Optionyard (Inactive) Review
Broker | Optionyard (Inactive) |
---|---|
US Traders Accepted | |
Company Name | Optionyard |
Headquarters | Nicosia, Cyprus |
Regulation | No |
Bonus Type | Match bonus |
Bonus Size | 50% |
Max Payout | 85% |
Out-of-Money Reward | 0% |
Trading Platform | TradoLogic |
Early Closure | |
Deposit Options | Credit/debit cards, wire transfer, Skrill, WebMoney |
Deposit Currencies | US Dollar, British Pound, Euro |
Minimum Deposit | $200 |
Minimum Trade | $10 |
Maximum Trade | $500 |
Online Since | 2012 |
Trading Instruments | Currencies, commodities, stocks, indices, bonds |
Number of Trading Instruments | 35 |
Binary Option Types | High/Low, Touch, One Touch (No Touch), Range, 60 Seconds |
Customer Support Types | Phone, live chat, email, web form |
Education Offered | FAQ, glossary, eBook |
Tools Offered | Rollover, take profit, stop loss (early closure tools), auto-trading, calendar, market hours, daily analysis. Trading alerts, account management, 1-on-1 trading consultations available at higher tiers |
Commission | No fee but withdrawal minimum is $100. |
Languages | English, Arabic, German, French, Turkish |
Demo Account | Yes |
Optionyard is no longer an active broker. The review below is presented for the archiving purposes.
Optionyard is a new binary options website which opened its doors in 2012. As such, there isn’t much information about the website available outside of the FAQ and terms provided by the company. The terms of service list the company name as simply “Optionyard,” and as we’ve confirmed from an email correspondence, this is indeed the owner. There is a persistent misunderstanding on the web that the site is owned by DC Digital Processing 2 Ltd, the company which also owns OptionXP and several other companies that deal in binary options. The two companies are affiliated, but that is the full extent of the relationship. The site is based in Cyprus, but there are offices listed around the globe. While we are leery of the lack of information available on the site and the company, we expect this to be remedied as the site ages. There are some appealing features which make this site interesting. It may be worth a second look sometime in the next year.
Opening an Account on Optionyard
Registration on the site is free and takes minutes; you’ll notice that Optionyard accepts US customers (a familiar feature from OptionXP, but again, no relation). The minimum deposit is $200 or the equivalent in British Pounds or Euros. This gets you a 30% welcome bonus, free eBook and access to weekly market reviews. There are three other account sizes available as well. You get a 40% match bonus if you sign up for a Premium account and deposit $1,000. This comes with daily market reviews, the eBook, personal account management, and 1-on-1 trading consultations. The VIP account requires you to deposit at least $2,500. This provides you with a match bonus of up to 50% and all the benefits that you get at the premium level. You also get expedited withdrawals and exclusive support team access. If you deposit $5,000 or more, you receive an Elite account, which allows you to customize your package. There aren’t any more details than that, but you can get in touch with customer service to discuss the terms.
We found no mention of a demo account on the site, but we did find it in the description for one of the trading pages on a Google result, so there is or was a demo account available on Optionyard. Talk to customer service to find out whether they can get you set up with some free trial trades. Also check out the Promotions section to see opportunities like referral bonuses and upcoming offers.
One drawback we spotted was the minimum withdrawal amount, which is set at $100 or equivalent. There is no mention of any withdrawal fees, which on the surface appears to be good, but it also gives us cause to think they won’t give you your money back if you try to pull out less than $100. This is a common drawback, but that’s no excuse. Your money is your money, and you should be able to access it easily.
Trading on Optionyard
Another upcoming feature on Optionyard is mobile trading. There is no application available just yet, but the site will support trading on Android and iPhone soon. The trading platform appears to be TradoLogic, which makes sense, being as that’s what we saw on OptionXP. The platform looks a little different from what you might be used to (if for example you’ve traded on a system which uses a more common platform like SpotOption), but it’s easy to learn your way around and use the platform to place trades.
There are a lot of different trade types available on Optionyard, which is fantastic. You have “Digital” options, which are your standard Call/Put trades. Then there are “Touch” and “One Touch” trades. These are poorly labeled. “Touch” seems to be what you’d expect “One Touch” to be, while “One Touch” actually is equivalent to “No Touch.” There are also Range trades available and 60 Seconds options. The minimum trade size is set at $10 (this is the case for 60 Seconds trades as well), while the maximum is set at $500. This is a pretty low maximum trade size, which may block out traders with very large accounts. There are 35 trading instruments you can deal in, which currently include not only the usual currencies, commodities, stocks and indices, but also one bond (probably more to come).
Resources at Optionyard
Resources on the site itself are a mix. The FAQ is very well organized and easy to navigate, to the point where it stands out. Despite this, there are a lot of informational gaps, particularly on the company itself. There were a number of other things we had to scour the site for as well, like information on trade sizes. Other than the FAQ, there is a glossary and a free eBook.
There are a lot of trading tools, though, which is excellent. Some of these are tools for controlling your trades, like rollover, take profit and stop loss (the latter two being early closure tools), auto-trading, a calendar, market hours, and weekly and daily analysis. More tools become available if you deposit more money. At the upper account tiers, you get trading alerts, personal account management, and 1-on-1 training. So the resources are good, but only if you’re willing to deposit a little extra.
Optionyard Shows Promise
Optionyard has a lot going for it; the trading tools and resources are great, and we like that they give you a ton of different ways to trade, including No Touch and Range trades. A lot of sites don’t offer those types of trades, but unique ways to profit like these are a big part of the appeal of binary options trading. At the same time, there are some real drawbacks to Optionyard. The trade sizes are quite restricted, but this shouldn’t impact traders with small to medium accounts. We don’t like the restriction on withdrawals either.
Previously we’d posted that we’d like to see more transparency from this company. Customer service responded within a week to our email asking for more information and explained their relationship to DC Digital Processing 2 Ltd. It’s so seldom we get a response from any of these companies that we were glad to see someone take the time to personally address our question. We recommend checking back in with Optionyard six months down the road to see how they’re doing as they may be worth considering.