YesOption Binary Broker Review
YesOption is a relatively new platform for binaries trading, having launched in 2014. While many trading platforms simply look to facilitate trading, YesOption has positioned itself as being the brokerage that actually looks to help out clients when it comes to making the very best trades. This is enabled by the availability of plenty of different great features and educational resources, together with a number of different account types that go a long way to establishing the level of an individual and which of their tools would be of most assistance.
We’ll kick off our review of YesOption with a closer look at the account types as this is the first decision that the majority of traders will need to make upon signing up.
The Standard Account
This is the entry level account at YesOption and is promoted as being ideal for the newest traders, while also having something to offer for the more experienced. It requires a deposit of between $250 and $9,999, resulting in an instant bonus worth between twenty percent and 100 percent of the deposit amount, with various tiers within the account itself. Generally speaking, the more is deposited, the larger the bonus amount will be. Members on this level will also benefit from access to the YesOption training academy and will also receive notifications regarding additional promotions on a regular basis.
The Gold Account
More serious traders that have outgrown what is offered through the Gold Account will be able to take advantage of the Gold Account instead, which becomes available whenever a deposit of $10,000 and $24,999 is made. The deposit bonus is pegged at 100 percent and, in addition to all of the perks offered as part of the Standard Account, traders will also receive a 2% additional return on trades and a free withdrawal from their account each and every month.
The Platinum Account
Top level traders will be most interested in a top level account and this is delivered at YesOption by the Platinum Account. Any first deposits of $25,000 or more will see the trader being assigned to this account level and they will see their returns increasing by four percent compared to the Standard Account, will benefit from unlimited trading signals and personal training sessions and will also benefit from everything else offered within the two account tiers that came before.
Regarding the trading signals and coaching, they do stand out as being two of the most important aspects of the YesOption offering. The signals are free to all new members for two weeks and those below the Platinum Account level can also pay for them when their trial runs out. All tiers also benefit from a single coaching session, although this is again why the Platinum Account stands out as traders can make use of this as often as they like.
Traders at YesOption can also make use of a wide variety of trading tools when they are on the site, including everything from economic calendars to a number of different calculators, all alongside quick and easy access to the latest and most important financial news.
The YesOption Platform
YesOption has opted to make use of the TechFinancials platform in order to deliver trading tools to its clients and this is one of our favourites, even though some traders consider it to be a little dated in terms of looks compared to more recent releases. Fortunately, it is functionally perfect, with access to plenty of different trades and just as many different assets. If you’re already familiar with this platform then you will be pleased to know that nothing has changed from the stock version and traders will be able to set out their screens as they please, with access to all sorts of data and graphs, together with the actual trade placement functionality that should always be prominent within any piece of software.
Among the trades that can be placed on the platform are the usual High/Low and One Touch options along with the chance to place more complex trades should the trader so choose. We also appreciated the way in which trades can be modified after placement, either in an effort to reduce risk or increase returns. Even if a trader does not touch their trade again after placing it, they can still benefit from the YesOption insurance, which will see a percentage of their investment returned when a trade turns out to be a loser.
There are more than a hundred assets on offer which is plenty for just about any kind of trader and they follow the conventional split pattern between stocks, currencies, commodities and indices. The timings on the trades are just as extensive too, although prominence is given to the core selection, which ranges from fifteen seconds to the end of the day, with many more options in between.
YesOption has also decided to make use of the mobile version of TechFinancials which, in many ways, looks even better than the web based alternative. Functionality between the online and mobile versions is almost identical so there certainly won’t be any disappointment there and traders can rely on being able to do just about anything on their phone or tablet that they would be able to achieve on their smartphone or tablet.
YesOption Customer Service
When reviewing YesOption, we kicked off by taking a look at the FAQ section. We generally use the same questions for review purposes as we don’t want to intentionally break anything and we were pleased to see that two of our three stock questions were already answered. Fortunately, this did still leave us with one question to ask, leading us to contact support by live chat. This was solved quickly and correctly, so we can have no complaints there. While we did not use the email or phone functionality, we have heard that the email support desk can be a little slow to reply but otherwise we have only heard good things about it all. There is also the added bonus that phone support is offered through local numbers in several countries including the UK, Canada, Australia and South Africa.
Managing Your Money
Deposit options at YesOption are plentiful, with traders being able to make use of just about any financial service in order to fund their accounts. This covers the usual suspects of credit and debit cards together with wire transfers, but also extends to every major electronic wallet service and even PayPal. If you’re looking for convenience in your binary options banking then this could well be the brokerage to invest with. The minimum deposit across all transactions is $250 with the majority of funding options, with only wire transfers bucking that trend as they come in at a $500 minimum.
Before any withdrawals are made, clients will be required to verify their identity with YesOption, something that is carried out in the standard manner of submitting scanned documentation. When this has been completed, traders can expect to wait for around 48 hours for their withdrawal requests to be processed, although higher tier accounts can generally expect faster turnarounds in this regard. There is one free withdrawal per month on all account tiers, which rises to unlimited at the Platinum Account level, and there is no minimum on any transfer amount aside from wire transfers, which must be worth $100 or more.
YesOption Review in Summary
YesOption is a decent all-rounder as far as brokerages go. During our review, we found nothing particularly wrong with the service, but nothing that genuinely excited us either. Given the limits on each account type, most traders will find themselves on the lowest tier and this is a decent account, but nothing spectacular. While we wouldn’t put anyone off trading with YesOption if they specifically wish to do so, it is lacking a certain ‘it’ factor that would allow it to compete with our biggest and best alternatives.