For traders looking for a binary options website which is specifically structured around mobile trading, one broker to consider is QuickOption. QuickOption is regulated by CySEC under license #207/13. The site does not accept USA traders. In terms of features, it is something of a mixed bag. It seems ambitious insofar as it is striving to offer a unique product, but falls a bit flat in terms of what it actually delivers.
Opening an Account on QuickOption
It takes only a couple of minutes to open an account on QuickOption. To get started, you just need to input your basic information and select your account currency (US Dollar, Euro, British Pound, Russian Ruble, Japanese Yen, Swiss Franc, Chinese Yuan, or Turkish Lira).
From there, you will be taken straight to the deposit page. The minimum deposit is $250. There are a number of tiers above that, but the only one with any specific details is the “Silver VIP” account which you get if you deposit $2,500 or more. This account level provides you with access to educational videos and eBooks, expert signals, and financial news. The only deposit methods seem to be credit or debit card or wire transfer.
While you are depositing, you will notice in the upper right-hand corner a box you can check or uncheck to “Include Bonus” (up to 100%). This is quite cool, because a lot of other sites require you to take a bonus to trade. If you want to trade with no strings attached, you are free to do so here.
Because QuickOption is aiming services at mobile customers, they also have a special bonus where you can get $25 just for applying through your own mobile device instead of a desktop or laptop. This is pretty unique; as of this time, I have not seen an offer like this from any other binary options broker.
Withdrawals and Fees
Withdrawals on QuickOption are paid within five business days of a proper request being made. The terms and conditions page states with the utmost vagueness, “Withdrawal fees may apply from time to time depending on the Client or type of Trading Account.”
Supposedly there is more information “on the Company’s Website.” But beneath the Withdrawal Request Form, it simply repeats, “In some cases QuickOption may take a withdrawal fee.” You are then prompted to ask customer service for more information. This is not all that reassuring since there is no reason not to be transparent about this.
I was initially irritated by this, but I sent an email to QuickOption and they replied promptly and told me that the fees are 3.5% for credit and debit card, and 0.9-3.5% for e-wallets. So I actually was impressed by the fast email response.
One fee which is prominently listed is in the inactivity fee. Accounts dormant for more than two months are charged $50 per month. Apparently the longer your account is inactive, the higher the fee will go, though how high is not listed in the terms and conditions.
Trading on the QuickOption Proprietary Platform
QuickOption’s trading platform is proprietary and developed specifically for mobile trading. You can download the app for your iOS or Android device. But the platform is also perfectly usable through your web browser on your desktop or laptop.
The platform has a pleasing layout and is easy to use. There are only two types of trades: High/Low, and Short Term (which is just the fast version of High/Low). On the left, you can select the trade type you prefer, and then choose from over 70 different currencies, commodities, stocks, and indices.
The trade you select will open up on the right. Here you can enter in your amount and the direction, High or Low. One thing about QuickOption which is not so great is the high minimum trade size of $25. That even applies to 60 second trades, which is ridiculous—most sites have a minimum of $5 for fast trades. The volatility makes them quite risky.
On the bright side, the maximum trade size is a whopping $40,000. On a lot of competing binary options sites, it is more like $1,500-$5,000. So if you do have a huge account and want to trade tens of thousands of dollars at a time, this may be a good place to grow it.
Early close is available on QuickOption for some trades. You will see right on the platform whether a trade is closable or not before you place it (look under “Buy”). A lot of other trading sites are not 100% clear about how early close works or when it is applicable, so this is an unexpected and pleasant bit of transparency.
Resources Seem Lacking, Customer Service Is Mixed
On the homepage, QuickOption makes a lot of compelling promises. Features they promote include signals, alerts (a handy feature that I seldom see anyone offer), financial news, and trading statistics to help you analyze your results. Those alerts aren’t signals—they are actually alerts. They help you to track trades in progress. This might be extremely helpful if you are thinking about using the early close feature and do not want to stare at your mobile app all day long.
QuickOption also says they offer educational resources like tutorials, videos, and eBooks. Unfortunately these seem to only be available at the top account tier. This seems like it may be true for some of the other features as well. So the site is not quite as feature-rich as it appears—unless you deposit $2,500 or more.
On the site, there is no live chat or even a telephone number, which is pretty lame. There is an email address however, and if you download the QuickOption app, you can access the customer service team directly through the app.As you will recall, I actually got a fast and thorough email response, and that is more than a lot of binary sites offer.
Conclusion: QuickOption May Be a Good Choice for Mobile Traders With Larger Accounts
If you only have a few hundred dollars to trade with, there are other sites where you will probably be more comfortable and enjoy more features. If you have a moderate to large account, however, QuickOption does have some unique features, and may be a good match for your needs. Just remember that you need to double check the fees before you deposit, and you should probably talk to customer service anyway just to gauge their helpfulness.