Option888 Review

Option888 is offers binary options traders a simple, fast trading platform with a modern interface and high average payouts. The brokerage is owned and operated by Capital Force Ltd, a financial services company based out of 13 Novasage Chambers, Level 2 CCCS Building, Beach Road, Apia, Samoa (Company No. 70611). Presently Option888 has their regulation overseen by the Malta Gaming Authority, although rumour has it that they are in the final stages of securing a CySEC license. In any case, they are not setup to accept traders from the US or Canada at this time.

Upon launch in 2014, their initial vision was to offer services that were dedicated to the European market, including Scandinavian countries. They have ensured that the demands of their European demographic are met with a website supported in the relevant languages and currencies for those regions. Option888 also have worldwide based offices in London, Malta, Germany, Holland, Spain and France. Ensuring that they are positioned geographically where they need to be in order to compete for those markets. They also offer accounts and banking management options that include many local European currencies, in order to curtail conversion fees, adding to their appeal.

With Option888 all clients are considered equal. Live accounts are accessible from $250 and come equipped with all the trimmings; including full platform access, an account manager, an instrument list of 100+ variable assets, short and long expiries, plus the opportunity to manage your own risk and payouts through unique trading tools.

Trading Platform & Features

Option888 uses a Tradologic platform – a feature rich terminal that competes well against the many SpotOption platforms that currently saturate the market. The broker offers a diverse list of asset categories, including Commodities (crude, oil, corn), Stocks (Apple, Boeing, Coca Cola), Indices (Nasdaqm FTSE 100, Dow Jones), Futures, plus an array of underlying assets for Currencies (EUR/USD, AUD/CAD and BitCoin/USD). On the main platform homepage, you can customise this list to include only your favoured instruments in order to keep a watchful eye over your interests. Contract types for these options range from Turbo 15 second expiries, through to a 3 months on Digital options. Additional settings permit you to trade on One Touch, Range, Touch and Digital chart formats. The Advanced charting feature gives you the chance to adjust your Payout in order to balance a suitable return on a negative trade outcome for contract expiries of 5 minutes or more. Each contract form will include a payout summary and end profit total for convenience, plus the accompanying charts can be altered to show Line, Candle or Area graphs as required.

In terms of tools, we noticed a couple of key features that may help you to raise your chances of success, and minimise your risks. Along with the choice of reducing payout in order to increase return percentage (up to 20%), which acts much like insurance, you may be given the option to Close, Double or Extend your trade – giving you a greater sense of control with the outcome.

The platform is accessible through online login and available as free downloadable apps, suited to all Apple and Android devices.

Account Options & Payouts

In the past year or so, Option888 has made a few thoughtful changes to their account classifications. Fundamentally, they have levelled the playing field, erasing the need for staggered account types. Now, all new customers are considered equal; paying a live account opening deposit of $250 and receiving a personal trading coach (or account manager), access to Educate88, the full platform and given free regular trading signals. You can run these accounts in EUR, USD, SEK, NOK and GBP – the perfect opportunity to cut conversion costs when depositing and withdrawing in your local currency.

Unfortunately, in their mission to simplify, Option888 have done away with any chance at requesting a demo account, even for those who have are willing to deposit first. We feel that this is a bit of a risky decision, especially as the minimum trade entry is defaulted to $10 – relatively higher than some of their competitors’. However, we do feel that you can counteract your disappointment through full use of the educational facilities and risk aversion tools. Do your research and consider your best strategies.

A main selling point with Option888 is their ability to offer mid to high payout rates across many of their contract types and assets. As we have already mentioned, Advanced options allow you to adjust the balance between 71% maximum payout, towards 51% and 20% return for modest risk management. Expect 76% payouts on Turbo and Touch expiries, 60% payouts on One Touch and Range contracts, and up to the maximum 88% payout on Digital options.

Banking Options

At the foot of Option888’s website, you will see a logo list of all the available banking providers. If you wish to use an option that isn’t listed here, you may contact support and ask directly if they would allow this.

Deposits

The minimum deposit is $250, or payable equivalent in EUR, NOK, GBP, SEK, TRY or DKK. To do so, you may choose from credit/ debit card, Neteller, GiroPay, SoFort Banking, Paysafecard or using direct bank transfer. Most of these providers should enable your account credit within moments, however bank transfers and some credit/debit card types may encounter longer processing times. Option888 doesn’t charge for deposits and the support team are on hand to assist you in the process as best they can.

Withdrawals

Withdrawals may take up to 14 working days according to the banking method you have chosen to use. Within this timeframe processing is 2 – 5 working days, after which your account could be credited from 2 days. The system works on a loop, so however you chose to deposit, your funds will be returned to this source. Minimum withdrawals stipulate that requests must be for $250 or more. Option888 doesn’t make a habit of charging for the service, however there is a bit of fine print on this. They require you to turnover your initial deposit amount at least once (with all trades counted in the trading volume) ahead of withdrawing any of your profits. If you choose to withdraw funds ahead of this then you will be charged $30 or equivalent at this point.

For fraud mitigation purposes, Option888 requires certain documentation in order to verify your account and process your withdrawal requests. Ensure you have the relevant documentation at hand (ID, proof of address, etc) at the point of request to avoid delays.

Education Resources & Support

Option888 should be congratulated in its continuity, offering multi-lingual support (English, Italian, German, Swedish and Turkish) in an effort to care for its European audience on both their website, platform and through their customer service facilities. In this case, the Live Chat feature we used was offered in English (German also available) and the agent on call was quick to respond, fully knowledgeable in all aspects of Option888’s products and services, and stayed with us as we worked our way around their website. For those who prefer speaking directly to customer care, there are several regional office numbers listed on their support page, where you can also complete a form for email correspondence. Callbacks may be requested through the Live Chat facility in order to offset any toll fees.

When you decide to open a live account with Option888, you will be contacted directly by your account manager to oversee the introductory process. This pairing will ensure that you are accompanied through your first steps on the platform, offering guidance with any initial technical and practical concerns. With no demo on offer, it is then up to you to take control of your own educational experience. The Trading Academy (or Educate88 portal) is loaded with all sorts of learning material to get you started. The broker has broken these elements down into neat categories that include binary strategies, an In-Depth Course (advanced version too), social trading, economic and introductory videos. Videos, infographics and downloadable ebooks make certain that you have access to the type of materials that suit your individual learning style. There are also summaries of the different contract types you will be dealing with on the platform.

Why Trade at Option888?

Option888 has targeted the European market with gusto, making bold decisions with regards to their platform choice, payout levels and accounts. Their recent shake-up has seen them eradicate the out-dated tiered classification system, placing all their clients on equal footing for support and access to services. Their care is devoted to their demographic, which means if you are based on the European continent then you will likely have an Option888 office located regionally, support agents capable of assisting you in your local language, and banking methods that are suited to your own currency. Option888 is not only regulated, but offers you the chance to regulate your own risk on their modern, Tradologic platform. You can apply select tools that will allow you the opportunity to adjust your contract’s outcome for the better, or even set a return of up to 20% should the investment end out of your favour.

Yet it isn’t all sunshine and roses. We have to deduct overall points as Option888 do not offer a demo and their withdrawal process is a long-winded. However, they have a CySEC license pending and there is talk of a social trading feature being introduced in the coming months. As such, we are happy to recommend Option888 for their binary options services, but award them 2 out of 5 stars for their services at this time.