Optionova ceased operating as a binary option broker. It is out of business now. The review presented here is no longer applicable.
Optionova.com is a binary options Website operating out of Cyprus and owned by a company called Tradecharge Ltd. On their website is displayed the proud motto, “Welcome to the new era of online trading.” While I may be being a bit hard on Optionova.com, the only thing new about their site appears to be the site itself. The copyright for the site is 2010, but there is very little information available on third-party sites, which indicates that they have not been offering their services in earnest for all that long. Their site has a lot of gaps and they do not offer many trade types. As a result, they failed to impress.
Getting Started on Optionova.com
If you are a USA trader, you cannot trade on Optionova.com. The site appears to cater mainly toward Russian and Middle Eastern traders, who may deposit using credit or debit card, wire transfer, QIWI, CashU, or Moneybookers. A $200 minimum deposit is required, and several different account tiers are available. The starter account is the Mini account. If you deposit $1,000 or more, you can open the Standard account and receive additional benefits. The Premium account is available for deposits between $2,500 and $5,000. The Premium VIP account is available for deposits of $5,000 and more. You may trade in US Dollars, Euros, or Australian Dollars.
Optionova.com offers match bonuses on initial deposits up to 200%, as well as bonuses on future deposits that match or exceed the amount of your initial deposit. Monthly promotions are delivered to logged in members, and referral bonuses of $50 are available if you bring friends to the site. All the account types list benefits, but at the higher tiers, more benefits become available, including account management and additional “VIP” bonuses, prizes and specials.
Confusing Withdrawal Rules
If you check the FAQ on the website for information about withdrawals, you will encounter some confusing and unusual rules. On the bright side, there is no minimum withdrawal threshold. If all you have in your account is a dollar, you can withdraw a dollar. You also can make as many withdrawals as you want in a given time frame. If you want to withdraw twice a month, you can. If you want to make twenty withdrawals in a month, you can do that as well.
Here is where things get peculiar. One of the frequently asked questions on the site asks, “I want to withdraw funds from my account, but the amount is larger than the deposit I made by credit card. What can I do?” The Website states, “In general, we can only transfer the deposit amount back to your credit card and transfer profits to your bank account by wire transfer.” In other words, if you deposit $200 by credit card, win a few trades, and want to withdraw $2,000, you are forced to use wire transfer to withdraw most of your earnings, and pay the $30 wire transfer fee. This all seems very roundabout, expensive, and inconvenient. It is easy to imagine a lot of problems trying to withdraw from a company with such strange policies. Depositing money here looks genuinely risky.
Limited Trade Types and Tools
The trading platform for Optionova.com is proprietary, but closely resembles a SpotOption interface. You can supposedly trade on your mobile device, but I was unable to locate an app for iPhone or Android which would make this possible. There also are very few trading tools provided. You can read market reviews and view an economic calendar, but you cannot use double up or rollover. There is a sell back feature which probably is equivalent to early close.
Another problem with trading on Optionova.com is that there are simply not that many ways to trade or assets to trade. I counted 51 assets, including the standard mix of indices, stocks, commodities, and currencies. There are only two types of trades: High/Low and 60 Seconds. This is not all that great, considering lots of sites now offer additional types of trades like One Touch, Range, Pairs, Ladder, and more. The minimum and maximum trade sizes are also a bit restrictive.
You have to invest $10 at a minimum to trade 60 Second options. That is double what most sites require. For other High/Low trades, $50 is the required minimum. That is also about double the standard for most binary options sites. The max trade size is only $1,000. This really does not provide much in the way of flexibility.
Customer Service Failures
There are a couple of problems with the customer service on Optionova. A Web form and a phone number are provided, but no contact email address. There is a live chat button on the site, but when you click on it, you get an error saying that the account is inactive. You may contact the company via Skype, but this does not compensate for the missing chat feature.
Conclusion: Incomplete Site
Optionova.com may very well still be developing their company and their website, which may explain the gaps in information and service throughout the site. To be fair, they have a proprietary trading platform, and may still be adding trade types. But to all appearances, the site has not been well-maintained, and is incomplete due to lack of commitment rather than some other more understandable cause. After all, the site is copyrighted 2010 on the bottom, which implies that it is now four years old. That should have been adequate time to address some of the basic issues plaguing the site. It should also have been plenty of time to accumulate some other reviews off-site.
All in all, Optionova.com is a frustrating experience, even to someone who is simply passing through and is not even a member of the site. Doubtless the problems for members are even more pervasive. Perhaps given a year or two, Optionova.com will have improved, but for now it would be wise to steer clear and choose a site which is more functional and provides more comprehensive trading services.