Expert Option was established in 2014 and based in St Vincent and Grenadines, 1510, Kingstown, Suite 305, Griffith Corporate Centre. The broker operates as ExpertOption Ltd and its registration number is 22863 IBC 2015. The company has mentioned Vestede Limited, a company located at Suite 3, 2nd floor, Icom House, 1/5 Irish Town, Gibraltar, incorporation # 116061, in their contact section. This company processes the payment services for the Expert Option.
Expert Option has been certified by Financial Market Relations Regulations Center (FMRRC), Russia which is a non-government, non-profit oversight agency. The certificate number issued by FMRRC is 0395 AA Vv0113. They also claim to be licensed by Vanuatu Financial Services Commission. However, the claim could not be verified yet.
Most of people like to see if the broker is regulated by CySEC in Cyprus and if they have been accepted in European Union through MIFID regulatory terms. This is a general norm to judge whether a broker is legit or scam.
Although the Expert Option is not regulated by the CySEC which is world’s popular authority but the broker is licensed by CROFR in Russia. This licensing makes it popular among the Russian traders. However, the broker is opened to almost all countries of the world. Their services are being offered in China, India, Indonesia, Singapore, UK, Australia and some countries of Europe. Their official website is also available in multiple languages.
Expert Option does not offer its services to the countries that include USA, Canada, New Zealand, Japan, Korea, Israel, Switzerland, Puerto Rico, Sudan and European Economic Area. The complete list has been mentioned in their “terms” tab. The list includes almost all the countries that require local regulatory certification.
They are relatively a new comer in the industry and they have used this in their advantage. They have used the information and models already implemented by the old players and endeavored to integrate that in their own platform. They have invested lot of expertise and capital in developing an in house trading platform that is specifically designed to provide easier and user friendly interface for both experienced and novice traders.
ExpertOption Demo Account
Expert Option is a nice trading because they offer a free demo account that does not require any registration. First of all, the demo account offered by Expert Option allows you to assess and test the trading platform, features and the environment without risking a dime. Since, Expert Option has its own trading software, so it is always prudent to examine what the broker offers and how the platform functions before proceeding with the real money. Although, the platform is user friendly and it does not have any complication that could not be figured out but why to risk own money in testing?
The demo account of the broker also functions as a great learning tool because you can thoroughly test your knowledge, skills and carve your strategies as and when you desire. The most attractive aspect of this demo account is that it does not require a lengthy process in signing up. No need to get registered; you get it with matter of a click. Simply tap on the certain button and in no time you will have an account of worth $1000 virtual money and you will be directed to the trading screen. The philosophy of Expert Option to make the trading highly accessible reflects in the demo account offering.
However, there is negative feedback about the demo account trading. As the demo account is meant for the traders to learn further about the trading but transitioning to the account is a great issue because it directs the users to the trading area. The potential payouts shown in the demo account are quite exaggerated which makes the site look quite unreliable because what returns it promises appear nowhere in the live trading session. Hence, some traders think that demo account is only a mean to entice traders to get into live trading.
Trading with Real Account
Expert Option aims to treat well all of its customers; thus, it has decided to categorize different account types to facilitate needs of different types of traders. Meanwhile, majority of brokers offer only one type of accounts to retain the process simplified. Expert Option has categorized the account types on the basis of initial investment of the traders. There are four categories of the accounts offered to the customers and it is discretion of the traders to choose any of those accounts as per their investment requirement.
Expert Option does not ask for any substantial amount of investment for the smallest account type. It is Mini account that requires you to start off with as low as $50 of initial deposit. Although, there are many brokers that demand even less than that but the average of industry is minimum of $200 as initial deposit. Hence, the mini account offers a cheap start by the industry average. Despite the low deposit amount, Mini account is no less in offering the account benefits except few parts of educational materials. The Mini account allows you to make a trade of maximum $50 while you are allowed to hold a maximum of ten positions at a time. This account is suitable for the small traders or the ones that like to control their risk in market.
