Expert Option Review – Is it SCAM or LEGIT trading company?
- Low deposit limit
- High maximum returns
- Platform is easy to use
Compared to other binary options brokers out in the market, ExpertOption is relatively new but is starting to gain traction among established traders. As a trading platform, the website is under the supervision of the Russian FMMRC, with the license number TSRF RU 0395 AA Vv0084.
We reviewed this trading platform, and based on the initial data and experience that we have collected, we can say that we are satisfied with the results. Our initial thoughts is that this trading platform can work for beginners, or those who want to start small in trading. However, IQ Option and OlympTrade are also good alternatives. If you are interested to learn more about ExpertOption, we suggest that you read our review below.
ExpertOption Trading Software (Platform)
The user interface is easy to understand, and provides guidance to traders on how to perform the trades. The platform also provides choices when it comes to assets like indices, currency pairs and commodities like crude oil and gold. The only concern here is that traders are only offered short term expiry times. There is also an app that can be downloaded on iOS, and an app for Android devices are expected to follow.
As a broker, ExpertOption is known to deliver a number of promising features. But one should keep in mind that the type of services that can be enjoyed will depend on the type of account opened with the website. There are four different types of accounts that customers can consider. Each account has its own set of features and benefits, and we recommend that the interested trader should check each option and the features that come with it.
One of the things that you will notice with the platform is the comprehensive explanation of the bonus terms, and this can be read in the website’s Terms section. These bonuses are subject to x50 turnover before the said amount can be withdrawn. Also, the operator gives its members the opportunity to reverse the bonus, but this can be done before placing any trade after collecting the bonus. With ExpertOption, anyone can start small with its $1 minimum trade. This minimal entry fee can help new traders test the market before pushing ahead with large deposits and trades.
Popular Features to Expect with ExpertOption
The platform used on the website is developed primarily by ExpertOption, which is in contrast with the other trading platforms that make use of the software designed by others. The proprietary software is easy to understand, and can work for both the new traders and experienced ones. The software is loaded with features that can allow traders to complete technical tasks, which can then boost profits and streamline online transactions. Here are other top features and tools that you can enjoy as a member of ExpertOption.
- Presence of a Demo Account. There’s a demo account available, and this does not require a download. As soon as you register an account, you will be provided access to this demo account with $1,000 in virtual money. When we tested the demo account, we found out that the account features larger-than-usual profit figures, which is a bad thing since it is conditioning the minds of the traders that they can profit big-time with this platform. We see this as a marketing ploy yo motivate traders to trade real money.
- Access to training and educational materials. Just like other trading platforms, ExpertOption also gives its members access to helpful resources that can be used for training. These resources and tools are posted on the site’s Education section. The materials that are contained here can help the beginners get a better understanding of the market and trades. You can also find a Glossary, where the important terms and technical words are explained.
- Mobile trading also available. There is a mobile trading platform too which can help traders complete the trades in seconds. The app is available on the Google Play Store or the Apple Store. The app can be downloaded to your iOS or Android phones.
Our Concerns Regarding ExpertOption
As a new player in the market, ExpertOption faces some tough challenges. For example, many traders see the platform as untested with no solid experience to speak of. When we tested and reviewed the platform, we are also concerned by its inexperience in handling trades. To help the management improve their services, we have listed some of the things that can be improved on the website.
- Banking/deposit services. This platform has a transparency issue when it comes to deposits and withdrawals. For example, there are no clear figures that explain how the deposits and withdrawals are facilitated. This can become a problem for many experienced traders, especially those who need to transact on a regular basis. Its failure to become transparent when it comes to banking led to a number of complaints against the management. Also, the design and layout of the website is not user-friendly, and fails to connect with traders.
- Withdrawal policy. As we already mentioned, the withdrawal policy is unclear, and can be misleading for many beginners. Customers are not properly guided and informed on how the withdrawal can be facilitated. This can be a source of trust problems, and we suggest that the management should lay down all the details related to this concern.
Common Questions Asked About ExpertOption (FAQ)
- What are the common withdrawal and deposit methods available on the site?
This platform maintains a number of popular payment options which can help when depositing and withdrawing funds. The most popular platforms that can be used by members are Neteller, Visa, Maestro and MasterCard. Other payment facilities that can be tried are Yandex Money, WebMoney, PerfectMoney, Skrill, Neteller and UnionPay.
- Is there a demo account?
Yes, ExpertOption carries a demo account, and it comes with $10,000 in virtual money. This virtual money can be used to test and run the platform using a number of strategies.
- What is the minimum trade and deposit amount?
With just $50, a trader can start funding his account with ExpertOption. Traders will need at least $1 to start trading online.
- What is the minimum amount that can be withdrawn?
Withdrawals also start at $10.
- Are there bonuses and perks available for members of this platform?
ExpertOption has a bonus program for new customers who will create an account with the site. New sign-ups can enjoy up to 100% match up of the initial deposits made, and the succeeding bonuses are subject to 25% to 125% match bonus. Aside from the financial perks, new customers of the platform can also enjoy the services of a personal material, faster withdrawals and trading analysis.
- What are the other account types available?
There are four types of accounts that can be considered with ExpertOption. Traders can select the Mini Account, and this should work with a minimum $50 deposit made. Another account is the Silver Account, with a $250 deposit requirement, and there is the Gold Account which comes with $1,000. There’s also a VIP account which can work for experienced traders, and this requires a minimum deposit worth $2,500.
- What is the expected ROI for every trade?
Traders of this platform can expect a 95% payout rate on all winning trades. If the investment is at $100, then a winning trade is worth $100 + $95, and the remaining amount ($5) serves as the commission of the broker.
Banking and Corporate Info
ExpertOption supports a number of popular banking options. Customers and traders can found their accounts through bank wire transfers, WebMoney, Qiwi, Neteller MasterCard, Skrill, UnionPay, Yandex and Visa. Customers can withdraw funds using the platform used for deposits. The minimum amount that can be withdrawn is $10, and withdrawals are often processed within 2 days.
All the services and features considered, ExpertOption serves as a professional platform worth checking out.
|Trading Platform||Custom made platform|
|Minimum 1st Deposit||$ 50|
|Minimum Trade Amount||$ 1|
|Maximum Trade Amount||$ 5000|
|Bonus||Social trading features|
|Payout||Up to 95 %*|
|Free Demo Account|
|Deposit Methods||Credit Cards, Debit Cards, Skrill, Neteller, Wire Transfer, ePayments|
|Withdrawal Methods||Credit Cards, Debit Cards, Skrill, Neteller, Wire Transfer, ePayments|
|US Traders Allowed|