OptionFair Broker Review

Although OptionFair does not offer sign up bonuses, it does occasionally offer other trading benefits such as out of the money compensation and insured trades. Their software, backed by their sister company Techfinancials, is user friendly and innovative, while their knowledgeable customer service team are capable of answering a wide range of questions and resolve a broad spectrum of issues. They also offer a large range of options to choose from.

Intro

OptionFair is an online binary options broker which offers an innovative service. As a market leader, they allow their clients to follow financial market trends by offering trading in both binary options and Forex. They offer a service that is suited to both experienced and novice traders with a simple to use, fun and quick trading platform. OptionFair takes pride in their freedom of choice, fairness and transparency as well as a their withdrawal guarantee. Their innovative trading interface us backed by TechFinancials, their sister company, and offers a wide range of assets and instruments. They also boast a skilled team of finance professionals with years of experience in the financial markets.

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Company Information

OptionFair is a licensed and regulated broker with CySEC for the client’s complete peace of mind. As such, they ensure that all financial transactions are well protected with strong encryption and that all client funds are kept in segregated accounts. Established in 2010, OptionFair is operated and owned by Tradefinancials Ltd, a Cyprus Investment Firm which is based in Cyprus.

Assets Available

OptionFair offers around 140 assets for traders to select from.

Their list of assets includes:

Commodities: 7

Currencies: 35

Stocks: 75

Indices: 26

Bonuses & VIP Programs

Unlike many other brokers, OptionFair does not appear to offer sign up bonuses to attract new clients, however there do appear to be some trading benefits which may be offered by this broker to existing or new clients at their own discretion. Unusually, and as an added benefit, no withdrawal restrictions are imposed on any of these benefits. The benefits on offer include:

• Insured Trades – this is a single time benefit which helps to lower the client’s risk
• Out of the money compensation – this is another one time benefit which is occasionally awarded to clients to compensate them for trading losses.

Mobile

As expected from most binary options brokers, OptionFair has recognised the need for clients to check their assets and to carry out their trades while they are on the go. They are aware that traders do not want to be tied to their laptop or PC and, with the knowledge that downloading and installing memory intensive software slows down transactions by causing problems with computer memory, OptionFair have therefore developed a trading interface which is entirely internet based. This enables trade executions to be carried out more swiftly from anywhere worldwide and at any hour of the night or day using a tablet, iPad or Android smartphone as long as it has a functional internet connection. OptionFair’s website is mobile optimised, however it also has a free mobile application which makes it even easier to trade from a mobile device. It is easy to download this mobile app from the Google Play Store, Apple Store or even from the broker’s website.

Deposits and Withdrawals

OptionBit offers a wide variety of payment methods

• Credit Card and Debit cards – Visa, MasterCard, Diners Club, Visa Electron, Visa Delta, Visa Co-Branded Cards, MasterCard Debit, JCB, Carte Bleue, Dankort, CartaSi, Lazer, Discover, and Maestro International.
• Bank wire transfer
• Western Union
• Moneygram
• Skrill
• Neteller

The minimum deposit amount varies depending on the method used. Credit and debit cards require a $300 deposit (or equivalent), bank transfers require a $500 deposit, Moneygram and Western Union require a $1000 deposit and popular e-Wallets Skrill and Neteller require a $300 deposit. First time investors are restricted to a maximum initial deposit amount of $1500. The minimum trade amount for a single trade is $25 with a maximum single trade amount of $3000.  Accounts can be opened in 5 different currencies including:

• US Dollar
• Euro
• Pound Sterling
• Hungarian Forint
• Russian Rubles

Once you have chosen a base currency you are not permitted to switch to another one at a later date.

There is no minimum withdrawal amount and every client receives one free withdrawal monthly. Subsequent withdrawals are charged at $30.  Withdrawal requests are processed rapidly, usually within 24 hours.

Customer Support

There are several methods through which clients can contact the OptionFair customer support centre. These include:

• Email – there are 2 email addresses, one for the operations centre and one for support services
• Telephone – there are 6 telephone helplines, one for the operations centre and 5 support helplines which are in 5 different languages: English, Russian, Hungarian, French and German
• Live Chat
• Fax

The website is available in five languages, English, Russian, Hungarian, French and German

Extra Features and Resources

OptionFair, unlike many other modern binary options brokers, do not have very many educational resources available for its clients which is a bit of a disappointment. Although there is an education centre for clients to access, there are no videos or tutorials to use. There are some articles which aim to address some of the basics surrounding binary options trading and there is also a useful Frequently Asked Questions section as well as a glossary of basic terms, however this is considerably less than is usually offered by some other brokers.

Verdict

OptionFair has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.

Pros

• Cutting edge trading software that is suitable for use by both experienced and novice traders
• 100% online trading interface requiring no installations or downloads
• Mobile trading apps for iPhone and Android
• Choice of customer service contact methods including instant live chat
• Multilingual website
• Regulated and licensed by CySEC
• Strong SSL encryption site wide
• Choice of base account currencies
• Fast withdrawal times
• Trading benefits offered
• Good choice of deposit and withdrawal options including e-Wallets

Cons

• There appear to be no welcome bonuses
• Very limited educational resources

FAQ

Is OptionFair a regulated broker?

Unlike many other brokers, OptionFair is licensed and regulated for the client’s peace of mind. They are under the regulation of CySec and are compliant with all of the rules regarding safeguarding of client funds and trustworthiness.

How do I register with this broker?

OptionFair have made their registration process quick and simple. All clients needs to do is to complete and submit all the relevant personal information on their online registration form. In no time, you’ll be ready to deposit your first amount and start trading.

Which currencies can be used as a base account currency with OptionFair?

OptionFair accept accounts opened in one of five different currencies:

• Euros
• US Dollars
• Pounds Sterling
• Hungarian Forints
• Russian Rubles

Your base currency is unable to be changed once you have made a final decision.

Is there a registration fee payable to OptionFair?

Clients do not need to pay any registration fee when they open a live trading account with this broker.

Which option types are available through OptionFair?

There are several option types available so that clients can enjoy the best possible variety of trading experience. The instrument types on offer include:

• High/Low
• Boundary
• Touch/No Touch
• 60 Second Trades

Is OptionFair a scam?

Potential clients can rest assured that if they choose to trade with OptionFair as their preferred broker, they will not be subject to any kind of scam. Their trading platform is backed by TechFinancials and is a very secure interface. All of their services are also reliable and they have strong Security and Privacy policies in place for the clients’ protection.

Will I need to install any software to my computer?

Traders are not required to install or download any trading software to their computer and can simply use any regular PC as long as it has a working internet connection. The OptionFair trading software is compatible with all main browsers including Internet Explorer, FireFox and Google Chrome. However Javascript has to be enabled in order to place a trade.

What are the benefits of choosing OptionFair?

OptionFair aims to educate, assist and train their clients to help them to make informed investment choices whilst also offering transparency and fairness. Offering freedom of choice for traders, this broker ensures that investors are able to close out their trade early and that all of their client funds are held in safe segregated accounts. With mobile trading available, a wide variety of banking methods and some interesting trading benefits available, OptionFair is an interesting choice of broker for both experience and novice clients.

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