Opteck (No Binary Options) Review
As of March 24, 2017, Opteck is no longer offering binary options, operating solely as a Forex/CFD broker. The review presented below is no longer applicable and is presented for archive purpose only.
Opteck is a binary options website operated by Centralspot Trading (Cyprus) Ltd., a company based in Limassol, Cyprus. The website came online in 2011. Despite not being very old, it does have a fair number of features and resources. The site is supported in a number of languages, but right now only seems to accept traders willing to trade in US dollars. Traders from the USA are accepted. It’d be nice if there were a little more information on this company available on the web, but for now they seem like they may be worthy of a closer look.
Deposits and Withdrawals
When you first sign up, you only need to provide very basic information. You aren’t asked to select a currency at this stage, and you don’t need to make a deposit until you’re ready to start trading. The website offers match bonuses up to 50%. These are leverage-style bonuses, but on the site’s terms and conditions for bonuses, you’ll notice they sometimes give away real cash bonuses as well. The minimum deposit is $250. Oddly enough, there doesn’t seem to be any other currency available. There’s no drop-down to select anything. In other areas of the website, British Pounds are mentioned, but they don’t seem to have this option available yet. You can deposit using credit card, wire transfer, Western Union, or electronic transfer like Skrill, CashU or WebMoney.
Withdrawals appear to be very flexible, which makes up a bit for the annoyances surrounding deposit currencies. You can withdraw as much or little as you choose, and there don’t seem to be any fees or limits on how many times you withdraw. Most brokers make it a little bit difficult to get your money out by limiting you to one withdrawal a month or requiring you remove $100 at a time, so we really like this flexibility. It’s your money after all, and they’re only borrowing it, so you should be able to get it out of your account easily.
Trading with Opteck
Opteck’s trade page is powered by MarketsPulse. This isn’t a very common platform, but from what we can tell the interface is plain and simple just like any other top-notch binary options platform. Furthermore, Opteck supports mobile trading on iPhone and Android and even includes some instructions for trading on your mobile device. Sometimes you have to hunt for this information, but Opteck makes it easy to find. Annoyingly, it’s impossible to explore the trading platform anytime you check in while trading is closed; the site puts up a clock that tells you when trading opens and doesn’t allow you to click around. You can find screenshots online, however.
The minimum trade size is $25 and the maximum trade size is $500. This is an area in which Opteck is unfortunately quite limited. If you have a very large account, you’re going to have a hard time making money when all you can trade is $500 at a time. So this may restrict the website to traders with more modest bankrolls. You can trade commodities, currencies, stocks, and indices on the site. There are only 29 underlying assets right now. Whether this is a problem or not depends on what you like to trade. Most of them are stocks. High/Low and One Touch have been available since the site opened its doors, and just a couple months ago in October of 2012, the site added Range trading to its trade types. You can make up to 85% on your winning trades, and Opteck will refund you 5-15% on lost trades. This is the only binary options broker we’ve run across which guarantees you some type of a refund.
Educational Resources and Trading Tools
There are a fair number of educational resources and trading tools on the site in spite of the fact that Opteck hasn’t been around that long. There is an eBook, trading tutorial video set, introduction, some basic information on fundamental and technical analysis, more resources on trading basics, and a market review. There are also financial experts available to provide one-on-one advice. There is no mention of whether you must pay extra or deposit more to benefit from this service. The site simply says to call up and ask to talk to someone.
Customer service at Opteck can be reached via web form, email, telephone (including a toll free number if you’re located in the UK), and live chat. At least in theory this is the case; when we checked in with live chat, we couldn’t actually get the system to work. We tried it out in Opera and Chrome and in both cases the form told us we hadn’t filled in all the necessary fields (there were three of them, and we did). Because of this it couldn’t connect us to a person. We assume this is a simple technical error and will be remedied in time.
Opteck seems to be a mixture of good and bad. The fact that you can only deposit in USD may be a deterrent for some international traders, but will appeal fine to those who are based in the United States. The flexibility of the withdrawal terms make up a bit for the restrictions on deposit sizes. There are several ways to trade binary options on the site, which is always an excellent feature, but the drawback with trading is the limitation on trade sizes. The site has a lot of resources, which is also superb, but the broken live chat feature is problematic.
The currency issue on the deposit page may also be a technical error. It’s easy to attribute these issues to the newness of the site; as Opteck matures, they may resolve these problems and add more currency choices and streamline their customer service features. Otherwise, they may offer an interesting service to traders with relatively small bank rolls, so have a look. Remember to check other third party reviews and contact customer service yourself before you make up your mind to trade at Opteck or any other binary options website.