Review by BinaryTrading.com
OptionXP is a binary options broker based in Cyprus and owned by DC Digital Processing 2 Ltd. The company doesn’t appear to be regulated, but they have a well-designed website; information is easy to find and the company has some interesting features which may make them worth a closer look. They do allow US customers and in fact seem to be gearing their services toward them. Even though there is a strong focus on US traders and only a couple of languages available (English and French), there are some features which international traders will appreciate, such as the choice of five different trading currencies, not the usual two or three.
Getting Started with OptionXP
Registering on OptionXP is quick and easy; after you join the site you can sign up to receive a free eBook, which is the only educational resource OptionXP offers, aside from some basic how-to pages and a glossary. One exciting feature for international traders is the choice of five different currencies. You can trade in US Dollars, British Pounds or Euros, or you can choose Australian Dollars or Russian Rubles. This is the only broker we’ve found to date who offers the latter two currencies.
OptionXP allows you to demo trade as well. While the site doesn’t offer information on the limitations of the account, the very fact that they have a demo account is a great sign that they may be a broker worth considering. On a demo account you can trade virtual money in real time and not only get a feel for the platform (TradoLogic) but also try out your trading strategies in real life to see how they work before you risk real money. This is an essential part of becoming a professional trader if you’re serious about making money over the long term. Unfortunately mobile trading is not available at this time.
When you sign up, you also may be offered the choice of a match bonus of up to 35% or $1,500 (or equivalent). The minimum deposit is 100 USD and you can use a wire transfer or a credit card. Withdrawals have some flexibility to them. There is a $30 fee if you withdraw more than once a month (which is annoying), but you can withdraw as much or as little as you want to at a time. Usually there are restrictions on this, so it’s great that they allow you this much control.
You can trade currencies, stocks, indices, commodities, or bonds. Bonds are a pretty unique offering. There are around 45 trading instruments available. Your trade size can vary from $10 to $1,000, but there is no exposure limit (you can open as many trades as you want). This is excellent if you have a larger account and want to trade a lot of money.
There are three different types of trades available. “Digital” trades are OptionXP’s name for simple High/Low trades. There are also One Touch trades and Range (Boundary) trades. The user interface is simple and clear, and you are also given additional tools that expand your control over your trades. Early closure allows you to exit a losing trade early and save some of your money, and there is a feature to extend winning trades as well.
Trading Resources and Customer Service
Trading resources are not one of OptionXP’s strong suits. As mentioned before, aside from a few basic how-to pages and an eBook, we didn’t find anything else in the way of education. Of course, you could consider demo trading to be an educational resource, so that does help to make up for it a bit.
Customer service is available via web form, email, phone, or live chat. It was a Saturday when we wrote our review, so live chat wasn’t online. There was however a nice, clear message which told us the hours and when we could reach someone. This is a small courtesy, but considering how few brokers are up-front about their customer service hours, we were actually fairly impressed by it. Brokers often pretend to staff their desks 24/7 when they actually don’t; the transparency is much preferable, and makes us think that perhaps with all other aspects of the company’s product you also get what you see.
There isn’t a ton of information available on OptionXP via third-party websites; we found other reviews by other websites, but not much in the way of customer ratings. It’d be great if there were more information out there, but perhaps this is because the company is still only a couple of years old. OptionXP does definitely have some drawbacks. Not being able to withdraw more than once a month is fairly restrictive, and the lack of trading tools and educational resources isn’t so great.
Standout features that make OptionXP unique include the choice of five currencies to trade in, the choice to withdraw as much or little money at a time as you want, and no exposure limit on your trades. It’s intriguing that OptionXP allows you to trade bonds. Considering how interchangeable the services of so many brokers seem to be, the very exceptionality of these features makes us interested in learning more about OptionXP. We also think that the customer service looks promising, if only judging from the honesty surrounding the live chat hours and the quality of the website itself, which is easy to navigate. We’re used to having to dig for information on binary option broker websites, but we were able to find everything we were looking for on OptionXP with ease.
If you decide to trade with OptionXP, make sure that you test out the customer service team yourself by asking some questions, and also check the web again for more customer ratings and reviews. While we don’t know enough about OptionXP yet to give them our strong recommendation, we do think they’re well worth looking into more closely, especially if you’re a US trader.