MyOption Review

MyOption Logo Max Bonus: 40%

MyOption

Rating: 10/10
MyOption Home Page Screenshot MyOption Trading Platform Screenshot
Broker MyOption
US Traders Accepted
Company Name Aldo Trading Ltd.
Headquarters Nicosia, Cyprus
Regulation No
Bonus Type Match bonus
Bonus Size 40%
Max Payout 85%
Out-of-Money Reward 0-15%
Trading Platform TradeSmarter
Early Closure
Deposit Options Credit/debit card, wire transfer, Lightstreamer, Mister Cash, CashU, iDeal, WebMoney, Skrill, QIWI
Deposit Currencies US Dollar, Euro, British Pound, Australian Dollar
Minimum Deposit $200
Minimum Trade $10
Maximum Trade $5,000
Online Since 2014
Trading Instruments Currencies, stocks, commodities, indices
Number of Trading Instruments 48
Binary Option Types High/Low, Short Term, StrategiX (this includes High/Low, Range, One Touch and No Touch)
Customer Support Types Live chat, telephone, web form, email, paper mail
Education Offered Basic how-to articles and videos, FAQ, free eBook, one-on-one training
Tools Offered Market reviews, account manager, double up, rollover, early close
Commission $30 fees for wire transfers, no withdrawal minimums
Languages English, Russian, French, Arabic
Demo Account No

MyOption is a Cyprus-based binary options broker with a TradeSmarter platform and some interesting features. While they are by no means perfect (they are missing a demo account, they have flexible withdrawal terms and many different ways to trade. While they are definitely a mixed bag, they may appeal to traders looking for a fee-free withdrawal structure and a rather rare platform.

You can join MyOption in a matter of minutes and select an account tier that suits you. MyOption is not regulated, but they do not accept traders from the USA. They accept a ton of different deposit options, including credit or debit card, wire transfer, Mister Cash, Lightstreamer, iDeal, CashU, WebMoney, QIWI and Skrill. You can choose from four account currencies: US Dollar, Euro, British Pound, or Australian Dollar.

The initial deposit is $200 or the equivalent in your currency, and you can choose from one of three different account tiers. The lowest tier is Silver (for deposits up to $999). This includes market updates on a daily basis, an account manager, full time support, and a welcome bonus up to 20%. At the next tier, Gold (for deposits between $1,000 and $2,499), you get a free eBook and a higher welcome bonus of 30%. If you deposit $2,500 or more, you get a Platinum account. This includes premium one-on-one training as well as a welcome bonus of 40%.

MyOption is a bit stingy when it comes to resources. There isn’t much on the site except for how-to articles and an FAQ. There is a selection of “Training Videos,” which turns out to only be two videos, and neither teaches you anything technical about trading. Not offering a free eBook until the Gold level seems quite silly; this is something most brokers give away without you even needing to make a deposit. None of this is a deal breaker, but it would be nice if they provided more resources.

You may be thinking that 40% is a bit parsimonious for a bonus as well, but this actually is nothing to complain about. Generally speaking, most binary options brokers offer bonuses which are almost ludicrously high. Achieving the turnover is very difficult, and the unrealistically large sums of “free” money offered by these brokers call their intentions into question. 40% is a more reasonable, believable amount, and speaks toward the broker’s likely good intentions.

Great Withdrawal Terms

One of the best things about MyOption is the fact that you are free to withdraw your money whenever you want without consequence. Most brokers charge lots of withdrawal fees, and require that you withdraw a certain minimum, typically around $100 or even $200. MyOption only charges fees for wire transfers ($30). If you use another withdrawal method, you can withdraw as often as you need to without paying any fees. There is no withdrawal minimum threshold, so you can withdraw as much or little as you want at a time, even $1. This flexibility is exceedingly rare, and very welcome in an industry where it can be notoriously hard to get your own money back in your bank account.

MyOption Trading Platform

MyOption uses the Tradesmarter platform. On first glance, it appears quite similar to SpotOption or any other familiar white label platform. Across the top, you will see currencies, stocks, commodities and indices (there are 48 in all). To the side of those options, you can select different layouts, which is a very nice feature, especially since one of them includes candlestick charts. These are some of the nicer, easier-to-read charts I have seen on a binary options platform. They could be improved with indicators, but they offer more than the typical squiggly line.

On the platform, you can also choose how you want to trade. Along with High/Low, you will see 60 Seconds and “StrategiX.” If you select “60 Seconds,” you will actually be offered a range of Short Term trading opportunities from 30 seconds to 5 minutes. One thing which is not so great here is that trades start out at $10 for Short Term trades and $25 for other types of trades. This is a bit steep, considering that Short Term trades are risky, and most brokers start them out at $5. You can trade up to $5,000.

What is StrategiX? Select this and you will be taken to a second trading window which offers you a selection of additional trade types, including Above/Below, Range, One Touch and No Touch. You can specify a timeframe and a strike distance. This is an exciting customizable platform feature, and opens up even more trading possibilities. Early close, rollover and double up are also available, and allow you to control your trade when it is in progress.

Conclusion: Cautiously Worth Considering

MyOption has its pros and cons, and it is by no means perfect. The broker could be much better if they offered a demo account, and not just a single risk-free trade. They could benefit from lowering their minimum trade amounts a bit, and they could use some additional training resources. Their customer service team could be more responsive; the live chat desk does not appear to be staffed at all, and that is a major concern.

While that may seem like quite a few complaints, consider the positives. MyOption is one of the few binary options brokers out there that will not charge you fees for withdrawals or require you to withdraw $100 or more if you ever want to see your money again. They have a great and generally well-designed trading platform that offers a number of different trade types and customization features. They look to be different from their competitors, and seem to be doing what they can to stand out. While this is not enough to give them a solid recommendation, they are worth a cautious closer look if you are searching for a broker with friendlier terms for withdrawals.

Visit MyOption →

2 Traders' Reviews

  1. Dan reviewed MyOption

    I’m a novice and very happy that Myoption was my first broker.
    They teach me a lot and my trading become profitable. Yes. It takes time, but the result is very good.

  2. Brandon Lee reviewed MyOption

    I found that all the necessary functionalities are within easy access. It’s so easy to execute a trade. 
    Low minimum deposit and trade requirements, there is no hesitation on my part to open a live trading account with them. I called by skype to support service, got all answers on my questions and was satisfied. Only need to deposit $200 and trade with as low as $5 per trade.

Binary options trading involve risk. Although the risk of executing a binary options open is fixed for each individual trade, it is possible to lose all of the initial investment in a course of several trades or in a single trade if the entire capital is used to place it. It is not recommended to base your investment decisions on any information presented on or originating from BinaryTrading.com. By browsing this website you express your acceptance of the terms of this disclaimer and that BinaryTrading.com cannot be deemed responsible for any losses that may occur as a result of your binary option trading. BinaryTrading.com is not licensed or registered as a financial consultant or adviser. BinaryTrading.com is neither a broker, nor funds manager. The website does not provide any paid services. All content of BinaryTrading.com is presented for educational or entertainment purposes only.

General Risk Warning: Trading in Binary Options carries a high level of risk and can result in the loss of your investment. As such, Binary Options may not be appropriate for you. You should not invest money that you cannot afford to lose. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk appetite. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to Binary Options or (b) any direct, indirect, special, consequential or incidental damages whatsoever.

BinaryTrading.com is compensated partially through the affiliate commission earned from some of the listed brokers.

© 2012–2024 Binary Trading.
Binary Trading