Best Binary Options Broker 2020!
Good Choice for Beginners!
Free Trading Education, Free Demo Account!
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2nd in our ranking!
PlusOption Broker Review
PlusOption offers a loyalty shop for its clients as well as offering occasional promotions and bonuses for their benefit. Their trading software is mobile and uses advanced technology while their customer support team can be contacted via numerous methods. With more than 150 underlying assets to choose from, PlusOption is a good choice for anyone who likes a lot of variety in their trading experience.
Bonuses – 50%
Software – 90%
Customer Support – 60%
Options Choice – 80%
Good quality broker
Summary : Very trusted broker
PlusOption is an online binary options broker that offers a great range of underlying assets for its clients to choose from across the categories of stocks, indices, currencies and commodities. With its own mobile app and speedy trading platform, PlusOption is a cutting edge brokerage service that offers educational resources to its clients as well as market reviews to enable them to inform their trades. Their user friendly platform simplifies investment for even novice traders and their simple withdrawal and deposit system makes the whole process a breeze.
PlusOption is owned and operated by a company called ACV Operations SRL with its base in Romania. Transactions through their website are protected by a strong layer of SSL encryption for the client’s peace of mind. This broker does not appear to be licensed or regulated by any recognised authority or body and does not accept any clients from several countries including:
PlusOption has over 150 assets available for trading.
Bonuses & VIP Programs
PlusOption offers a loyalty shop for its clients as an added perk of registering with them. It also states within its terms and conditions that it offers occasional bonuses to its existing and newly registered clients, however no specific details are made of the amounts of types of bonus involved. There is a required trading volume of 30 times the deposit amount in order to withdraw any profits from a bonus offer. Diamond account members have access to a range of extra perks and benefits as VIP members including higher payouts, invite to members only events, speedy withdrawals and the services of a personal analyst.
PlusOption offers a convenient 100% internet based trading interface which allows seamless and speedy access as well as fast trade execution without the need for any installations or downloads of memory intensive software. This also means that traders are not tied to their PC and can access their trading account and place trades from any internet enabled device as long as they are connected to the web from any location in the world and at any time. This broker also offers a convenient mobile app which can either be downloaded for free from the broker’s website or from the Google Play Store or Apple Play Store free of charge. Compatible with both Android and iOS devices, it allows traders to quickly place trades and access their accounts in the most convenient way from their tablet or smartphone while on the move and away from their desks, allowing them to take advantage of trading conditions at a moment’s notice.
Deposits and Withdrawals
PlusOption provides several different payment options for making account deposits and withdrawals. These include:
- Bank transfer
- Western Union
The minimum deposit amount is $250 and the maximum deposit amount for a single transaction is $10,000 if paid via credit card or Western Union, although there is no limit for deposits via bank transfer. Withdrawals can take up to 3 days to be processed, although higher level account holders benefit from a rushed process. Funds can take up to 5 days to appear in the client’s account. The minimum withdrawal amount is $100. The minimum amount which can be deposited via bank transfer is $500 and commissions of $25 is added to payments via this method.
Best Binary Options Broker 2020!
Good Choice for Beginners!
Free Trading Education, Free Demo Account!
Get a Sign-Up Bonus Now!
2nd in our ranking!
The PlusOption client support team are available between 8 am and 5 pm GMT on Monday to Thursday and between 8 am and 1 pm on a Friday. The team are not available at the weekends to respond to queries or address any issues. They can be contacted via a number of methods including by:
- Live Chat
- Web form
- Telephone helplines in the UK, South Africa and Singapore
- Email (2 addresses, one for support and one for compliance)
There is also a frequently asked questions section of the website where rapid answers can be found to all of the most commonly posed questions.
The website is also available in 4 different languages including:
Extra Features and Resources
PlusOption offers an education centre for the benefit of its clients at all levels of experience including ebooks, videos and courses. Resources are offered for beginners, intermediate traders and experts to enhance their skills. There are also several relevant articles to read as well as well as market reviews and a useful glossary.
If you are considering choosing PlusOption as your preferred binary options broker, there are a number of positive factors to consider, however there are also some disadvantages too:
- Cutting edge trading software that is suitable for use by both experienced and novice traders
- 100% online trading interface requiring no installations or downloads
- Mobile apps for iOS and Android devices
- Instant customer support via the live chat facility
- Telephone lines in several countries
- Market reviews available
- Bonuses are available
- Four types of account to choose from
- Free educational resources for clients at all levels of experience
- e-Wallet methods of deposit and withdrawal are available
- Multilingual website
- SSL encryption for transactions
- Not regulated or licensed by any recognised authority
- Clients from the USA, Belgium, France, Israel, Canada and Australia are not accepted
- No 24 hour customer support
What types of options can be traded through Options Bank?
