PrestigeOption Broker Review
PrestigeOption has not been around for long and is a newly established binary options broker. It is licensed and supervised by CySEC. They are suited for both, newcomers with no experience, and for experienced traders who have been trading for quite some time. This review is primarily for all traders who want to gather information about this prospective broker.
Online since: 2016
Max Returns: 88%
Minimum Deposit: $250
Minimum Investment: $25
Maximum Investment: Unlimited
Currencies: USD, EUR
Countries: All nations except USA
– Licensed by CySec
– Offers many different account types
– No maximum investment
– Doesn’t accept the traders from the US
7 Binary Options Rating:
PrestigeOption Account Types
To be able to keep up with the competition in the vast options world, brokers have to offer some perks and extras to traders. PrestigeOption is highly competitive by offering five account types to cover the different traders’ levels. Check out the features of these account types below.
- Requires $2500 as minimum deposit
- Bonus up to 50%
- Economic information
- More than 100 tradable assets at disposal
- Market review on a weekly basis
- Financial management plan for newcomers
- Basic video tutorials
- Requires $10,000 as minimum deposit
- Bonus up to 75%
- Economic information
- Market review two times a week
- Autochart list access granted
- Financial management plan (intermedium)
- A total of 3 training sessions
- Advanced video tutorials
- All advantages from the Silver Account are also included
- Requires $50,000 as minimum deposit
- Bonus up to 100%
- Economic information
- More than 100 tradable assets at disposal
- Advance video tutorials
- Market reviews on a daily basis
- Financial management plan (advanced)
- Strategix access granted
- 2% of dividend payment
- Requires $100,000 as minimum deposit
As we can see, PrestigeOption does not lack a variety of choice when it comes to account types, but also you probably have noticed that no benefits are provided for the Platinum Account. That might bother some traders who want to have complete information on this issue, without having to contact the broker or the account manager. If we consider the minimum deposits, many traders will probably think that they are too high when compared to other binary options brokers which usually offer accounts from $250, as opposed to the lowest minimum deposit of $500 offered by PrestigeOption.
Also, the broker offers bonuses for the majority of the account types. These bonuses include pending and profit bonuses.
- The Pending Bonus may go up as high as 100%. Traders can use their deposit for trading before they withdraw it, but to get the bonus, they have to trade a certain amount of times to reach the target amount. The target amount is calculated on the basis of the deposit+ bonus x15.
- The Profit Bonus can account for 150% of profit. When traders use it for trading, again, the target turnover has to be achieved on the basis of the percentage factor (before withdrawal).
The broker also offers risk-free trades which can go as high as 100%. If the trader has a winning trade, they can withdraw the profit anytime they want. If they have a losing trade, they can get their invested deposit back, but only after trading the bonus 30x.
Bonuses have an expiry date. They stop to be valid after 2 months. It is essential that traders read the Bonus Terms and Conditions with utmost attention since certain requirements have to be met in terms of the bonus validation. To truly understand the bonus policy, consult the Terms and Conditions. In order to avoid situations where Terms and Conditions are confusingly stating that the required turnover is x60, just to contradict later with stating that $10,000 are required for every single dollar. This is an important sign to all traders to gather all information on withdrawals, trading volumes in written form if you are considering accepting a bonus, especially when the Terms and Conditions are vague.
The maximum return rate with PrestigeOption is around 88%, whereby with Strategix (offered with the VIP account) it skyrockets to 320%.
PrestigeOption Trading Platform
PrestigeOption opted for a platform not frequently used by other brokers. The platform is called TradeSmarter, and just because it is not used by the majority, does not mean that it is lower in quality. TradeSmarter actually offers a great interface which is very convenient for the traders.
As a trendy new options broker, PrestigeOption also offers a mobile trading app for traders who like to trade on the go. The mobile app differs in design because the phone display is smaller. The app provides for the advanced and simplified screening options and traders can choose which one to use. If they want to see more data and focus on details, they will opt for advanced screening, of course. The app is available in 14 languages and includes social trading as well.
The options offered by PrestigeOption are somewhat limited including only Startegix, turbo options, pairs, and high/low trades. Their website is therefore very user-friendly and information can be easily found because of the convenient drop-down menu.
