PlusOption is a broker with an excellent platform and a good choice of options
New financial instruments are created in the financial markets every year. Trading Binary options is still a new way to invest, but there are already hundreds of brokers offering their services to investors. How do we determine which broker can be trusted and which one should be avoided altogether? There are a number of things to carefully look at and that is exactly what we are going to do with the PlusOption binary broker, over the course of this review. Note that PlusOption is a relatively new player in a field of high competition and scam brokers and a lack of transparency. Is PlusOption one of those or a reliable broker? Let’s find out now.
The company was founded in 2015 and it is owned by a parent company TradePlus Solutions Ltd, registered in the Republic of Marshall Islands. They currently have their headquarters in Bucharest, Romania under adress: 17 Baba Novac Str, Bl. G13, 2nd Entrance, Ground Floor, Suite 45, District 3.As of now, the broker does not have a license as it is not regulated by any financial authority -which is a disadvantage, but it is highly likely that in the near future they will choose to be regulated by one of the European financial authorities and increase their reliability substantially. We have not found many complaints about any scams or the defrauding of customers on the internet, so we assume that within 2 years of existence the broker has managed to gain a more positive image than a negative one.
The company offers a decent amount of assets which you can trade. Currently there are are five groups of them and the total number of instruments in all of the groups exceeds 150. It is not a huge amount, but still the number is slightly above what most binary brokers will offer you.
At the moment PlusOption offers 24 currency pairs for you to trade. The number is not big, but you will surely find most popular currencies such as EUR/USD, GBP/USD or most traded crosses such as EUR/JPY or GBP/JPY in the list. When you open their demo platform you can look through all of the pairs and see whether they have what you want.
If you want to trade commodities, the list with the broker is rather short. There are just 3 of them: Gold, GOLD/EUR and Silver. They may include Oil in the future to expand their choice as they are surely lagging behind most brokers in the area.
The list of indices is pretty long. At the moment they have 19 you can choose from. So, you can easily trade DOW or FTSE and the other most popular ones. It is slightly better than most brokers offer (from 8 to 15). There are over fifty of them and they have some of the most popular names you can trade such as YAHOO or IBM or MICROSOFT. Again, that is not a lot, but as a lot of brokers do not have any stocks to offer their clients, the number is satisfactory.
The number of currencies exceeds 20 and that is excellent as these instruments are very in demand right now, which means PlusOption might be a leader in the field.
Bonuses and VIP programs
PlusOption has one of the best bonus program we have ever seen. It is progressive and depends on the amount of money you deposit on your account. The minimum amount is $250. Every customer will be able to get 100% bonus money of his deposit amount. So, if you deposit $250, you will get the same amount as a bonus. You will have to trade the amount 30 times before you can withdraw it and the profits from that. Depending on the type of account you choose you may get extra risk free trade, which means that if you lose your first trade the amount will be returned to you. What are the other available bonuses?
MICRO account. The minimum deposit is $250 and along with your 100% bonus and a risk free trade you will also get trading alerts for free.
SILVER account. The minimum deposit here is $2500 and with the 100% deposit bonus and other benefits that MICRO account gets you will have an introduction to a personal account manager.
GOLD account. The minimum deposit with this account is $10000. You will get 100% of your deposit amount, plus everything the SILVER account gets, plus a Financial plan, Risk management plan and a personal analyst as well as webinars for free.
DIAMOND account. This is the VIP account and you will have to deposit $50 000 in order to access it and all of its bonuses and benefits. With this account, you will have all the benefits that the GOLD account holder has, plus very fast withdrawals, all tier trade rooms, invitations to VIP events, the highest payouts and a lot of other useful things.
Fees, payouts and Trading features
As most binary options brokers PlusOption does not have any hidden fees and does not charge any commissions on any of your trades or positions and you do not have to pay anything for using their software.
Payouts may vary depending on the type of account you have. We have already seen that DIAMOND account holders can expect to get higher payouts than the rest. However, on average maximum payouts tend to be 81%. On average, the payouts will be lower and will depend on the type of option you choose to trade, the asset, expiry time and a few more things. The payouts are determined before you open a trade.