Next tier starts with the Silver account that needs little more investment to start off. It requires $250 of minimum deposit but it offers slightly better trading environment. The maximum order limit is $100 in this account type you can hold fifteen positions at a time. As a Silver account holder, you may have the access to a personal account manager.
Then comes the Gold account; it is the level where brokerage services are being offered to the traders. It has some additional benefits as well like consultation with the experts, increased payout assets and priority withdrawal. The maximum limit of order is $300 for this account and there are no limits of holding number of simultaneous positions. However, Gold account needs minimum of $1000 investment to take start which is little high in context of modern norms.
The final and top category is VIP account that offers advantages of the gold account along with some other benefits. The maximum threshold of investment extends to $1000 while you may open up infinite number of simultaneous positions. The broker gives priority to VIP account holders in every prospect and they have access to individual analysis of trading history. This account type requires minimum of $2500 deposit to take the start which is quite low in context of modern norms and the offers of other brokers. We have seen other brokers that ask minimum deposit of $50,000 or even $100,000 to open a VIP account and such a huge investment is not justified in comparison to the offered benefits. Hence, it is not the right value for money.
This is another facet of ExpertOption that makes it stand out. They offer quite an extensive amount of educational material for the traders. You may have the access to educational material through “Education” tab or you may choose it from the footer of homepage. If you navigate to the education tab, you will find numerous topics that they cover. The main areas they cover are:
– Glossary terms
– Fundamental analysis
– Technical analysis
– Trading strategies
– Graphical analysis
– Psychology of trading
Apart from this, they have a variety of videos on different topics that help the traders to seek guidance on how to use the platform and how to avoid the common mistakes. You can find these videos in the “How to get started” tab.
The education is an awesome opportunity for you to enjoy the trading and learning through six most interesting learning units at your own disposal. The Glossary, psychology of trading and trading strategies are all about type of analyses. Glossary tell you about the key jargons that help you understand the Forex terms and you get used of the industry language. Psychology of trading is a very important aspect that teaches you how to avoid common traps in trading that most of traders fall in and lose money. Not many brokers cover this facet in their education section. Trading strategies section teaches you some of the fine and high probability winning strategies that let you make profit.
Fundamental analysis, technical analysis and graphical analysis sections make you learn how to use certain information and tools to grasp the direction of market, when to enter the trade and when not to.
Fortunately, this broker is not like conventional companies that show the same old stuff and never reveal the key information that help in learning the market behavior. Each unit has many interesting lessons to be learned and there is not much lengthy text. If you see this in the context of low minimum investment requirements, great customer support and a free demo account just a click away, then you feel it very obvious that the broker intends at bringing more and more novice traders into the market.
Simply, if you want to enhance your trading skills, knowledge and experience without any substantial financial risk, then this could be the best deal. Go through their education section, read the text and there would be many new things that you will learn on the way.
ExpertOption iOS App
There are not many iPhone users in the poor or medium developed countries where the Expert Option is soliciting its services. Yet, the broker has invested much in establishing an iOS app for the small segment of customers. Expert Option owns the platform completely and it is a tailored app developed to facilitate the iPhone users that frequently trade the trading.
The app is compatible with the iPod touch and iPad as well. It’s a very light program having around 80 MB size of the file. You need to have iOS 8.2 or the later version to install this app. Your age must be 17 years or old in order to download the application.
As the website of broker is based on multiple language interface, same is the function found in the iOS app as well. Other than English, it also includes languages such as Afrikaans, Czech, Arabic, Filipino, Hindi, Indonesian, German, Italian, Korean, Malay, Portuguese, Russian, Simplified Chinese, Japanese, Spanish, Traditional Chinese, Thai, Turkish, Urdu, Vietnamese. And of course the app is available free to download.
