OptionMint is a binary options broker who has been online since 2011 and is based in Toronto, Canada. While the company does not seem to be very well known and there are not as many reviews for OptionMint online as there are for many other binary options brokers, they do seem to hold some promise. There are a large number of features and good bonus offers available for customers with larger account sizes, mobile trading support, and helpful customer service. OptionMint is open to traders in the USA and may be one of the better binary options brokers available, judging from features and service alone. Hopefully they will gain some more reputation in the coming years, and then we can give them a stronger recommendation.
OptionMint Account Tiers
When you open an account on OptionMint, you may deposit in US Dollars, Euros, British Pounds, Australian Dollars, or Canadian Dollars, but you can only trade in US Dollars, Euros, or Pounds. You can get started with as little as $200, but additional features and benefits for new accounts don’t kick in until you deposit at least $500 to open a Silver Account. With this account, you can get a 25% investment bonus, one risk free trade, and access to daily market reviews. There is also a Gold Account starting at $1,000, a Platinum Account starting at $2,500, and a Mint Account, beginning at $10,000.
The highest account tiers include additional benefits like advanced market training, dedicated support, strategy trading webinars, an advanced trading eBook, and VIP 24/7 support. Note that all match bonuses work on the basis of leverage, and you need to turn over the bonus amount 30 times before it becomes redeemable as cash. All deposits are free, even those made using wire transfer, which is a nice feature. You can also use Skrill, CashU, credit or debit card. The only fees are wire transfer withdrawal fees of $25. There is also a minimum withdrawal limit of $100, which we are not thrilled about, but this is a common drawback on binary options websites. It is really best to get started with $500 or more anyway, since this makes it easier to manage your money and less likely that you will have difficulty withdrawing by falling under the minimum limit.
Trading with OptionMint
Trading with OptionMint is easy on the SpotOption-powered platform. SpotOption should be familiar to anyone who has spent much time at all learning about binary options since it is such a popular platform. It’s very easy to use, and OptionMint makes it available to traders who are on mobile devices as well as home PCs. All major mobile devices are supported, including Android, iPhone, and Blackberry. This is a great feature since not all binary options brokers are mobile yet, and mobile trading makes it easier to schedule trades throughout the day.
There are 55 stocks, indices, currencies, and commodities, and a number of option types: High/Low, Option Builder (you can set your own expiry time with this type of option), One Touch, and 60 Seconds. Investment amounts start as small as $5, and range up to $1,500. Double up and rollover help you to get more out of your winning investments.
There is a prominent link to a “Demo Account” on the OptionMint site, but if you click on it, you will only find information about opening a live account and trading with real money. The “How to Trade” link simply shows you a brief how-to page with an explanation of how to deposit and make your first trades. This has nothing whatsoever to do with a demo, and the closest thing to a “demo” on the site are several free trades available to account holders who make larger initial deposits. Demo testing is very important, so if you can find a broker which does offer it, you should consider trading there before you think of trading with a broker that doesn’t offer one.
Customer service at OptionMint seems to be a fair bit above average, although not perfect. You can get a hold of the team using email, a web form provided on the site, telephone (including toll free phone numbers), or live chat. When we checked in with live chat, there was an agent present, and it was a real human being.
The agent on the chat line patiently answered the majority of our questions, though she steered around our question about regulation, a common and irritating tactic taken by binary options brokers who do not want to admit that they are unregulated. The fact that she dodged the regulation question is a bit unnerving and does not really inspire confidence. On the other hand, she quickly and politely answered all the other questions, and the fact that someone was there at all was a world better than the usual nonexistent customer service you’ll find on most binary options websites.
Closing Thoughts on OptionMint
OptionMint has a lot of good things going for it, but also some deterrents as well. In the pros, we can list the support for mobile trading, the SpotOption platform, the variety of trade types offered, the different account tiers with their generous bonuses and helpful educational resources and trading tools, and the fact that someone actually staffs the live chat desk and answers questions. The cons on the other hand include the $100 withdrawal minimum and the fact that the customer service agent was unwilling to admit to the fact that the broker is unregulated. Then there is the fact that there is simply not a lot of information on OptionMint provided by third-party websites, which doesn’t provide much of a context for how the site fits into the binary options scene.
So should you trade on OptionMint or not? If you are located in the USA, it is probably well worth checking into their services, because they really do have some good features. It is hard to justify complete trust in them, however, so it is best to approach OptionMint with caution until more traders share their experiences with this broker.OptionMint,