In this Opteck review you will find the answers on the questions that you always wanted to ask regarding this binary options broker. Originally founded in 2011 by two very passionate financial professionals, Opteck is one of today’s leading binary options broker. Based in Limassol, Cyprus, Opteck is owned and managed by a Cypriot Investment Firm (CIF) called Centralspot Trading Ltd. Geared specifically towards beginner traders, Opteck offers its clients a comprehensive and well rounded trading educational package that is second to none in the binary trading industry. The attentive care which Opteck has been rendering to its clients is one key reason why this CySEC regulated broker has earned an outstanding reputation among the binary trading community.
Opteck Platform Overview and Features
Initially, Opteck adopted the Market Pulse trading platform. However, they have recently developed their own proprietary platform which is much more intuitive and aesthetically pleasing than its predecessor. The new platform is also web based and hence requires no download or installation. Furthermore, it was designed to be fully compatible with mobile devices such as smartphones and tablet computers.
With this new platform, there are 4 different types of trading contracts which traders can use to trade on the 100+ underlying assets in Opteck’s asset index. The contract types consist of “Quick Options”, “High/Low”, “Range High/Low” and “One Touch” options.
Opteck Unique Feature
One of the most unique features about the Opteck’s trading platform is its advanced demo account. Demo accounts are a rarity among binary options brokers which is why we considered this a unique feature of the Opteck’s trading platform. The demo account has the same features as the actual trading platform. With it, you can use it test out your trading strategies and techniques without having to risk any of your capital. Take note that the amount of virtual currency that will be made available in the demo account depends on the type of live account that you are opting for.
To gain access to the demo account, you need to make an initial minimum deposit of at least $250 to open a live trading account with them. After you have opened your account, just ask your account representative for access to the demo account. We highly recommend that you make use of this facility to familiarize yourself with the markets as mistakes can be costly in the real world especially when considering the fact that the minimum trade amount at Opteck is $25.
Having received its CIF license #238/14 from the Cyprus Securities Exchange Commission (CySEC) in May 2nd 2014, Opteck has now joined that ranks of binary options brokers that are authorized to operate within the European Union (EU). One of main benefits of dealing with a CYSEC regulated broker is the fact that you are covered up to 20,000 euros under the Investors Compensation Fund Scheme.
In addition, regulated brokers tend to be more receptive to the complaints of their clients as traders can refer their complaints directly to CySEC for the regulatory body to take action against the broker. When you find that Opteck has a dedicated department for handling complaints, you know that this broker is really serious about resolving your problem.
For its own protection and the protection of its client information, Opteck takes the security of its trading platform very seriously. You will find that they have encrypted their internet communication with SSL encryption technology to ensure that nobody can hack into their system. Furthermore, they also have a very stringent verification protocol in place to ensure you are who you claimed to be. All these measures are there to ensure that you can trade safely and with the peace of mind that your money and personal information is safe at Opteck.
Complaints – 8/10
A quick search on the internet did reveal some minor complaints about Opteck. Most were about bonuses and withdrawal. However, we also noted that these complaints were quickly resolved by the customer support representative. This is a good sign since it indicates that the broker is responsive and efficient.
Bonuses – 8/10
While Opteck did not openly advertise the bonuses which they offer, we found out that they typically offer a welcome bonus of 50% to new traders. On occasions during special promotions, the bonus level can go up to as high as 100%. Although their bonuses are not as high as what other brokers are offering, their trading volume requirement for the withdrawal of bonuses is also lower at just 20x the bonus amount.
Customer Care – 10/10
We found Opteck’s customer support to be responsive and easy to access. Traders are provided with email support, live chat support and telephone support. The customer representatives are not only knowledge and friendly but also multi-lingual.
Price Manipulation – 10/10
Opteck’s price feeds are provided by Leverate, a premium broker solutions provider hence ensuring that the prices that traders receive are accurate and in real time. From our observations, we also found no evidence of any price manipulation from Opteck side.
Deposit & Withdrawal – 9/10
Opteck support funding and withdrawal of trading accounts through credit/debit cards, wire transfers and Ewallets. For withdrawals, there is a minimum withdrawal amount of $50 before the request gets processed. Minimum withdrawal amount for the wire – $100. The processing time is around 3 to 4 days which is reasonable. Once approved, you can expect the money to appear in your bank account within a week. For withdrawals made through credit cards, no service fee is payable. However if your withdrawal is done through other alternative methods, the processing fee is deducted directly from the withdrawal amount.
Security – 10/10
Opteck take great care to ensure that the security of their online transactions is not in anyway vulnerable to hacking. They encrypt all internet traffic between their servers and clients’ computer with 128bit SSL encryption algorithms. Furthermore the C.O.M.O.D.O badge of identity provides real-time identity verification of the website ensuring that traders do not become victims of any phishing scams.
At a score of 55/60, Opteck rank very high on our scam rating scale. Our recommendation is that if you are new trader, it is worthwhile to consider Opteck as your broker as they provide a comprehensive trader’s educational package as well as a demo account to practice your skills without any risks. Opteck is classified as Trusted Broker.