AskOption Review
Broker | AskOption |
---|---|
US Traders Accepted | |
Company Name | PeakMedia Group Ltd. |
Headquarters | London, UK |
Regulation | No |
Bonus Type | Match bonus |
Bonus Size | 100% |
Max Payout | 85% |
Out-of-Money Reward | 10% |
Trading Platform | Panda Trading System |
Early Closure | |
Deposit Options | Credit/debit card, wire transfer |
Deposit Currencies | US dollar, euro, British pound, Australian dollar |
Minimum Deposit | $250 |
Minimum Trade | $5 |
Maximum Trade | $5,000 |
Online Since | 2015 |
Trading Instruments | Currencies, commodities, stocks, indices |
Number of Trading Instruments | 68 |
Binary Option Types | High/Low, One Touch, Range, Hyper |
Customer Support Types | Email, paper mail, live chat, web form, telephone |
Education Offered | Live training sessions, eBook, videos, FAQ, glossary, how-to pages |
Tools Offered | Copy trading (automated), risk-free trades, market reviews, alerts, double up, early close, rollover |
Commission | $30 fee for wire transfers, $30 minimum for credit/debit withdrawals, $100 minimum for wire transfer withdrawals |
Languages | English, Arabic, Russian |
Demo Account | No |
Traders in the USA and elsewhere around the world in search of a quality binary options broker may wish to consider AskOption. AskOption is owned by the London-based company PeakMedia Group Ltd. While I cannot give AskOption a perfect vote of confidence, it does seem to have gone right where many other brokers go wrong. The quality of the website and the transparency of the information is top notch. Let’s take a closer look.
Opening an AskOption Account
If you are interested in trading on AskOption, it takes only moments to register. You will notice there are no questions about region when you sign up. This site is open to traders from everywhere, including the USA. USA traders do not have an abundance of good sites to trade on, so this one makes a short list that are worth considering. AskOption is unregulated at this time.
You may make your initial deposit ($250 minimum) via wire transfer or credit or debit card. While the site mentions US dollar, euro, British pound, Australian dollar, and Canadian dollar in the FAQ, Canadian dollar does not seem to be available yet.
Six account tiers are offered:
- Basic: $250 minimum deposit
- Mini $500 minimum deposit
- Standard: $1,000 minimum deposit
- Premium $5,000 minimum deposit
- Ultra: $15,000 minimum deposit
- VIP: $50,000+
At each level there is a match bonus, starting at 20% at the Basic level and increasing to 100% at the VIP level. Each account tier includes progressively more risk-free trades as an additional bonus, which is awesome. A demo account would be better of course, but unfortunately AskOption still does not offer one. Many brokers make you choose between a bonus and risk-free trades; AskOption gives you both.
Additional features which become available at the upper tiers include live training sessions (which actually start at the Mini level and increase as you move up the tiers), daily market reviews, trade alerts (Premium and above), an eBook (every level), advanced strategies (Premium and above), risk management (top levels), and rewards at the top level. The rewards include gadgets, airline tickets, and so forth. You also get expedited withdrawals at the Standard level and above.
This is a good array of features all around, though I do notice that this broker seems geared at traders with larger accounts. Many features only become available at $5,000 and higher. This includes features like alerts which are available at lower levels on many other sites. Still, this is not a major complaint. The reality is, most traders should deposit more than $250 to trade. It is really hard to profit with such a small bankroll.
Terms for Withdrawals
Withdrawal terms are quite friendly. There is a $30 fee for wire transfers (typical), but no fees at all for credit and debit card withdrawals. On top of that, only a $30 withdrawal minimum applies if you are withdrawing using your credit card. Contrast that with the $100 withdrawal minimum which is typical on most binary sites. AskOption keeps your money accessible.
Trading on AskOption
On AskOption, you trade using the Panda Trading System (Panda TS) platform. Panda TS is not the most popular platform out there, but it is rising swiftly in popularity. Like SpotOption, it is a simple interface which is easy to use.
There are 68 trading instruments on the site, including currencies, commodities, stocks, and indices. Types of options include High/Low, One Touch, Range and Hyper (short-term trades). I laud the inclusion of Range trading, which is all-too-lacking on most binary options sites! The minimum trade size is just $5, and the maximum is $5,000. This is a wider range of investment sizes than you will find on a lot of other sites, so AskOption is great for large and small bankrolls.
On AskOption, you can control your trading using rollover, double up, and early close. This is excellent, as it makes it much easier to succeed with systems which may require you to adjust your exit against the expiry time.
One interesting feature on AskOption is the copy trading which is offered. Copy trading is becoming quite common across the board with binary options sites, but oftentimes it is a manual system where you need to copy the trades yourself.
With AskOption’s follow trading, you can input a set of criteria and then set the system on autopilot. You can for example select a trader you want to copy, pick an investment amount, and a maximum limit. You can then sit back and let the program trade for you. Your trades will mimic the selected trader’s investments. This is quite easy and convenient, and may offer you a few nice shortcuts now and again. Ultimately of course you should still learn how to trade yourself.
AWOL Customer Service
One of the few real drawbacks with AskOption (aside from the nonexistent demo account) is the fact that customer service seems difficult to reach. Supposedly there is service 24/7, but the live chat desk was unstaffed when I checked. This does not necessarily mean that customer service is unreachable, but I feel that a broker should not advertise 24/7 availability unless they are really there 24/7.
Worth Thinking About If You Are in the USA
Despite these flaws, AskOption has a lot of good things going on. The website is nicely designed, easy to navigate, and loaded with information. The Panda TS platform is nice, and there are a number of different trade types offered, including Range trading. Plenty of features are available to help you control your trading, and the follow trading feature being automated is pretty cool.
If you do decide you are interested in trading on AskOption, I would suggest that you talk to customer service first, just to evaluate the team. Make sure that this is a company that you will feel comfortable working with. If you do, you can place a deposit and start trading. Definitely make sure that you take the time to demo test somewhere else, though; you should never start trading live with real money without practicing first!
this company is not who they say they are.i believe this company is a scam they say they going to call u but they just waste your time.making you wait for 4hrs or more
AskOption took all my savings and that of my wife and my colleague. They are not calling us back to return our deposit with them. Please do not throw away your money by giving it to them unless you talk to me first. This is a fraudulent company.