OptioNet Review
| Broker | OptioNet |
|---|---|
| US Traders Accepted | |
| Company Name | Mika Holdings Inc. |
| Headquarters | British Virgin Islands, offices in Cyprus |
| Regulation | No |
| Bonus Type | Deposit bonus |
| Bonus Size | $5,000 |
| Max Payout | 89% |
| Out-of-Money Reward | 15% |
| Trading Platform | TechFinancials |
| Early Closure | |
| Deposit Options | Credit/debit cards, Liberty Reserve, MoneyGram, Western Union |
| Deposit Currencies | USD, EUR, GBP |
| Minimum Deposit | $200 |
| Minimum Trade | $20 |
| Maximum Trade | $1,000 |
| Online Since | 2011 |
| Trading Instruments | Forex, Commodities, Stocks, Indices |
| Number of Trading Instruments | 30 |
| Binary Option Types | High/Low, One Touch, No Touch, Boundary (In or Out), 60 Seconds |
| Customer Support Types | Telephone (not toll free), fax, email, web form, live chat |
| Education Offered | A brief "how to trade" page, FAQ and glossary |
| Commission | OptioNet provides you with one withdrawal per month that is exempt from commission fees. Any additional withdrawal within the same month will be charged a fee of 30 USD, EUR or GBP or the equivalent in local trading currency. |
| Languages | English, French, Italian |
| Demo Account | Yes. Ask your account manager. Time limit is 7 days. A deposit is usually requested, but there are exceptions. |
OptioNet is a binary options broker operated by Mika Holdings Inc., the same company that owns optionFair and 24Option. Mika Holdings is regulated in the British Virgin Islands and is seeking regulation in Europe. They don’t accept U.S. traders at this time, but they do offer their services to professional and casual traders around the world. There are a lot of similarities between optionFair and OptionNet. The same motto, “All our options are open,” applies to both. There are no spreads, fees, or commissions for trading, though there are withdrawal fees if you withdraw more than once per month. OptioNet was started in 2011; since it’s relatively new, the website is a little sparse as far as resources are concerned, but customer service is great, and you can open a demo account to practice your trading!
Getting Started with OptioNet
Opening an account with OptioNet is free and only takes a few minutes. You can select EUR, GBP, or USD as your trading currency. One of the best things about OptioNet is that they provide demo accounts to traders who request them. There is a one-week limit on demo testing, which is a pretty harsh restriction, but it’s certainly a step above no demo account at all, which seems to be the norm on most binary options sites. Demo testing is an important step in becoming a profitable trader since it allows you to learn your way around the platform and to test your trading method live without risking real money. You do generally need to make a deposit in order to open a demo account, but there are exceptions. Talk to your account manager after you register if you want to open a demo account. Customer service seems friendly and flexible, so if you can’t deposit yet, it’s still worth trying.
You can receive a match bonus when you first sign up; $5,000 or equivalent is the maximum, and bonuses are one time only. Withdrawal depends on turnover, so if you accept the bonus, remember to treat it as leverage. The minimum deposit is 200 GBP, EUR, or USD. This is very average. You probably want to deposit a bit more, though, and not just for the higher match bonus. Since the minimum trade size is £20 for most trade types, you should deposit more money so you aren’t investing a full 10% of your account into any one trade. That’s just good money management.
Your first introduction to the trading platform is actually the really cool Trading Simulator on the homepage. You choose an asset (there are around 30 to pick from), choose a type of binary option (High/Low, One Touch, No Touch or Boundary), enter in an amount, choose a direction or a trigger point, and then watch as a simulated trade chart runs and shows you whether you expired in or out of the money. It’s an interactive demo in the traditional meaning of demo; it’s a demonstration, not to be confused with actual demo testing. You’ll see that the actual trading platform (powered by TechFinancials) is very similar in format. It’s visually appealing and clear and easy to use. You can trade on your mobile device too.
60 Second trades are available if you want to trade a fast timeframe. The maximum payout per trade is 89%, and the average out-of-money reward is 15%. Early closure is available, which is a very powerful tool. The fact that this broker allows you to make many different types of trades is something we were really pleased with. Boundary trades aren’t offered by the majority of brokers, and they’re a very unique way to make money with binary options.
The minimum trade size is $20 or equivalent, and the maximum is $1,000 or equivalent. You can trade as many options as you want at a given time, which adds some flexibility to what otherwise would be a pretty rigid restriction, but your exposure limit is $5,000. A wider trade size range would have been preferable, so this is a drawback.
Customer Service and Trading Resources
You’ll notice that trading resources are a bit sparse, probably because OptioNet has only been around since 2011. There is a brief “how to trade” page, a FAQ and a glossary. There are some basic training tools which you get with a Mini account, and some more advanced training materials for Silver accounts. Gold accounts have their own personal account managers, and Platinum accounts (for professionals) include other exclusive benefits.
Customer service was one area where we were very impressed with OptioNet. It’s great that they provide personal account managers to traders who are really dedicated to their trading and have larger accounts. They offer customer service to all traders through live chat, telephone (not toll free), webform, fax, and email. Live chat answered our request for a conversation promptly and provided useful answers to our inquiries. What’s more, it was obvious that a real human being was staffing the desk. The customer service agent showed a genuine interest in what we were doing. This is one of the best customer service experiences we’ve had with a binary options broker to date.
Conclusion
OptioNet does have some drawbacks; the minimum and maximum trade sizes are pretty restrictive, and may not suit traders who have either very small accounts or very large accounts. The resources could use some work. But there are a lot of good things about OptioNet too. The trading platform is very pleasant and there are many types of binary options you can trade, including Boundary trades. Early closure is an excellent feature, which gives you more control over your trades. The company has some real strength where its customer service team is concerned, and that’s a good reason to consider investing with any company which meets the rest of your needs. When you deposit with a binary options broker (or a bank, or any other financial institution), you’re essentially lending your funds, so you deserve the best possible service.