This broker offers 7 different option products including:
- Call/Put Options
- 60 seconds
- One Touch
- Spot follow
- Long Term
Can I trade with PlusOption using my mobile device?
Increasing numbers of traders are choosing to execute trades from their mobile devices like smartphones and tablets on a regular basis, so brokers like PlusOption are mobile optimising their platforms to ensure that they offer seamless access to trading accounts and trade executions from any internet enabled device through the provision of a 100% web based platform. As no software needs to be downloaded or installed, it is possible to use the online trading interface on any type of Android or iOS device from anywhere in the world. PlusOption also offers its clients a mobile app which can be downloaded free of charge to either an iOS or Android tablet or smartphone allowing for an even more convenient trading experience on the go.
Does PlusOption offer different account types?
PlusOption has four different types of account to suit the needs of both beginner investors and those with a lot of previous experience. Their Micro account is ideal for beginners and requires a minimum deposit of $250. Their Silver account is perfect for anyone who has some experience and who is ready to invest a little more with a minimum deposit amount of $2500. Gold account holders have access to a range of excellent benefits for a minimum deposit amount of $10,000. They can enjoy the services of a dedicated account manager, a personal analyst, and a risk management plan. Their top level account is the diamond account which requires a minimum deposit of $50,000. This account brings with it a host of perks including higher payouts, access to VIP events and faster withdrawals.
Does it cost anything to register with PlusOption?
It does not cost the client anything to register with PlusOption as their chosen binary options broker and there are no hidden fees or charges to worry about.
Which currencies can I use for trading with PlusOption?
PlusOption accepts three types of global currency for opening trading accounts for the convenience of its clients from all around the world. These include:
Once you have selected your account’s base currency it is no longer possible to change your currency to a different one at a later date.
PlusOption Review – Is it scam or safe?
|Minimum deposit||Min /Max bet size||Payout %||Bonus||Trading platform||Regulation|
|$250||$ 2 5 / $5000||Up to 81%||100%||SpotOption||No|
PlusOption is a binary options broker, offering trading in 190 financial assets on the SpotOption binaries platform under reasonable trading conditions.
Besides, this broker focuses on training – there are a number of educational articles on its website, as well as the Plus Academy section, intended for both beginners & advanced traders.
PlusOption offers its clients a choice of five basic account types, depending on the initial deposit: Micro, Silver, Gold, & Diamond.
Min. initial deposit
Daily Market Review
Financial & Risk Management plan
The Company. Security of Funds
Launched in 2020, PlusOption website and trademark are owned by ACV Operations S.R.L, a company based in Romania, which is not regulated.
Binary options brokers have increasingly bad reputation in Europe lately, as many of them, especially non-licensed ones, turn out to be scams. That is why we advise traders to choose among brokerages who are regulated by a reputable authority, and preferably those who are covered by some compensation scheme.
Trading Options: Binary, Pairs, 60 sec, Long term, One touch, Ladder,
Assets: Currencies, Stocks, Indices, Commodities
Expiry times: 60 sec, 90 sec, 120 sec, 180 sec, 300 sec, 1 h, 2h, 4h, 8h, 2 – 7 days (long term)
Minimum Initial Deposit
The minimum initial deposit for clients of PlusOption is $250, which fits the industry standards. In comparison, traders have to invest at least $200 in order to open an account with CherryTrade, a company out of the Caribbean, which also is not licensed.
The minimum bet size with this broker is $25, which is a bit high. With CherryTrade one can place a trade with just $5. Low minimum bet sizes allow for better risk management.
Depending on the Trading Options and expiry times, payout percentage offered by PlusOption reaches 81% on classic binary options, which is in the lower end of average.
In comparison, payout percentage offered by CherryTrade also ranges from 71% to 81%. On the other hand, the return percentage offered by 24 Option reaches 89%.
PlusOption uses one of the most popular platforms for trading in binary options – SpotOption. Being entirely web-based, simple and user-friendly, the platform offers a variety of trade options such as: HIgh/Low, 60 Seconds, One Touch, Pairs and Ladders and Long Term. Double-Up and RollOver features are available on PlusOption’s platform.
Besides, the platform offers a trading tool used for regular binary options trading that allows traders to choose from three well known data analytic strategies that can assist by providing further insight into the behavior of an asset. Once the trader has chosen one of the three strategies, the Strategy Advisor Calculator will calculate the data and will provide a call/put recommendation based on previous expiries of the asset.
In addition, there is also an option to follow the most successful traders by using Spot Follow.
Welcome bonus of 100% of the initial deposit is available to clients of PlusOption, which is quite an attractive offer.
Keep in mind that clients will be required to have a total trading volume of at least 20 times the amount of the Bonuses, plus their deposit amount, in order to be able to withdraw the bonus amount.
Methods of Payment
There are several payment methods available to PlusOption’ clients: wire transfer, credit/debit cards, Western Union and e-wallets Skrill, Neteller, China Union Pay, etc.
