OptionsNow Review
| Broker | OptionsNow |
|---|---|
| US Traders Accepted | |
| Company Name | S.O. Spotoption Ltd. |
| Headquarters | Cyprus |
| Regulation | No |
| Max Payout | 75% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Deposit Options | Credit/debit cards, WebMoney and Carte Blueue |
| Deposit Currencies | US Dollar, Euro |
| Minimum Deposit | $100 |
| Minimum Trade | $25 |
| Maximum Trade | $1,500 |
| Online Since | 2011 |
| Trading Instruments | Forex, Indices, Commodities, Random Indices |
| Number of Trading Instruments | 58 |
| Binary Option Types | Call & Put, Option Builder, One Touch |
| Customer Support Types | E-mail, online chat (doesn't work), customer service phone numbers |
| Education Offered | Video Tutorial, How to Trade section |
| Tools Offered | Daily Market Review, Weekly Market Review, Expired Rates, Breaking News |
| Commission | 25$ transaction fee for wire transfers |
| Languages | English, Japanese, Italian |
| Demo Account | Yes, upon request. |
OptionsNow ceased operating as binary option broker. They are out of business now. The review presented below is no longer applicable.
OptionsNow is one of the international brokerage companies that do not allow the US citizens to do business with them. Due to the new reforms and changes in the financial market services, many foreign banks are facing it difficult to allow US citizens to open an account with them. And this is the reason why OptionsNow is unable to accept the US traders. However, they are catering to a huge number of traders from Asia, Middle East and Africa. They have their offices in Bahrain and Japan in Asia to help assist the Asian traders, besides they have offices in the UK and Cyprus. OptionsNow is headquartered in Cyprus and is a brand name of S.O. Spotoption Ltd. OptionsNow is not a very old player in the field of options trading, but they have now penetrated the market strongly with their presence for over a year now.
Dollar and euro are the two currencies in which they allow funding of the trader’s accounts, with a minimum deposit of 100 dollars or 100 euros. So, OptionsNow seems to be a fairly affordable broker considering their minimum funding requirement and even a newcomer may feel happy to open an account with them. But they maintain the minimum trade size of $25 or 25 euros, which is neither too large nor too small. But today, one may find a minimum trade size of even $5 in the industry and losing $25 could be quite discouraging for the new traders, although they offer an out-of-money reward of 10% that can reduce the losses to some extent. The maximum payout they offer for their traditional binary options trading is 75%.
OptionsNow claims to provide a standard trading platform, which is also used by as many 90 websites. Thus, if you believe on their claim, the trading platform used by them is fairly popular in the industry. However, for currency trading they provide MT4 platform. However, they claim to offer a successful and profitable trading experience to all traders with their multi-lingual support in English, Japanese and Italian languages.
Trading Choices
OptionsNow brings 58 profitable financial products from different financial markets. On their regular binary options of Call & Put, one can make a maximum earning of 75%. Their Option Builder can allow you to earn maximum 70% with 10% insurance. At the same time, their One Touch option can allow you to make up to 600% earning on your investment. As of now, they do not offer any deposit bonuses. But they do offer bonuses that vary upon the location of the trader. So based upon your actual location, you may get some bonus surprises from OptionsNow, but you can never guess about it. A trader with the purpose of earning a big amount with them can be allowed to invest a maximum amount of $1500 at a time. An experienced trader can make a payout of up to 75% while for making a wrong move can expect an out-of-money of 10%. However, a newbie may prefer to try their demo account and can trade with a virtual money of $500, before investing their real money.
Technical Analysis
Besides using their demo account, traders can also take advantage of their several tools that can make them a skillful trader. A trader can consult their Daily Market Review and Weekly Market Review to help assess the market movements. While their Expired Rates can prove to be very helpful for a trader who wants to earn profits using their OneTouch trading feature. They also bring Breaking News updating about the market developments. The technical analysis and tools that OptionsNow provides to its traders can help the experienced traders a lot but for a new binary option trading enthusiast, it might not be sufficient. Many brokers provide historical data and multi-directional charts to their traders and a newbie can find these historical charts very helpful to make informed trading decisions. Since OptionsNow is lacking those tools, it could be somehow difficult for a newbie to start trading with them in a profitable manner and being more knowledgeable.
Learning & Support
A trader interested to learn more about OptionsNow and its trading platform can check their Demo Video tutorial. The video tries to explain everything, so that a trader would not face any difficulty while trading with them. From opening an account, depositing money to open a position, everything has been explained in the video. A trader may also consult their How to Trade section on the website for gaining some insight about using the platform for safe and successful trading. Their FAQ section is also useful to learn more about the company, trade features, about banking or the available binary options with them. Traders still having some doubts can e-mail their queries to their support team, and they will reply back trying to answer all your queries. They claim to offer an Online Chat service for instant interaction with their customer support team, but their chat service seems not functioning and one may either e-mail them or may call on one of their customer service phone numbers, in countries UK, Japan, Cyprus or Bahrain.
Conclusion
OptionsNow claims to offer so many exciting features for start trading with them. However, one should know that they are not a regulated company and this may keep many traders away from them, particularly when there are so many regulated brokers available in the industry. Still a newcomer can be interested in starting a business relationship with them, due to the opportunity of using a demo account to gain some familiarity about their trading features. They allow funding of your account with a sum of $100, which a new investor can easily afford. But their minimum trade size of $25 will encourage traders to learn everything about the platform and the company’s trading term, before investing real money with them.