Opteck Broker Review

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Established in 2011, Opteck is one of the most established binary options brokers. We view this broker quite positively as it is regulated by the Cyprus Securities and Exchange Commission (“CySec”), a major plus in our view. It also has very permissive withdrawal policies, with minimum trading volume requirements on bonuses applying only to the bonus amount, instead of to the total account funds. One small negative thing is that they have extra fees on withdrawals and profits, which although minimal, is something a customer should definitely be aware of prior to registering.

Basic information:

Online since: 2011
Jurisdiction: Cyprus
Software: Own trading platform
Max Returns: 85%
Minimum Deposit: $250
Bonus: 100%
Minimum Investment: $25
Maximum Investment: $5000
Currencies: USD, GBP, EUR
Mobile: Yes
Countries: All Countries except the USA

Pros:

– Easy-to-use website
– Licensed by CySec
– Demo account
– Excellent customer support

Cons:

– doesn’t accept American traders
– extra fees on withdrawals

Binary Minery Rating:

4,5 stars

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Opteck Special Features

One thing that clearly sets Opteck from its competitors is its bonus policy. The vast majority of binary options brokers have a policy that in order to withdraw funds from an account that has been credited with a bonus, the trader will have to satisfy a minimum volume requirement, which is typically set at a multiple (usually 20 to 60x) of the total account funds of deposits plus bonus. In this sort of policy, you can clearly see that this allows the broker to lock in all of the trader’s funds until said volume requirement is met. This can come as a nasty surprise to unaware traders, and bonus policies are a major factor we consider when we evaluate each individual broker.

How does Opteck set itself apart? Well, firstly, not all of its bonus types come with minimum volume requirements. For example, the broker offers a ‘risk-free’ bonus, which becomes void only after a trader makes a profitable trade (which the trader can utilize the bonus for). That is a very innovative incentive form and shows the company’s creativity. More importantly, even for bonuses which do come with a minimum trading volume requirement, said requirement only applies to the bonus portion and not the total account funds!

To that end, Opteck keeps the trader’s bonus separate from his or her account until the minimum trading volume requirement is met, after which the bonus is merged with the account. Up until that point, the trader is free to withdraw his or her deposit per the usual methods at any point in time. And since the minimum trading volume requirement only applies to the credited bonus and not the total account funds, it is much easier for the trader to reach said requirements. While Opteck has stated that its multiplier for the minimum trading volume is in the 40 – 50x range, which is high compared to other brokers, however since it only applies to the bonus portion, the actual required trading volume would actually be much lower.

In addition, Opteck also offers a demo account (minimum $500 deposit required), which would allow a trader to get even more experience without putting additional money on the line. There is also an ‘Academy’ section which not only has informative articles, but over 20 educational video tutorials, webinars, and an ebook to boot! All of these show that Opteck is highly customer focused, and we take an overall positive view on this broker.

Opteck Trading Software

Unlike most binary options brokers that use a white label platform (meaning the platform was created by another company and rebranded with the broker’s name) such as SpotOption  or TraderSoft (Opteck’s previous platform), Opteck has now developed their own proprietary trading platform, which is web-based with mobile functionality for both iOS and Android. They even offer a downloadable app option for both PC and tablets. In our view, this is reflective of the company’s initiative and ambition, as it clearly wishes to stand out in the largely undifferentiated sea of binary options brokers.

Unfortunately, the options available on Opteck’s trading platform are standard but limited, mostly focusing on the standard high/low, one touch, range, and quick options (options with expiry times of 30 seconds up to 60 minutes). For example, they do not offer ladder options (which can have payouts as high as 550%, although the risk is commensurately higher) although they do have a social trader option (which allows traders to automatically copy trades made by other, more experienced traders), both of which are offered under the SpotOption platform. Nevertheless, the standard options available should be more than sufficient, Opteck compensates by making available a highly extensive list of assets to trade, surpassing most of our other reviewed brokers, with 8 different commodities, 23 different indices, 33 different currency pairs, and 48 different stocks available.

