FireOptions ceased operating as a binary option broker. It is out of business now. The review presented here is no longer applicable.
Traders outside the US who are searching for a regulated broker may be interested in FireOptions. FireOptions is operated by Safecap Investments Ltd., a Cyprus-based company which also runs OnlyOption and TopOption. Both of those brokers are ones we have recommended in the past. FireOptions has similar competitive features and gives traders the peace of mind which comes from trading with a regulated company. FireOptions operates under CySEC license #092/08.
Opening a FireOptions Account
If you want to trade on FireOptions, your first step is to get set up with a trading account. You must fill out a couple of screens, including not only basic information (street address, email account, and so on), but also some details on your trading history and employment. This seems to be a requirement as per CySEC regulations. Next, you will be able to make a deposit. FireOptions accepts a number of deposit methods, including credit or debit card, wire transfer, WebMoney, Neteller, Skrill, QIWI, SOFORT, and Fast Bank Transfer. You can trade in US dollar, euro, or British pound.
You can get started with a real account with as little as $200. Is there a demo account? I cannot find one on the site, but I have seen other reviews indicate that one is available if you ask an account manager. This is implied by the account status you find listed in the upper right-hand corner of the screen once you are logged in. My screen says: “Account Type: real.” This implies that there is indeed a practice account available.
FireOptions Account Tiers
There are three different account tiers available on FireOptions:
- Standard: $200 minimum deposit, 50% welcome bonus.
- Pro: $1,000 minimum deposit, 100% welcome bonus (up to $4,999).
- VIP: $5,000 minimum deposit, 100% welcome bonus (no limit listed).
One great thing about FireOptions is that there are no fees! After you deposit your money, you can withdraw it as often as you like, as long as you stay under their very high limits (you cannot take out more than $20,000 a week on your credit card, for example). There are no minimum thresholds mentioned, so things are very flexible. This is great to see considering how so many other brokers impose so many fees and restrictions.
What features do you get with each of the accounts? All of the accounts include an account manager, access to web and mobile (iOS and Android) platforms, risk management tools (early close, double up and rollover, the standard three), a video library (the videos are pretty basic), a couple of trading eBooks, newsroom research and updates, and the peace of mind that goes with the Investor Compensation Fund. This is not the same thing as an out-of-money refund. It goes with CySEC membership. Basically, if FireOptions goes out of business, your account is insured up to €20,000.
Any other special features? If you have a VIP account, you also have access to off trading hours assistance, and you can receive the trading central report and SMS signals. On top of that, all accounts include some 1-on-1 training. At the Standard level, that only includes introductory training. If you sign up for a Pro account, you get 3 hours per month indefinitely, and if you sign up for a VIP account, you can get unlimited training from a professional any time you need it. Many other brokers only start services like this if you deposit a huge amount of money. $5,000 is not a high requirement, so this is great.
Trading on FireOptions
FireOptions has a unique platform called KeyStone TS, which a few other brokers also use. Even though it is not very common, it looks and functions very much like SpotOption. If you have any familiarity with binary options platforms at all, you should find it very easy to use. And even if you do not, you should find it easy to learn.
You can trade as little as $10 on FireOptions, or as much as $2,500. There are 53 assets available to trade, including stocks, currencies, commodities, and indices. While this is not a huge amount compared to some other binary options brokers, it should be more than enough for most traders. Types of trades include High/Low, SpeedMaster (60-120 second trades), One Touch, Touch/No Touch, and Pro Option. These are all your standard binary options trade types which are common on most sites. ProOption includes a graph and additional technical tools for planning your trades. Frankly, this is not a huge amount of variety, and I would like to see FireOptions add on Ladder, Pairs, or Boundary trading to give traders a few more options.
Customer Service: No Live Chat
Another drawback with FireOptions is the fact that there is no live chat available on the site. The feature does not exist at all. The only ways to reach the broker are via telephone, email, or paper mail. There is no web form either. This is not great, since it makes it hard to test out customer service. It also makes the company slightly less accessible than they should be to everyone. Live chat is fast and handy, and in a pinch, it can be very helpful. It would be great if they would add this feature.
Conclusion: A Promising Broker
Safecap’s websites on the whole appear to be some of the better choices out there for regulated binary options trading. It is good to see more and more brokers reaching out to CySEC and other financial authorities to offer traders safer investing. Safecap could improve by adding a live chat desk to their website, as well as a few more trade types. They do have a lot of other helpful features, though, especially the one-on-one training and upper tier signals, neither of which requires a massive deposit. Best of all, they do not impose fees for deposits or withdrawals, and hardly any withdrawal restrictions. This makes it easy for traders to take out their winnings. If you are located outside the USA, FireOptions is certainly worthy of your consideration.