PlusOption (No Binary Options) Review
PlusOption is not a binary broker anymore. The review below is presented for the archiving purposes.
PlusOption is a London-based binary options website which is owned by Tradeplus Solutions, Ltd. Tradeplus owns a couple other binary options websites, including Option365. The two websites are similar in that they both target Russian customers. Whereas Option365 actually has some positives going for it, PlusOption is a pretty weak site. Like Option365, it has informational gaps and load problems, and thanks to an error with the account creation screen, it is impossible to get a good look at the trading platform.
What Happens When You Try to Open an Account?
Fill out the fields to open an account on PlusOption in Chrome or IE and you will get the same error. No matter what country you put in, you will be told that your country is not accepted, even though countries which actually are unacceptable (like the US) are not available in the drop-down list. There seems to be no way to get through this screen. Unfortunately, there is no way to view the SpotOption trading platform at all because of this problem. There is no direct link in the menu to the trade room.
A Ton of Deposit Options
Were you able to make it past this screen somehow and deposit your money, you could use well over two dozen different e-wallets to make your transaction, or your credit or debit card. $250 is the minimum you need to get started, and you can trade in US Dollar, Euro, British Pound, Australian Dollar, Canadian Dollar, Japanese Yen, or Chinese Yuan Renminbi.
As far as fees go, that is one of the information gaps on this website that is also present on Option365. While no fees are specifically mentioned, there is also no notice proclaiming that there are no fees. Since the website does not actually say this, it seems entirely possible and even likely that there are fees, but that they are not being disclosed. It would be quite unusual for example not to set fees for wire transfers, and there are usually a number of limits and restrictions on withdrawals. As a trader, I would feel a lot more comfortable depositing if I knew those limitations in advance.
On the bright side, PlusOption is quite generous with bonuses. You can get a match bonus on your first deposit up to 100% on $3,000 or more. Additionally, you can get a second deposit bonus up to $5,000. Not many brokers offer this. You can also get a few risk-free trades (3, 4, or 5, depending on which inconsistent page on the site you read). If you refer a friend, you can enjoy a 10% bonus.
Trading on PlusOption
Since there is no way to view the trade page right now, it is impossible to comment on it directly. Since it is SpotOption, however, it is easy to guess what the interface looks like and how it works. SpotOption is a big white-label platform, and odds are you already know how to use it if you have traded anywhere else.
You can apparently trade on your mobile device, and the website says there are apps available, but if you go looking for them on Google Play and iTunes, you will not find them. The Mobile Trading page itself is blank. This probably means the company is working on this feature and will provide it in the future.
Types of options available to trade include High/Low, One Touch, Long Term, 60 Seconds, and Pairs. This is a pretty standard selection with a good range of expiry times and a reasonable amount of variety. Is it incredible? No, but it is not bad either. You can trade as little as $5 on fast options or $25 on all other option types, and as much as $2,500. This is actually an improvement over Option365, which forces you to invest at least $10 on fast options. There are 56 assets you can trade, including currencies, commodities, stocks, and indices.
Limited Resources, Customer Service Is MIA
There are three different account sizes. If you start with the minimum deposit, you can qualify for a Mini account, which includes monthly strategy training. At $500 and up, you can qualify for the “Popular” account, which includes a 50% bonus, bi-weekly strategy training, 1 risk-free trade, 1 daily SMS signal, and 3% interest (the interest is a cool feature).
At $3,000 and up, you get a Premium account. This one comes with a higher bonus (75% according to the account page, even though other pages on the site list 100%). You get weekly strategy training, 3 risk-free trades, 2 daily SMS signals, and 5% interest. There is a major catch, though! The minimum stake is no longer listed at $25. Suddenly it jumps up to $50! While this is less than 3% of $3,000 (a responsible investment amount), it still seems rather ludicrous to force someone to invest more just because they theoretically can. You should be able to control your own money management plan.
The only other resources on the site are an FAQ, a glossary, an eBook (apparently; it did not load when I looked for it), and a set of videos. The selection is mediocre at best, and the accounts themselves really do not include a whole lot of extra features.
I did look for customer service on live chat on a weekday and was unsurprised when they were not available, despite their claim they offer 24/7 service. This was the case with Option365 as well. In theory, you can also reach them via telephone, web form, email or paper mail, but I am not impressed by the fact they have failed to staff live chat on not one, but two, websites.
Conclusion: Stay Away
I really cannot find a lot of reasons to recommend PlusOption. The fact they offer interest on accounts is nice, and their bonuses may be exciting to traders who value extra cash. Aside from that, though, there are a lot of problems. The website design is poor, the sign-up form is faulty, there are informational gaps and inconsistencies all over the place, and no one is staffing the chat desk. Worse, these problems appear to be a pattern for Tradeplus Solutions. Until they clean up their act all around, definitely look elsewhere for your next broker.