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OptionClub is a binary options broker that set up shop back in 2011. The Dutch broker was mainly created to offers traders numerous attractive trading options. The broker is regulated by the AFM or Dutch Financial Markets Authority. We will take a closer and as always our unbiased look at OptionClub and reveal what interesting opportunities are on offer.
Account Features offered by OptionClub
One of the issues we have with OptionClub is that they don’t mention any account types. Now that may seem interesting because many brokers tend to offer various types of accounts each suited for a particular type of traders. Though traders prefer to use personalized trading solutions. That said OptionClub interestingly opts for a much simpler and often direct approach.
To start with, they have set the minimum deposit to just €50. It is a low minimum by any standard as most brokers nowadays tend to set the minimum at around $200. Plus all traders get the chance to accept an initial deposit bonus of 100% their deposit.
The broker makes all the bonus conditions very clear in their special section. The terms they offer don’t talk about reaching a particular trading volume because the withdrawal is influenced by how much the trader deposits and then how much of a bonus is added to it.
The website outlines everything very clearly, which we urge that you read before accepting the bonus. As a rule of thumb traders should read everything before accepting anything. OptionClub also has a demo account which has become increasingly rare in recent times.
But the bonus account is essential because it gives traders a feel for the trading platform. All that’s required to use the demo platform is to register after which they get €100 of play money that they can use to trade. We have always recommended and will recommend brokers that offer a free demo account.
The Trading Platform
OptionClub has created their own proprietary platform that is aimed to make binary options trading better. It is one of the reasons why they have a fully functional demo account so that traders can get used to the platform before depositing money.
We think that the website still has a few rough edges that need to be further honed and polished. But overall its very easy to understand and use despite not coming across as modern.
The other issue we have with OptionClub is that they don’t have smartphone apps. We assume that there will be one soon. Now that’s a pity because many traders trade binary options when on the go via their smartphones.
The other thing that’s worth noting about OptionClub is that they define binary options slightly differently compared to the competition. So, in addition to the high/low binaries, there is also room for XL options, Duel and Flex options.
Now XL options is a fancy word for high/low binary options that’s near the end of the day. Duel options are pairs that are similar, and Flex tends to be those that have not closed by the time of their expiration date but rather because of price movement. The Swift options are turbo options.
In addition to binary options traders can also trade futures, indices, currency pairs, futures and stocks via the platform.
As far as customer service and support goes OptionClub only has the English, Spanish and Dutch version of their website. So, we think that the broker should add pages in other languages too. The FAQs section is mainly intended to help traders find answers to the questions they have.
Though some of the information can only be found in the Terms and Agreements section. So, apparently here too there is room for improvement. All traders that signup to the broker receive a free e-book called ‘Investing without Emotion.’ Though the offer is good but unfortunately it lacks several strategic explanations that many traders could use.
The other issue we have is that OptionClub only offers customer support via their email address, i.e., [email protected] Though traders have the option to request a callback. The online form can also be used to lodge complaints, and they just added a live chat feature which is also useful. Though the wait times are a little frustrating.
Payment Methods accepted by OptionClub
If anything banking is a huge part of binary options trading. Traders may perhaps be glad to know that since the broker is regulated, they are insured against the funds they hold with the trader. So, here being regulated by the AFM is a big plus.
Traders that decide to use OptionClub to trade binary options can deposit as well as withdraw money via a number of methods including iDeal, Paypal, Visa, MasterCard, Sofort, GiroPay and regular wire transfer. The minimum deposit and withdrawal have been set at just €50. Withdrawals take around five working days to process.
However, it’s worth noting that all transactions are processed within the EU and for residents of the European Union. Traders need to provide the broker with all the required documentation before payments can be processed. The broker is owned by Optieclub.nl b. v.
Option Club is a good choice for EU based brokers who are looking for more options. Despite the relatively complicated signup process, there are many benefits to using this broker, and it’s certainly one we will keep an eye out for.
Is this your final decision?
We suggest you visit one of the popular Binary Option Broker instead!
- EU Based
- Many Tradeable Assets
- Complicated Signup Process