Prestige Option Broker Review

PrestigeOption_logoPrestige Option is a relatively new binary options broker on the scene, owned by Leadtrade Ltd, a company registered in Cyprus. As always, the first step when assessing a binary options broker is determining whether or not it is regulated, with the most common regulator for binary options broker being the Cyprus Securities and Exchange Commission (“CySEC”).

In Prestige Option’s case, it is regulated by way of Leadtrade Ltd which is a registered Cyprus Investment Firm (“CIF”) with license number 296/16. If you look on PrestigeOption’s website, you will note that they mention that Leadtrade Ltd is also registered with other financial regulators such as the Financial Conduct Authority (“FCA”) in the UK, Consob in Italy, the AFM in the Netherlands, BAFIN in Germany, and the AMF in France. You should be aware that being registered is not the same as being regulated, in the case of Leadtrade Ltd only CySEC regulates it, but it is registered with the aforementioned entities. Registered means that it is ‘EEA authorized’ meaning that is registered in a different country but is authorized to provide certain services in the registered country and has met minimum standards agreed upon across European Economic Area countries. As an example, you can view Leadtrade’s FCA registration information here.

Since we recommend trading with regulated brokers, Prestige Option gets a pass on that mark, and the fact that they are also registered with many other financial regulators is an additional bonus. As such, this broker passes our quality test and we can definitely recommend it as a good option for binary options traders. Find out more in our full review below.

Basic information:

Online since: 2015
Software: TradeSmarter
Max Returns: 88%
Minimum Deposit: $250
Bonus: 100%
Minimum Investment: $10
Maximum Investment: none
Currencies: EUR, USD
Mobile: Yes
Countries: All Countries

Pros:

– licensed by CySEC
– many deposit and withdrawal options
– various account features

Cons:

– no demo account

Binary Minery Rating:

4,5 stars

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Prestige Option Account Features

Prestige Option offers six different account tiers, each with their own minimum deposit amounts and bonuses, which we have summarized below.

  • Bronze – EUR500 minimum deposit. 25% bonus and economic information.
  • Silver – EUR5,000 minimum deposit. 50% bonus, economic information, 2 training sessions, weekly market review, and basic training videos.
  • Gold – EUR10,000 minimum deposit. 75% bonus, economic information, 3 training sessions, twice weekly market review, and advanced training videos.
  • Titanium – EUR25,000 minimum deposit. 90% bonus, economic information, 5 training sessions, 4 times weekly market review, 1% dividend amount, and advanced training videos.
  • VIP – EUR50,000 minimum deposit. 100% bonus, economic information, unlimited training sessions, daily market review, 2% dividend amount, and special concierge services.
  • Platinum – EUR100,000 minimum deposit. Invitation only.

One thing we would like to highlight is PrestigeOption’s bonus policy, which we rate as ‘above average’ compared to the industry. You see, most binary option brokers’ bonus policy works like this: after an account gets credited with a bonus, then in order for a trader to withdraw any money from the account (including the original deposit amount), the trader would first have to fulfill a minimum trading volume, usually set at 20 to 60x of the total funds amount. In our view, this withholding of the original deposit amount, while a common practice, is unscrupulous and is one of the reasons that the binary options broking industry has such a shady reputation in the first place.

How does Prestige Option’s bonus policy differ? The main difference is that Prestige Option merely restricts the withdrawal of the bonus until a minimum trading volume is met; the trader is at all times free to withdraw their initial deposit as per usual. We also like that PrestigeOption clearly states in their terms and conditions that if a trader has mistakenly accepted a bonus, he or she can return the bonus within five working days (as long as no more than five trades have been placed) without being bound by the bonus conditions. This is a definite plus point as a common complaint in the industry is that unscrupulous brokers often add bonuses to traders’ accounts without permission. Be very wary of brokers which state terms like ‘all bonus insertions are final’ as it is likely to be used as a justification to withhold your funds since their bonus cannot be returned and you cannot withdraw your funds (including your initial deposit) without first satisfying their minimum trading volume requirement.

However, we note that in the terms and conditions that PrestigeOptions state that the minimum trading volume is $10,000 per dollar of bonus awarded, which seems excessively high. While this is likely a typo, all traders should be aware of the bonus conditions prior to acceptance. Fortunately, in the case of Prestige Option, any mistaken acceptance can easily be rectified.