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Opteck - screenshot

Opteck Support Information

Consistent with their customer-centric policy, Opteck’s customer support section also stands a head above the rest. A typical binary options broker would offer live chat support, email support, web form, and phone support. Opteck, on the other hand, has 11 different types of email support, segregated by type such as technical support, billing, complaints, reviews, and even suggestions! Similarly, they offer phone support in 23 different countries, and their web form is also separated into both general and technical inquiries. Live chat support is, of course, also offered. Overall, we were highly impressed by how extensive and professional the customer support options that Opteck has to offer.

Opteck Banking and Company Information

Opteck accepts all major credit cards for deposits, as well as wire transfers and online payment systems such as Webmoney, Neteller, Skrill, and CashU. Withdrawals can be made via the same methods, with a minimum withdrawal amount of $50 ($100 for wire transfers). One negative we would like to note is that Opteck charges a withdrawal fee of 3.5% or $30 on all withdrawals, whichever is greater (maximum withdrawal fee is $3,500). They also only give one free withdrawal per month to their Platinum, Black, and VIP members. This fee structure is much greater than those typically offered by other brokers and is something potential customers should be aware of prior to signing with Opteck.
Opteck is owned by Centralspot Trading Ltd, and is regulated by the CySec.

Additional information

Customer Service: Live Chat / Email / Phone
Languages: 15 languages including Russian, English, Arabic, Dutch, French, Italian, Polish, Turkish and German
Trading Options: High / Low, Boundary, Touch Options, High Yield Options
Assets: Currencies, Stocks, Indices, Commodities
Expiry Times: 60 sec, 5 min, 15 min, hour, daily, weekly, end of the month, end of the year
Deposits and Withdrawals: Multiple Credit cards, Visa, Mastercard, Bank Wire, Skrill, Moneybookers
Withdrawal Time: up to 5 days
Demo account: Yes

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Opteck Articles:

References/Further Reading:

  1. Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (Brad M. Barber, Terrance Odean)
  2. Automatic stock trading system ( Charles C. Freeny, Jr.)
  3. Herding and Feedback Trading by Institutional and Individual Investors (John R. Nofsinger, Richard W. Sias)
  4.  The diffusion of Internet banking among Singapore consumers (Philip Gerrard, J. Barton Cunningham)
  5. Internet banking services and fees: the case of Greece (Georgia Giordani, Christos Floros, Guy Judge)
  6. Investment Banking Relationships and Merger Fees (Anthony Saunders, Leonard N. Stern)
  7. Retail deposit fees and multimarket banking (Timothy H. Hannan)
  8. Investment-banking contracts in tender offers: An empirical analysis  (Robyn M. McLaughlin)
  9. Insider Trading: Should It Be Prohibited? (Hayne E. Leland)
  10. International Monetary Policy Coordination and Competitive Depreciation: A Reevaluation (Caroline Betts and Michael B. Devereux)
  11. Market Making and Reversal on the Stock Exchange (Victor Niederhoffer & M. F. M. Osborne)
  12. Old Rule, New Theory: Revising the Personal Benefit Requirement for Tipper/Tippee Liability under the Misappropriation Theory of Insider Trading
  13. The Reaction of Investors and Stock Prices to Insider Trading (BRADFORD CORNELL, ERIK R. SIRRI)
  14. Assessing the Costs of Regulation: The Case of Dual Trading (Tom Smith and Robert E. Whaley)
  15. An integrated attitude model of self-service technologies: evidence from online stock trading systems brokers (Shu-Fang Liu , Li-Shia Huang & Yu-Hsiu Chiou)
  16. International Trade and the Equalisation of Factor Prices (Paul A. Samuelson)
  17. Stock-Price Manipulation (Franklin Allen and Douglas Gale)
  18. Bonus schemes and trading activity  (Elena Pikulinaa, Luc Renneboogb, Jenke Ter Horst, Philippe N. Tobler)
  19. Market Reaction Around the Stock Splits and Bonus Issues: Some Indian Evidence   (Satyajit Dhar, Sweta Chhaochharia)
  20. Managerial Bonus Systems in a Differentiated Duopoly: A Comment (Thijs Jansen, Arie van Lier, Arjen van Witteloostuijn)
Binary Minery Review: Opteck: 4,5 stars.