Note that the minimum withdrawal amount is 100 EUR / USD / GBP and a commission of $25 is added to wire transfers.
PlusOption is a relatively young binary options broker, offering reasonable conditions for trading in wide range of financial assets on the SpotOption platform. Our major concern with it is the fact that it is not regulated. To sum up the above, here are the advantages and drawbacks in relation to this broker:
Low minimum bet size
No demo accounts
100% on-deposit bonus offered
Strategy Advisor Calculator available
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
There is little information available on PlusOption’s cash bonus on deposits programme on the broker’s website other than a section in the terms and conditions page detailing turnover requirements. As such, it can only be presumed it has been discontinued or offered on a discretionary basis. There is details of a loyalty ‘Gift Shop’ that details a range of gifts awarded for loyalty but there is again no specific details on what qualifies traders as eligible for which gifts. The lack of any real information published necessitates a low score in this category.
The trading platform itself is a white label version of SpotOption’s market-leading software. With almost 40% of the binary options market reputedly trading via SpotOption’s software, it should come as no surprise that it meets very high quality standards. Hard to find fault and a high mark to reflect that. The mobile app-version of the trading platform is also very good.
While there is no live chat customer support there is a telephone line and email channels provided. Working hours are also slightly restrictive and keep to Mon-Fri office hours with a half day on Friday. Pass marks but not by a healthy margin.
The range of tradable assets is good with almost 200 instruments available across forex, commodities, indices and equities. Will keep all but traders looking for more obscure options happy so PlusOption scores well here.
Binary options are arguably the simplest form of financial derivative that can be traded. Traders predict whether the market price of the underlying asset a binary options instrument is based on will rise or fall before the option expires, which is standardly between 30 minutes and the end of the trading day. There are only two options – the trade finishes in the money or out of the money, hence the ‘binary’ of binary options. This simplicity has seen binary options trading see a huge boom in popularity in the years since it was introduced to the retail trading market.
Inexperienced and beginner traders who can find trading other retail instruments such as CFDs or spread betting can often feel intimidated by the relative complexity, or what at least appears complex to the uninitiated. Binary options trading is, by comparison, far more accessible. Choose an instrument, eg.gold, choose an expiry time from among a few options up to several hours, choose the investment stake and whether the market price will go up or down by the expiry point and wait. If the trader is right they will receive a payout up to around 85% of the investment stake and if they are wrong they lose the investment stake. There is no leverage so losses cannot exceed the initial investment and the amount of potential loss or gain is clear from the beginning.
This simple, clear format has proven to be a winner with private investors and the result has been a boom in binary options trading over the last several years. One result of that boom has been an influx of new brokers offering binary options trading platforms, all vying for clients. Competition is always good for the end user but it also means that putting in the market research necessary to evaluate different broker options can, if done diligently, be hugely time consuming.
We’ve done our best to relieve some of that burden here in our binary options brokers review section. We’ve provided all of the key information across the most important characteristics important to traders when choosing a broker from trading platform software to mobile apps, range of tradable instruments, fees and charges and additional tools and resource.
In this review, we cover PlusOption:
PlusOption is one of the more difficult binary options brokers on which to find a great deal of information on the company behind the brand. Established in 2020, PlusOption is owned and operated by Redfield Markets, which is registered in and operates from Sofia, the capital city of Bulgaria, a member of the EU.
The customer service telephone numbers are British but the chances are the actual office is probably also based in Sofia. Though PlusOption is not a regulated binary options broker, the company does state that all client deposits are held in segregated accounts.
As already mentioned, PlusOption’s trading platform is powered by SpotOption software. SpotOption is a specialist provider of trading software to the binary options industry and the market leader white label platform provider. It is estimated that approximately 40% of all binary options trading takes place on SpotOption software and many of the biggest brokers on the market are clients.
The platform is, as might be expected from the market leader, a quality product. Well-designed, simple and intuitive to use, all be the most computer illiterate will very quickly get to grips with using it to place and manage binary options positions. It has a modern, fresh feel and look and adheres to contemporary design standards.
PlusOption’s trading platform also comes in native iOS and Android app format, the software for the apps again white label versions of SpotOption apps. These meet the same high usability and design standards of the browser-based trading platform intended for use on desktops and laptops.
The full functionality of the main trading platform is maintained within the apps and any action taken by a trader on one uses cloud-based data management to automatically sync with the other. This means a binary option can potentially be taken on the way home from work and then monitored from the desktop computer at home.
PlusOption offers traders a strong choice of almost 200 tradable instruments split between the four main asset categories of FX (currencies), Stocks (equities), Commodities and Indices.