The app has a total of 19 reviews on the apple store until today and the rating is 4.8 out of 5 based on these reviews. There is only one negative review that marked the app as 2 star while rest of 18 reviews are all positive. All the positive reviews state that the app has a very nice interface and is user friendly. It is easier to use platform.
Expert Option had first launched their iOS app on 24th November, 2017 and the version was 23.4.1. Only after the four days, the broker launched its updated version 23.4.2 on 28th Nov, 2017. Until now, the company has improved and update 22 versions of the app in only 8 months of short time period. The latest version 30.3.1 was launched in June, 2017. This shows the dedication of company in research and development of its platform.
Overall the platform is easier to use and it is very light in size and memory consumption of the device. However, the issue is that it does not feature all of what is offered on the web platform or the PC client. Like, a technical analyst would struggle to use the appropriate tools and graphics to analyze the underlying instruments for trading.
ExpertOption Android App
Since Android users are too many around the world in each country, so all the brokers prefer to launch their application for Android users prior to any other OS. The company owns the platform as it invested in the development of a tailored mobile application to facilitate the customers.
The app is very light size as it only takes 9 MB space to install. This app is compatible with all of Android devices including mobile phones and tablets. Some traders are even reported using this app on their PC through bluestack. Although, it does not make any good sense. There is no age restriction applied over the users to download the app.
Since the website supports multiple languages, similarly the Android app also provides the interface in different languages. Other than English, it also includes languages such as Afrikaans, Czech, Arabic, Filipino, Hindi, Indonesian, German, Italian, Korean, Malay, Portuguese, Russian, Simplified Chinese, Japanese, Spanish, Traditional Chinese, Thai, Turkish, Urdu, Vietnamese.
Until now, more than one million users have downloaded this app which is of course a huge number. A total of 32,176 users have reviewed the application on play store and the collective rating comes out at 4.4 out of 5. While more than 23,000 users have given 5 star review to the app but there are 2,270 users that reviewed as 1 star and 522 users gave 2 star review. Most of the users that gave negative reviews have found some technical difficulties using the platform. Like some users said that they find it hard to rearrange the chart as the zooming is too massive. Similarly, some users feel that the app has less features as compared to other brokers like IQ Options.
Since, only around 32,000 users have reviewed the app out of a million, so we cannot judge what’s overall response of the users about the app. The recent update of the app launched by the broker was in April 2018.
Overall, the platform is simple and easier to use. You can process your payments through the app as well. However, the charting and graphic tools are not well enough to facilitate the users to technically analyze the market. This results in creating inefficiency in the trading process. Especially, when high frequency traders choose to trade turbo trading; they need swift analysis and decision making to capitalize on the opportunity.
ExpertOption macOS and Windows app
It entirely depends upon the various requirements of traders when it comes to opt a trading platform. While most of professional traders use desktop trading platform because of flexibility, ease of access and additional features that are not available in the mobile trading apps. Expert Option utilizes Associate in Nursing platform that is in-house developed their own software engineers to give yet another choice in the world of binary trading. Expert Option accurately grasps the needs of traders and it has invested in development of two different desktop trading platforms.
The traders that need additional benefits of an installable binary trading platform should make use of the Expert Option desktop trading platforms that guarantee you best tools in the market for high performance, technical analysis and instant access without any delay. The desktop trading platform is available for both windows and Mac users.
Both platforms are light and easy to install and available in multiple languages as well. The interface of desktop platforms is very clean and charting is also quite attractive. It resembles a lot with another trading broker but still there are distinct features. While reviewing the analytical capabilities of the platform, the charts can be played with up to certain extent. There is candlestick charting available along with some technical indicators but it stands nowhere if compared to the Forex platforms such as MT4 that has vast technical tools, automated trading and custom indicators.
If you are not a fond of downloadable desktop platforms, then you may opt to use web trading platform which is yet another excellent choice. Web trading is compatible with all browsers and you can even access it on your smart phone or tablet.
