AlldayOption is a binary options broker based in the Marshall Islands and owned and operated by a company called Gold Horizon Ltd. The broker is unregulated, but trading is not available to customers in the USA. For the most part, AlldayOption looks to be a very typical SpotOption white label broker, though right now features seem a bit lacking, as does transparency. For this reason, I am not very impressed with AlldayOption at this time. Read on to find out more.
Opening an Account on AlldayOption
When you go to open an account on AlldayOption, you will not find a lot of information on the site about what you can expect. Registration is free, but you need to deposit at least $100 (you can deposit in euro, US dollar, British pound, or Canadian dollar) to begin trading. Payment methods accepted include credit or debit card, wire transfer, Skrill, Neteller, China Union Pay, QIWI, and Yandex.Money.
The website lists no information whatsoever about different account tiers. Bonuses are only mentioned in the terms and conditions section, where it is stated that there is a 40x rollover. There is no information about the amount of the bonus, though it is indicated that match bonuses are available both to new and repeat customers. This lack of information is disappointing, and leads you to wonder what you can expect if you register. There also appears to be no demo account, so there is no way to practice trading on the site.
It bothers me there are so many informational gaps on this site as well. It does not necessarily speak of ill intent toward customers, but it certainly indicates poor organization. I would not want to trade with a site which does not present clear, basic information on services available. It makes me wonder in what other respects their services are lacking.
On the plus side, withdrawal terms are quite friendly. There is a $100 minimum threshold. While withdrawal thresholds are annoying, they also are standard in the binary options world, and $100 is a typical amount. There are $25 fees for wire transfers (also standard), but there are no other fees mentioned for any other withdrawal methods. It also appears you can withdraw as often as you want without penalty.
Trading on AlldayOption
If you do decide to register an account and deposit money, you will be trading on the popular SpotOption platform, which is a breeze to learn how to use. You can trade on your desktop, laptop, or mobile device (Android app is available).
- There are 220 assets to trade, including currencies, commodities, stocks, indices, and pairs. That is a ton of assets, so you should never run out of different instruments to trade.
- There are many different ways you can trade. Trade types include High/Low, One Touch, 60 Seconds, Long Term, Ladder, and Forex. While I would like to see Range trading offered as well, not every trading site provides the variety which you see here, so this is a pretty good selection.
- Double Up and Rollover are available, as is social trading.
- The minimum trade size is set at $25, and the maximum trade size is set at $1,500. This is not a very wide range, and the minimum trade size is a bit on the high side. While $25 is not unheard of, a lot of brokers offer a minimum trade size of just $10 these days.
AlldayOption does not offer much in the way of education and trading tools. Aside from the trading tools already mentioned and market reviews, they appear to offer nothing else outside their educational section, which includes eBooks, courses, and videos (only available when logged in).
Customer Service and Reputation
If you need to get in contact with customer service, you can reach the team through email, a web form, telephone, or paper mail. Unfortunately there is no live chat available on the site. This is quite a drawback considering that live chat is available at almost every other binary options website. This makes it a challenge to get fast answers when you need them. It can take a very long time for a binary site to reply to emails.
AlldayOption doesn’t appear to have the greatest reputation either. When I looked them up, I noticed a few low ratings and claims that they are running a scam. The sites which claimed this looked pretty dubious themselves, however, so I would not take these complaints all that seriously right now. They could have been left by competitors.
Conclusion: AlldayOption Needs Some Work
Overall, the very best feature of AlldayOption appears to be their withdrawal terms. It is great that they let you take your money out of your account whenever you want, so long as you are able to withdraw the minimum. The fact you get to do so without fees is even better.
But aside from that, it is hard to find a lot of reasons to recommend this broker. They provide a lot of assets to trade and as well as a number of different trade types, but these are features which are common to many binary options brokers right now.
It is easy however to list drawbacks. AlldayOption does not offer a demo account, and they do not even have different account tiers with extra resources and trading tools. While they provide bonuses, they do not list any information about the amounts on their site. This lack of transparency does not impress me, and neither does the missing live chat feature. This company doesn’t really have it together compared to many of their competitors. On a customer support request, they have stated that their maximum deposit bonus size is 100%.
Is AlldayOption a scam? There are no definite grounds for making that claim at this point based on my research, so with respect to that, I will diverge from other reviews I have seen. I would not presently recommend trading with this company, however, as many of their competitors offer a lot more in terms of customer service, informative site content, and trading features.