Expert Option Review – Is Expert Option a Legit Online Broker?
Expert Option Qatar is one of the new entrants in the online options broker industry. Founded in 2015, the company is registered in St. Vincent and the Grenadines. Their headquarters are located at Griffith Corporate Center Suite 305.
This online options broker is licensed by the Financial Markets Regulation Center of Russia (FMRRC) under certificate number 0395 AA Vv0084. These are regulated by the Vanuatu Financial Services Commission (VFSC). However, after searching the VSFC website to see if the expert option is actually controlled by this agency, we did not find any confirmation.
The platform was created to enable traders from different parts of the world to have easy access to options. However, this does not mean that traders from all countries are allowed to trade on the platform. Due to regulatory requirements in some countries, Expert Option does not offer its services to citizens of other countries, such as the United States, Canada, Israel, Japan, and Australia. Check out the list of best Binary Options Brokers in Qatar.
Is Expert Option legit online options broker?
As a fairly new online options broker, there is not much online information about expert option. However, we did our best to gather information from a variety of online sources, including forums, social media, and various websites.
One thing that points to the legitimacy of Expert Option is its transparency. For one, they clearly provided their contact information. Some brokers usually provide only one email address which makes it difficult for them to communicate with their customer support staff.
Brokers also by regulation: Financial Services Authority St. Vincent and the Grenadines (SVGFSA), a regulated broker is always better than a non-regulated broker. The regulators controlling these brokers can also be held responsible for their target market. From their list of unsupported countries, it is clear that the expert option mainly targets traders from Russia and other Asian countries. In addition, their platforms are available through a .ru and a .com domain address which is further evidence of their main target market.
At the time of writing, Expert Option has over 7 million registered accounts. For a new player in the industry, this is an indication of their interest from traders from more than 150 recognized countries.
One of the complaints we get in regular forums is their bonus scheme. Each new account opened with a broker is eligible for a bonus of up to 125%. While most traders will welcome this bonus, the problem is that the bonus amount is stuck in your deposit. This means that you cannot withdraw the bonus amount until you reach a set turnover volume.
- Maximum Profit: 95%
- Minimum trade: $1
- Minimum deposit: $10
- Assets: 100+ Crypto, Stocks, Commodities, and Currency Pairs
- Platform: Web, Android, iOS, and Windows
What makes Expert Option stand out?
Like many online brokers, Expert Option offers a demo account with $ 10000 virtual cash deposit. This allows you to try the platform without having to invest real cash. They offer 5 different account types including minimum deposit amount, bonus amount and additional features. This Expert Option review will further discuss the types of accounts. Another good feature is that you can raise a minimum of $ 1 and a minimum of $ 10 to enter a trade.
What are the major drawbacks of this platform?
Not much is known about the two regulators that licensed the brokers. In addition, once you receive the bonus trading amount, you need to meet a certain trading turnaround in order to withdraw your earnings.
Should you open an Expert Option trading account?
Expert Option offers a free demo account for $ 10000. If you are new to online options trading, you are advised to take advantage of this account before investing your own cash. This way, you can learn more about the platform as well as practice how to trade.
Opening a real trading account is quite easy. The Expert Option platform comes in a simple and intuitive design.
To get started, you need to choose between 5 different accounts. Here’s a brief look at what each account offers.
Expert Option account types
A minimum of $ 50 is required to open a basic account. The type of this account is quite limited in terms of features. As a Basic Account Holder, you can open up to 10 trades at once and invest up to 25 per trade.
You need to deposit at least $ 500 to open a Silver Account. Features available with this account include a personal manager and daily market reviews and financial research. The maximum amount you can invest in each trade is $ 250 and you can open 15 trades at once.
The Gold Account includes all the features offered in the Silver Account. However, opening a gold account will cost you at least $ 2500. Other features that you will get as a Gold Account holder include increased asset gain of up to 2%, ability to open up to 30 trades at a time and raising funds from priority.