Prestige Option Trading software

Prestige Option uses the TradeSmarter trading platform, which while a relatively less common choice, is still perfectly adequate for binary options trading. The standard platform itself only offers the traditional high/low option and 60 sec options; however, they also have a StrategiX feature, which is basically range options including touch and no touch options. The platform also has a ‘Risk-O-Meter’ which allows traders to set their desired risk level as well as the popular ‘Social’ option which allows you to automatically replicate other people’s trades.

The asset index offered is quite limited compared to its competitors, having only 41 different stocks, 26 different currency pairs, 6 different commodities, and 15 different indices. Overall we note that while the TradeSmarter trading platform is highly user-friendly, it certainly lacks the features of its competitors such as a wider variety of binary options (e.g. ladder options), advanced charting capabilities (e.g. candlestick charts) and a much less extensive asset index. In our view, it is probably more suitable for the beginner level trader as experienced traders may find the lack of features insufficient for their trading needs.

Screenshot

PrestigeOption_screenshot

Prestige Option Support information

PrestigeOption offers the standard support information methods: phone support, email, live chat, and web form. Their customer support hours are Monday to Friday between 9AM to 8PM European Eastern time, excluding stock exchange holidays.

Prestige Option Banking and Company Information

PrestigeOption accepts credit cards (Visa, MasterCard), e-wallets (Skrill, Moneybookers), wire transfer, as well as local payment options such as CashU, Deal, WebMoney, Qiwi, and Bancontact. Their list of accepted banking methods is quite extensive and we rate it as above average compared to the industry.

PrestigeOption’s minimum deposit amount is EUR250 which is standard for the industry, however, what we like is that when it comes to withdrawals, not only do they not have a minimum withdrawal amount but all withdrawals are free with the exception of wire transfers. This is a definite positive and we rate PrestigeOption as ‘above average’ in this area. Their withdrawal time of up to 48 hours for processing and a further maximum of 5 business days after to receive funds is also ahead of the industry, some of which may take up to 14 business days or more.

Additional information

Customer Service: Live Chat, Web Form, Phone Support, Email
Languages: English, French, German
Trading Options: High / Low, One Touch, Boundary, Short Term
Assets: Currencies, Stocks Indices, Commodities
Expiry Times: 30s, 60s, 2m, 5m, End of Day
Deposits and Withdrawals: Visa, MasterCard, Skrill, CashU, Deal, WebMoney, Qiwi, Bancontact, wire transfer
Withdrawal Time: Up to 7 business days
Demo account: No

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References/Further Reading:

  1. The Challenge to Financial Regulators Posed by Social Security Privatization (Roberta Carmel)
  2. Changing incentives facing financial-services regulators (Edward J. Kane)
  3. The Revolving Door for Financial Regulators  (Margaret Forster)
  4. Liability of financial regulators: Defensive conduct or careful supervision? (Robert J Dijkstra)
  5. Bankers and Regulators (Philip Bond , Vincent Glode)
  6. Economic Analysis by Federal Financial Regulators (Hester Pierce)
  7. Financial consolidation: Dangers and opportunities (Frederic S. Mishkin)
  8. Rules and Regulators (Julia Black)
  9. Should Financial Regulators Be Independent? (Marc Quintyn, Michael Taylor)
  10. The Determinants of Success in the New Financial Services Environment: Now That Firms Can Do Everything, What Should They Do and Why Should Regulators Care?  (Anthony M. Santomero, David L. Eckles)
  11. Regulators’ Response to the Current Crisis and the Upcoming Reregulation of Financial Markets: One Reluctant Regulator’s View  (Luca Enriques)
  12. Using deferred compensation to strengthen the ethics of financial regulation  (Edward J. Kane)
  13. The Independence of Domestic Financial Regulators: An Underestimated Structural Issue in International Financial Governance  (Regis Bismuth)
  14. Markets: The Credit Rating Agencies (White, Lawrence J.)
  15. Incentives for Banking Megamergers: What Motives Might Regulators Infer from Event-Study Evidence? (Edward J. Kane)
  16. Rules and Double Standards: Trade, Globalisation, and the Fight (Kevin Watkins, Penny Fowler)
  17. Standards, trade and competition in the emerging global information infrastructure environment  (Paul A David, W Edward Steinmueller)
  18. Product standards, trade disputes, and protectionism (Daniel M. Sturm)
  19. Private Standards, Trade and Poverty: GlobalGAP and Horticultural Employment in Senegal (Liesbeth Colen, Miet Maertens, Johan Swinnen)
  20. Can Labor Standards Improve under Globalization? (Kimberly Ann Elliott, Richard B. Freeman)

Binary Minery review: Prestige Option : 4,5 stars