Update December 2016: There seems to a growing number of complaints the last few months about OptionRally’s professionalism. Many customer reviews are attaching the word “scam” with OptionRally which is putting them the radar. We are not calling them a scam, but we do not call them a trusted broker either.
OptionRally Broker Review
OptionRally is a relatively new binary options broker that launched in 2011. They are located in Cyprus and claim to be one of the first brokers to present a binary options trading platform for iOS and Android devices. However, nowadays, many binary brokers claim they originated many things, so don’t believe everyone you stumble upon online.
OptionRally is one of the many brokers that uses the SpotOption platform technology, which means it’s accessible via the web. There are no additional downloads necessary, which makes it just like any other traditional trading platform. Although this may cause some attraction to sign up, you may want to hold onto your money. Many binary brokers use the SpotOption platform on the web – it’s all about the tools and materials that the broker includes (which we’ll get to later on).
In a brief overview of the OptionRally trading platform, we find it molds into the standard framework of other binary options brokers in the industry.
OptionRally does attempt to hold a competitive edge with the educational materials even though they have just a little over 60 assets. However, the entire platform and given materials were not enough to “wow” our team. But nonetheless, we’ll give you the facts.
When you access their learning sources, there are various tutorials, eBooks, and webinars to choose from. But since it uses the SpotOption platform, the provided resources don’t seem any different than any other broker in the industry. According to the OptionRally website, there are over 100 various trading assets a trader can trade with, which sounds reasonable. However, we believe in more in QUALITY than the quantity of available assets. Just because a broker has a wide selection of trades, doesn’t always mean they are worthwhile. So don’t be impressed just yet.
Additionally, this broker offers a payout around 78%, and they offer up to a 10% refund. These are not bad trading terms. However, we weren’t impressed either. We know of brokers that have higher payouts and up to a 25% refund.
Review Verdict: OptionRally may not be a complete scam. However we do not feel comfortable recommending it to fellow traders. There are many cases that we believe OptionRally may not have your best interest. Find the evidence in this OptionRally scam investigation.
OptionRally Withdrawal Process
According to their withdrawal terms, the minimum amount you can request is $100. Initially, our team that reviews brokers consistently (over 50+ brokers) finds this min. withdrawal amount to be quite high. In order to retrieve earnings, OptionRally uses common traditional ways such as wire transfers, credit cards and Skrill. OptionRally claims to process its withdrawals in a 48-hour time period, but we find this unlikely.
Proceeding foward, the request involves submitting and providing them valid identification and a utility bill with your address on it. If you plan on using your credit card, you’ll also need to provide then a copy of that as well. The overall submission process is standard in the industry. However, the fast processing claims, may be a bit far-fetched.
As per experience and customer trending feedback, a withdrawal approval takes up to 7 business days and a bank transfer 9 business days! That’s a bit too much time compared to 5-star brokers who have lower minimum withdrawal amounts and faster-earning transfers. More so, it’s disappointing to see that OptionRally promises one thing yet in our experience does not follow through.
OptionRally – Is it a Scam?
Besides conducting our own trial runs with OptionRally, we searched the web for real customer reviews. We did dig up various complaints, and most of them were regarding the sluggish withdrawal process and their bonuses.
We can understand the displeasure with withdrawals since we’ve seen other brokers make similar promises like OptionRally. Many times, brokers promise a short withdrawal time in order to attract traders to open an account with them.
Later on, traders realize that the broker fails to meet the advertised promise. The delay is not the trader’s fault, and it can be nerve-racking to wait for your funds to go into your bank account. And if they are a scam broker, you’ll never get them. Make sure to contact their customer support consistently until you get your money!
Furthermore, accepting a broker’s bonus and not being able to meet the trading volume is not entirely the trader’s fault. You should read the bonus policy prior to accepting and before funding money into your account. However, it is the broker’s job to inform you of the terms and details in order to be able to withdrawal your earnings. Some brokers do tricky tactics and keep changing the trading volumes or conditions of the bonus. Binary options brokers must reference the bonus’s trade volume number needed in order for you to tap into your earnings – and OptionRally makes no exception.
Is OptionRally a Legit Broker?
CySEC regulates OptionRally and their license number is 220/13. They are owned by TCM Investments Ltd which is authorized by the Belize International Financial Services Commission. Although this broker has a SSL encryption, this is only the basic minimum regarding the security of your money. So your investment may not be as safe as you think. Be careful. Personally, we would opt for binary brokers that have better security measure enacted. Why risk losing or even having your money stolen? Not us.
We encourage fellow traders also to review a binary options broker’s reputation; not just their regulation license. Some regulated brokers are unethical and conduct bad business practices, so you need to be careful. Regulated and well-respectable global brands include Banc de Binary, AnyOption, 24Option and have earned extreme popularity due to their strong reputation in the industry.
OptionRally Bonuses & Terms
We are not keen on broker’s who do not provide their bonus terms and conditions in a straightforward manner. So we’ll share with you that OptionRally’s sign up bonus requires you to trade 30 times the amount of the bonus – plus your initial deposit. If you fail to achieve the trading volume, then you will not be able to withdraw your earnings.
Update 2016: Deposit sums are still not displayed on the website. You are only told the bonus percentages. In our opinion, this seems very odd.
Depending on the account that you open with OptionRally, a Welcome bonus is offered. The VIP account offers the highest bonus of 30%, and more bonuses are given after you re-deposit more amounts. When you redeposit into your account, the maximum bonus you are able to receive is 15%. However, this only applies to VIP members though.
Bonus terms, as well as to which account each bonus is applicable, can be confusing. There are times brokers market some attractive bonus offering, like it the case of OptionRally, yet it only applies to a particular account. However, many new customers get confused, and some feel customers have claimed it appeared as a tricky scheme.
Remember that if you decided to accept further bonuses, the trading volume increases and you must fulfill the terms to access your earnings. We recommend you decline bonuses if you think you are unable to meet a broker’s criteria.
The Final Verdict
Regarding this specific binary options broker – OptionRally – we covered the core details that could cause traders to be nervous and wary of their funds. Our mission is always to mention the good and the bad of any binary options broker that we review to help you make a wise choice. In this OptionRally scam review, we left out some general details such as the minimum deposit and option types available on the platform as we found these to be standard.
However, what we didn’t find common – and not in a good –way are the schematic of the bonuses and withdrawal process. The structure of the bonus terms and account types appear to be a clever trick in our opinion. We’ve reviewed a number of broker’s who have used “attractive” bonus strategies but include some very fine lines. And users only realize them after they deposit money. It’s a shame such occurrences happen – but now you know what not to fall for.
As a trader, one of the major concerns is being able to withdrawal your funds and having transparent terms and conditions. The withdrawal process seems to exceed the stated time frame as indicated on the OptionRally website. And online research shows that it probably has happened to one-too-many customers already, so we personally wouldn’t continue to use OptionRally. Based on the OptionRally investigation, we strongly suggest you choose a broker with a better reputation. AND one that can ensure you are able to withdraw your funds on time.
- Educational Section
- SpotOption Platform
- Withdrawal Complaints & Major Delays
- Tricky Bonus Terms
- No Deposit Amounts Listed for Accounts
- No Special Features