OptionStars Broker Review
OptionStars, also known as OptionStars Global, is a fairly new binary options broker on the scene, having been online only since 2015. They currently have two websites, OptionStars and OptionStars Global, and while it is claimed that the former is for EU traders and the latter for non-EU traders, we found that both are usable from any regions.
The first question we look at when it comes to binary options brokers is whether or not they are regulated, particularly by the Cyprus Securities and Exchange Commission (“CySEC”), which is the main financial regulator when it comes to binary options brokers. So is OptionStars regulated? That question is hard to answer as the company’s website is not clear on this issue. For example on their ‘Regulations’ page, they claim to be owned by Novox Capital Ltd, which is indeed a regulated Cypress Investment Firm (“CIF”). However, we note that the ‘Regulations’ page is not directly linked from their main page and indeed was only found via a direct Google link.
The current website’s terms and conditions page focuses on a company known as Markets Development which is registered in Bulgaria and is referred to as ‘the Company’, implying that Markets Development is the owner of OptionStars. Another company called New Markets SA, incorporated in Samoa, is referred to as ‘the Subsidiary’ and handles the daily operations of OptionStars. Another thing we noticed is that one the Novox Capital website, it lists some of its other brokers which benefit from its CySEC license such as OptionBit, and Royal Pip (also listed on the CySEC page linked above), however, OptionStars is not listed on that page. While analyzing this situation, we approached the company and found out more about its legal status.
While having some success among traders and proving itself to be a reliable broker, OptionStars did have a few complaints. As we have noted in the past, due to the highly competitive nature of the binary options broking industry coupled with their extensive use of the affiliate marketing model, many such complaints are simply made by competing brokers.
Our conclusion? Can this broker be trusted or not? We analyze all pros and cons of trading with this broker in the following review. Read on to find out more.
Online since: 2015
Max Returns: 85%
Minimum Deposit: $250
Minimum Investment: $10
Maximum Investment: none
Currencies: EUR, USD, CAD, AUD, GBP
Countries: All countries except the USA
- User-friendly platform
- Many assets to trade
- Various deposit/withdrawal methods available
- Doesn’t accept traders from the US
- Considerably long withdrawal processing period
Binary Minery Rating:
OptionStars Account features
OptionStars offers three membership tiers: Bronze, Silver, and Gold. We briefly summarize the account features of each tier below.
- Bronze – $1,000 minimum deposit, comes with 1 free trading strategy, weekly market reviews, as well as an introductory video course.
- Silver – $5,000 minimum deposit, comes with 3 free trading strategies, daily and weekly market reviews, an introductory and advanced video course plus a senior account manager.
- Gold – $10,000 minimum deposit, comes with 5 free trading strategies, daily and weekly market reviews, an introductory and advanced video course, a dedicated account manager, same day withdrawals, as well as weekly one-on-one trading sessions.
OptionStars Trading Software
OptionStars currently uses the Tradologic trading platform, which is not that popular compared to some of the other platforms such as SpotOption, however, we note that Novox Capital and Tradologic have collaborated in the past. In the case of OptionStars, the types of binary options provided under the platform are rather limited, with only digital (traditional), range, turbo, touch, and one touch options offered. It does not offer some of the more advanced option types available on other platforms such as Ladder options, nor does it have the ‘Social Trading’ option (which allows a trader to automatically replicate another trader’s trades).
The platform does offer a highly extensive asset list to trade, however, with 41 different currency pairs, 19 different commodities, 22 different indices, 167 different equities, and even one futures index.
OptionStars Support information
Support options offered by OptionStars is fairly standard with phone support (4 different countries), web form (that allows the user to categorize the nature of the request such as deposits/withdrawals, trading, general, technical issues etc.), email, and live chat (which we note was not available at the time of this writing and replaced with another email web form instead).
OptionStars Banking and Company Information
OptionStars allows deposits and withdrawals using quite many methods: via credit cards (Visa, Maestro, MasterCard, and Diners Club), online payment systems (Neteller, Skrill, Paysafe) and wire transfers. In the case of withdrawals, OptionStars charges $30 per withdrawal by way of credit card, and $30 +1% of withdrawal amount in the case of a direct bank transfer. OptionStars also notes that withdrawals can take up to 14 business days to process. However, the exact timing depends on the account type and the amount of money a trader wants to deposit or withdraw.
Unfortunately, the withdrawal processing period of up to 14 business days is considerably higher compared to the industry standard and overall this puts OptionStars ranking at ‘below average’ when it comes to the speed of financial operations compared to the rest of the industry. We would also like to highlight that OptionStars lists withdrawal times as ‘2 to 5 business days’ on their FAQ page and ‘up to 14 business days’ on their Terms and Conditions page; this can be potentially misleading for the new traders, so we would recommend contacting the customer support service to find out the details of your withdrawal and clarify the exact conditions when making your first withdrawal.
Customer Service: Phone Support, Email, Web Form, Live Chat
Languages: English, Russian, Chinese, French, German, Italian, Arabic
Trading Options: High / Low, One Touch, Option Builder, Meta Charts, Ladder Options
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 30s, 45s, 1m, 2m, 5m (turbo options)
Deposits and Withdrawals: Visa, Maestro, MasterCard, Neteller, Diners Club, Skrill, Paysafe, Bank Transfers
Withdrawal Time: Up to 14 business days
Demo account: Yes
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