OptionsXO (Scam) Review
It looks like OptionsXO has turned scam. The review below is presented for archiving purposes.
OptionsXO is a binary options broker operated by London-based Dolce Formula LTD. They have been online since 2010, and aside from a few minor drawbacks, appear to have one of the cleaner and more informative websites out there. They have a CySEC business license, number 206/13. The TechFinancials platform is a little confusing, but not unusable, and there is an error with their live chat feature, but these appear to be the only drawbacks. Otherwise, the site is easy to navigate; there are no informational gaps, and nice account features and bonuses. OptionsXO could do even better by adding a demo account to their services.
Signing Up on OptionsXO
Registering on OptionsXO takes only a couple of minutes, and you can trade with this company even if you are located in the United States. Deposit currencies include US Dollars, Euros, and British Pounds, and the minimum deposit is $100 or the equivalent in your currency. Since there is a minimum withdrawal threshold of $100, it would be wise to deposit more so that you do not run into problems when it comes time to withdraw. Deposit methods include Skrill, CashU, wire transfer, and credit and debit card.
There are four different account types. The “Mini” account is the smallest and most basic type of account, and includes only the most basic features. The next account size requires a substantially larger deposit. When you deposit $2,000, you get a Silver account, which comes with extra training features like free access to the OptionsXO learning center, and free personalized trading support from market experts. On top of that, you get an additional 2% payout on each of your trades. For $5,000, you get access to a Gold account, which comes with an additional 3% on your trades. If you deposit $10,000, you get a Platinum account, and that percentage increases to 4%.
The exact phrasing is, “An additional 4% return on every trade.” Assuming this means what it seems to imply, that means that if you win a trade, you will get 2-4% more than you would have otherwise if you have a larger account. It also implies that you will get a 2-4% refund if you lose. This is the only mention of a refund anywhere on the site, so there probably is no additional out-of-money reward. Since they have higher payouts on average, this is not a big deal.
Trading Platform and Tools
This website uses the TechFinancials platform. TechFinancials is not the most popular or common platform out there (SpotOption is, by far), but there are a few other binary options brokers who utilize this software. So you may or may not be familiar with the layout when you first check out the trading area. Personally I find it a bit confusing, but it is not too challenging to learn how to use.
There are four different types of trades you can place here. Your standard High/Low trades are there, as are your Short Term binary options. You can also place One Touch trades and Boundary trades. It is always great to see Boundary trades on a site, because they are still not all that common, but they offer flexibility during times of consolidation and the chance to profit off of relatively little market movement. Among the trading instruments on the site, you will find stocks, currencies, indices, and commodities. You can trade as little as $10 or as much as $10,000, which is a pretty nice range. There are 29 assets in total.
Standard trade tools are available, including early closure, rollover, and double up. With these tools, you can exit a trade early or you can stay in past the expiry time or double your investment for the chance to make extra profits. Along with these trading tools, there are a number of educational resources on OptionsXO. You will find a glossary, FAQ, a number of articles that cover trading basics and some trading videos as well. The higher your account tier, the more resources you will have access to.
If you want to trade on your mobile device, you can do so. The only thing they don’t offer which would be nice is a demo account. Right now there are no demo features or free trades at all. If you wanted to trade with OptionsXO, you would need to conduct your testing elsewhere in advance.
Customer Service and Reputation
Customer service is available via telephone, web form, email, or live chat. This is one of the other areas where site features were a bit lacking. When I attempted to use the live chat feature, I received a strange bounce message stating that the server name did not match the expected one. This is actually the second time this has happened to me with live chat windows on binary options sites this month, so I expect this is a live chat server error, and that the company is not to blame.
I was not able to find any customer reviews, but I did find a number of very thorough third-party reviews. This broker seems to be pretty well known, and the fact that they are not a total unknown automatically makes them worthier than many of the newer brokers out there. At least there is a lot of information available on OptionsXO.
OptionsXO does not stand out as the most exciting broker we have ever reviewed, but they are several steps ahead of many of their competitors. Their resources are well organized, and it is easy to find information on their site. Any information you cannot find on their site you can easily and quickly locate elsewhere. Boundary trading and additional payouts are good features, and $500 bonuses for referrals are very generous. While the site could do with the inclusion of a demo account, they appear to offer real potential to traders, especially those based in the USA.