ExpertOption is a popular online broker offering digital options and fast online trading. This review covers the trading platform, mobile trading app, withdrawal and deposit process and details of the demo account. We also review each account type and offer strategy on binary trading and digital options.
ExpertOption began providing services to traders in 2014 and currently executes in excess of 30 million deals each month. The brand currently boasts 9 million customer accounts. The goal of ExpertOption is to deliver a completely transparent online trading experience. To achieve this, it provides its users with an intuitive trading platform and plenty of educational materials.
Customer service is clearly a priority here, and the brand has over 100 account managers which focus on a range of different client needs. ExpertOptions also pledges to deliver the fastest possible trading in the industry via its own dedicated platform.
Trading Platform ExpertOption
Unlike other brokers that use turnkey platforms such as TechFinancials or SpotOption, ExpertOption developed its own custom platform to cater to the needs of their clients. Lightning fast execution, accurate price feeds, and weekend trading are all advantages of the ExpertOption platform.
Once inside the platform, the biggest focus will be the main graph in the middle, which shows the prices of your chosen asset in real-time. You can hover your mouse at any point in the graph to see the previous price at any point.
At the top-left corner of the screen, there is a drop-down menu where you can select an asset to view. You can search for an asset by name or browse by category such as Currencies, Crypto, Stocks, or Commodities. Once you select a financial instrument, you can choose between 1-5 minute expiry times.
A very useful feature of Expert Option is the ability to adjust your chart layouts. For example, you can split the chart layout so you can view two different markets at the same time. ExpertOption has 8 different indicators that you can use including Moving Averages, RSI, MACDs, Bollinger Bands, Parabolic SAR, Alligator, Fractal, and Awesome Oscillator. Expert Option also has 4 different chart types you can choose from including Area, Line, Bars, and Candles.
Overall, ExpertOption has an excellent trading software that is easy enough for beginners while also offering enough features to please even the most experienced traders.
ExpertOption Account Types
Expert Option offers six types of accounts. Here’s an overview of each one.
The micro account offered by ExpertOption has a minimum deposit of just $10. However, the maximum trade is just $10 and you can only have 10 simultaneous trades at any given time. You will get access to educational materials, but not the daily market reviews or financial research.
The Expert Option basic account has a minimum investment of $50 and a maximum trade limit of $25. You are only allowed 10 simultaneous trades at any time and you do get access to the education materials. If you start with a basic membership, you can always upgrade at a later time.
The ExpertOption silver account requires a $500 initial investment. In addition to the educational resources, you’ll also get access to the daily market reviews and financial research. You are allowed 15 trades at a time and a maximum trade limit of $250.
A gold account has a minimum deposit of $2,500. Gold comes with everything that Basic and Silver comes with, but with some additional perks. Gold members get priority withdrawal processing. You’ll also enjoy a 2% increase in profit. The minimum deal amount for a gold member is $1,000 and you can have up to 30 active trades at any time.
VIP traders are best suited for the Platinum account type at Expert Option. An initial deposit of $5,000 is required. You’ll enjoy everything that the Gold level comes with, but you’ll have no limitations in the number of trades you can execute at the same time. In addition, the maximum trade increases from $1,000 to $2,000 and your profit per trade increases by 4%.
It is not available for everyone, only those who are invited to have this account type. Customers having Exclusive account type can enjoy increased profitability ratio of up to 6%, a personal account manager, and maximum deal of $5000.
Opening an Account at ExpertOption
The minimum deposit needed to open an ExpertOption account will vary based on your chosen account type, but the absolute minimum is $50. ExpertOption also has KYC procedures in place to verify your identity to prevent fraud and money laundering. Most of the time, ExpertOption asks new clients to submit documentation verifying both their identity and address.
The broker does not list specific requirements on its website regarding these documents, but it is safe to assume that ExpertOption has the same requirements as other brokers. The proof of identity most likely needs to be government-issued and include your photo, name, and birthdate at a minimum. The proof of address likely needs to be an official document or bill with your name and address clearly displayed.
