Option888 is an online platform for trading in binary options, registered with the Malta Gaming Authority and Curaçao eGaming, and is headquartered in the Republic of Samoa. The website has recently undergone a rebranding effort which makes it a lot more user friendly than its previous incarnation and also happens to be a bit better looking and a lot more streamlined. Overall, there are a lot of advanced features here and Option888 seems to have racked up a dedicated following in its short history – but binary options traders should be warned that there have been a few controversies here about potentially unethical behaviour, so that should be taken with a grain of salt.
Established in 2014, Option888 is a relatively new player in the binary options field. The founding members were mostly industry veterans from Germany and Sweden, so it’s no surprise that many traders on the site hail from Scandinavian countries.
Option888 is mostly used European traders, particularly those in Scandinavia. They do not accept traders from the US, but do allow a wide range of deposit currencies including several from outside of Europe. The site is available in English, German, Swedish, and Italian – with local support numbers available in the UK, Canada, the Netherlands, Germany, Italy, and Austria. As such, Option888 seems to largely be focused on the European and Canadian markets, though this is by no means exclusive. They’ve also gained some visibility and credibility in Italy as Option888 has partnered with Bologna FC.
As an online binary options trading platform, Option888 offers the usual trading services that you would expect from a binary options site – there are the usual binary options plus a few nice features that you don’t find on other platforms. You also get access to live customer support and some educational materials, making Option888 in line with the industry standards in terms of the services that they offer without anything beyond that. This is actually a good thing, because any binary options site that’s offering you other things like portfolio management is best avoided because you don’t want the people that you’re betting against to be the ones managing your portfolio anyway. Keeping it simple avoids conflicts of interest, which is definitely a good thing for traders.
What can you trade?
With Option888, you can trade in options on forex, commodities, stocks, and indices like you can with pretty much any other site. On top of that, there are also ‘touch’ options – will an asset reach a certain high or low price in a given period? Touch options are best for any asset that either remains flat or tends to be extremely volatile. There are also ‘one touch’ options, which revolve around whether a given asset will touch a particular value or not. Related to these are range options – will an asset remain in a particular value range, or break out of that? There’s a selection of ‘turbo’ options, which all have relatively short expiry times – from 30 seconds up to 5 minutes. And another notable thing here is the fact that you can go for very long expiry times as well, up to two months. With a minimum trade of $10 and a maximum trade of $1000, you get a bit more flexibility with Option888 than with some other binary options platforms.
Option888’s trading platform has recently been upgraded to a new system by Tradelogic and it’s quite well-featured and streamlined, offering a great user interface. Charts are accurate and the entire platform is quite intuitive, which makes this a seemingly great option for binary options. Overall, the platform is pretty uncluttered, but does lack a few features available elsewhere. There are apps for both iOS and Android, which make it easy to trade on the go without worrying about your option expiring and not knowing the result – combined with the abilities to close and extend, this is a really great thing to see in a binary options broker. Payout ratios are generally around 80% on average, but they can go up to 89% in some cases.
While Option888 has the usual trading features that you’d expect in a binary options platform, there are a couple of great additional ones. While most sites will just allow you to call or put and maybe (or maybe not) change your mind before the expiration, Option888 adds the ability to close early or to extend their trades. This is a really great thing for users who want to maximise their profits and minimise losses – and who doesn’t want to do that?
Traders get up to a 100% deposit bonus on their account, which is pretty good. The minimum deposit is $250, and the maximum amount for which you can avail the 100% bonus is $250. They don’t really crowd you with a bunch of other bonuses though, which some sites do in order to try and keep you from withdrawing funds. Overall, you get a pretty reasonable bonus without a bunch of others being shoved in your face to entice you – this is kind of a refreshing thing to see in a binary options platform.
Customer support is excellent here – the support team is reachable via live chat at any time of day or night, plus email support and several helplines which are available from 9:00 to 21:00. There’s also a web contact form for customer support, and apparently users can get support in Dutch, Finnish, and Norwegian in addition to the other languages that the website is available in. Overall, users should not find customer support lacking on Option888, but then there are relatively few firsthand experiences with their support team available online.
Deposit & Withdrawals
Funding your account on Option888 is pretty simple and straightforward – you can use any of the major credit cards as well as wire transfers and online payment services like Skrill and Neteller. You shouldn’t have too much trouble funding your account, and you get more or less the same options here as you would anywhere else. The minimum deposit is $250, with a maximum of $1500 on the bonus offer.
Withdrawals requested before 18:00 GMT are processed the same day, so you should be able to get your money in a timely manner. One thing that’s always a concern with binary trading platforms is whether or not you’ll be able to withdraw your funds from your account, and there seems to be some dispute about whether Option888 will actually pay you the amount that’s due or not. Since they’re registered with the MGA and choose not to be regulated by any financial body such as CySEC or IFSC, this site might be one of the riskier ones – past complaints about traders not getting their money are a bit more common than they should be to instil much confidence. It’s not necessarily the case that you won’t get paid though – some reports have it that Option888 has extremely fast withdrawals, while there are also a number of complaints online that they simply don’t pay up at all. While it’s impossible to verify these accounts either way, you should be cautious considering that this site is not licensed or regulated by CySEC and there already so many reported scams surrounding binary trading platforms. They seem to be a legitimate operation with a great website, but that alone is not enough.