TopOption (Inactive) Review
TopOption ceased its binary brokerage activities on May 1, 2017. The review below is presented for the archiving purposes.
TopOption is an EU-regulated broker located in Cyprus. They have been around since 2012, and have two main claims to fame. The first is that they were initially powered by Markets.com, a well-known Forex and CFD trading site. The second is that they have been actually regulated by Greek Hellenic Capital Market Commission (HCMC) under license number 7/481/30.07.2008 (1/46/10.7.1990) when they were operated by Nuntius Brokerage & Investment Services S.A. Currently, TopOption is a part of Leadtrade Ltd.. – a huge player in the binary options industry. It has a number of exciting features. Unfortunately, they do not accept traders from the USA at this time. Additionally, they are not working with binary option traders from Russia, Canada, Japan, and Israel.
No Fees on TopOption
To get started on TopOption, you need to input your basic information to open an account. There is no registration fee. The site does ask you for some extra information, but this is so they know whether to classify you as a retailer or professional customer (you can ask to be reclassified if the system puts you in the wrong category).
You can deposit using your credit or debit card, wire transfer, Skrill, Neteller, WebMoney or Fast Bank Transfer. One great feature of this site is that it lets you choose from a number of currencies, including US Dollars, Euros, British Pounds, Canadian Dollars, Yen, and Polish Zloty. Also exciting is the lack of fees and thresholds. There is no minimum withdrawal amount, and no fees for depositing or withdrawing via any of the methods listed. In fact, aside from a $5 monthly fee for inactive accounts, there are no fees at all.
There is no demo account discussed on the website, but it is widely indicated that TopOption does offer a practice account to traders who are interested. To gain access to your practice account, you will need to chat with a customer service agent. On the Account Summary page, you can see a list of your live and practice accounts.
Keystone Binary Options Trading Platform
TopOption uses a proprietary platform developed by Keystone Binary Options. The platform is similar in layout to the popular SpotOption platform, and works in much the same way. The mobile and web trading apps are already available for Android, iPhone, and all major web browsers.
There are a number of different ways you can trade on TopOption. You can do classic High/Low trades, or you can try One Touch or 60 Second trades. There is also an Option Builder feature which allows you to choose an expiry time and other details for your trade. For additional features and trade tools (like double up, rollover and early close), you can use Pro Option.
Trades start at $5 minimum for 60 Second trades and $10 minimum for all other trade types. You can trade up to $2,500 on any given option. Typical payouts range up to 85%, but some options pay out a great deal more. You can choose how much of an out-of-money refund you want, and the payouts will adjust up or down accordingly. This flexibility is very friendly and offers traders the chance to choose their own risk according to their money management plans and preferences.
Pairs trading is available as well (this is listed in the menu for different types of assets, not different types of trades). There are more than 180 assets available to trade, which is an outstanding large quantity. It would be great if TopOption would include Range trading as well, but they do have plenty of variety available. You need to have an account in order to see the trading platform, but you can check it out before you deposit.
TopOption has an abundance of educational features available for traders of all account tiers. There will soon be a number of webinars you can watch for live instruction, as well as eBooks and video tutorials (already available). A guide to market indicators introduces traders to the basics of technical analysis, and there is also a glossary, some basic how-to pages, and a FAQ. Market news is available on an ongoing basis. As is standard with binary options websites, the educational resources here are designed for newbies and offer starting material only. Still, there is a lot more to be found here than there is on many other binary options websites.
Customer Service and Reputation
Customer service is available via email, live chat, toll free phone (there are toll free numbers for a number of different countries, which is fantastic) or paper mail. Live chat was unavailable when I wrote this review (it was a Sunday, so no surprise there), but TopOption is a well-known binary options website, and a number of customers commented that they were pleased with the customer service and even included screenshots of the live chat sessions.
The live chat desk is apparently staffed on a regular basis during business hours; it can be slow, but the agents are reportedly friendly. The fact that there is an abundance of information available on this website is great. So many binary options sites are unknown, and signing up on them is a shot in the dark. But this site already has a strong reputation, which is to be expected, considering that it was powered by the same company that brought Markets.com.
Conclusion: Great Choice Outside the USA
If you are in the USA or any other country not supported by this broker, unfortunately you will have to keep searching, but if you are trading outside those countries, TopOption may very well be a perfect choice. This site is by no means perfect—there is still no mobile trading, and the information about demo accounts is hard to find—but there are a lot of positives to consider. For one, you can trade without worrying about fees, even for deposits and withdrawals, and you can open a practice account if you talk to the customer service team. There are a number of different ways you can trade and a huge number of financial assets available. Most importantly though, TopOption is backed by a strong reputation of an CySEC-regulated company and is powered by reliable software.
Update 2017-04-04: On April 3, 2017, CySEC has withdrawn the suspension of the TopOption’s operating company license stating that it has already complied with the provisions of the law regarding own funds and capital adequacy ratio.
Update 2017-04-01: On March 31, 2017, CySEC has suspended the TopOption’s operating company license due to alleged undercapitalization.
Update 2017-05-10: On May 1, 2017, TopOption has stopped working as a binary options broker.