CTOption Review
Broker | CTOption |
---|---|
US Traders Accepted | |
Company Name | InfiniCore Ltd. |
Headquarters | Kingstown, St. Vincent. |
Regulation | No |
Bonus Type | Match bonus |
Bonus Size | 300% |
Max Payout | 91% |
Out-of-Money Reward | 0-15% |
Trading Platform | PandaTS |
Early Closure | |
Deposit Options | Credit/debit cards, wire transfer, Neteller, WebMoney, Skrill, GiroPay, CashU, Neosurf, Sofort and Yandex.Money |
Deposit Currencies | US Dollar, Euro, British Pound |
Minimum Deposit | $250 |
Minimum Trade | $5 |
Maximum Trade | $10,000 |
Online Since | 2006 |
Trading Instruments | Currencies, stocks, commodities, indices |
Number of Trading Instruments | 62 |
Binary Option Types | High/Low, One Touch, Range, Hyper |
Customer Support Types | Email, phone, live chat, paper mail |
Education Offered | Coaching sessions, "extra tools," trading signals, economic calendar, how-to pages, glossary, FAQ |
Tools Offered | Early close |
Commission | $50 withdrawal fees past first withdrawal. $100 minimum withdrawal threshold. |
Languages | English, Italian, German, Chinese, French, Arabic, Spanish, Turkish |
Demo Account | Yes, no limitations. |
CTOption is a binary options broker that operates out of Kingstown, St. Vincent, run by a company called InfiniCore Ltd. They accept traders from the USA and around the world. There are numerous reasons to steer completely clear of this broker, and I am going to go over them in detail. CTOption sends up countless red flags, not the least of which is the claim directly from a customer service representative that this website was founded in 2006, when it was actually created in 2012. Let’s look at all the other reasons never to open an account with this broker.
Absurd Bonuses and Awful Withdrawal Terms
First let’s take a look at deposit and withdrawal terms. You can get started on CTOption with either a demo account or a real account. The fact you do not have to make a deposit to open a demo account is one of the few good things about this company. If you do choose to make a deposit, you need to deposit $250 or more. Available currencies include US Dollar, Euro, and British Pound, with numerous deposit methods available. You can use your credit or debit card, wire transfer, Neteller, WebMoney, Skrill, GiroPay, CashU, Neosurf, Sofort or Yandex. So far, so good, right?
Here is where things start looking a bit off. Match bonuses are available ranging up to 300%. Most binary options brokers max out around 100%, and even that is ludicrously high in the grand scheme of things (match bonuses for online betting, a more well-established industry, are well below this amount). The turnover requirement for such a bonus is massive, of course: 70 times. The reality is that no broker would offer such a huge bonus if they expected their customers to be able to claim it. Making this turnover volume requirement would be incredibly challenging. The massive size of the bonus makes it far more likely you will blow your account through poor money management before you ever get near it, which is exactly what they are counting on.
The next huge problem with CTOption are the terms and conditions surrounding withdrawals. The company will deign to give you one free withdrawal, and will even cover any associated third-party fees. After that, all withdrawals from that point forward will incur a fee of $50. That is simply a ridiculous fee. I have seen many brokers impose fees for more than one withdrawal a month (which is already problematic), but never before have I seen fees imposed for all withdrawals after the very first one. It is also exorbitantly high. It would be very hard to make money while worrying about this kind of fee on a regular basis. A lot of new traders will not even make $50 per month, much less be able to pay $50 a month in fees to withdraw their earnings.
Trading on CTOption
CTOption uses an unfamiliar binary options platform called PandaTS. To be fair, it is a visually appealing platform which appears easy to use. There are 64 assets you can trade (the way the asset index is organized, however, you would think there are far more than that). Types of options include High/Low, One Touch, Range, and “Hyper.” Hyper trades are simply fast trades ranging from 30 seconds to 10 minutes. This is a nice amount of variety. You can also trade as little as $5, or as much as $10,000. This wide range is very flexible and great for large or small accounts.
CTOption also boasts a number of other attractive features including Binary Replicator (a form of copy trading). Under “Promotions,” they list additional benefits at different account tiers. These include one-on-one coaching sessions and trading signals. Other educational resources include video tutorials, a glossary, a frequently asked questions page, and basic how-to pages. There are also apparently “extra tools,” but they do not state what these are. This nebulous language brings me back around to the deficiencies of the site and the company that operates it.
Terrible Customer Service
You can contact CTOption through live chat, telephone, email, or paper mail. Reaching out through live chat is something I always do when I am investigating a broker to write a review. A real agent did get on the chat line with me right away, but he turned out to be entirely useless. When I asked him what year the site was founded, he told me it was founded in 2006, despite the fact that it was founded in 2012.
Next, I asked “Timothy” if the site offers double up and rollover. Another reviewer for CTOption mentioned early close, but there was no information on double up or rollover. If you are at all familiar with binary options, then you should know what all three of these tools are. They are the most common binary options tools offered by brokers, almost all of whom offer at least one of the three, if not all three.
Timothy’s response to my incredibly simple question was, “What do you mean?” I was astounded at this, and clarified, “They are common tools for binary options trading.” I waited a moment for Timothy to acknowledge this, but he only responded, “Kindly email your account manager for that.”
That was the end of the conversation, because I realized I was not really having one. It was entirely one-sided. Whether “Timothy” really was ignorant of the definitions of double up and rollover or simply intent on being unhelpful does not matter. Either way, you are not going to get any real help from these customer service people.
Conclusion: Stay Far Away
All of these problems are why I advise anyone thinking of trading binary options to stay away from this broker. CTOption has ridiculously high withdrawal fees, lacks basic trading tools, sets unbelievably high bonuses, and offers terrible customer service. They present inaccurate information on their own company. At best, this makes them unreliable; at worst, it makes them downright untrustworthy. There are much better binary options brokers out there that are better worth your while.
Warning!
A large number of fake positive reviews have been submitted for this broker. Please consider this fact when evaluating reviews of this binary broker on other websites.
Something also worth noting about their withdrawal fees – it says on their site that the first withdrawal is free, but that is also a lie. The fee for my first withdrawal was $62 (withdrew $252, received $190).
Read their terms and conditions under Risk Management – if you make a trade or more than 5%, or trade more than 50% volume in a 24 hr period you will get an alert on your account forcing another deposit, you must notify them in writing AND verbally, etc. etc. Most difficult terms and conditions I’ve ever seen. Always read the fine print before depositing.
the funny part is when a binary option company replay about another one as a scam ! seriously ! just because they are better than you do not say shit !
probblie wasn’t fees you lost money and then cry like a baby
CTOption is 100% SCAM, I deposit with the 5300$ and they never allow me to withdraw even 1$ and always my requests is rejected. and they just simply ignoring me and daily i have new account manager and he have different story to me.
STAY AWAY FROM CTOPTION BECAUSE YOU WILL NEVER HAVE YOUR MONEY BACK AGAIN.