PrestgieOption Support Information
PrestigeOption has a multilingual website including French, German, and English. Prestige Option hopes for international customers who speak other languages and translated the website to the other two mainstream languages.
The PrestigeOption customer support can be contacted via different communication channels. First of all, they offer an online form on their website, as well as live chat, phone contact, and e-mail. On their website, they also announced that contacting via e-mail is more suitable for general information.
For the purposes of this review, we tested customer support efficiency and contacted them via live chat. The results were positive given that they answered our request within minutes. Not only did they answer fast, but they also provided relevant information.
As many other brokers, PrestigeOtion has also a training or educational center which the traders can use to educate themselves. The training center consists of webinars, glossaries, video tutorials, literature. What is worth mentioning is that the majority of the educational resources are not available to traders who did not make a deposit.
PrestigeOption Payment Methods and General Company Information
- Bank transfer
- Credit Cards: Visa, Maestro, MasterCard, JBC, and Diners Club
- E-wallet: Skrill/Moneybookers
- Local payment methods: CashU, iDeal, LightStream, Bancontact, Qiwi, WebMoney
The required minimum deposit for all of the above payment methods is $100, except for bank transfer. Bank transfer requires a minimum of $500. When it comes to withdrawals, they are possible without any limitations since no minimum withdrawal requirements exist. Also, the broker does not charge any additional fees on deposits and withdrawals, but it is always possible that third parties will charge fees independently from the broker (e.g. banks).
It takes 5 business days to process wire transfers and online payments, while it takes 10 for credit card withdrawals. Before sending a withdrawal request, make sure to verify your identity by sending requested documents.
Customer Service: phone, e-mail, live chat, website contact form
Languages: French, English, German
Trading Options: High/Low, On Demand (60 Sec), One Touch, Range
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 30 and 60 seconds, 2,5, and 30 minutes, 1 hour, 24+ hours, end of day, week, month
Deposits and Withdrawals: VISA, Master, Maestro, Wire Transfer, Bancontact, CashU, iDeal, WebMaster, Qiwi, Skrill Moneybookers
Withdrawal Time: 5-10 business days
Demo account: Yes
References and Further Reading:
- The City as a Growth Machine: Toward a Political Economy of Place (Harvey Molotch)
- The Summary Informativeness of Stock Trades: An Econometric Analysis (Joel Hasbrouck)
- Do Behavioral Biases Affect Prices? (JOSHUA D. COVAL, TYLER SHUMWAY)
- The Supply Chain Management Game for the 2005 Trading Agent Competition (Collins, John and Arunachalam, Raghu and Sadeh, Norman M. and Eriksson, Joakim and Finne, Niclas and Janson, Sverker)
- Financial trading game (Eugene Jarvis, Andrew Eloff)
- Competition and Financial Stability (Franklin Allen, Douglas Gale)
- FX Spreads and Dealer Competition Across the 24-Hour Trading Day (Roger D. Huang, and Ronald W. Masulis )
- Information, trading, and volatility (Charles M. Jones, Gautam Kaul, Marc L. Lipson)
- Dealer versus auction markets: A paired comparison of execution costs on NASDAQ and the NYSE (Roger D. Huang, Hans R. Stoll)
- Financial products having a demand-based, adjustable return, and trading exchange therefor (Jeffrey Lange)
- International Networks of a Trading Diaspora: The Mourides of Senegal Abroad (Ebin, Victoria)
- A Theory of Trading Volume (JONATHAN M. KARPOFF)
- Interactive mortgage and loan information and real-time trading system (Stephen K. Fraser, Sadashiv Adiga, Suresh Payankannur)
- Bond trading system (David Lawrence)
- Financial Intermediation and Delegated Monitoring (Douglas W. Diamond)
- The Relationship between Financial Reporting Practices and the 1986 Alternative Minimum Tax (Shiing-Wu Wang)
- Financial Intermediation, Loanable Funds, and the Real Sector (Bengt Holmstrom and Jean Tirole)
- Measuring results of microfinance institutions : minimum indicators that donors and investors should track – a technical guide (Rosenberg, Richard)
- The Relationship Between Corporate Social Performance, and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination (Peter A. StanwickSarah D. Stanwick)
- Financial intermediation and growth: Causality and causes (Ross Levine, Norman Loayza, Thorsten Beck)
7 Binary Options review: PrestigeOption: stars.