currency pairs such as the EUR/USD and GBP/USD, the crypto currency Bitcoin/USD is also offered by the broker.
Indices include the major ones as well as the Hang Seng, Nasdaq, and Nikkei 225.
There are four different options.
With the High/Low option, traders can bet on an asset ending higher or lower than the market price. This is referred to as Call (high) or Put (low). Expiry times can last 15 minutes, 30 minutes, 4 minutes, one hour, 90 minutes, 2 hours, 3 hours, and 6 hours.
The Touch option is an option trade type whereby the trader can decide on a strike price located either below or above the market price and then predict if the market will move to touch the chosen strike price before the trade expires.
Another option is the Range option which is a form of In/Out option where the trader bets on whether the asset will stay within a price range formed by an upper price limit and lower price limit, or breakout of any of the two price limits before the trade expires. The payout in both Touch and Range trading is usually between 75% – 81% and 65% to 81% for traditional binary options that close in the money.
The fourth option is the Turbo Option which is a Call/Put option with a very short expiry time.
There is also a mobile app trading software version of the web-based platform which can be downloaded on the Google Play store and Apple’s app store for the iPhone and iPad.
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Review info: Option888
Review Date: 2015-04-12
Rating : 3
Reviewed By : Sara Patterson (Google+)