OptioNow (Inactive) Review
OptioNow has been closed down. The review below is presented for the archiving purposes.
OptioNow is a binary options website which doesn’t seem to be very widely known or used, and which is open to US traders. According to the information on the site, it’s owned by a company called Clever Invest Inc., which is based in the British Virgin Islands. They do not appear to have a license from any regulatory body, and it’s not entirely clear whether Clever Invest Inc. operates on its own, or whether it may be a subsidiary of 4XP. We have sent an email for further clarification since these two binary options sites are connected in some way.
We Already Had an Account
This is about the strangest thing which has ever happened to us while reviewing binary options websites. We went to open an account on OptioNow to check things out, and discovered the site wouldn’t let us create a new account because apparently we were already registered on the site. Having never visited the site before, we found that pretty odd. We were able to recover our password for our mysterious account via email, and we figured out that the site had received our information from 4XP (which doesn’t accept US customers, but from what we can tell, this site does). The information we used to register on that site had been transferred to this one without our knowledge or permission.
Apparently OptioNow provides a demo account too. We figured this out because they’d provided it to us automatically, complete with $10,000 in virtual funds. While we approve of demo accounts, we still found all of this very odd and somewhat disquieting. If we had wanted to deposit money, we could only use USD. Deposits can be made using credit card, wire transfer, Liberty Reserve, Neteller, or Skrill. The minimum deposit is $250.
Withdrawals are another area where this website makes us uneasy. You can withdraw a minimum of $100. Not only that, but there is a $35 fee listed for all withdrawals. Yes, all withdrawals, not just withdrawals done using wire transfer. So if you want your money back, you’re going to have to pay for it. That shouldn’t sit well with anyone.
Trading with OptioNow
We searched for information on the trading platform, but weren’t able to find anything solid. 4XP uses a proprietary platform, so this site may use the same one. When customer service gets back to us, we will update this review. The platform itself seems simple and easy to use, like any other binary options platform, but currently cannot be used on mobile devices. You can trade as little as $10 or as much as $500. The total exposure limit is $1000. This is extremely low. So if you have even a medium-sized account, you can’t really trade too effectively on this site.
There are 23 stocks, indices, currencies, and commodities available to trade; that’s not a whole lot. The types of trades offered include High/Low, One Touch, and Boundary trades. The fact that OptioNow offers Boundary trades is among the only compelling points, but there are so many other binary options sites which offer Boundary trades and which come across as more trustworthy that we couldn’t recommend the site on this basis alone. Early closure is also provided as a trading tool.
Limited trading resources are available including a few how-to pages with only the sparsest information, a FAQ, and a glossary. This is only the very baseline of information that we would expect on a binary options site. Moreover, there is hardly any information about this site anywhere on the web. The few reviews we found had erroneous information in them, so that’s not very reliable. OptioNow doesn’t seem to have much of a reputation at all. It shouldn’t be challenging to find basic information on things like bonuses or the trading platform, but in this case, good info is hard to come by.
There was no information on account tiers or bonuses on the site (or elsewhere) either. We did find the terms and conditions for bonuses, which stated that they offer match bonuses which are higher and lower than 25%, and that they are leverage-based. We searched off the site to see if we could find links to special offers, but nothing turned up. This means that you only are offered bonuses when you deposit (you can’t see them beforehand). This isn’t a unique defect, but it’s just another annoying gap in the information we wanted to find readily available.
Customer service is available via the usual avenues: telephone, live chat, web form, and email. Live chat was not available when we checked (though it was a weekend), so we sent an email along with our questions and will await the reply. We inquired as to why we already had an account along with the usual questions to fill in information gaps.
Usually we look for the good in every site we visit. Binary options websites are only now becoming big, and that means it can be difficult to find comprehensive information even on the ones which are popular and have strong reputations. So we hesitate to condemn sites, even if we can’t find many reasons to recommend some of them. This is one of the only sites that we actually can say off the top we do not recommend. There are a ton of gaps in the information available on them, and unknowns in general are usually best steered clear of, especially when the company itself seems less than forthcoming.
There aren’t a lot of resources or features on the site, and the maximum trade size is very limiting. The fact that there is a fee on all withdrawals is enough on its own for us to recommend staying away from OptioNow. We also find it troubling that we already had an account on a website where we never actually registered, but it seems we can blame 4XP for this. Regardless, there are multiple reasons that we advise looking for another binary options site to trade with.