PlusOption is a new and innovative binary options platform
PlusOption has an excellent choice of bonuses that vary depending on the type of account you trade with. Therefore, we gave them a high 95/100. Its software is good, but rather complicated so, it scored 80/100. Customer support is available 24/7 and on a number of channels, so we gave it 85/100 and the number of options one can trade is in the middle in comparison to what other brokers offer, so it got 80/100.
Investors want to diversify money and in the age of technology more and more assets are created in financial markets that brokers quickly include on their trading platforms. Binary options are on the rise and a number of brokers offering them to their customers are growing so fast that it is difficult to count them. Some are simply scamming operators, others are legit. In this review, we are going to carefully scan a rising player in the field PlusOption and see whether it can be trusted and how valuable its services are for both an amateur investor and a hardened pro.
PlusOption was established in 2015 by a number of professional Forex traders and brokers as well as experts in derivatives under the brand name TradePlus Solutions Ltd, which is located in the Republic of Marshall Islands. The company has its base in Romania and to some dissapointment the broker is not regulated by any financial authority. This carries a risk as non-regulated brokers have nobody to look over their shoulders and make them stop if some fraudulent activities are carried out by thm. For the time being, no red flags have been raised and the broker is not regarded as a scam by most traders.
PlusOption has a decent amount of assets (over 100) you can trade with and they can be put into 5 categories: currencies, commodities, indexes, cryptocurrencies and stocks. You can trade the most popular currencies and crosses on their web platform, which is excellent. The choice of commodities isn’t very wide, just Gold, GOLD/EUR, and Silver. The choice for indexes is not very good either; five not very popular indexes can be traded for the time being. However, they have a lot of cryptocurrencies you can trade and that is very good news, as these are getting more popular every single day. Stocks are also instruments that the company cannot boast about as they have just 7 of them at the moment.
Every customer who opens an account with the company gets 100% bonus of the deposit amount. The minimum amount to start with is $250. That is for a basic account or MICRO type and in order to be eligible to withdraw your bonus you will have to trade the volume 30 times of the bonus amount. You will also have one risk-free trade, so if you lose on your first trade you will get the amount back.
If you can afford to trade larger volumes you can open a SILVER account and the minimum deposit for it is $2500. This account holder will be able to enjoy all the features that the basic account has, plus a personal account manager and an extra risk-free trade.
Those that still want to trade more instruments and with larger volumes may apply for a GOLD account. The minimum deposit in order to be eligible for the account is $10,000. The company states that this is the most popular one among their traders. Investors will additionally get a personal analyst and access to webinars, a financial plan and a risk management plan. They will also get 2 more risk -free trades than MICRO account holders get.
The most prestigious of all is the DIAMOND account. In order to get it you will have to deposit 50000$, which is quite a large amount of money. However, as you may assume you will get the most privileges of all the three previous accounts combined. Your withdrawals will be the fastest, payouts the highest and you will be able to participate in VIP events and special ventures organized by the company. Plus you will also get 3 extra risk-free trades.
Fees, payouts and Trading features
PlusOption does not charge any fees on your trades. As has been stated earlier, the company has different types of accounts and payouts may vary depending on the type of account you have, type of options you trade and the length of expiry.
The company offers a large variety of binary options: LongTerm, 60 seconds, One Touch, ladder, Spot Follow, Pairs. Longer term options tend to have better payouts and lower risk. 81% payout seems to be the top for classic options, but as the company constantly improves payouts depending on your account type, it may be higher, particularly if you trade stocks. For the time being it is slightly lagging behind the industry average.
Minimum deposit is $250 and minimum trade size is $25, which is a bit high in comparison to other brokers. Maximum investment amount on a trade vary depending on the type of options you trade. For Longterm and Pairs the maximum would be $1500 or Euros. For 60 seconds and Ladder it can be $250 or Euros and for One Touch options the maximum amount is $500 or Euros. The maximum deposit has limits for most depositing methods, except for Wire, where there is no maximum amount to be deposited.
Like most binary options brokers PlusOption uses the ever-popular and robust SpotOption trading software. The platform is a bit complicated, but on the whole user friendly. It is quite clear what kind of option is where, how to choose expiry times and how much to invest. All the explanations are there, so even if you are a novice you can place your trades relatively easily. The company mostly uses a web browser platform, so you do not have to download anything. The good thing is that if you do not understand something you can use a demo version which is available without any registration and figure out how it all works.
PlusOption enables any trader to trade on the go, by means of their mobile application. If you have internet connection you can trade, check your balance, deposit and withdraw and it will not cost you a penny to use the app. The app is user friendly, so you should not have any problems understanding what is where and how to use it. You can download the app for iOS from the App Store and if you trade on an Android device you will have to download the application from Google Play.
Deposits and withdrawals
We are glad to see the most popular ways to deposit and withdraw money to and from your account featuring on PlusOption. You can do that by wire transfer, credit and debit cards, most popular eWallets such as: Skrill, Neteller or China Union Pay, Western Union and many more. Minimum deposit is $250, but minimum withdrawal just $50. If your depositing or withdrawal amount exceeds $10000 you will have to use bank wire transfer to do it.
Depending on your account type, processing time my vary from instant to 5-8 business day. Basic account withdrawal takes the longest and Diamond account withdrawal is the fastest.
Customer support is quite a strength of this company. It is professional, fast, efficient and you may use telephone, email or live chat to discuss your problems and issues with them or ask questions regarding any aspect of binary options trading. Live help is available on their website, so you can post any question you want and they will answer it in a matter of seconds. Clients can also send a complaint (if they are not happy about something), which has a procedure that has to be followed.
Extra features and resources
Extra services come in the form of educational materials that abound on their website. You can read articles that vary in topics, which are good for both beginners and advanced traders and new materials are regularly posted on their website. They have the Plus Academy section where you can get acquainted with both theoretical and practical aspects of trading binary options. They also post Market analysis on a daily basis so you can keep up with what is going on the markets, if you cannot or do not want collect analysis on your own.
Having looked through all the features available we come to the conclusion that PlusOption is a reliable broker, which has relatively good services for their customers by means of diversification of accounts, number of options one can trade and excellent customer service. There are a few things that they have to work on and improve, but on the whole, we would recommend their services for both beginners and advanced traders.
How can I submit a complaint?
In case you have any complaints about the functionality of the website you must fill in and send the appropriate form. You can find the Client Complaint Form here, complete it, and send it to [email protected]
Should I install software?
No, Plusoption is a web-based trading platform, meaning you can login to your account and trade on any device that has an internet connection.
I have problems with the registration process. What should I do?
The team at Plusoption are here for you, and are readily available to help! You can contact them by Email, phone, telephone or through the Live Chat button on top of the page.
How secure is trading with PlusOption?
The company do seem to take all the necessary measures to ensure clients utmost security event though they are not regulated. They feature SSL which is secure socket layer security, a level of encryption to protect traders private details.