beeoptions Review
Broker | beeoptions |
---|---|
US Traders Accepted | |
Company Name | Bee-Options |
Headquarters | London, UK |
Regulation | No |
Bonus Type | Match bonus |
Bonus Size | 200% |
Max Payout | 85% |
Out-of-Money Reward | 10% |
Trading Platform | SpotOption |
Early Closure | |
Deposit Options | Credit/debit card, wire transfer |
Deposit Currencies | US Dollar, British Pound, Euro, Australian Dollar, Canadian Dollar |
Minimum Deposit | $250 |
Minimum Trade | $5 |
Maximum Trade | $2,500 |
Online Since | 2012 |
Trading Instruments | Currencies, commodities, stocks, indices |
Number of Trading Instruments | 138 |
Binary Option Types | High/Low, Long Term (several days), 60 Seconds, One Touch, Pairs |
Customer Support Types | Web form, email, live chat, toll free phone |
Education Offered | Trading tutorials, training manuals, eBook, how-to pages, glossary, FAQ, consultation, webinars, Auto Trader trial offer, 1-2% cash-back rewards, free iPad, unlimited free withdrawals (some benefits available only at Diamond and Executive account levels) |
Tools Offered | Double up, rollover, buy-me-out (early closure), finance blog |
Languages | English, French, Spanish |
Demo Account | Two risk-free trades |
The broker is no longer accepting new customers.
In an era when traders have literally hundreds of choices as far as binary options brokers, beeoptions is perhaps as average as they come. There are few extraordinary features which make this broker stand out from the rest, but neither are there any noteworthy red flags. They do accept USA traders, and may be better than many of the other brokers out there which do, so that could make them worth a look if you are trading in the US. They also accept customers around the world, and have offices in London.
Deposits and Withdrawals
The only way you can deposit money is with your credit or debit card or using wire transfer; beeoptions does not accept any e-wallets or other electronic transfer services. They do not list any fees associated with deposits. There is a $100 minimum withdrawal threshold, which is somewhat irritating, but also very common. You can stay above the limit by making a larger initial deposit; the deposits start at $250, so the company is already encouraging you to do this. beeoptions accepts Euros, British Pounds, US Dollars, Australian Dollars, and Canadian Dollars. For the top two account tiers, you can make unlimited free withdrawals each month. While withdrawal fees were not listed, this does imply you get a limited number of withdrawals each month otherwise, after which you can expect to pay a fee.
Types of Trading Accounts
There are four different types of accounts you can open, depending on how much money you deposit. The lowest account level is the Gold Account. You are offered a welcome bonus of up to 100% (bonuses work based on leverage; you must achieve a turnover of 30x before you can withdraw the bonus as cash), an eBook, a weekly tutorial, and personal account management. Following that is the Platinum Account, and the next level up is the Diamond Account.
The Executive Account is the largest account and includes the most benefits, geared at traders with a great deal of money. This account is available if you deposit $25,000 or more. At this level, you can get a 200% bonus, trading tutorials, unlimited consultation, account management, a free trial of an Auto Trader service, invitation-only webinars, 2% cash back each month, a free iPad, and unlimited free withdrawals.
Trading on beeoptions
On beeoptions, you can trade 138 different assets, including currencies, commodities, indices and stocks. There are a number of different types of trades. There are standard High/Low trades, 60 Second options, One Touch options, Pairs, and Long Term trades. The Long Term trades are a great offering for traders who don’t want to do intraday option trading, and would rather be in trades for up to several days. These are still not really long-term position trades, but they may suit interday and swing traders who otherwise avoid binary options trading because they cannot handle same-day trades.
There are different minimums and maximums for each of the different types of trades. The lowest minimum trade amount is $5, for 60 Second trades. Most of the other trade types start out at $25, though One Touch trades require a minimum investment of $50. There are different ceilings on each type of trade as well. 60 Second trades and One Touch trades cannot exceed $500, and High/Low, Long Term, and Pairs trades need to stay within a $2,500 range. This would be rather limiting for Diamond and Executive account holders, but should be fine for smaller account holders.
Trade Tools and Extras
There is no mobile trading (despite the fact that they give away iPhones), and also no demo trading. If you search for “beeoptions demo account” in Google, you will hit a sales page which prompts you to open an account, but all that is offered is two free trades, which is not the same thing as a demo account. Amusingly, this includes the message, “Even if you lose the trades, you won’t lose the money.” While this would be true for the first two trades, remember that binary options trading is a business of risk, and you need to do more testing than that to succeed.
There are a lot of other useful tools on the site, though, including double up, rollover and “buy-me-out,” which is the same thing as early closure. These features help you to control when you exit your trades, which can save you money or increase your profits. There are also numerous trading tutorials, training manuals, and more. A finance blog provides up-to-date news, and at higher account tiers, you can enjoy even more benefits.
Surprisingly Good Customer Service
When I got on live chat to test out the customer service team, I admit I was surprised. Considering how average beeoptions is overall, I didn’t expect more than average customer service. “Average” customer service for binary options brokers generally translates to “nonexistent.” At beeoptions, though, I was greeted within thirty seconds by an agent, who was definitely a live human being. He answered my questions quickly and clearly without equivocating. While the broker is not regulated, I appreciated that the customer service agent did not attempt to deceive me into believing otherwise, which adds to their credibility.
Conclusion
In general, we cannot give beeoptions a powerful recommendation, because in many ways they are just another SpotOption white label, and as usual with these companies, it is difficult to say whether or not they are entirely trustworthy. But they do cater to USA traders, and they appear to offer reasonably good customer service. Both of these facts set them ahead of many of their competitors, especially in the US market.
If you are a USA trader, you may wish to look over their features and benefits and do some additional research on beeoptions. Check into other third-party reviews, and test out the customer service team yourself before you commit. And do not forget to do your demo testing before you trade with real money, even though beeoptions does not offer a demo account.