UKOptions Review
| Broker | UKOptions |
|---|---|
| US Traders Accepted | |
| Company Name | Worldwide Tech Limited |
| Headquarters | London, UK |
| Regulation | No |
| Bonus Type | Deposit bonis |
| Bonus Size | $30,000 |
| Max Payout | 85% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Early Closure | |
| Deposit Options | Credit/debit cards, wire transfer, Neteller, Skrill, CashU, UniCredit, Yandex, QIWI |
| Deposit Currencies | Euro, US вollar, British pound |
| Minimum Deposit | $250 |
| Minimum Trade | $25 |
| Maximum Trade | $1,500 |
| Online Since | 2013 |
| Trading Instruments | Currencies, stocks, commodities, indices |
| Number of Trading Instruments | 57 |
| Binary Option Types | High/Low, Pairs, Long Term, 60 Seconds, One Touch, Ladder |
| Customer Support Types | Web form, email, paper mail, live chat, telephone |
| Education Offered | One-on-one training, videos, articles, FAQ, glossary, how-to pages |
| Tools Offered | Early close, double up, rollover, market reviews, economic calendar, signals, social trading |
| Commission |
|
| Languages | English, Spanish, German, Arabic, Russian |
| Demo Account | No |
UKOptions is a London-based binary options broker owned by Worldwide Tech Limited. At first glance, the site seems impressive. The company was ambitious with its visual design and interface. On a closer look, however, there are some problems involving site navigation and a few other gaps in terms of both information and features which would be nice to fill. All in all, this site is a mixed bag with strong potential.
I have seen some websites advertise UKOptions as a regulated broker with a CySEC license. I can find no evidence of such a license, however UKOptions still does not accept USA traders. They do take traders from around the globe, and offer accounts to Islamic traders as well.
Opening Your UKOptions Account
When I went to register an account on UKOptions, I encountered a problem. I could fill out the fields, but when I clicked on the button to finalize the transaction and open my account, nothing happened. I got this error on both Chrome and IE, which seems to suggest it is a site error (it could however relate to the fact I have an IP address in the USA).
To start trading on UKOptions, you need to deposit a minimum of $250 or the equivalent in your currency (you can trade in US Dollar, Euro, or British Pound). Account tiers with benefits start at $1,000. Even though most of the account tiers require you to make rather large (for the average trader) deposits, you will notice that most of the benefits kick in at some level right from the Beginner level.
- Beginner: Minimum deposit of $1,000. Get a bonus up to $500, one-on-one training, and daily signals (one a day).
- Experienced: Minimum deposit of $5,000. Get a bonus up to $3,000, one-on-one training, and signals twice a day.
- Professional: Minimum deposit of $10,000. Get a bonus up to $7,000, one-on-one training, and signals three times a day.
- VIP: Minimum deposit of $50,000. Get a bonus up to $30,000, one-on-one training, signals three times a day, a managed account, and a UK Options VIP MasterCard.
There are a number of other resources available to all traders. These include market reviews and an economic calendar, and an Academy with videos, articles, and webinars. Unfortunately the articles are not very in-depth. Clicking through them, I found them quite disappointing. Hopefully they are just a placeholder for more in-depth articles coming in the future. For right now, they barely will give you an introduction to trading.
Low Fees
One of UKOptions’ advantages is that they are quite reasonable about fees. There is a $50 minimum withdrawal threshold, which is a little lower than you will find on average, lending flexibility to your account. All credit card withdrawals are fee-free, which is awesome. Your first wire transfer withdrawal of any given month is also free, which is again excellent. Subsequent wire transfer withdrawals are $25 each.
There are a few other fees associated with inactive accounts (like a monthly maintenance fee of $25, and a 7% fee if you withdraw from an account you have never used), but these should not be an issue at all if you are an active trader.
Many Types of Trades Available
UKOptions is powered by the popular SpotOption trading platform, which is incredibly easy to use. The interface on the site is set up in such a way that at a glance, it looks nice, but there is an obnoxious menu on the right which tends to clutter the screen and get in the way when you are trading. It would be helpful if they would put that menu somewhere else instead of forcing it to hover over the screen.
On this site, you can trade 57 different currencies, commodities, indices, and stocks. You can trade on your laptop, desktop, or mobile device. There are a lot of different trade types, including High/Low, Pairs, Long Term, 60 Seconds, One Touch, and Ladder trades, so you will never run out of exciting ways to trade. The out-of-money refund is 10%, and profits tend to be locked in around 80-85% on winning High/Low trades (payouts for Ladder and One Touch options can be higher). You will notice that social trading is available as well if you want to copy other traders.
Customer Service
Customer service is in theory available via email, a web form, telephone, call back, or live chat. I say “in theory,” because the live chat desk was not staffed in the middle of a weekday during regular market hours. This does not seem particularly promising to me.
Conclusion: Ambitious, But Could Use Improvements
The message I get when I am looking over UKOptions’ website is that they were trying hard to create a unique, eye-catching website, but that they have overshot their abilities somewhat. There is promise in the design, which really does look nice when you first see it, but there are navigation issues and site errors, not to mention that irritating hovering menu cluttering the trade screen.
Likewise, there appear at first glance to be a lot of different training materials on the site. But when you go to actually check them out, many of them are quite underwhelming. There appear to be a lot of articles, but they are all very brief and do not walk you through the process of learning how to trade very well.
I think that UKOptions has a lot of potential. They offer many ways to trade, and their fee structure is very friendly. I like that they start one-on-one training and signals at a low account tier. But they need to work on polishing up their site design and their resources, as well as staffing their live chat desk. If they made these improvements, they could be an exciting binary options broker. Until then, I would say keep an eye on them and wait for them to polish up their act.
they are scammers they stole my $250