CWOption (Inactive) Review
CWOption is no longer operating as a binary options broker. The review presented below is no longer applicable and is presented for archive purpose only.
CWOption is a London-based binary options broker owned by a company called NYT Consultants Ltd. This broker is a SpotOption white label company like so many others—but it sets itself apart in many ways as a superior choice. Let’s take a look at what makes CWOption so appealing.
Opening an Account on CWOption
CWOption seems a little informal with their current account setup. On their website, you can compare all their account tiers, including:
You can make a deposit in euro, British pound, or US dollar. Deposit methods include credit or debit card, wire transfer, WebMoney, Skrill, Neteller, and Carte Bleue.
To be fair, I would not go off of the current information on this page. The Micro account lists a minimum deposit amount of $25, whereas the other pages on the site all clearly list $100 as the minimum. There is also a very casual mention of both signals and personal coaching. These may very well be available, but it is not entirely clear if they are, or if this page was copied and pasted from another broker and has yet to be updated with CWOption’s offerings.
This makes it sound like the copy on the site is all terrible, but that isn’t true. On many pages it is actually far better written than what I have seen on competing sites. I notice that CWOption expresses a strong cognizance of the fact that traders come from many walks of life and have different account sizes and requirements.
On the brighter side, CWOption does offer a fully functional demo account without any strings attached or restrictions. This is fantastic and a feature which is sorely lacking at many other binary sites. It is vital to practice before you trade with real money.
Bonuses are available as well; you can get up to $5,000 to match your initial deposit. CWOption does not delve into bonuses on the accounts page, which is the other reason I think they are probably still working on it.
No Withdrawal Fees or Thresholds
Perhaps the most exciting thing about CWOption is the fee-free structure. There are fees of $25 for wire transfers (standard in the industry), but that is it! There are no other fees for withdrawals. There are also no minimum thresholds. You can withdraw as much or as little as you need to without paying a dime, which is outstanding. Almost nobody in the entire industry does this. Most brokers set high minimums. They also charge fees and set restrictions on how many withdrawals you can make every month. CWOption’s withdrawal terms are as friendly as you are going to find.
Trading on CWOption
CWOption uses SpotOption, which is by far the most popular binary options trading platform in existence. Chances are good that by now you have seen it or even used it on another binary site. You can trade on your desktop, or laptop.
There are many different types of trades you can place on CWOption, including High/Low, Pairs, Long Term, 60 Seconds, One Touch, and Ladder. This is an excellent selection featuring plenty of variety. There is also an ample variety of assets to trade: more than 57 stocks, currencies, indices, and commodities are offered.
The minimum trade size for High/Low is $25, which is a little higher than is comfortable, but not outside the realm of reason. The maximum trade size is $1,500. I strongly recommend that you deposit more than the $100 minimum into your account to trade. Otherwise you will be stuck investing 25% of your account on your High/Low trades. You should be aiming for closer to 2.5%.
You will notice that copy trading is available. Other trading tools available on the site include double up and rollover. There is unfortunately no early close; this is a major drawback.
Learning Resources Are Extensive
Another really awesome thing about CWOption is the Education Center. If you hover your mouse over that tab, you will see links to the asset index, glossary, expiry rates, and a few brief and basic articles. But what you want to do is click on the last link, “supertradertv.”
In that section of the site, you will find a large assortment of videos in different categories. These videos go beyond the basics and provide you with training in technical and fundamental analysis. This is a much better selection than what I have found at 95% of other binary brokers.
If you are wondering about customer service, it is available 24/5 via live chat. You can also call the company or reach out via email or web form. Nobody was staffing the chat desk when I checked, but I checked in on a weekend, so that is not a surprise. I did notice that the live chat window was nicely designed and popped up in the corner on a regular basis to remind me it was available. When nobody is there, it simply sends an offline message (you can put in your email address if you would like someone to write you a reply).
Conclusion: Not Perfect, But Plenty to Offer
CWOption.com is not a perfect site by any stretch. There are pages where the copy needs to be updated, and the minimum trade size is a bit steep for those with very small accounts. The absence of early close is worrying as well. But there are great features that make up for these deficiencies, like an unrestricted demo account and amazingly friendly withdrawal terms.
At this point I still do not know enough about CWOption to give them a completely firm recommendation, but I do know enough to say that they seem well worth considering. If you are thinking about trading on this site, I suggest that you start by having a conversation with a customer service representative. That way you can learn more about the account types and make sure that this is a site where you will feel comfortable investing your money.