Empire Options is not registered with the FCA to offer binary options trading to UK residents. As such, they cannot legally accept British traders.
EmpireOption is a binary options brand based out of Montevideo, Uruguay. It is domestically regulated and has submitted an application to Europe’s CySec (and associated MiFID compliance). They were named the Best Binary Options broker of 2013 by FX Magazine.
The company seeks to expand its operations in Europe and provide new markets with a flexible, merchant-specific platform. There are a variety of account types offered, offering a variety of benefits. Each level offers more tools such as commissions, signal service, simulator account access and fast withdrawals. They range from ‘micro’ accounts to ‘Imperial VIP’. The account type is determined by the size of the initial deposit.
Key details about the EmpireOption brand include:
- Demo Account – Simulators available at certain account levels (Empire+ and higher)
- Minimum deposit – £200
- Minimum transaction – £5
- Signals Service – Yes, Empire + account level and above
- Bonus Information – 100% Exclusive .
- Mobile App – Yes. Available for Android and iOS.
Trading platform
EmpireOption offers a nifty trading platform that offers everything but one or two ‘extras’ that traders may find useful. The layout can be modified to show multiple trading windows, but it defaults to two large windows initially. Each asset is displayed in a row or can be modified in a table style with a ‘multiple’ view displaying up to 16 trading boxes. Finally, I have a view with only one large asset window. It’s nice and simple, but it’s the details. Each view is suitable for a different trading style, but the flexibility is great.
Using the trading window is a similar experience to the broker platform. Option type is the first decision. EmpireOption offers an excellent selection of trade types (including 7 and iFollow features). Each option is detailed below. Traders can then select the asset they are interested in. The list of assets available at EmpireOption is comprehensive with a specific strength index. First-time traders choose an asset category. The trading area defaults to the most traded ‘hot assets’, but commodities, stocks, currencies and indices are all selectable. You can then select a specific asset using the drop-down list within the real trading area.
Along with the asset selection, there is an expiry time and transaction amount (minimum transaction amount with Empire is £5). Again, both can be modified to your liking. Below that is a graph of the price of the selected asset. You can switch between the main view and the candlestick, and you can even change the time frame as needed. At the top is the ‘Trader Sentiment’ bar, which shows the direction the trader is currently leaning.
To the right of the price graph is the Trade button. The payout amount is displayed directly below the amount and automatically updates when the corresponding amount field is modified. Below that is the payout percentage – very clear. Below is the protected amount and the applicable location is indicated. Then you will see the trade button. Like everything else, it is clearly identified and the call and put buttons are adjacent to the relevant arrows, with the strike price in between. It changes color to reflect the most recent price movement up or down.
Selecting one of the trade buttons will bring up the ‘Accept Trade’ window. This is an opportunity for traders to double-check their trade details. Upon confirmation of your approval, your trade will start and appear in the ‘Open Positions’ window in your trading area.
The ‘Open Positions/Expired Positions’ window is located below the trade window and allows traders to track all open and closed trades. These are grouped by transaction type and we have all relevant details for each transaction listed below. In this area, traders can use additional tools such as ‘Double Up’ to increase their investment in an option or ‘Rollover’ to extend their trade. Traders can also ‘sell’ their positions here or open the charts to evaluate their positions.
Another feature available in the trading area is the Calculator. Appears when the platform displays two trading windows. Traders can run 3 forms of technical analysis on the current price graph to see what trades the analysis is suggesting. Traders can choose the RSI, Moving Average or Bollinger Bands indicator to place a call.
merchant choice
EmpireOption offers options on forex, commodities, stocks and indices. Their asset list is very good. Index is the most comprehensive list. With a wide range of trading options from every broker, traders who choose EmpireOption have no choice.
They offer 7 options:
Binary Options – Basic binary options. Are asset values rising or falling?
Pair – How do two assets perform against each other? Usually pairs are made up of two related stocks (e.g. Apple v Google) but can also be offered for commodities or indices.
Long term – Same as traditional binary options, but with much longer expiry times, usually weeks or months.
Short Term – As the name suggests, very short term binary options with very short expiry times. EmpireOption accepts expiry times of 30 seconds, 60 seconds and 120 seconds.
One Touch – Can the price of an asset ‘touch’ a certain value at least once before its expiry time?
Ladder – A ladder provides a set of price levels that can be traded in both directions. As the price rises or falls relative to the strike price, the payout can be larger if a large price movement is required for the trade to end in the money. Especially useful in volatile markets.
Forex – This option is a great addition to EmpireOption as it is offered by very few brokers. It allows traders to trade currency pairs ‘per pip’, setting a stop loss and a target price. It is an innovation that brings traders closer to true forex trading than the simple form of binary options.
mobile app
providesProTrader, a free, high-quality, feature-rich mobile trading platform compatible with myDroid (2.3.3 or later) and Apple devices. Traders can ordain EmpireOption to trade all available options and the full list of assets on the entire site.
Charts are also available for full analysis extended to the app. The latest version also lists the assets alphabetically, indicating the company’s commitment to a mobile platform that has fixed this small but disappointing trader’s grip.
The EmpireOption ProTrader app also provides full access to all opened and expired positions and certain account features such as deposits.
The real trading platform is easy to use and has a good layout too, making fast trading super simple. It is an addition to the EmpireOption offering.
Payout
EmpireOption’s payouts are very good. The most traded assets pay out about 80%. The payout will depend on the expiry time and the asset selected. More payouts are available with other trading options. Ladder options, for example, provide compensation for larger price movements. Forex also works on a ‘per pip’ basis, so you can generate larger payouts if you wish.
Withdrawal and deposit options
You can deposit by credit card (all major cards are accepted), wire transfer and online transaction services such as Skrill and Neteller. The minimum deposit is £200 – the initial deposit directs the trader’s move into the account to enter. £200 will be deposited into your ‘micro‘ account, and a deposit of £30,000 will mean your ‘Imperial VIP’ account. Please refer to the table for account scope and associated benefits.
Withdrawals are also processed according to account type. For example, Micro accounts will have a withdrawal deadline of 10 days. Empire VIP account holders will process withdrawals within 1 day. Empire knows that withdrawals are often a source of frustration with traders and brokers, and they offer better terms for higher account types. This may be a problem for some small traders finding gallons.
The minimum withdrawal size is determined by account type, from £200 for micro accounts to £1 for Empire VIP accounts. Withdrawals are generally provided in the same way as deposits.
other features
EmpireOption offers its clients the following features and benefits:
- Calculator – Technical Analysis Tool
- Various training materials – including seminars, books, financial reports and one-on-one training
- Market Simulator – complete technical analysis. Available to Classic account holders and above.
- Social Trading – Empire revamped iFollow to allow traders to follow the trades of other traders. Imperial funds can also be used for the same purpose through the ZuluTrade platform.
- Trading Tools – Double Up and Rollover provide traders with additional features to improve profits and reduce losses.
