BancOptions Review
| Broker | BancOptions |
|---|---|
| US Traders Accepted | |
| Company Name | ChargeXP Investments Ltd. |
| Headquarters | Nicosia, Cyprus |
| Regulation | No |
| Max Payout | 75% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Deposit Options | Credit/debit cards, wire transfer, CashU, Nordea, iDEAL, Skrill, WebMoney |
| Deposit Currencies | EUR, USD |
| Minimum Deposit | $200 |
| Minimum Trade | $25 |
| Maximum Trade | $1,500 |
| Online Since | 2009 |
| Trading Instruments | Forex, Commodities, Stocks, Indices |
| Number of Trading Instruments | 82 |
| Binary Option Types | Up & Down, Options Builder, One Touch, 60 Seconds, Open Platform |
| Customer Support Types | E-mail (no response), telephone, on-line chat service (not working) |
| Education Offered | Video Tour, How to Trade |
| Tools Offered | Expiry Rates, Daily Market Review, Weekly Market Review, Live Financial News, Real time graphs, Economic Calendar |
| Commission | $25 fee for wire transfer withdrawals |
| Languages | English, Russian |
| Demo Account | No |
When you would log on to the website of BancOptions, you will come across various texts in the Russian language. The website supports English and Russian but their love for Russian is not understandable. Anyways, whether it’s a technical error or has been put intentionally, you will be able to view the rest of the website and the content in English. Interestingly, you will come across several encouraging reviews on their Home Page that try to create an impression how profitable BancOptions could be for trading binary options. If these reviews simply attract you, you can think of starting doing business with them. However, a sensible trader will believe in gaining some in-depth knowledge about the broker before opening and account and depositing funds into it. BancOptions has an exclusive money-back offer that will certainly entice a trader who wants to start learning binary options trading. They claim to refund 100% of your investment plus an additional amount of 10%, if you lose your first ten trades in a row.
BancOptions has been online since 2009 and brings more than eighty trading instruments from different markets. They are not a regulated company, nor do they disclose anything about their trading platform. And the worst is that you are not allowed to open a demo account with them so that you can gain some familiarity about their trading platform. However, if you believe them, they offer you a 100% web-based professional and intuitive trading platform where you need not to download any software and can start trading instantaneously. If these words are enough for you, you can open an account with them and fund your account with a minimum deposit of USD200 or EUR200. They accept both US Dollar and Euros. But they do not extend their brokerage services to the US citizens. They allow you a host of ways to fund your account including credit cards, wire transfer, CashU etc. withdrawal methods include via credit/debit cards and wire transfer. However, withdrawal via wire transfer involves a fee of $25 each time. BancOptions is a brand name of ChargeXP Investments Ltd, which is a Nicosia based company. However, they do have offices in the USA and Russia as well. You can get the address and phone numbers of their offices from their “Contact Us” section.
Trading Choices
BancOptions has 82 trading instruments in their portfolio and their client can have a good opportunity of accessing different financial markets and choose assets of their choice. They ensure an earning potential ranging between 68% and 75%, with an out of money reward of 5%-10%. So, one good thing is that they offer you an out of money guarantee to help minimize your losses. BancOptions offer you to invest in their regular binary options of Up and Down, to earn a maximum payout of 75%. While their One Touch can allow you to earn a payout of above 600%. Their Open Platform ensures an earning potential of 71% in just 60 seconds. The Option Builder allows you to earn a 70% payout at 10% insurance rate. At the same time, you can earn a 75% return in sixty seconds, if you invest in their 60 seconds options.
When it comes to earning bonuses, a trader may not find BancOptions as a generous broker, particularly when many brokers offer lucrative deposit bonuses to lure their traders. With BancOptions, one can have the opportunity of earning onetime trading credits only, which are generally part of their promotional offer. Moreover, in order to withdraw your bonus amount, you will have to execute a trade of 30 times of that bonus amount. Well, their bonus offer will hardly encourage traders who have a big bonus amount in their mind.
Technical Analysis
BancOptions fairs significantly well when it comes to providing technical analysis to their clients. Besides providing Daily Market Review, Weekly Market Review to their clients, they also offer Live Financial News to stay updated about the current market developments. The Economic calendar and Expiry Rates are the helpful tools, enabling traders to make their sensible trading choices. They also provide Real Time Graphs so that traders can assess the market movements of the assets in the most precise manner. The trading tools will prove very helpful for many investors, particularly for the beginners who are new in the world of binary options trading.
Learning & Support
Including helpful learning resources becomes particularly important when they do not offer any demo account. But ironically, BancOptions has nothing anything important to offer to the investors in the name of learning resources. A newbie trader will find it confusing how to start, even if he gets attracted by their money-back guarantee. They have a How to Trade section on their website and a 3-minute video tour, which are not sufficient to explain everything about binary options trading and their trading platform. Moreover, their customer support is very poor. Their online chat service is non-functional and they do not bother to reply to your e-mails. You can only rely upon their FAQ page to learn more about the company and the services they offer to you.
Conclusion
There are two areas where BancOptions performs significantly well. One is the number of trading choices and another one is providing a sufficient variety of technical analyses. Their money-back guarantee is also a kind of rare opportunity found in the binary options trading. But they also have several limitations that may keep many traders away from them. First, they are not a regulated company and they do not provide any demo account. And noticeably poor is their customer support mechanism that will certainly question their efficiency. But if you are going to believe on their money-back guarantee, funding your account with a sum of 200 dollars and start trading with them may not be a bad idea for a beginner.