It should, in theory, be impossible for a binary options broker to scam or mislead traders. Unlike bots, brokers exist simply to serve as something of an entry-point via which traders can access their chosen markets and carry out their chosen trades. By contrast, bots basically take over the entire process and can, therefore, do anything they decide to do – just so long as it benefits the business behind them. But if this is the case, why is it that so many brokers up and running right now have earned such unfavorable reputations among traders? Surely it all comes down to the decisions made by the trader, rather than the actions of the broker…right?
In most cases, the answer is yes – the outcome will be determined almost entirely by the decisions made by the trader. Nevertheless, it’s important to remember that a broker doesn’t necessarily have to be guilty of scam tactics to earn a reputation as one to stay away from. So what’s the story with OptionFair? Are we looking at a broker that’s worth your time, money and trust, or a name you’d be better off avoiding?
OptionFair Trading Platform
Kicking things off with first impressions, take a trip over to the OptionFair website as it stands today and one thing immediately leaps off the screen. As of January 2017, they’ve given the whole platform a radical overhaul and done away with profits earned by way of commissions on trades. Unlike other brokers that offer 80%, 95% or 90% payouts on a successful trade, OptionFair has introduced a new system where 100% payouts are on the table. Your trade goes as you predicted, you get a payout of 100% – all of which is yours to keep. Instead of taking a commission, the company charges EUR 2.50 on every trade up to a maximum of EUR 50.00. So whether you put EUR 10.00, EUR 20.00 or EUR 50.00 on the line, you’ll still pay the same flat rate – regardless of the outcome.
Hello i have been scammed and stolen from Optionfair a very considerable sum. Please send me on my email how i can sue them or to which organization i can refer to get my money back. Thank you in advance. Won in tournament and never got the bonus. Also they manipulated the trades. The screen showed a win several times but they didn’t give the money i won although i send mails to their customer service which never had an answer. Then Suddenly they closed my account with money inside !! I can’t even login. – Konstantinos
Read on a little further, and you’ll see that OptionFair has also made a number of additional service improvements – most of which had been flagged by experts before as in need of a little polishing. For example, the minimum deposit amount to get started in the first place has been reduced to EUR 100.00 or the local equivalent. As such, the platform has become significantly more attractive to newcomers and those with limited budgets. Likewise, it is now possible to trade with as little as EUR 10.00 on the line – an improvement, but not quite as low as some of OptionFair’s rival platforms where minimum trades are set at around 50% lower than this. In any case, there are some improvements but they have a long way to go before they meet top broker industry standards.
No Demo, Basic Accounts Short-Changed
Test out the platform for yourself and you’ll find that the way OptionFair handles the overall user experience is impressive, to say the least. Despite being a bit difficult to understand the functionalities, it remains easy to digest and work with most times.
However, for beginners with no experience, binary trading is made easy with other more interactive trading platforms that are much easier to understand. Speaking of getting started, there are currently five account types to choose from, which begin with the Standard Account with a minimum deposit of EUR 100.00 and go right up to the VIP Account where EUR 50,000 is required. Each account type comes with its own unique perks and advantages, though things are weighted heavily in favor of those willing to hand over more cash. If you’re looking to set up your account at the lowest level, don’t expect many extras and perks – you won’t be getting many at all.
Sticking with account types, it’s really disappointing to note that OptionFair still doesn’t offer customers at any level a demo account. These days, demo accounts are just about the strongest signal of confidence and transparency – especially in the instance of those that offer demo account with no deposit necessary.
Optionfair- Company is illegally holding my funds.
The Story: Last year I had opened a trading account. Had Verified it. Did my first deposit of 300$ and lost it. OptionFair implements forex. Well, it is not exactly forex, but just a sick toy for loosing your funds fast and sure. An automated shoulder of 1 to 400, spreads at basic forex assets of 6 pips, really nice toy if you are kamikaze or stupid. Everything OptionFair style. – Andrey
OptionFair doesn’t give new customers any opportunity to test what’s available for free or to carry out trades using virtual currency to get a feel for what’s on offer. This is something that could definitely do with being turned around for the benefit of newcomers in particular.
Don’t Be Fooled – Limited Learning
As for educational resources, OptionFair makes it look like it’s bursting with learning tools and helpful materials for traders at all levels. They’ve done a good job advertising their educational materials on the site, the likes of which could make a first-time newcomer assume that he’ll be a seasoned expert in no time.
The only problem being that while there are, for example, a full 51 video tutorials available, you’ll only be able to access 17 of them with a Standard Account. In fact, if you want to access the full 51, you’ll need to sign up for at least the Platinum Account which means handing over a minimum of EUR 15,000. It’s our firm belief that for the sake of traders at all levels, educational materials should be made available for customers will all account types from top to bottom, rather than favoring those willing and able to pay hefty deposits.
The asset library at OptionFair isn’t the largest you’ll come across, but it certainly covers all bases. The commodities, indices, stocks and Forex currency pairs have all been hand-picked by the OptionFair team, in order to comprise a list where quality is favored over quantity. Still, it could probably do with being expanded a little, at least for traders who prefer things a little more on the exotic side.
Payments in both directions are handled decently enough, and there’s little negative to be said about the security of financial transactions. That said, OptionFair only permits one free withdrawal per month, after which all subsequent withdrawals are charged at a fixed rate (EUR 25.00 at the time of our review). This is a little disappointing, but no worse than you’d expect with a variety of competing brokers. There’s also an mobile app available, which we found to work across both iOS and Android devices alike. However, the mobile app is nothing impressive and is nowadays provided by most brokers.
Generally speaking, it seems most of the key pieces are in place with OptionFair. Unfortunately, it’s hard to give OptionFair any kind of positive recommendation, given the relatively high number of complaints voiced online by the past and present customers.
Accusations of trade manipulation are a little too commonplace, the same being said for customers who’ve apparently won tournaments and earned rewards by various means, only never to receive the promised payouts. As with various other brokers, however, the biggest and most common complaint of all seems to be one of funds being withheld without the permission of the trader, barring the withdrawal process, and making it difficult/impossible to trade.
Of course, we cannot verify or refute any of these claims as they come directly from OptionFair customers, rather than our experience. Still, we always back our own findings with the opinions and feedback of real-life traders, when reaching our final verdicts. So while we would never go so far as to accuse OptionFair of scam tactics, it seems clear there’s a moderate amount of disdain among a good few traders using their services.
The Final Verdict
Once again, to suggest there is a genuine OptionFair scam taking place would be unfair. OptionFair may not be a full-blown scam, but they do not have any special platform or features to meet trading standards. As stated right at the beginning, brokers like these do not in any way take control of trades and nor do they act on behalf of the trader. Instead, they only offer a gateway – the outcome being determined by the actions of the trader. Nevertheless, certain key areas could do with being tied up, before OptionFair can be given a full recommendation.
We really like the idea of being charged a flat rate for trades, but with an asset collection of only 37, makes it very limiting. Limited tradeable assets mean limited successes since the pool is small. Moreover, we can’t say we agree with refusing to offer a demo account of any kind – nor the practice of showering pros with perks while leaving lower-level account holders a little short-changed. So while there’s plenty to be said about OptionFair on the positive side of things, there are still several areas that could do with being revisited.
- Flat-Rate Fee System For Trades Up To EUR 50.00
- Easy To Use, Easy Mobile Experience
- Troubling Customer Feedback Regarding Non-Payment
- No Demo Account Available
- ONLY 37 Tradeable Assets
- Limited Learning Materials
- Payout Average 68%
- Most Perks Reserved For VIP Holders