Platinum account holders need to deposit at least $ 5000. In addition to the features offered in the Gold Account type, you will also get a personal account manager and an increased asset gain of up to 4%. The maximum amount you can invest in a trade is $ 2000 and you can enter as many trades as you like at any time.
This is an invitation-only type of account. In addition to the features offered in the Platinum account, you can invest up to $ 5000 per trade and earn up to 6% increased asset profits on your trades.
Funding your Expert Option account and withdrawals
Expert Option is accessible through the mobile trading app and desktop applications. Brokers mobile app is available on iOS and Android and can be downloaded from Google Play Store or Apple Store. The desktop app is compatible with Mac or Windows.
EXPERTOPTION REVIEW TURKEY – EXPERTOPTION SOCIAL TRADING
Expert Option adopts more than 20 different payment methods. These include Credit / Debit Cards, Webmoney, Neteller, Bank Transfer, and Skrill.
Once you make a profit on trades, you can withdraw through one of the recognized payment methods.
Withdrawal request is processed within 2 business days. However, it may take longer for funds to be reflected in your account. Also, Gold, Platinum, and exclusive account holders can see their funds processed faster for the priority withdrawal feature.
Accessing your Expert Option trading account
The Expert Option Platform is available through a web browser, desktop app or smartphone app. It is noteworthy that the platform is built on their custom trading software. It is not like many established brokers whose platforms easily integrate with third party software such as MT4 and MT4.
What types of assets are available at Expert Option?
To make a deposit, go to the Financial tab in the main bar on the left side of the trading platform. Then, click on the Deposit tab. Next, choose your deposit method, currency, and quantity and submit.
The Deposit options include major debit and credit cards, such as MasterCard, Visa, Maestro, cryptocurrency, and other options. Other options include UnionPay, Neteller, WebMoney, Skrill, Perfect Money, QIWI, Fasapay, and Yandex Money.
When depositing funds into your trading account, keep in mind that the minimal deposit for ExpertOption is only 50. With this deposit size, traders will have a basic account. However, the maximum deposit size is set at $ 3,000, probably due to the payment limit.
EXPERTOPTION REVIEW TURKEY – EXPERTOPTION WITHDRAWALS
This online option broker offers around 100 different types of resources. These include currency pairs, commodities, stocks and cryptocurrencies. For serious traders, the list of these assets may be a little limited. However, for new traders to choose from a limited asset list makes it easy to choose a handful that are easy to monitor and trade.
Their cryptocurrency list is quite impressive. Although most brokers prefer to offer only Bitcoin and Etherium, the Expert option offers more than 10 different cryptocurrencies, including foreign pairs like BTC / INR (Bitcoin / Indian Rupee). In addition to their cryptocurrency offers, Expert Option offers up to 96% payout on successful trades.
Note: From our research, we have received trades complaints about what percentage you can earn in a successful business. Many have mentioned that when you start winning regular trades you usually lose a percentage of your earnings. After inspecting the Expert Option FAQ section, the broker reports that the profit earned per trade depends on the existing market conditions. So your business should expect your income to fluctuate from time to time.
Have there been major regulator warnings about Expert Option?
While citizens of most European countries, Australia, the United States or Canada are not licensed to specialize in offering their services, we did not expect to find any regulatory warnings from large organizations such as ASIC or CySEC. As far as VFSC and FMRRC go, we found no warning; Fines, or charges have been filed against the broker.
However, this does not mean that you should ignore the complaints of traders regarding bonus system or fluctuating profits. We always advise you to consider these two things before investing with a broker.
Instead of giving an overall rating for this broker, breakdown of how we rate Expert Option based on specific features, we have chosen to rate specific features individually. This makes it easy for us to compare ExpertOption with other popular brokers we have reviewed.