As mentioned earlier, the minimum deposit amount with the broker is $250 and the minimum trade size is $25. It is rather a large amount, as most brokers will offer $10, $5 or even $1 minimum trades. Maximum trade sizes vary depending on the type of option you choose to trade. One Touch options will have the lowest maximum amount, which is $500 and LongTerm with Pairs will have the highest maximum amount, which would be $1500 per position.
We have to say that PlusOption offers one of the biggest variety of options types and that should suit different traders, their trading strategies and styles as well as tastes. The company offers these options:
1 Long term – options that have longer expiry times, from 2 to 7 days
2. 60 seconds – short term options from 30 to 300 seconds
3. One touch – you bet whether the price reach certain level or not
4. Ladder – multiple directional options good for trend trading
5. Spot follow – Possibility to copy the most successful traders
6. Pairs – Betting on which asset out of two will do better
We are convinced that trading features with the broker are quite good as you have a large choice of options to choose from. Even if you are not much of a trader, you can follow the successful ones and earn passive income as a result.
PlusOption uses the SpotOption trading platform and it is a very good one. You can use a demo version of their platform to familiarize yourself with it, before you start trading a real money account. Basically, everything is in one window: option types, assets, expiry time, amount you want to trade and the amount you want to risk. You then press ‘Call’ or ‘Put’ or other button depending on the type of option, then ‘Accept’ if you want to complete your trade or ‘Cancel’ if you want to change something. And that’s it! It is a good feature that you do not have to download any program to trade. Everything can be done right on your browser, so we can state the platform is very easy to use.
In the age of ever changing mobile devices it is a must for brokers to have their platforms adapted to mobile devices. Some brokers have it, some not. PlusOption has upgraded their platform for usage on both iOS and Android devices, so if you are not at your pc and worry that you can miss a trade, don’t, because you can trade wherever you are using your mobile. You simply have to download iOS from Apple store or if you use Android device you should download their app from Google Play and you are ready to trade straight from your mobile device. Excellent!
Deposits and withdrawals
PlusOption has a lot of ways you can deposit money on your real money account and a lot of ways to withdraw it. You should remember that the minimum amount for deposits is $250 and the minimum withdrawal amount is $100. You can deposit and withdraw using debit/credit card, bank transfer, Western Union, most popular e-wallets (Neteller, Skrill, Webmoney and etc.)
Amounts that exceed $10 000 should be deposited and withdrawn using only Bank transfer. No fees will apply if you deposit/withdraw by debit/credit card. Other methods may involve some fees and you need to contact support team to find out what fees apply for other methods.
The last thing to remember is that withdrawal times will depend on the type of your account. VIP accounts get the priority and will typically have money within one business day and for MICRO accounts it may take from 5 to 8 business days before money reaches your account.
We were quite happy to see that the broker provides a lot of ways for their customers to get support. You can contact them by email, call them and the best, of course, by using live chat. They will answer you quite quickly and handle your issues in a professional manner. If you happen to have a complaint, you can send one following a specific procedure they have described on their website.
Extra features and resources
PlusOption has quite an impressive educational base for their customers and anyone coming to their website. There are some articles which will introduce you to certain aspects of trading binary options. They also have a ‘Plus Academy’ section where you will find a lot of useful videos with daily market analysis, technical commentaries, market recaps and interpretation of various financial news. They also have a special section for beginner where elementary concepts and strategies are explained. Eventually there are also materials for advanced and expert traders. So, at whatever stage you are, you can always find something useful there.
Having looked through all the most important aspects that help to define whether a broker is legit or a scam we conclude that PlusOption is not a scam broker, but a trustworthy one and we would recommend it for both novice traders and pros.
- » Innovative and easy to use trading platform
- » Good choice of accounts
- » Excellent bonus system
- » Effective and nice support team
- » No license
- » Withdrawal process somewhat long
What is the procedure of submitting complaints?
If you are unhappy about any aspect of PlusOption services you need to fill in a form and send it to sompany‘s support team.
Do I have to download and install any software to be able to trade?
No, you don‘t. You can login to any device of your choice and trade it from there. Just be sure you have internet!
What is the maximum amount for a specific trade?
That depends on the type of option you choose. Long term and Pairs have a cap of $1500 and 60 seconds with Ladder will have $250 limit. When you open a specific option type on your platform you will see the maximum possible amount you can fill in.
Do you have a registration fee?
No, you can register for free.