EmpireOption Binary Broker Review
If there is one brokerage we cover among our reviews that has continued to go from strength to strength then EmpireOption would be it. Since launching back in 2011 it has stayed ahead of the curve in terms of what traders are always looking for thanks to regular improvements and not being afraid to implement new features that can make a real difference to absolutely any trading profile. They have always aimed to be the perfect destination for new and experienced traders alike and the early signs are that they live up to all expectations.
From a novice trader’s perspective, the entire package does a great job of not being daunting but being feature packed enough to allow the platform to grow alongside an investor’s experience. Naturally, experienced traders are already at a level where they would expect certain features and to make the best use of them and that is the case too. EmpireOption is also a regulated brokerage, so both new and experienced traders can benefit from one of the most inherently secure platforms in the industry at all times.
While many different brokerages offer a range of different accounts, here at EmpireOption it actually makes a lot of sense. They want their traders to be exposed to the features and perks that make sense for their experience levels and the different account levels are the easiest way of making such a distinction. As with most platforms, the actual account that is assigned is based on the value of the first deposit, and the more you add to your account, the higher your membership tier will be.
The Micro Account
If you’re brand new to trading, or perhaps more of a casual trader, then EmpireOption’s Micro Account is almost certainly right for your needs. This account level is assigned to anyone that makes a deposit of between the minimum of $200 and $499. While there is not a lot to the account in terms of perks, it does grant traders instant access to all of EmpireOption’s educational resources and, as we’ve already noted, they are definitely worthy of further investigation.
The Classic Account
EmpireOption’s Classic Account is a step up from the Micro Account and manages to cover a lot of what more experienced traders would be on the lookout for, while still managing to be suitable for newer investors. A deposit of between $500 and $999 will place traders at this level and will open up the same educational materials and webinars as the previous tier. However, this account level also comes with a personal account manager, market reviews and an upgrade to an account’s banking facilities, meaning lower fees and faster withdrawals, among other benefits. As far as standard accounts go, this is one of the most feature packed around at the moment and it is definitely worthy of consideration by all sorts of traders.
The Plus Account
A deposit of between $1,000 and $4,999 will see the quality of the account rising even further. The Plus Account includes everything offered within the tiers below it and will also throw in daily market news, trading signals and even better banking facilities. This is also the first tier of accounts on which traders can expect to be offered bonuses and promotions, and that alone can make aiming for this level of account worthwhile.
The Preferential Account
Upping the deposits to between $5,000 and $9,999 will see traders landing themselves a Preferential Account at EmpireOption and the perks do of course keep on getting bigger and better. Everything that can be enjoyed as part of an account on any of the previous tiers will be joined by even better banking services, including a $1 minimum withdrawal account, and a more senior account manager within the brokerage to deal with any queries and arrange training sessions as required.
The VIP Account
The pinnacle of accounts at EmpireOption comes in the form of the VIP Account. This is where vastly experienced traders and even professionals will be looking to get into the brokerage. Depositing more than $20,000 will lead to this account level being assigned and traders will be able to take advantage of a wide range of additional tools, one on one consultations with EmpireOption staff and much more. Obviously, every benefit that comes from any of the account types below this one will also apply here.
As noted, there are different account types for just about every type of trader. However, we were really pleased to see that EmpireOption does not necessarily save the best perks for later tiers and even the lowest account level can be truly worthwhile. That said, it is not often that we would suggest that even newer traders go for the account type above the basic one, but that is the case here as, for the sake of doubling your first deposit, you gain access to many more great features with the improved banking services being chief among them.
The EmpireOption Platform
There are few better things to see when reviewing a particular broker than the presence of SpotOption as the platform of choice. It is one of the most widely used trading platforms in the world and that is for very good reason, as it combines user friendliness with functionality in a way that really does fit in with EmpireOption’s goals.
The whole platform is browser based meaning that any kind of computer can access it, and this also means that mobile access is offered as standard. So, if you want to keep an eye on your latest trades, analyse the market or even place new trades, you can do all of that and more using this software platform and you don’t need to be tied down in order to do it.
EmpireOption supports the entire range of trades offered on the SpotOption platform, so traders can look forward to getting involved with Sixty Second Options, High/Low options, Short and Long Term options and just about everything else imaginable. These trades can be placed on a huge number of different assets, including stocks, commodities, indices and currencies, and timescales are wide and varied, covering everything from sixty second trades to long term options that can last for a month or more.
The platform also benefits from truly up to date market data too. Prices are streamed into the system directly from Reuters, ensuring that any analysis and investigation regarding the current state of the market can be made use of when placing a new trade.
EmpireOption Customer Service
Every account type offered by EmpireOption comes with access to an account manager and, unlike many other trading platforms, most support enquiries are directed in that particular manager’s direction rather than towards a full support team. There are positives and negatives with having an individual point of contact, although there is a backup support team on hand to deal with minor queries outside of working hours. If you like the personal touch, then this support method cannot be beaten, but if you often find yourself relying on support at unusual hours then you may not be as thrilled with EmpireOption’s support as we are. That said, the team is usually more than capable of dealing with queries and enquiries and can be reached by email, chat and phone. It’s also worth bearing in mind that EmpireOption’s on-site help, such as an FAQ section, is practically non-existent and so you may be contacting support more often than would be considered normal with another broker.
Managing Your Money
EmpireOption supports all common banking methods for both deposits and withdrawals, including credit and debit cards, wire transfers and most major electronic wallet services. Most deposits into an account are instant, although some, most notably wire transfers, can take a few days to be completed.
It is difficult to make an overall assessment of the withdrawal options offered at EmpireOption, simply because different accounts come with different perks. We’ve attempted to cover this in as much detail as possible within the account overviews, but one thing that we would add is that every account above the basic tier benefits from improved withdrawal speeds and reduced fees, making for another great reason to go for the Classic Account as a bare minimum.
EmpireOption Review in Summary
There is much to like about what EmpireOption has to offer and we must say that they do a thoroughly excellent job of making their services applicable to the requirements of new and experienced investors alike. This is mainly down to the number of different account types which will each suit a different type of investor. The educational resources on offer also happen to be among the best that we have ever encountered and they are certainly worth checking out, even if you’ve already got a good handle on what successful trading is all about. The only real problem for some traders will be the nature of EmpireOption’s support but, that said, some traders will actually prefer their style. Overall, it is a safe, secure trading platform with plenty going for it and we’d definitely suggest checking it out for yourself.