Review of the Binary Options Broker Optionfair
Optionfair is a binary options broker founded in 2010 that allow to trade with three types of binary options based in multiple financial instruments such as currency pairs (Forex), stocks of different markets, commodities of various types and indices. This broker has an user-friendly web based trading platform with various trading functions.
Type of Broker
Optionfair is a binary options broker
Country of origin
The main offices of this company are located in Cyprus.
Optionfair has a CIF license granted by CySEC (Cyprus Securities and Exchange Commision) of Cyprus. The license number is 216/13.
Optionfair offers the possibility to trade with binary options based on the following instruments:
- Forex Market: 11 of the most important currency pairs in the Forex market such as the EUR/USD, GBP/USD and USD/JPY.
- Indices: 9 stock indices including the most important like IBEX 35, DAX 30, Dow Jones, FTSE 100, Nasdaq Composite and S&P 500.
Commodities: Crude Oil, Gold and Silver, the main commodities in the market.
Stocks: 7 stocks of the American and the European markets such as Google, Apple, Vodafone, Lloyds, British Petroleum, Barclays, and Telefonica.
Types of Binary Options
The client of this broker can trade with the following types of binary options:
- Above/Below Binary Options: It is the most common and traded type of binary option due to its simplicity and the high and fast income that it offer for the trader. In this case, the trader only has to determine if the price of the underlying asset is going to be up or down once the option expires. The expiration period of the options offered by Optionfair is 1 hour.
- One Touch Binary Options: In this case, the trader must determine if the price of the underlying asset is going to reach or not a particular price level before the end of the expiration period of the option. The maturity of One Touch options can last several days, so in general they offer a higher yield (up to 500% of the option inversion) compared to the Above/Below options.
- Range Binary Options: This type of binary option is more complex than the other because the trader has to determine if the underlying asset price will expire or not within a predetermined price range once the option expires. If the option ends "In the money", this broker pays from 75%-85% of the option inversion.
Payment Offered by Optionfair
-For binary options that expire “Out The Money” (losing trades), Optionfair offers the possibility to recover from 0% to 10% of the contract inversion. This function allows to minimize the impact of losses in the trading account.
This broker offers the following trading accounts for their clients:
- Standard account: This is a regular account designed for beginner traders which requires a minimum deposit of only $200. Despite this it allows to trade with binary options based on all the underlying instruments offered by this broker.
- Gold Account: It is a middle size trading account designed for more experienced traders which guarantees a higher return on all transactions with binary options.
- Platinum Account: This account is designed for professional traders for which the minimum account opening is higher than the other. However, it offer all kinds of extra services for traders.
Optionfair offers an easy to use web based trading platform (it requires no download or installation) which is characterized by its user-friendly interface and several functions and tools designed specifically for Binary Options trading. This application can be accessed from anyplace with Internet connection (which gives the trader more flexibility) and it is designed for both experienced and novice traders. The platform is provided by TechFinancials.
This platform includes an application called "Early Closure" which allows the trader to close a binary option before its expiry time. Thanks to this feature, the trader can secure the earnings that he is obtaining with a binary option that for the moment is In The Money in those trades in which the market can turn against the trader before the option expire. The Early Closure function also allows to limit the loss in losing trades.
For the moment Optionfair does not offers a demo account.
The trader can deposit and withdrawal funds through Bank Wire Transfer, Credit Card, Debit Card, Skrill (Moneybookers), Moneygram and Western Union.
Main Advantages of Optionfair
- This broker offers regular bonuses for the opening of real trading accounts and the deposit of funds.
- Optionfair offers a good customer service through e-mail, telephone and live chat in the website of the company.
- A lot of instruments for trading (underlying assets of the Option´s contract), such as currency pairs, indices and commodities.
- The client has the possibility to trade with three types of Binary Options based on all underlying assets mentioned above.
- Optionfair offers a trading signals services for binary options called FairSignals, which provides aproximately 16 signals each day.
- This broker offer the possibility to close position prior to expire to ensure the trader´s earnings.
- Optionfair offers an intuitive an easy to use trading platform which can be accessed through Internet. The trading platform include a money management tool for the clients.
- This broker does not charge commissions or fees of any kind.
- It has a blog and a forum for its clients.
- This company offers the possibility to earn money by promoting its services as a broker through various affiliate programs, including TradeFinancial Partners and VipAffiliates.
Main Broker Offers
-This broker offers regular bonuses for new and regular clients that deposit funds in their trading accounts.
- A welcome bonus up to 100% for new clients that open a trading account and deposit funds.
- Now, it offers a bonus of $50 for clients that invite a friend that open a trading account and deposit funds.
- A trading competition for real accounts which offers cash prizes for the winnners.
Optionfair is owned by Mika Holdings Inc
|Minimum account size||200 US Dollars or euros.|
|Minimum transaction size||10 US Dollars.|
|Maximun transaction size.||2500 US Dollars.|
|Demo account||Yes, with no limit of time.|
|Link to the website||Optionfair Website|
|Open an account|