Editor’s Verdict
Overview
Review
Headquarters | United Kingdom |
|---|---|
Year Established | 2016 |
Execution Type(s) | Binary Options |
Minimum Deposit | $350 |
Islamic Account | |
US Persons Accepted? | |
Managed Accounts |
Warning: Investing with this broker may put your money at risk, as the brokerage has a reputation for engaging in questionable business practices.
TorOption is a binary option provider located in London, U.K. It opened its doors within the last year, offering a range of financial services from a group of individuals with years of experience in risk management including Forex, binary options trading, derivatives, and exotic options pricing.
Accounts
The Mini account is the smallest account offered by TorOption. A $350 deposit is required and traders receive 24/5 customer support and the broker’s eBook.
Account Types
With $5000, a trader can open a Standard account and receive a welcome bonus of up to 50% of the deposit, an introduction call from Personal Account Manager, trial sessions with a top analyst and complete access to an account manager.
The Executive account can be opened by depositing at least $35,000. This account comes with welcome bonus of up to 75%, unlimited Calls from a Personal Account Manager, 1-on-1 trading sessions, real time trading signals and a limited session with a top analyst.
Anyone with $50,000 and more can open the VIP account and receive, in addition to all the benefits listed above, a custom configured welcome bonus and weekly sessions with a top analyst. At the time of this review, the Deposit bonus could be as high as 150%.
The maximum payout on any trade is 85%. The minimum trade amount is 25 USD, GBP or EUR in all cases except 60 Seconds trades. On 60 Seconds trades, the minimum trade amount is 5 USD, GBR or EUR.
TorOption does not offer demo accounts however they recommend contacting their team of knowledgeable account managers who can help set up an account and teach the basics of trading.
There is no mention of an Islamic account.
Features
TorOption posts a full asset index with listings for currencies, stocks, commodities and indices as well as a separate table for the trading hours for each asset.
An economic calendar, provided by Investing.com, is an up-to-date table of financial events taking place throughout the world.
The FAQ section and the alphabetical glossary are informative and easily understood.
TorOption binary options broker strong on security. It employs the internationally adopted security system called SSL (Secure Socket Layer) which encrypts all credit card payments performed over the Internet, protecting all info concerning transactions.
Education
TorOption has several educational tools that are useful for binary option traders with all levels of trading experience. There are several basic textual lessons and a monthly webinar is available where TorOption professionals throw some light on various market events that impact binary trading.
The online Trading Guide section offers high value for those binary traders who are just beginning on their trading path. Market analysis explores the nature of binary trading market by using the latest market data.
In addition, every account holder is assigned a personal account manager whose responsibility it is to teach the client how to understand and properly analyze financial markets.
Bonuses/Promotions
TorOption “Get 3 Secured Trades” promotion gives the trader an opportunity to use and analyze his skills without risking his investment and to form his own investment strategies without having to risk his money. The “Get 3 Secured Trades” promotion provides such an opportunity because if the first 3 trades result in a loss, the trader will receive a complete refund.
Other promotions are offered from time to time.
Deposits/Withdrawals
Deposits are accepted via credit/debit cards, Skrill, Neteller, WebMoney, CashU and wire transfers.
Withdrawal requests are submitting by sending an email to compliance@toroption.com. The minimum withdrawal amount is $50 units, unless less than this amount remains in the account. All credit card withdrawals are free. However there is a minimum withdrawal amount of $100 for all withdrawals and all wire withdrawals are charged $25.
Customer Support
Customer Support Methods |   |
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Support Hours | 24/5 |
Website Languages |     |
Office hours at TorOption are Sunday through Friday, 9-6 UK time. Representatives can be contacted via email, phone or by clicking on their Live Chat option which is displayed on the platform.
All of the customer support staff, account managers and market analysts are well versed in the financial markets and are there to help traders become successful in their financial portfolios regardless of the size of the account.
Trading can be done 24 hours a day, 7 days a week. However, some of the options and assets are not available all the time. For example, 60 Seconds trades are available Monday through Friday, 24/5. For a list of trading hours for all of our assets please visit our Asset Index.
The website, which was developed by One Tech Media LTD, is available in four different foreign languages.
Conclusion
TorOption is the choice of traders who know a good broker when they see one. Trading binaries at TorOption is pleasant, navigation is easy and the broker delivers all the opportunities needed to grow as an investor.
Features
TorOption is a new kid on the block but its future is assured. It offers binary option traders plenty of different trading options and is flush with features and educational tools. There are four different trading accounts to choose from and an account can be opened with as little as $350. The VIP account takes $50,000 and more and offers a host of benefits. Although there is no demo account, traders are offered individual assistance by the broker’s experienced representatives whenever needed.
Platforms
SpotOption
TorOption offers its traders the SpotOption platform, a popular binary option platform. There are only two possible outcomes when trading binary options--either the trader is “in the money” or “out of the money”.
At TorOption, traders are provided with a set of powerful and advanced options: Longterm, 60 Seconds, One Touch, Pairs and Ladder.
Longterm is a feature that gives the trader an opportunity to make trades in a way closer to the one of stock market with longer expiry times. 60 Seconds, along with 30 and 120 seconds, is a feature that minimizes the expiry time, for a super quick experience.
SpotOption Trading Platform
One Touch is a useful feature wherein if the trade is “in the money” the trader wins the entire payout, but if the trade is “out of the money” he/she loses the amount invested.
Pairs trading is very similar to binary options, but while in binary options a trader chooses whether the price of an asset will go above or below the current rate by your expiry time, the pairs option allows him to trade on whether the asset will outperform another within a determined time frame.
By choosing the Ladder option, the potential return on the trade can be as high as 1500% and there is even the chance to sell the trade before it expires.
Forex and CFD trading is also available through this platform.
Trading Platform
Automated Trading | |
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Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