Traders have a choice of over 20 forex pairs which include fashionable cryptocurrency Bitcoin, a particularly good range of commodities-based instruments that includes soft commodities, silver and platinum as well as the standard gold and oil. The choices in the equities and indices asset classes has a nice geographical balance with plenty of presence from different parts of Europe and Asia as well as only including U.S. and UK-based instruments.
Trading Features, Fees and Payouts
In addition to the classic binary options format, the trading platform also supports several alternative variations:
Long Term binary options and 60 Second options are structured in exactly the same way as classic binary options. The only difference, as their names would suggest is the Long Term options have expiry times longer than normal, at between a couple of days up to several months, and 60 Second options expire at between 15 seconds and 1 minute from being opened.
One Touch options are a slightly different format. Whereas classic options finish in or out of the money depending on the market price at the option’s expiry, One Touch options have a ‘strike price’ the instrument’s price has to ‘touch’ before the end expiry time. If it touches that price at any point before expiry the option closes in the money.
Ladder options set tiered strike prices. The further up the ladder of strike prices the option has made it before expiry, presuming it has gone far enough in the right direction to hit at least the closest strike price, the higher the final payout.
Pair options pair up related instruments, such as gold and silver or oil and natural gas, in a similar way to how forex pairs are formed. The trader predicts which of the pair will perform better or worse against the other.
Finally, CFD/Forex options add some of the characteristics of CFDs/forex trading by allowing traders to set ‘stop loss’ or ‘take profit’ levels to close the binary option early if the underlying asset’s price hits a predetermined level before its expiry time.
PlusOption does not charge any fees to open an account or to trade, making its revenue on a market maker business model. However, inactive accounts, defined as an account from which the holder has made no transactions in at least 45 days, are charged an admin fee of $/£/€49.9, depending upon the account’s base currency, per month. If the account does not hold sufficient funds to cover this fee it is automatically closed.
$25 is also charged to process wire transfer withdrawals.
Payouts on most binary options formats offered reach a maximum of 85%, though up to 1000% can be achieved in Ladder options if the price of the asset manages to hit the top (or bottom in the case of a short position) rung of the tiered strike price.
Bonuses & VIP Programs
PlusOption’s bonus programme is somewhat unclear, at least from the information currently provided on the broker’s website. The terms and conditions mention cash bonuses applied to funds deposited into an account, with a x30 trade turnover condition on subsequent withdrawals after the bonus has been applied. However, we found no published details on the value of cash bonuses and deposit requirements to activate them. The broker also offers a ‘Loyalty Gift Shop’ offering traders a range of gifts. However, there is again no solid information provided on how exactly traders qualify to be awarded these gifts.
PlusOption traders have an account type based on the value of deposits that have been made with different levels of account coming with added features as displayed in the table below.
Gold and Diamond accounts which clients qualify by depositing a minimum of $10,000 or $50,000 respectively qualify traders for education plans and higher payout percentages for winning trades among other features.
Deposits and Withdrawals
PlusOption supports deposit and withdrawals payments by wire transfer directly from or to a bank account, credit and debit cards and a good selection of e-wallet and payment processors such as Skrill, WebMoney and Yandex (popular in Eastern Europe).
The minimum deposit required to open a PlusOption trading account is $/£/€250, which is also the minimum value of subsequent deposits. No more than $/£/€5000 can be deposited with any single transaction due to international money laundering prevention regulations.
The minimum withdrawal value is $/£/€100 and withdrawals to credit cards cannot exceed the value of the deposit made from the same card.
Customer support is via either telephone (UK or South African numbers) or email. Support is available Monday to Thursday 08:00 to 17:00 and Friday 08:00 to 13:00.
Extra Features and Resources
PlusOption traders are provided with access to the ‘Academy’, a binary options education resource comprised of video tutorials and e-books categorised as suitable for distinct beginner, intermediate and advanced experience levels. Platinum and Diamond account holders are also provided with risk and financial management training resources.
In terms of the trading experience itself, PlusOption can be considered a good binary options broker. The SpotOption trading platform and mobile apps are to a very high quality and offer a nice variety of alternative binary options formats and good range of choice in tradable instruments. The lack of clarity when it comes to bonuses is a little strange in the context that this is usually one of the most marketed qualities of binary options brokers but a broker really shouldn’t be chosen on the basis of bonus offers anyway, which often come with onerous turnover requirements before subsequent withdrawals can be made.
While the company isn’t regulated clients will be happy to know their funds are held in segregated accounts so theoretically safe in the worst case scenario.
What is the minimum deposit to open a PlusOption account?
The minimum deposit to open or top up an account is $/£/€250
What assets/instruments can I trade with PlusOption?
A strong selection of around 200 instruments across forex, commodities, stocks and indices can be traded on the platform
Is PlusOption a safe binary options broker?
PlusOption is not a regulated broker but does promise that it keeps client trading account funds in segregated bank accounts so if the company were to go under capital in trading accounts should be safe.
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