Platform design and trader friendliness
Overall, simple and intuitive platform design makes it fairly easy to get started with Expert Option. The demo account with 00 10000 virtual cash makes it easy to test the platform without any real cash investment. Accessibility is something that most brokers ignore. We like the fact that the Expert Option platform is accessible on a variety of devices as well as 12 different languages.
On the downside, the apps don’t come with detailed user tutorials.
Financial instruments available and trade expiry
You can choose from 100 different devices. It is quite limited that some brokers will offer more than 1000 tradable assets. However, their collection of cryptocurrency and external instrument pairs is quite good.
The maximum time you can hold a trade position is 15 minutes. The minimum amount of trades can last 60 seconds. This range favors day traders better compared to traders who prefer holding positions for days or even weeks at a time.
Commissions and effective return
Expert Option claims that they do not charge a commission on the transaction. However, if your trades are not equal to or more than the amount you deposited, they will deduct 10% of your withdrawal amount.
The broker further claims that successful trades will attract effective returns of up to 95% of the amount invested. However, this amount can fluctuate depending on current market conditions.
Expert Option provides 3 different contact numbers for clients in different regions of the world. Also, you can contact customer support via email or live chat.
Deposits, bonuses and withdrawals
You can choose between 20 different payment options for funds and withdrawals from your trading account. The range of payment options available makes it easy to find one that is more convenient for you.
New accounts attract bonuses that range from 50% to 125% of the deposit amount You can reject the bonus. This is possible only if you do not start trading. One downside to receiving a bonus is that it locks in your deposited funds. Once you meet a set trading threshold you will be able to withdraw the amount of your deposit, profit and bonus.
Expert Option allow you to make as little as 10. Each withdrawal request is processed within 2 business days. However, how fast you get your money depends on the account you keep. For Gold, Platinum and exclusive account holders, the priority withdrawal feature allows them to process faster withdrawals.
There are 4 account types that you can choose from and an invitation is the only exclusive account type. Each account type comes with a minimum deposit amount as well as a set of unique features.
Expert Option Review – Conclusion
Expert Option is still a fairly new player in the online options industry. Unlike most brokers who primarily target traders in Europe and Australia, specialist options seem to be more focused on markets in Asia, parts of Europe, as well as South and Central America. With over 7 million registered accounts, they have grown quite rapidly over the years. This broker offers most of the features that you will find on well-established platforms. However, they try to differentiate themselves through high 95% effective returns, a huge list of cryptocurrencies and 5 different types of accounts. Interestingly, the demand for effective returns has been the biggest complaint from traders. Overall, if you do not feel the need to move from successful trades to effective returns, it is worth considering the expert option. On the other hand, if you prefer to trade on more speculative and tightly regulated brokers, we suggest you choose one of the CySEC or ASIC regulated brokers available today.
We recommend using the trading apps as opposed to a web browser especially if you’re using a real account. The reason for this is that we found the apps responsive to the type of device you’re using.
Your trader account will give you access to a number of unique features which include 4 chart types and 8 different indicators. If you have more than one open trade, Expert Option allows you to split the trading charts making it easier to monitor each trade by itself.
Another unique feature you can easily access via your trader account is social trading. This feature allows you to explicitly view other traders make trades or even directly trade with your friends. This feature comes in handy when you’re new to trading and simply want to learn from pro traders.
How does the trading with Expert Option work? – Step by step tutorial
In order to have successful trades, one must know how to trade and know what he/she wants to be traded on. Expert Option mostly focuses on trading binary options. A binary option is a special financial option wherein either you payoff some fixed monetary amount or nothing at all.
First, you need to choose or select an asset you want to trade on. Then, decide how much you are willing or want to invest. Place the time when the trade should end. Afterward, you can identify whether the price will go up and down.
Please be aware that binary options are complex trades with a high level of risk. If you don’t fully understand how binary options work, it can result in the loss of your funds. We highly recommend getting a demo account or a practice account first before going live to avoid unintentional trading executions.