EZ Trade Options Review
EZ Trade Options is a binary options broker owned by a company called EZTO LTD, operating out of Dominica. While the website is only available in English, USA traders are not allowed to participate. EZ Trade Options is open to traders from all other regions. At this point, however, it is impossible to give them a recommendation for the simple reason that their website is a mess. There are also some inconsistencies with withdrawal fee information.
Opening an Account (If You Can)
Your first step to getting started on EZ Trade Options is to open an account — if you can. In theory, this should be quite easy. You just fill in the short form on the right side of the page and click the green button labeled “Create Account.” That should do it — only it doesn’t right now. Whether you are on Chrome or Internet Explorer, you get an error.
At first I thought this might just have to do with my country being blocked (I am in the USA), but as I attempted to explore the rest of the site and encountered one broken link after another, I figured out it was a legitimate error.
One of the few functioning pages is the one which lists the account types, of which there are four:
- Basic: Deposit $250+, get a 25% bonus.
- Plus: Deposit $500+, get a 35% bonus.
- Premium: Deposit $1,000+, get a 50% bonus.
- Ultimate: Deposit $10,000+, get a 100% bonus.
At the Basic tier, benefits include personal training sessions and “fast withdrawals.” At the Plus level, you get live trading sessions. Premium traders can enjoy a weekly strategic session, and Ultimate traders qualify for all of these same benefits plus higher payouts.
There are no other benefits or tools mentioned. If you scroll down to the lower navigation, you will find an “Education Center” which lists articles, guides, and an eBook. All of these links are dead. Perhaps that is not true when logged in, but at the moment I would not count on it in light of the many other dead links which take you either to “Coming Soon” pages or the homepage.
Normally I would not remark so heavily on the navigational errors if this was a brand new broker, but it isn’t. EZ Trade Options has been around since January of 2016. That is more than enough time to get a site working properly. All of these malfunctions make me wonder how many bugs the trading platform has. Losing money because of all this poor design would just be a waste.
Confusing Withdrawal Terms
There is a $100 minimum withdrawal threshold for EZ Trade Options, which is pretty standard across the industry.
Withdrawal fees are downright confusing. The only page to reference for information is the terms of service page, which lists contradicting information.
Wire transfer fees are $25, and “There is no fee to withdraw via credit card so long as the account didn’t fall into our non-use or dormancy rule.”
That sounds great, but the page also states, “The cost of withdrawals once the account is verified and is not subject to the non use fee is $25 or 2% of the withdrawal sum (the greater of the two).”
There is no indication that is a reference purely to wire transfer withdrawals, so one must assume it applies across the board or can be arbitrarily imposed. If so, that is a rather hefty fee.
Trading on EZ Trade Options
The trading platform on EZ Trade Options is Finantick. A few brokers seem to use this platform, but it is not one which I encounter very often. You can definitely trade on your laptop or desktop, but you can only trade on your mobile device if the site design is responsive; EZ Trade Options still does not have apps for Android or iOS devices.
The minimum trade size on EZ Trade Options is $15, while the maximum is $1,000. $15 is lower than the $25 minimum I have seen on a lot of other sites, but also higher than the $10 minimum which is also common.
Types of assets available to trade include currencies, commodities, stocks, and indices. There is an ample variety of trade types including High/Low, One Touch, 60 Seconds, Long Term, Ladder, and Pairs.
As far as customer services goes, if you need help while you are trading, you can only reach the company 24/5, not 24/7 (at least they are honest about it). Unfortunately there is no live chat feature on the site; if you want to talk to someone live, you need to pick up the phone. Otherwise you can send an email or use the web form. Live chat is pretty much standard with binary options sites nowadays, so this is another drawback.
One nice feature which EZ Trade Options does offer is a demo account. You need to contact customer service to request one, but there do not appear to be any limitations or strings attached. This provides you with a chance to test out your trading strategies and explore the proprietary platform without risking money.
Conclusion: EZ Trade Options Needs a Lot of Work
As of right now, there are not a whole lot of solid reasons to recommend EZ Trade Options. I appreciate that they offer a demo account and a number of different trade types, and if there really are no credit card withdrawal fees, that is also great.
Beyond that, however, all I can cite are drawbacks. The unclear terms of service surrounding fees are a bit concerning, and the fact that half of the pages don’t seem to load properly is also an obvious problem. And then there is the matter of the broken registration form.
So for now, I would recommend avoiding EZ Trade Options. There is nothing particularly amazing about this site that you cannot find elsewhere, and the company has a lot of work to do to get this broker up to the bare minimum of acceptability, let alone par.