OptionWeb (No Binary Options) Review
| Broker | OptionWeb (No Binary Options) |
|---|---|
| US Traders Accepted | |
| Company Name | Lionsman Capital Markets (Cyprus) Ltd. |
| Headquarters | Cyprus |
| Regulation | CySEC license number 175/12 |
| Bonus Type | Match bonus |
| Bonus Size | 20% |
| Max Payout | 90% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Early Closure | |
| Deposit Options | Debit/credit card, wire transfer, Skrill, Postepay |
| Deposit Currencies | EUR, USD |
| Minimum Deposit | $200 |
| Minimum Trade | $5 |
| Maximum Trade | $1,000 |
| Online Since | 2011 |
| Trading Instruments | Stocks, indices, currencies, commodities |
| Number of Trading Instruments | 65 |
| Binary Option Types | High/Low, Option Builder, One Touch, 60 Seconds, Open Platform, 15-Minute Options |
| Customer Support Types | Live chat, web form, email, telephone, Skype, callback |
| Education Offered | FAQ, how-to pages, glossary, training, coaching, eBook |
| Tools Offered | Double up, rollover, trading signals, weekly and daily market review, economic indicators, monthly interest, early close, Japanese candlestick charts |
| Commission | $30 wire transfer fee |
| Languages | English, French, Italian |
| Demo Account | Yes, after opening live account. |
OptionWeb ceased to operate as a binary options broker. The review below is presented for the archiving purposes.
OptionWeb is a Cyprus-based binary options website operated by a company called Lionsman Capital Markets (Cyprus) Ltd. The company claims to be the first regulated binary options broker in Europe. They have a CySEC business license, number 175/12, which they prominently display on their site. Their trading features appear to be average. They do offer a demo account to certain account holders, which is a plus, though it would be better if they were offered to all.
Customer service was absent when I checked in, though it was easy to locate information on the website, which is very comprehensive. You will find numerous different pages on the site which provide information on trading, features, account types, the company and their licensing, terms and conditions, and more. The site is easy to navigate and has very few informational gaps. Note that OptionWeb does not take traders from the USA.
Account Types and Features
There are five different types of accounts on OptionWeb. If you make the minimum deposit of $200 (in US Dollars or Euros), you will get a Starter Account. This is the most basic type of account, and does not come with any special features. The other four accounts are the Standard Account, starting at $1,000, the Silver Account, starting at $3,000, the Gold Account, starting at $10,000, and the Platinum Account, starting at $50,000.
At each level, OptionWeb offers additional features and benefits. On the asset index, I counted 65 stocks, indices, currencies, and commodities to trade. As your account size increases, however, you are given access to more and more assets. Over 180 assets are available to Silver, Gold, and Platinum account holders. For Gold and higher, additional assets are available on demand. This is a unique feature. Other features available at higher tiers include daily and weekly market reviews, trading signals, economic indicators, training, coaching, and faster withdrawals.
There are two more standout features to mention here. The first is interest. This is one of the few binary options brokers which actually pays interest to account holders on the money which they have deposited. Silver account holders are given a 4.5%/month interest rate, and Gold account holders can enjoy a 6.2%/month interest rate. Even higher interest is available at the Platinum level. The site also provides welcome bonuses of up to 20% and referral bonuses of $50.
The second feature which is exciting is a demo account, available to anyone who opens a Standard account or higher. Sadly this feature is not available for Starter Account holders. If you deposit $1,000 or more, however, you can practice with virtual money before you trade for real. It is extremely wise to demo test before you trade live on OptionWeb or any other broker. The majority of brokers do not offer the capability to demo test at all.
How can you get started? Registration only takes a minute. Deposit methods on the site include debit or credit card, wire transfer, Skrill, and Postepay. There are no fees for withdrawals at higher account tiers; otherwise standard wire transfer fees apply. There is a minimum withdrawal threshold of $100. I encountered a review while researching which stated that there may be withdrawal hassles with this company involving documentation. There was only one review which made this claim, however, which is not a lot to go on.
Trade Interfaces and Types of Trades on OptionWeb
On OptionWeb, you can trade using the popular SpotOption platform. The platform works the same way it does on other binary options websites, although you need to click on each asset individually to display trading opportunities (for some reason the site does not display them all at once on one page). You may trade on OptionWeb on your iPad or Android if you download the OptionWeb app.
What types of trades are available on the site? OptionWeb allows you to place High/Low trades, One Touch trades, 60 Second trades, and 15-minutes trades (a special kind of short-term options). You can also use Open Platform to view a more detailed graph, and Option Builder is available if you wish to customize your expiry time, out-of-money reward, and more. The average refund is 10%, but on Option Builder, you can boost it up to 80% if you want to place a trade with less risk.
In addition, a separate Japanese candlestick chart can be displayed in the platform. It will allow a deeper technical analysis of the underlying assets before you place the trade.
OptionWeb is currently one of the few binary platforms that allow premature sale of the binary option. If you see, that the underlying is moving away from your target, you can close such a losing contract before its expiry and get at least some of your money back.
Customer Service Availability Issues
You can reach the company through a variety of options, including email, web form, telephone, Skype, or live chat. You can even schedule a callback if you do not want to sit on hold. While the company provides many different channels for contact, whether it staffs those channels is less certain. On a weekday during standard business hours, I waited on live chat for an operator to respond for half an hour, but nobody ever showed up.
Conclusion
There are interesting features on OptionWeb I have not seen anywhere else. The interest rates are quite nice, as is the fact that they offer interest payments to their customers at all. A lot of brokers seem to forget that they are in effect borrowing their customers’ money. It is great that OptionWeb is willing to pay out to customers with larger accounts. The demo account is also a nice feature, as is the mobile trading. There could be improvements in a few other areas. It would be nice if more types of trades were offered (Range trading, Ladder trading, Pairs, etc.). And it would be really helpful if customer service were actually available to answer questions, instead of being placed on indefinite hold.
OptionWeb may be a broker worth looking into if you are not a USA customer. Being as there were reports of withdrawal issues, it would be good to do some further investigation into those claims, and also to talk to a customer service agent before depositing. You want to make sure that you are comfortable depositing before you do so. Aside from that, there are a lot of great features to take advantage of here, so we can make a cautious recommendation in favor of OptionWeb.
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