OptionXO Binary Options Broker Review
OptionsXO boasts the kind of website that simply cannot be ignored, from the moment a prospective client first lands there. Very few trading sites catch the eye quite as much as this one, and it really does feel classy and modern. There is no padding on the main page, with just a simple menu at the top allowing traders to go exactly where they need to, and you can get a preview of the platform itself without even creating an account by following the ‘Trade’ option on the menu itself.
Having launched in 2012, OptionsXO certainly has a fair amount of industry experience and we were truly looking forward to finding out whether the lack of content on the main page reflected the overall quality of the platform, or whether their streamlined approach would make them the perfect trading platform for new and experienced traders alike.
Bonuses can often be the one element of any brokerage that can be hit or miss, but we did notice something particularly impressive at OptionsXO. They do offer bonuses on new accounts making their first deposit, but we found these bonuses to not only be optional, but also only available on request. Essentially, if you do not want a bonus – and many traders do forego them nowadays – then it is not a case of actively contacting support to have it cancelled off. Instead, the onus is on the trader to ask for a bonus and this also means that they can have an influence on the percentage and turnover requirements associated with such a promotion.
Top Level Returns
OptionsXO also offers impressive returns. These do of course vary from broker to broker but we found this platform to be right up there with the very best thanks to the availability of returns that can reach up to 89 percent at the top end. This is accompanied by one of the lowest minimum trade values in the industry too, which comes in at just $10 each. That is certainly not to say that the platform is of no use to higher tier investors, however, as the maximum trade is a massive $10,000, which again is one of the highest limits that we have encountered throughout the course of our reviews.
True to form within the options trading industry, new investors at OptionsXO will be assigned an account level depending on the size of their first deposit and will subsequently be able to enjoy a number of perks and benefits to go alongside it. We’ve taken a closer look at what each of those tiers has to offer.
The Mini Account
The Mini Account is essentially there for anyone that is new to trading or is simply experimenting with it as a whole and it will provide only minimal access to the full trading platform in return for a $200 deposit.
The Silver Account
There is actually quite a jump between the Mini Account and the Silver Account in terms of the minimum deposit, as traders will need to stump up at least $2,000 as a first deposit in order to find themselves on this tier. However, doing so can certainly prove to be worthwhile as the perks really come into play at this level. More of the Education Section on the site becomes available by default and the trading platform unlocks additional features. Silver members will also see their potential returns rising by 2 percent compared to the previous tier in addition to being able to access support for trading advice in addition to just technical platform questions.
The Gold Account
Gold Accounts are assigned when traders make an initial deposit of $5,000 or more and, in fairness, we wouldn’t necessarily suggest going out of your way to add those additional funds. That’s because the Gold Account is essentially a Silver Account with a further one percent boost on returns, with all other perks essentially remaining the same. Of course, if you were planning on investing more than $5,000 anyway then you may as well take advantage of that additional percentage and we’re certainly not trying to put anyone off this tier!
The Platinum Account
The Platinum Account is the pinnacle of account types at OptionsXO and will guarantee instant access to everything that the brokerage has to offer. It is for the most experienced and confident investors only thanks to the fact that the full range of assets and trades becomes available. The most important distinction of this account type is the fact that it offers four percent higher returns than the Mini Account by default, along with additional bonuses, better customer support and even a senior account manager that can take the place of standard customer support altogether.
The OptionsXO Platform
OptionsXO makes use of the TechFinancials platform and this happens to be one of the most popular and sought after in the industry. If you’re not already familiar with it then you will still have no trouble getting used to it as it shares plenty of features, functionality and customisability with other market leaders. Various elements of the platform can be repositioned or even removed altogether should the trader so choose and there is plenty of news and market data on offer at all times to ensure the most highly informed trades possible.
One word that is perfect to describe the trade placement process is flexibility, as there are plenty of assets covering commodities, indices, stocks and currencies and traders can place trades that can expire within seconds or minutes, or even place them over some of the longest timescales that we have ever seen – even up to six months in some cases. Choices such as High/Low options, One Touch options and Boundary options can all be sorted and filtered from within the software itself, leading to some of the most precise trades possible. It is even possible to make modifications to existing trades prior to expiry, either because you’ve changed your mind on the outcome or are looking to minimise the risk that any potential trade carries with it.
OptionsXO Education Tools
OptionsXO has plenty to offer by way of learning tools, including videos, articles and more. However, one slight downside, as you may have gathered from our coverage of the various accounts on the site, is the fact that different accounts gain different levels of access. While there can be some merit to shielding new traders from advanced tips and strategies, we generally prefer these sections to be open to all. Fortunately, the demo account, which we find to be an almost essential inclusion within any Education Section, is every bit as good as the main platform itself and can be used by traders on absolutely any tier of the site.
Managing Your Money
Banking facilities at any brokerage are generally one of the more mundane elements of the experience and OptionsXO is pretty average too – not that we expect much more nowadays. There are several options on the table by way of deposit and withdrawal methods, including credit and debit cards and most major electronic wallets, and most deposits will be reflected within a trader’s account instantly. The same cannot necessarily be said about withdrawals and a processing time of between four and seven days, not counting any additional processing times from the payment provider, can occasionally feel like it is somewhat excessive. However, if you are in no rush to get your hands on your funds then you will not have any problems here.
OptionsXO Customer Service
The banking options may be run of the mill, but support at OptionsXO really exceeded our expectations. A number of languages are available, reflecting the international aspirations of the platform, and toll free phone support backs that up nicely as it is available in more than twenty countries. Email and live chat support is also available and this can be accessed at any time thanks to the fact that the support desk never closes.
OptionsXO Review in Summary
There is plenty to like about OptionsXO and it turns out that the welcoming nature of the main website was a preview of just how good we would find this brokerage to be. The TechFinancials platform has never looked better than it does here and leads to many of the best bits of the overall experience, and it is backed up by some great account types and even better customer support. The only issue that we really encountered here was the slowness of withdrawals, but if that is something that you can live with then there is absolutely no reason that we can think of not to trade at OptionsXO.