ExpertOption Deposit and Withdrawal
Expert Option provides quite convenient mode to deposit the money through more than twenty different payment services that may include credit and debit cards, bank wire, Union Pay, Skrill, Neteller, PerfectMoney, WebMoney, Yandex, Qiwi Wallet and Payweb. These payment processors enable you to get instant deposit into your account. However, offline payment modes like bank wire may take a while for the money to appear into your account.
Withdrawal methods are also the same as deposit methods and same payment processors whether e-wallet or offline modes remain the same. All of these payment modes have repute of being reliable and safe. Moreover, the method you choose to deposit will be the method of your withdrawal. You cannot do like deposit via Skrill and withdraw via any processor other than Skrill.
What payment method a trader chooses should primarily be based on the country where you live because not every method is favorable in all the countries due to local laws and restrictions. Generally, credit card and bank wire takes longer time to process while e-wallets relatively take less time. Most of e-wallets process the payment on same day if all of requirements are complete.
Just keep in mind that if your account does not fulfill the verification process, you will not be able to withdraw a dime from your account. You may need to go through the process by sending scanned or digital photograph of your government issued identity document. It may take 2 days in normal conditions but sometimes the process may extend the timeline up to 3 days.
Some users have registered complaints and negative reviews on various forums and communities online regarding their withdrawal and deposit methods. Since the broker is quite new in the industry, hence it needs some time to fix these shortcomings and improve the processes.
Many users complain that Expert Option does not have transparency in the context of deposit and withdrawal because there are no clear guidelines provided by the broker about transaction. It is of course a challenge for many traders as they do not have room to perform informed decisions that results in generating several complaints by the traders. The company has only bought a setup that still needs to be customized a lot in accordance with the requirements of traders.
Other than that, customers that seek deposit bonus also find it quite twisted when they try to withdraw any amount because there are certain conditions that are attached with the bonus and traders are perhaps unaware of it.
ExpertOption Sign up account
It’s quite a simple process to sign up with Expert Option. Follow the process below:
• Log in to Expertoption.com
• Click on “Real Account” in top right corner.
• You can sign up by entering your email and password or you can join through Facebook or Google APIs.
• You will then be redirected to the web trading platform.
• Click on “Deposit” tab and then choose your desired payment processor and proceed with the payments.
• After depositing, wait for the amount to appear in your account and then are ready to trade.
ExpertOption Customer Support
Expert Option keeps the live support active for 24/7 through live chat tool while some brokers only provide email address for complaints and queries. This service remains uninterrupted throughout the day. However, other than the live chat, there is no email address or physical address mentioned on the website. The broker also provides personal manager to all account types except Mini accounts. This is indeed a point that creates trust deficit for the traders as the company deals with financial transactions, so the details must be provided earn trust of traders. The good thing is that the broker provides support in different languages. It provides three contact numbers for support in English, Hindi and Thai languages.
Is ExpertOption a Scam/Legit?
Expert Option endeavors to stay transparent as they provide all of their information and certificate numbers. They have been regulated by VFSC and FMRRC.
FMRRC is a non-official regulatory body in Russia and it was created for the sake of regulating the brokers. However, we are not sure how FMRRC is strict in monitoring and reinforcing the brokers as CySEC happens to do.
There are some negative reviews about the Expert Option on different websites and forums and most of them are pertinent to changes that occur in the payouts. Another negative aspect of the broker is that they lock the deposited funds if you avail their bonus offer and they release only once the required turnover volume is fulfilled. However, this is a common practice among other brokers as well.
The positive aspect of the broker is that it does not solicit its services to the clients where they are not regulated. If your country is not allowed and you visit their website, soon a message will pop up saying that “your country is not accepted”.
Expert Option runs two domains which are expertoptions.ru and expertoptions.com. The latter domain has been able to accumulate huge traffic in the last few months and it peaked at 1 million visitors in a month. Overall, the company has solid traffic stream that shows high amount of interest across the globe.