Expert Option Bonuses
In a significant new update ExpertOption recently began to offer 100% bonuses to all first depositors. The introduction of a bonus system owes largely to popular demand, and see’s traders claiming a much needed boost to begin trading. The 100% bonus can be claimed from deposits starting at $30, and traders will have one hour following the creation of their account to take advantage.
Importantly, acceptance of bonuses does not affect the ability to withdraw as with other brokers, with ExpertOption if you choose to accept the bonuses on offer, you’ll still be eligible to withdraw any time. The bonuses are also available to existing traders, although the percentage on offer differs to that of those who are depositing for the first time.
Upon launching the website from your mobile device, you are immediately offered the app that is relevant to the particular device that you are using. If you are on an iPhone or iPad, then you will be offered the chance to download the app form the App Store. Likewise, if the device you are using is an Android device, you will be provided with the Android app from the Google Play Store. If you wish to ignore this and continue to the mobile site you are also given this option.
Even on the larger phablet phones, it is challenging to navigate the mobile site as it is not fully responsive; therefore, many traders choose to use the app on the go. While some aspects of the mobile site have been considered for mobile usage, others require the user to pinch and squeeze the screen.
Deposits And Withdrawals
Making a deposit is quick and straightforward with debit and credit cards accepted along with other forms of payment such as Skrill and Neteller. You can open an account, deposit your funds and start trading. While it is necessary to deposit $50 to open a Mini Account, the minimum deposit required is $10. For holders of Gold and VIP Accounts, the priority withdrawal is a feature, but ExpertOption claims to have a quicker turnaround than many other brokers. Withdrawals are commission-free and made by the same methods as deposits, Visa, MasterCard, e-wallets and Skrill, Neteller etc.
While they claim to offer a quick turnaround though they do not state precisely how long this is and for some, the experience has been less than sharp. As with many brokers, the usually expected withdrawal period can be between 3-5 days. There is no explanation of the Gold and VIP priority withdrawal service. To test their service, we made a sample withdrawal, and the time it took was just 3 days, we did not encounter any withdrawal problems.
Another really important factor when you are considering a broker is whether the information that you send them is secure. Encrypted communication is now the standard among brokers and financial websites.
Well, given the prevalence of sophisticated hackers these days sending information such as credit card details and personal documents is really risky. That is why you have to make sure that the broker uses the latest standards in SSL encryption.
Expert Option is SSL encrypted and you can see this by observing the green padlock in the browser window. This means that all of the information that you send to Expert Option’s servers is encrypted using AES 256 encryption. It is very important that when you are visiting Expert Option’s website that you see this green padlock on the site to make sure that you are not falling victim to a phishing attack.
Jurisdictions & Languages
Expert Option is restricted in certain jurisdictions and are not open to investors from the following countries: USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, Japan, North Korea, Puerto Rico, Sudan.
This is probably related to the individual regulations in those states that do not allow offshore brokers such as Expert Option Ltd to solicit clients. For those regions that Expert Option operates, they have translated their website and platform into a number of different languages. These are given in the image on the right. In terms of telephone support, this is only available in English, Thai and Hindi.
ExpertOptions provides a demo account for its clients to hone their skills and explore the platform prior to investing any real money. Demo accounts come with a balance of £10,000 in virtual funds, and no registration is necessary to access the demo account. This is useful because many new users feel put off having to provide documentation and personal data simply to try out a demo account, and it means that the brand doesn’t have any personal contact data to pressure you into registering for a real account after experiencing the demo.
This is a sign of a company that is confident in what it has to offer. Overall, the ExpertOption demo account is incredibly useful, as it provides users with access to all the standard features are pricing as listed on a live account. This gives new users a chance to experiment and to find out whether their trading style works well with the ExpertOption platform.