Option.fm Binary Broker Review
Option.fm is one of the most recently launched trading platforms out there, having established itself in 2014. Since then, it has gone from strength to strength and become one of the talks of the industry, having achieved plenty and truly established itself in a relatively short period of time. We simply had to find out what it was all about and we were definitely pleasantly surprised on arrival as we discovered a great looking site with plenty to offer in terms of information about the brand, not to mention trading itself.
If the overall looks are anything to go by then we’re in for a treat, but we’re always more concerned with what’s going on behind the scenes than the front-end, so let’s get straight to it.
Creating an account at Option.fm could not be easier and while the form requires various information, the platform has been careful to ensure that they do not ask for anything more than enough to verify that the trader is who they say they are. Part of their overall proposal involved offering the height of customer safety and security, and the signup process has clearly been designed with this in mind.
When account creation is complete, it is then time to fund the account and we were pleased to see that they have opted for something of the industry standard when it comes to a minimum deposit, that being $250. That’s a manageable amount for even the most inexperienced traders and is of course simply a guideline – if traders would like to deposit more then they are more than welcome to do so and those increased deposits will be accompanied by bigger perks and bonuses, which we go into more detail on below.
The bonuses are what set different trading platforms apart as far as most are concerned and so we’ll take a look into those first. The best bonus of all at Option.fm is the signup bonus and so that is what we’re primarily concerned with. Players can expect a match bonus of a certain percentage, with the exact amount being dictated by the amount of that first deposit. We’ve got specific information on the rates that traders can expect within the account section of the review below, but traders can expect a match rate of up to 100 percent, along with a maximum bonus amount of $10,000.
There are, as always, turnover requirements in place on every bonus to prevent members from simply signing up and grabbing their bonus cash without making use of the platform. However, these requirements are actually pretty generous at Option.fm, with traders being required to trade their bonus amount twenty times prior to withdrawal. In comparison to the industry standard of thirty times, it is essentially one of the easiest binary trading bonuses to clear and that definitely works in this brand’s favour.
Your first deposit will not only determine the bonus rate that can be expected, but will also automatically assign traders to a certain account level. The higher the deposit, the better the account and the more perks traders can expect to receive. Fortunately, there is something to suit traders of absolutely any level at Option.fm and we have detailed what can be expected within each tier below.
The Trial Account
In spite of the name, the Trial Account has not been designed for a preview of the platform or anything like that. It is a fully fledged trading account that traders are assigned whenever they make the minimum deposit, or any deposit up to $999. It is perhaps one of the less impressive introductory accounts in the industry overall, but still features more than ninety assets, four trading platforms and daily market analysis carried out by Option.fm’s own traders.
The Boutique Account
The Boutique Account is what we would consider to be Option.fm’s standard account, and the one that most traders will find themselves with. This is primarily down to the fact that any deposit of between $1,000 and $9,999 will see a trader placed on this level, and they will benefit from all of the perks of the trial tier, along with a few additional perks. These comprise training webinars, access to a professional broker for training and tips, risk managements advice and even a performance review to point out what went well and what didn’t come off as intended – if you want it of course!
The Executive Account
A deposit of between $10,000 and $49,999 will see traders being instantly placed in the Executive tier and the benefits once again begin with everything that can be enjoyed at both the trial and boutique levels of membership. In addition, traders can expect priority access to any live webinars, complementary financial magazine subscriptions and a close relationship with account managers, trading experts and support staff for the lifetime of their membership.
The Imperial VIP and Corporate Account
The top tier of trading at Option.fm is covered by their top level account, which traders will be placed in with a deposit of more than $50,000. Again, all of the perks of the previous tiers are included by default, and the additional extras in this tier cover insurance on investments, VIP access to just about anyone at Option.fm and even concierge services as standard.
The Option.fm Education Section
As you can almost certainly tell from the various types of accounts offered by Option.fm, they have no problem with pushing education among members and you certainly do not need to be a VIP to take advantage of it. Their Education Section is among the most comprehensive that we have ever encountered and it packed with articles, videos and ebooks that can turn a novice into a knowledgeable trader and potentially even offer something new to experienced traders too. All good Education Sections also come with a demo account, enabling traders to take a risk free look at what the platform is all about and that’s definitely the case here too.
Even if your account level does not lend itself to priority access to Option.fm webinars, traders still do not need to miss out as their content is uploaded into this Education Section following the event, so that all members can sift through the various contributions, tips and guides at their leisure.
The Option.fm Platform
In some of the best news that you’ll see all day, Option.fm backs up its great all-round service by offering traders access to the SpotOption trading platform. This is almost certainly the most suitable option for their account tiers as it is accessible enough for novices to get involved with while also offering all of the different data sources and trading options that more experienced investors will be accustomed to.
Assets at Option.fm
Option.fm certainly does not let itself down when it comes to the assets on offer and there are more than ninety different ones to choose from across the platform. They consist of everything that traders would expect from a leading binary options service including stocks, commodities, currency pairs and indices, ensuring an eclectic mix of the familiar and something new to experiment with.
Trading at Option.fm
You’ll definitely have noticed that Option.fm prides itself on being easy to use from the moment an account has been created and that extends to the process of placing trades. The SpotOption platform has always been great for this but the broker’s own improvements have made it even better, with even complex trades being made possible with just a couple of clicks. Whether you’re looking for High/Low trades, One Touch options or Long Term options, they are all easily accessible from the main screen, along with relevant data so that traders can make an informed decision. Option.fm has also opted to enable all of the timescales that SpotOption has to offer, so trades can be resolved in as little as thirty seconds or can sit for over thirty days, with plenty more options in between too.
Their use of the SpotOption platform also means that traders are not required to be sat at a computer in order to perform trades, as it is flexible enough to be used across phones and tablets too. Viewing existing trades and outcomes is a breeze and while there are not as many options as with the online platform, there is still the chance to place trades using a number of different parameters with the mobile interface.
Top Level Payouts
Option.fm utilises flexibility and educational resources in an effort to give their traders every chance of success, but does not compromise on returns when things are going well. Indeed, they are among the biggest payers in the industry, with stated potential returns of 91% and while not all trades will lead to this kind of outcome, it is certainly possible on a regular basis.
Managing Your Money
We’ve noted that creating and funding an account is easy at Option.fm, without actually going into too much detail. It is safe to say that if you have a favourite credit or debit card, or even an electronic wallet or PayPal, then managing your account funds will be an absolute breeze. The minimum withdrawal is $80 and the broker itself will not take more than a day to process any requests, although the actual amount of time that it can take to find the funds in your account will depend more on the withdrawal method than the platform. Essentially, traders can expect their funds to hit their account in no more than five days at worst, but often much sooner.
Option.fm Customer Service
Everything about Option.fm up to this point has been first class, which is no small feat considering that the brand has not been around for all that long. However, it is with the customer service that the brand first shows signs of its lack of experience. That’s not to say that the service is bad, but email support is only a recent addition on the site and phone support can take a while to get through to. There is also the not insignificant fact that Trial Accounts cannot access support at all at this time, so any smaller investors had better hope that any issues they have are covered in the Education Section!
Option.fm Review in Summary
Option.fm is a great all-rounder that has plenty to offer and it definitely stands out in its own right as an excellent place to trade, especially if you’re relatively experienced or at least know your way around the SpotOption platform. The lack of support on lower end accounts means that novice traders – perhaps the ones that need the support more than anyone – may need to look elsewhere, but if you have a reasonable idea of what to do or plenty to invest then Option.fm comes highly recommended.