Option888 is not registered with the FCA to offer binary options trading to UK residents. As such, they cannot legally accept British traders.

 

 

Option888 has generated many complaints and should not be used

Option888 is a new innovative binary options broker founded in 2014 by Swedish and German trading experts. The Option888 platform is owned by Altair Entertainment NV and licensed by Curacao eGaming and Malta LGA. The company is launching an all-new, branded website to deliver an exceptional customer experience.

Unwavering focus on three main goals;

  • Customer Support.
  • fast withdrawals. (£250 minimum)
  • Great trading platform.

Option888 has gone to great lengths to reassure traders about the security of their funds and offers unique trading tools as well as extensive educational videos and tutorials. However, the main feature that will convince traders of their goal of focusing on customer service is fast withdrawals. Option888 accepts all withdrawals made before 18:00 on the same day – best service in the industry.

Other key details regarding Option888 include:

  • Demo Account – Yes (£100 opening balance)
  • Minimum deposit – £250
  • Minimum Deal – £10
  • Signal Service – No
  • Bonus Details – 100% Deposit Match Bonus, up to £888.
  • Mobile App – Yes. Android and iOS are available.

trading platform

The Option888 trading area is very simple and clear. Five tabs along the top of the screen make it easy to select the type of option (the five types are detailed below). Menu lists below and to the left allow traders to select the asset class of interest. All very simple and intuitive. One nice feature is the ability to create ‘custom’ asset categories. Traders can add their most traded assets. It’s a simple and useful idea, but currently only available on Option888.

To the right of the asset list is the trading window. Option888 has moved away from the green/red buttons and standardized the look and feel across the site. Therefore, both the buy and sell buttons are yellow according to the design of the site. It remains absolutely clear to traders and the strike price is still clear in the field between the exercise buttons.

The payout is displayed in the top right corner of the trading area and can be adjusted if desired by the trader. So if the option ends up in the money, you have the option of reducing the payout, but you still have to insure a portion of your initial investment. For example, if the standard payout is 178%, the trader can opt for a 158% payout instead. However, if the option runs out of money, you will find that 20% of your investment has returned.

The expiry time is worth mentioning in any Option888 review. We offer not only the shorter expiry times associated with binary options, but also the much longer term expiry. Some may extend up to 2 months. These long expiration times make binary options available to traders who prefer long-term valuations or want to use binaries for hedging. So, for those who want to use their fundamentals to increase their value on a share price, Option888 might be for you. All expiry times of Option888 use GMT as the relevant time zone.

The trading area is uncomplicated, but some of the information contained in other platforms is lacking. Some traders may prefer to trade in 4 windows at a time, others may want to see some of the other information available in the other traders area. It comes down to personal preference.

merchant choice

Option888 offers options on forex, commodities, stocks and indices. Their asset list is one of the most comprehensive in the binary options sector. The company offers a flexible binary options experience with different expiration times.

They offer 4 types of options:

  • Digital – Traditional high/low options. Are asset values rising or falling?
  • Touch – Can the price of an asset ‘touch’ a certain value at least once before its expiry time? (Option 888 has both an ‘Up’ and a ‘Down’ touch value.) With this option, you cannot select ‘No Touch’.
  • Range – Elsewhere known as boundary trading – Will the price of an asset stay within two preset values? (High and low values) Or will it break out? This is a useful option for assets that are going through very extreme or volatile ‘extreme’ trades.
  • Turbo – A very short binary option with a very short expiry time. Option888 offers expiry times of 30 seconds, 45 seconds and 5 minutes from the ‘turbo’ list.
  • One Touch – Does the asset price ‘touch’ to a pre-set level? For one-touch options, the choices are ‘touch’ (touch the value) or ‘no touch’ (do not touch the value). These are especially useful in highly volatile or very flat markets.

mobile app

The Option888 mobile app was last updated in October 2014 and is compatible with Android (version 2.2 or higher) and iOS.

 

The trading window works the same way as the full website version. Therefore, the assets and option types are listed at the top of the screen and once selected, the trading window is displayed below. The expiration time, payout and current option price are displayed. The screen is clear and everything fits fine. There is no ‘squeezed’ feeling in any case.

Outside of the trading window, the app offers a number of features that allow traders to fully operate their accounts from anywhere.

  • cashier
  • open trade
  • trade history
  • profile settings

These are features that may be overlooked when mobile apps are being developed, but Option888 has produced a well-rounded application.

payout

Payout levels on Option888 range between 76% and 80%. Touch binary options can reach payouts of 220%, but require more substantial price movement. The digital, turbo and range options are all 76-80%.

Withdrawal and deposit options

Option888 offers a variety of deposit and withdrawal options. The main goal of Option888 is to accept all withdrawals made before 18:00 on the same day. This is a bold commitment, ensuring that our clients do not experience delays beyond those imposed by the financial industry. As withdrawals are one of the main areas of complaint for some traders, it is noteworthy when brokers acknowledge this potential problem area and take steps to improve their service in that area.

You can withdraw checks by credit card, bank transfer. The minimum withdrawal amount is £250.

Deposits can be made at any time. The minimum deposit is £250 and the maximum is £5000. However, you can make multiple trades. Option888 uses Comodo SSL to encrypt and secure your payment information.

other features

Option888 offers traders the following additional features and benefits:

  • Close Now – This tool allows traders to close trades before expiry time. You can secure a profit or cut a loss.
  • Extension – This feature allows traders to extend the expiry time, giving the option more time in case the price has not moved in the expected direction. There is a one-time fee for using this extension.
  • Fast Withdrawals – The ‘approved same day’ promise will be a real boost for all traders who have had withdrawal problems with other brokers.