Contrary to popular belief, it’s comparatively rare to come across a binary options broker that exists simply to mislead or scam traders. But at the same time, it’s also comparatively rare to come across brokers that bring anything new to the table. Or at least, anything new that’s of genuine value. Nevertheless, every now and again you find yourself coming across an exception to the rule – a broker doing something not only different, but genuinely appealing.
In the case of OptionFair, this is another example of a broker we visited some time ago and were not spectacularly impressed. It wasn’t that there was anything specifically defective or dodgy about what was on offer – it was more a case of being underwhelmed with the package as a whole. Which is why when we heard that the folks behind OptionFair were planning a significant overhaul of both the platform and the broker’s policies, we thought we’d give them a second try.
The question being – does the OptionFair stack up in a manner its previous manifestation never could?
An All-New OptionFair?
First things first, take a trip over to OptionFair as it stands today and one thing immediately becomes clear. Which is that these guys seem to be doing everything within their power to promote just how extensively they have changed, evolved and improved as of 2017.
- Tired of sharing profit with your brokers while carrying all losses on your own? Well we agree. So as of January 2017, OptionFair will provide a 100% return on all successful trades.
- No hidden spreads on payouts. – All trades (regardless of the investment amount) will carry a 2.5 EURO execution fee (or equivalent in local currency). Trade 10, 20 or 50 EURO per trade, the fee will remain the same.
- Reduced deposit amount – We believe that trading should be approachable to any suitable client. We have therefore reduced the minimum deposit to $/€/£100 or local equivalent.
- Reduced trade amount – Feeling that you do not manage to extend your portfolio due to high trade amount and low funds? Minimum trade amounts for all options has been reduced to $/€/£10 or local equivalent.
- No more wager based trading benefits – All our trading benefits are given in CASH funds directly to your trading account. No volume or turnover is required once the trading benefit has been given and it can be withdrawn at any given moment. A gift is a gift.
- Faster withdrawal time – We have reduced our withdrawal time frame to 1 business day from your request.
Now, perhaps the single most eye-catching and important entry to the list is the first. And this is also the focus point of a gigantic banner which takes up half of the entire screen when accessing OptionFair. The long and short of it being that taking an interesting step away from the norm, they have made the decision to completely abolish any commissions taken from trades. Rather than paying out 80%, 85% or 70% on successful trades, OptionFair now promises to pay a full 100% on every successful trade. If things pan out as expected, you get to keep 100% of the profits – no questions asked.
In order to go on making money, what happens now is that for every position entered into for EUR 50.00 or less, OptionFair simply charges a flat rate of EUR 2.50. Which means that no matter how much you put on the line up to this established maximum, you will only ever pay the same fee – regardless of the result.
What’s also interesting and encouraging to note is the way in which many of the entries to the list above are exactly the kinds of improvements we wanted to see last time around. The fact that the minimum deposit amount has been reduced to EUR 100.00 (or local currency equivalent) is great, improvements to prior withdrawal times which were rather on the terrible side are very much welcome and being able to trade with as little as EUR 10.00 on the line is also a welcome change from the previous way these guys did business.
Accounts and Demo Features
Spend a little time with the overhauled OptionFair platform and you are guaranteed to be impressed with the way it has been put together. A wide variety of improvements have been made in terms of both functionality and available features, while the whole thing is considerably more user friendly and open to newcomers than ever before.
As for signing up, there are currently five account types available, which begin with the new EUR 100.00 Standard Account and all the way up to the EUR 50,000 VIP Account. While each of the five account types features certain privileges and perks, check out the table on the website and it becomes immediately clear that lower-level traders are somewhat short-changed, with all the attention being focused on bigger spenders. It’s a great trading experience at every level – just don’t expect too many perks if you sign up with the minimum.
But one thing that definitely doesn’t add up to a great trading experience is the fact that for some reason, OptionFair chooses not to offer a demo account facility to customers at any level. Demo accounts available only to those who deposit funds are bad enough – failing to offer any demo account at all is borderline bizarre.
Learning Resources and Payments
While the library of learning resources at OptionFair is extremely impressive, the way in which access is limited in accordance with the account type is a little on the disappointing side. For example, those who deposit the minimum amount to get started will only be able to access 17 of the 51 instructional videos available. In fact, if you want to be able to access all of the educational resources on offer, this means being willing to deposit at least EUR 15,000. Suffice to say, this is far too much – we believe that educational resources in full should be made available to traders at all levels.
While the asset library at OptionFair doesn’t necessarily impress in numbers, everything it features is of the highest possible quality and relevance. It is also a marked improvement on the previous asset library, which left quite a lot to be desired. And as for payments, it’s fantastic that OptionFair is now promising and indeed delivering withdrawals that are often completed within one business day. On the downside, only one withdrawal can be made free of charge per calendar month, after which customers are charged a flat rate of EUR 25.00 for each subsequent withdrawal. Not the end of the world, but a definite area for improvement.
Last but not least, we gave the OptionFair a comprehensive inspection across a variety of iOS and Android devices and found it to function fantastically across the board. Far from a watered-down version of the desktop platform, it really does bring every key feature and functionality right into the palm of your hand for trading on the go.
While it may divide opinion, we personally believe that the new approach to payouts and commissions implemented by OptionFair is both interesting and appealing. On top of this, the platform itself has been transformed into a truly impressive piece of web engineering, the mobile application is simply outstanding and the customer service team at OptionFair has made incredible improvements.
Why exactly OptionFair continues to offer no kind of demo account whatsoever is a question we simply cannot answer. On top of this, improvements could definitely be made to the member accounts structure, along with the way in which certain learning resources are restricted to higher-level traders.
As touched upon a number of times, it’s hard not to be impressed by just how much OptionFair has improved as of 2017. Not only has everything about the platform and the trading experience been overhauled and enhanced, but the new flat-rate approach to fees and commissions is something we really enjoyed working with.
So even if you weren’t particularly impressed with OptionFair as it existed previously…as was the case with us…we would definitely recommend giving them a second look.