OptionFM (Inactive) Review
Broker | OptionFM (Inactive) |
---|---|
US Traders Accepted | |
Company Name | BO Technologies Limited |
Headquarters | Belize |
Regulation | IFSC of Belize |
Bonus Type | Match bonus |
Bonus Size | 100% |
Max Payout | 81% |
Out-of-Money Reward | 10% |
Trading Platform | SpotOption |
Early Closure | |
Deposit Options | Credit/debit cards, wire transfer, paysafecard, SafetyPay, QIWI, Yandex, WebMoney, AstroPay, Boleto, Moneta.RU |
Deposit Currencies | US dollar, British pound, euro |
Minimum Deposit | $250 |
Minimum Trade | $1 |
Maximum Trade | $8,000 |
Online Since | 2014 |
Trading Instruments | Currencies, commodities, stocks, indices |
Number of Trading Instruments | 78 |
Binary Option Types | High/Low, Long Term, 60 Seconds |
Customer Support Types | Email, phone, live chat, paper mail |
Education Offered | How-to pages, eBook, educational sessions, FAQ |
Tools Offered | Double up, rollover, early close, market reviews, expiry rates, enhanced returns |
Commission | $100 minimum withdrawal threshold |
Languages | English |
Demo Account | Yes, no limits. |
OptionFM ceased operating as a binary broker on March 5, 2017. The review below is presented for the archiving purposes.
If you are looking for a binary options broker with an excellent fee structure and friendly bonus policies, OptionFM is well worth considering. “OptionFM” stands for “Option Financial Markets.” This site is operated by a company called BO Technologies Limited and is based in Belize. OptionFM is regulated by the International Financial Services Commission (IFSC). There is no license number, but you can find BO Technologies in the IFSC database here.
Opening an Account on OptionFM
It takes only a few minutes to open an account on OptionFM. Unfortunately the company does not accept USA traders, but investors around the globe are welcome. The minimum deposit is $250 or the equivalent in Euro or British Pound.
You can start with either a demo account or a real account. Opening a demo account is just as easy as opening a real account; there is a form directly on the website, so you do not even need to contact customer service. No limitations are mentioned anywhere on the site with reference to the demo account, so it appears you can use it indefinitely (which is outstanding).
When you go to open a real account, you have the following tiers to choose from:
- Newbie: $250+
- Start-Up: $2,500+
- Entrepreneur: $5,000+
- Top Exec: $10,000+
- CEO: $25,000+
- Financier: $40,000+
- Mogul: $100,000+
Even though a lot of these tiers are obviously directed at clients with huge bankrolls, services on this site are not geared exclusively toward the wealthy. In fact, the minimum trade size is just $1. So no matter how large or small your account, OptionFM has you covered.
At the Newbie level, the only extra included with your account is a trading manual. Benefits even at the top levels are fairly vague, however. There are educational sessions and a higher return on investments, but it is hard to guess what some of the other benefits actually mean. Who knows what “Class A” and “Class B” trades are? What could “vacation packages” possibly entail? What is “OFM Rewards Access?” So some of these benefits may not be all that useful, but that isn’t really a big deal in light of the other great advantages that OptionFM offers all traders.
No Withdrawal Fees, No Strings Attached to Bonus Money
One of the best things about OptionFM is that there are no withdrawal fees! There is a minimum threshold of $100, but you can use any withdrawal method you want without worrying about fees stacking up. You can withdraw anytime. Contrast this with a lot of sites which restrict how often you can withdraw and charge you hefty fees just to access your own money.
Perhaps the most unique advantage of OptionFM concerns bonus policies. Like most binary options trading sites, OptionFM provides match bonuses, which range up to 100%. So if you deposit $1,000, the site may provide you with an additional $1,000 to trade with.
Now, most sites attach a steep turnover requirement to bonus money. So if you are given an extra $1,000 to trade with, you have to turn that volume over 30-40x to access it. Worse, you may struggle to access your own deposited money and your winnings. Many sites refuse to pay out your winnings at all until you meet the turnover requirement! Those are some serious strings attached.
If you visit the OptionFM Terms and Conditions page, an example is given where a client deposits €1,000 and is given a bonus of the same amount for a total of €2,000 to trade with.
The trader then makes €500 in profits, so the total amount in the account is €2,500.
Because the trader deposited 50% of the capital, he can access 50% of what is in the account. That means he can withdraw €1,250.
That means he can withdraw his original funds and corresponding winnings anytime.
The only thing that is unclear is whether the bonus money ever belongs to the trader. I assume there is a turnover requirement of some sort for that, but the site does not discuss it. This is a question I would ask customer service before accepting a bonus.
Regardless, there are no turnover requirements for withdrawing your deposit or the winnings which correspond to that deposit. And that is a big deal. Your money is yours!
Trading on OptionFM
OptionFM uses the popular SpotOption platform. On it, you can trade 78 different currencies, commodities, stocks, and indices. Types of trades include High/Low, Long Term, and 60 Seconds. Sadly that is not a lot of variety, and appears to be one of the few big drawbacks of the site. It would be helpful if they would add One Touch, Range, Ladder, and some other popular trade types. Payouts appear to max out at around 81%. Out-of-money refunds are available on trades that you lose.
The trading range is awesome, though. You can trade as little as $1 or as much as $8,000. So you have a real chance here to grow a small account into a big one at a pace which is comfortable for you. You can manage your trades with early close, rollover, and double up. The site also provides market reviews for your convenience.
Conclusion: A Uniquely Advantageous Broker
Customer service on OptionFM is available via email, telephone, live chat, or paper mail. I unfortunately did not get to talk to anyone on the live chat on a weekday during normal market hours. You should definitely call up this broker and make sure you are comfortable with their customer service team before you invest. I do like the searchable FAQ which shows up in the live chat window when no one is there however.
All in all, OptionFM is a unique and exciting broker—definitely not just another SpotOption white label company. There are no withdrawal fees, you can get a demo account to practice your trading, and there are no strings attached to bonus money. With a minimum trade size of just $1, even traders with very small accounts have a chance to learn, grow and thrive here.
You guys need to check your facts.
I have evidence (and witnesses) to fraudulent misrepresentation by a senior OptionFM account manager, resulting in very substantial losses. I know of other genuine and honest OptionFM customers with similar experiences, pointing to systemic wrongdoing within the company, not just an accident or a rogue employee.
The company is no longer licensed by the IFSC in Belize, and has recently and suspiciously switched horses from its parent company in Belize, BO Technologies, to a new parent company operating from a Caribbean tax haven.
Warnings about dealing with OptionFM have been issued by financial regulators in four countries that I know of, and OptionFM has only recently dropped reference on its web site to operating from a bogus address in Hong Kong, a fact that was notified by the Hong Kong Securities and Futures Commission over a year ago.
I suggest you review your rating, and make it your responsibility to warn customers against OptionFM rather that to attract new victims to it. You do not want to be complicit in their damaging malpractice.