Editor’s Verdict

Pros
  • Choice of Trading Accounts

Cons
  • Unregulated

  • Restrictions on withdrawal

Overview

Review

HeadquartersGermany
Year Established2015
Execution Type(s)Binary Options
Minimum Deposit$250
Islamic Account
Signals
US Persons Accepted?
Managed Accounts

WMoption, founded in 2015, is a binary options broker domiciled (owned and operated) in Germany. Its platform offers traders assets for trading in indices, equities, commodities and currency pairs. The range of assets offered for trading is not very wide, however.

Regulation

WMoption is completely unregulated. We believe this is unacceptable in any firm operating electronic trading in the financial markets in today’s era. Client redress for any perceived wrongs would presumably be under German law.

wmoption_homepage

Accounts

There are several different account types which are all based upon the size of the initial deposit made. The Rookie account can be opened with a deposit of as little as $250, and offers a welcome bonus of 20%. The Basic account requires a deposit of $1000, and offers a welcome bonus of 25% and an additional 1% on the winning trade payouts. The Silver account requires a deposit of $5000, and offers a welcome bonus of 50%. The Gold account requires a deposit of $25000 and offers a welcome bonus of 70%. Finally, the VIP account requires a deposit of $100000 and offers a welcome bonus of 100%. Accounts from Gold and upwards also offer a priority phone line to a dedicated account manager.

Features

WMoption promises payouts of up to 85% but many of the options trades on offer will give lower payouts for wins, which can be as low as 70%. By the standards of the industry this is not bad. Additionally, losing binary options trades also pay back 10%.

Options trades are offered on time frames ranging from 30 seconds to 1 hour.

The maximum investment amount varies depending upon the account type. A Basic account allows a trader to risk up to $1000 on a binary options trade while a VIP account holder may risk up to $5000. Risk must be made in multiples of $25 and the minimum trade risk is therefore $25.

Several types of binary options trades are offered: high/low, range, and one touch.

Education

WMoption’s website includes an education section and a blog as well. The education section consists entirely of hosted videos which are divided into four categories: market reviews, economic calendar, trading tips, and winning tactics. These are all short “talking heads” videos updated daily, and while of reasonable content quality, are not really great educational resources.

Bonuses and Promotions

There are fairly generous welcome bonuses offered at the time of deposit, as already detailed previously.

Deposits/Withdrawals

The minimum deposit amount at WMoption is $250. or its equivalent in another currency. Deposits are accepted in more or less all major currencies and by practically every method you can imagine.

Withdrawals may be made by credit card, e-wallet or wire transfer. The withdrawal process usually takes about 8 business days from initial notification to receiving the funds in your account.

There are no minimum withdrawal amounts.

Traders should note that certain minimum volumes of trades must be reached before profits may be withdrawn, expressed as “trading points”. Traders should enquire about these terms extremely carefully if an account is opened.

Customer Support

Customer Support Methodsemail-support chat-support
Website Languages
      • English
      • Arabic
  • The main headquarters for WMoption is in Germany but there are apparently offices or at least dedicated phone support lines in various other parts of the world, including South Africa, Australia, Canada, Malaysia, Ukraine, Nigeria, Bulgaria, the Netherlands, Finland and Norway. Traders can contact a WMoption representative by telephone during local business hours and can use email anytime of the day.

    Website

    The website provided by WMoption is functional but has areas of blank content where a heading advertises something, for example the space under “Meet the Team” was completely empty as at the time of review. There are certain elements to the site that cause us to doubt whether the site is designed and maintained to a highly professional degree, although the trading element seems to function perfectly well.

    Mobile Trading

    WMoption offers applications suitable for all types of smartphones.

    Conclusion

    The fact that WMoption is completely unregulated and also providing a fairly sketchy general means that we have to say we look upon this company with disfavor.

    Features

    WMoption boasts of many features to attract a maximum number of new clients and at face value, the company seems to have excellent offerings. The payout percentages are fairly high for the industry. It must be said that some of the other features, include restrictions on withdrawals and offerings such as the education section, are somewhat disappointing.

    There is a choice of many different trading accounts and starting deposits are fairly minimal at only $250 or other currency equivalent.

    WMoption is completely unregulated.

    Platforms

    Proprietary

    WMoption offers a single, web-based trading platform. This is fairly standard within the binary options industry. There is no specialized version for use with a mobile phone or other transportable devices.

    The platform offers a list of assets including currency pairs (Forex), stocks, indices and commodities. The platform offers immediate execution with real-time results and up to 85% profits on trades.

    Mobile

    The WMoption mobile platform consists of apps designed for iOS and Android powered phones and tablets. They enable traders to manage their trading portfolio and also access live rates, open and close positions, view charts, and many more.

    A single account can be opened for both the Web platform and the mobile application.

    wmoption_trading_platform

    Trading Platform

    Automated Trading
    Guaranteed Stop Loss
    Scalping
    Hedging
    OCO Orders
    Interest on Margin

    About the Author

    DailyForex.com Team
    The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.