Review by BinaryTrading.com
GTOptions is a relatively new binary options broker, founded in 2011 by Funline Trading Limited, a company based in Nicosia, Cyprus. This broker doesn’t seem to be regulated yet, but this isn’t surprising given the young age of the service. GTOptions offers several different types of binary options to trade and more than 70 assets, and while they are somewhat lacking in certain areas, they do seem to be on the right track with trading tools, bonuses, and other aspects of their site. It’s clear from the name of the company (Funline) that GTOptions is largely aimed at traders who are gambling for entertainment, though the company seems to take pains to instill responsible attitudes toward trading. USA traders are allowed. There is still no mobile platform, but this is again probably because the company is so new.
Opening an Account with GTOptions
Starting an account is a simple process, and registration is free with GTOptions. GTOptions actually provides a demo account, which is excellent. Many binary options brokers haven’t yet incorporated this feature. As usual, it’s a pretty limited service, but it’s certainly superior to nothing. Once you open a regular account, you need to contact customer service to ask them to change your status to demo. You are then given practice funds (virtual currency) and 14 days to demo test live. At this point your demo account closes. The site says there is no obligation to open a “practice account” once you’re done with your demo. That’s probably a simple typing error—since your demo account is your practice account, they most likely mean there’s no obligation to start trading with real money.
You really should demo test for longer than two weeks before you start trading live, but again, it’s better than nothing. SpotOption, the trading platform which GTOptions uses, is very popular, and you may find another broker that lets you demo test longer. You might want to do that before trading live, even if you decide to stick with GTOptions as your real broker.
GTOptions offers match bonuses for depositing as well as an additional five percent bonus if you deposit within 24 hours of registering on the site. There are also referral bonuses of up to $200. This is a cool benefit which you won’t find at every binary options broker. We were also impressed with the clarity of GTOptions’ terms and conditions surrounding bonuses. Brokers often try to pass off bonuses as if they are “free money,” and then leave the terms in fine print. GTOptions openly states that bonuses should be looked at as a way of trading on leverage while your account is small. The purpose of the bonus is to help you to place larger trades and build up your real funds more quickly. GTOptions reminds traders that leverage is a double-edged blade and that it’s just as likely to lose money more quickly by trading with bonuses. You’re not able to withdraw the bonus money unless you’ve turned over a certain amount far beyond the value of the bonus.
You’ll find around 70 different assets to trade including commodities, stocks, indices, and currencies. Available types of binary trades include Option Builder, One Touch, High/Low and 60 Seconds. For 60 Second trades you can trade as little as $5. For other trades you can trade as little as $10. The maximum amount you can trade is $3,000. Pretty average all around, but not bad.
Customer Service and Trading Resources
Customer service options include live chat, web form, email and telephone (not toll free). The live chat feature sent an email and then closed itself when we tried to use it, which probably just means that the desk wasn’t staffed at the moment (it was a Sunday). Presumably during business hours someone would be there, though the chat box wasn’t specific about this.
The trading tools and educational resources are relatively impressive, especially given how new GTOptions is. Along with the usual FAQ, basic eBook and video tour, there are also video tutorials, weekly and daily market reviews, trading signals, an economic calendar, and a Fibonacci calculator. Signal services are included in some of the accounts for free. If you sign up for a VIP account, you’ll not only get trading signals but additional support including money management classes. There is definitely more of an effort being made here than average.
A broker operated by a company called “Funline” makes us immediately wary since this is a name which immediately puts us in mind of gambling. While gambling is one reason that people trade, many other people trade in a genuine attempt to become profitable on a reliable basis. While there’s nothing wrong with catering to gamblers, companies which do so often don’t go out of their way to urge traders to behave responsibly.
GTOptions seems to be different. All of the trading resources provided can help traders to plan their trades; while they aren’t enough to help a trader to develop a consistent method, they can certainly play a role, and they encourage traders to actually think about what they’re doing. Moreover, the forthrightness of the company concerning the bonuses and the dangers of leverage is another sign of honesty. GTOptions also has a Risk Disclaimer in open view at the bottom of the page as well as a separate link to the disclaimer in the menu. This is yet another sign of honesty.
Even if you’re gambling for entertainment purposes, you can still do so in a responsible manner. GTOptions isn’t promising people huge returns for no effort or a risk-free opportunity to make vast sums of money. This is admirable and causes to look at GTOptions in a positive light. While the broker doesn’t seem to be regulated yet, if they continue along this track it seems like it’s probably just a question of time before they are. Read additional reviews online and get in touch with customer service if you have questions. While we can’t give a definitive recommendation one way or the other, we can definitely conclude that GTOptions is worth a closer look.