ExpertOption is a popular online broker offering digital options and fast online trading. This analysis covers the trading platform, the mobile trading app, the withdrawal and deposit process and the demo account details. We also analyze each type of account and offer a strategy on binary trading and digital options. ExpertOption started providing services to traders in 2014 and currently executes more than 30 million transactions per month. The brand currently has 9 million customer accounts.
ExpertOption’s goal is to offer a completely transparent online trading experience. To this end, it provides users with an intuitive trading platform and many educational materials. Customer service is clearly a priority here, and the brand has more than 100 account managers, focused on a variety of different customer needs. ExpertOptions is also committed to offering the fastest possible trading in the industry, through its own dedicated platform.
ExpertOption provides users with a variety of intuitive trading platforms, with the option to trade via the Web, mobile app or dedicated desktop app. While many brokers choose to use an existing platform (usually MetaTrader 4 or MetaTrader 5) to save time, ExpertOption has created its own platform, which is fully customizable and can be adapted to the needs of each client.
This means that all the features offered by ExpertOption are easily integrated, regardless of whether the user is trading via a desktop or mobile device, although the downside is that there are no external support resources available. However, with such an intuitive interface, users are unlikely to need external resources to understand how to trade with ExpertOption.
ExpertOption offers opportunities to trade in the following markets. However, it is worth considering that the instruments offered vary according to the professional’s country of residence:
ExpertOption charges a £ 5 commission on any winning trade. When it comes to payments, the brand can take up to 5% in winning trades, below the industry standard, which can generally reach 15%.
Spreads can vary depending on the type of account the user chooses and can reach 0.1 points. While spreads generally start higher on standard accounts, ExpertOption remains a competitive broker to trade. It is worth mentioning that spreads may increase or decrease during specific periods, depending on market conditions.
When you start the website from your mobile device, you immediately receive the application relevant to the particular device you are using. If you’re on an iPhone or iPad, you’ll have a chance to download the app from the App Store. Likewise, if the device you are using is an Android device, you will receive the Android app from the Google Play Store. If you want to ignore this and continue on the mobile site, you’ll also get this option.
Even on the largest phablet phones, it is challenging to navigate the mobile site, as it is not fully responsive; therefore, many merchants choose to use the app on the go. While some aspects of the mobile site have been considered for mobile use, others require the user to pinch and pinch the screen.
Deposits and Withdrawals
Making a deposit is quick and straightforward, with debit and credit cards accepted along with other forms of payment, such as Skrill and Neteller. You can open an account, deposit your funds and start trading. Although it is necessary to deposit US $ 50 to open a Mini Account, the minimum deposit required is US $ 10.
For Gold and VIP account holders, priority withdrawal is a feature, but ExpertOption claims to have a faster response than many other brokers. Withdrawals are exempt from commission and are carried out using the same methods as deposits, Visa, MasterCard, e-wallets and Skrill, Neteller etc. Although they claim to offer a quick answer, although they do not indicate precisely how long it is, and for some the experience was less than clear. As with many brokers, the generally expected withdrawal period can be 3 to 5 days. There is no explanation of the Gold and VIP priority withdrawal service. To test your service, we made a sample withdrawal and the time it took was only 3 days, we did not find any withdrawal problems.
Is ExpertOption reliable?
One of the most important factors that traders need to consider when deciding to trade online is the reliability of the company in question. Where is it registered and what user safety measures are taken at that location? In Brazil, binary options are not regulated, so you will not find Brazilian brokers.
ExpertOption is licensed and regulated by the Vanuatu Financial Services Commission (VFSC), an agency established in 1993. Vanuatu is a small island in Southeast Asia that has become popular with forex and binary options brokers due to the numerous tax benefits offered. But this is not as bad as it may seem. Most online casinos and options and forex brokers decide to register and operate from “tax havens” which, in turn, facilitate their activities. In addition, the company is also part of the International Financial Market Relations Regulation Regulation (IFMRRC). This is an independent Russian non-commercial organization whose responsibility is to supervise financial services companies, such as binary options brokers.
This means that the agency guarantees the quality of the services offered by its licensees. Its main objective is, after all, to provide traders with maximum security during online trading. The IFMRRC also acts as a mediator between users and companies in conflict resolution. However, we did not find information about your VFSC license number or your IFMRRC certificate on the website. This may raise some suspicions, as this information is usually available on the homepage. To clarify the doubt, we resort to the company’s online reputation. As it is quite new in the market, it has not yet received many complaints, but we were able to find users unsure about measures to protect negotiations and the payment of profits.
Popular ExpertOption Resources
The platform used on the website is developed mainly by ExpertOption, different from other trading platforms that make use of the software developed by third parties. Proprietary software is easy to understand and can work for both new and experienced traders. The software is loaded with features that allow traders to perform technical tasks, can increase profits and streamline online transactions. Here are other resources and tools you can use as a member of ExpertOption.
Presence of a demo account. A demo account is available, and it does not require any downloads. As soon as you open an account, you will receive access to that demo account with $ 4,000 in virtual money. When we tested the demo account, we found that the account has higher than usual profit numbers, which is a bad thing, as it is leading traders to believe that they can profit a lot from this platform. We see this as a marketing ploy that motivates traders to trade real money.
Access to training and educational materials. Like other trading platforms, ExpertOption also offers its members access to useful resources that can be used for training. These resources and tools are posted in the Education section of the website. The materials contained here can help beginners to better understand the market and business. You can also find a Glossary, where important terms and technical words are explained.
Mobile trading is also available. There is also a mobile trading platform that can help traders complete their trades in seconds. The application is available on the Google Play Store or the Apple Store. The application can be downloaded on iOS or Android phones.
Our Concerns Regarding ExpertOption
As a new player on the market, ExpertOption faces some difficult challenges. For example, many traders see it as an untested platform with no solid experience. When we test and analyze the platform, we are also concerned about your inexperience in dealing with negotiations. To help management improve their services, we’ve listed some of the things that can be improved on the site.
Banking / deposit services. This platform has a transparency problem when it comes to deposits and withdrawals. For example, there are no clear figures to explain how deposits and withdrawals are facilitated. This can become a problem for many experienced traders, especially those who need to trade regularly. His inability to be transparent when it comes to banking services has led to a series of complaints against the administration. In addition, the design and layout of the website are not easy to use and do not connect with traders.
Withdrawal policy. As mentioned earlier, the withdrawal policy is unclear and can be misleading for many beginners. Customers are not properly oriented and informed about how withdrawal can be facilitated. This can be a source of trust issues, and we suggest that management establish all the details related to this matter.
Customer Support & KYC
This is obviously a really important consideration for brokers and exchanges. There is nothing that is more frustrating than having to wait for days to get customer support.
Expert option claims that they have 24/7 customer support. You can reach these support agents directly from the trading platform. When we tried to reach out to the support team it took about 10 minutes to receive a response which is not too bad. You can also reach them on their dedicated support email at [email protected]
There are also numbers that you can call for their local offices. This is helpful for those traders that would like to speak to someone. Here are the local numbers
UK (English): Number: +44 20 3868 3160, email: [email protected], available 24/7
India (Hindi): Number: 000 800 443 0002, email: [email protected], available 10:30 – 19:30 (India time)
Thailand (Thai): Number: +66 6000 35 407, email: [email protected], available 10:30 – 19:30 (Thailand time)
In terms of KYC, Expert Option is required to complete a number of steps to make sure that you are who you say you are. This is the standard protocol in today’s markets to avoid the risks of Money Laundering and fraud.
When you fund your account at Expert Option they will usually ask for a proof of identity as well as a proof of address. They should take a day or two to verify these documents.
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