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.
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.
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.
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.
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.
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.
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.
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.
WMoption offers applications suitable for all types of smartphones.
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.
- Choice of Trading Accounts
- Restrictions on withdrawal
Review info: WMoption
Review Date: 2016-10-09
Rating : 1.5
Reviewed By : Sara Patterson