If you are looking for a binary options broker which offers some great features including a fully functional demo account, AGEA may be worthy of your consideration. AGEA is actually a Forex broker operated by a company called Agea Jinrong DOO based in Montenegro. Looking around the AGEA website, it is not immediately obvious that they offer binary options, but if you check out their trade page, you will find binary options in the lower right-hand corner.
This means that you will not find as much in the way of assets or trade types with AGEA as you might with a company that focuses wholly on binary options—but there are other advantages. AGEA is not regulated, but does conform to MiFID standards. They also keep client funds segregated, which is a big deal. Other binary options brokers may mix in your funds with company funds.
Opening an Account
AGEA’s account tiers are a little complicated. This is because they actually offer trading through three different platforms: MetaTrader 4 (one of the most popular leading FX platforms, Streamster, and a proprietary web-based platform. You can open a Streamster account with $1, or you can open a Standard, Cent, or STP account for MT4. These carry minimum deposits of $100, $10 and $1,000 respectively. Account currencies include US Dollar, Euro, Japanese Yen, Australian Dollar, British Pound, Canadian Dollar, and Swiss Franc.
You can request to make any account an Islamic account. Note that unfortunately USA traders are not accepted at this time. You will notice there is not much in the way of bonuses at AGEA—you can get $5 right now. I would not consider this a big deterrent though; the focus here is actually on responsible trading and not entertainment. If you are serious about making bank, that is a good thing.
There are fees associated with the STP accounts, but I assume that these commissions are specifically for Forex traders. There are withdrawal fees too. For most methods, the fee is $7. For a wire transfer, it is $14. There are no minimum thresholds mentioned. While fee-free withdrawals would be preferred, these fees are not very high, and should not pose much of a problem if you are only withdrawing on occasion (and actually, for wire transfers, they are lower than the industry standard).
Trading with AGEA
To trade with AGEA, either download MT4 or Streamster, or use the web-based platform which the company provides. You can trade on your desktop, laptop, or mobile device. Once you have registered an account, you can actually start demo trading right away. You do not need to contact customer service to set it up; it is already available to you without making a deposit. You can trade with this virtual account as long as you need to, which is excellent.
If you contact support via live chat, before you talk to an agent, you actually get the following message: “We strongly encourage users to practice with virtual money, for at least several weeks, before starting to trade on live trading desks … There is no limitation on how long a user can trade virtual money only.”
That is very refreshing, and I am certain that this attitude is thanks to the fact that AGEA is first and foremost a FX broker. In the world of binary trading, most virtual accounts are severely restricted, and you are encouraged to dive right in and invest real money, not take it slow and learn. AGEA is taking trading seriously and encourages customers to do the same. This certainly gives the impression that they take their customers seriously as well.
As I mentioned earlier, there are some downsides. If you check out the virtual platform, you will find only 17 trading instruments available, all of them currency pairs. Plus, the only type of binary options trade you can take right now is High/Low. So you are pretty limited with what you can do.
Really this site seems to be aimed at FX traders who are interested in trading some binary options on the side. I imagine though that it would also be a good site if you are currently a binary options trader who is thinking about getting into Forex either now or later down the line. This site would make it easy for you to transition in either direction or simply diversify your trading activities.
In terms of extra features, there are not a whole lot. There appears to be almost nothing in the way of trading tools, although there is a live chat window for traders which appears directly in the web platform. You can use this to communicate with your fellow traders and plan trades together. Copy trading is also offered. Additional trading tools include market news and a forum. The forum does not seem very active, but it could still be a good way to network and learn.
As far as education goes, AGEA does offer some articles about Forex trading. You may think those are not applicable to you as a binary options trader, but they actually will teach you just as much about trading as you would learn from BO articles, so they are worth checking out.
What about customer service? No one was available when I checked in, but it was over the weekend, and the help desk is only open during the week. You can reach customer service via live chat, telephone, and paper mail. There is also a web form.
Recommended for Binary Traders Who Are Interested in FX
Is AGEA a good choice for binary options traders? For those looking for a wide array of assets and types of trades, definitely not. But if you are okay with trading currencies and only High/Low trades, AGEA may be worth thinking about. If you are interested in both Forex and binary options, and you want to trade on a site where you can demo for as long as you would like, AGEA actually has a lot to offer.