|Customer service hours:||24/7|
|Deposit Bonus||As per Deposit amount - Min = 25% Max=100%|
|First Deposit Bonus||As per Deposit amount - Min = 25% Max=100%|
|Special Event Bonus||Available|
|Birthday Bonus||Not Available|
|Platform OS Compatibility||Windows & Mac OS|
|Trading Platform Type
(SpotOption, Panda etc)
|Spotoption Gen 2|
Introduced in late 2008 amid of financial crisis, BigOption has climbed the ladder of success in a short lapse of time establishing itself as a prominent broker. The brokerage firm delivered its promises in a resounding way. We have gone through the claims of BigOption to independently test where they stand in the binary options industry.
Despite the fact that BigOption is not regulated, their experience in the field and the pool of satisfied traders speak volumes. BigOption has been awarded several titles by leading binary options reviewers. Among them, is the Most Reliable Broker awarded by FX Empire, a leading financial authority. It is with great honour that brokers acknowledge the awards attributed by FX Empire. BigOption left no stone unturned to match the requirements of top-notch brokers. The broker sought to set itself on a different wavelength while persevering to climb higher steps in the binary options industry.
There are very few brokers who are able to maintain a positive standing during their ascension but BigOption has surprised many with its potential which has been expanded in a relatively short lapse of time.
BigOption Trading Platform
Let's start with the Trading Platform itself. BigOption makes use of a SpotOption trading platform. SpotOption is very well known in the industry by providing trading platforms for more than 100 binary brokers. A platform provider with such an extensive portfolio of customers ascertain its level of professionalism in the field.
However, the only drawback which we noticed is that the platform is not mobile responsive. Nevertheless to counter this, the brokerage firm has put in place an exceptional mobile app which is available on both App Store and Google play. In the course of our review we will delve further in this to give you more details. Coming back to the platform technology we were delighted to note how easy it was navigate through the various features.
BigOption’s forte is its wide choice of trading tools. The first thing which we usually check is that a broker needs to have a good mix of what is regarded to be traditional trading tools and those regarded as more recent ones. Traders can trade with tools such as the Classic binary options, Speed option, Pairs, Long term, One touch and FX/CFD. The stars of the trading platform are the strategy advisor and the ProFollow feature, these two when properly used can make a big difference.
What about mobile trading in this?
Mobile trading is nowadays an essential part of Binary Options trading, in fact more people are accessing the internet through their smartphones than Desktops or Laptops. Brokers need to adapt to this trend. And as far as we have seen, BigOption is trying its level best by providing the latest technologies to its traders. The development of its mobile application for smartphone users is a major plus, it gives traders the opportunity to trade round the clock wherever they are across the world. There is no longer the need to remain scotched in front of your desktop or laptop, which is great, you can enjoy the cool breeze outside, or be on a beach at Bahamas and still trade.
The BigOption mobile app have similar features as its Website, which is fine because there are mobile apps which offer less features than their websites, limiting the trading experience. Moreover, we have had a look at other reviews to check the response from other traders, very few complaints were seen. Most of them were directed towards the speed of the app, which we suspect is most likely due to varying internet speed of users.
BigOption Account Types
It's interesting to take note of the accounts which have been crafted by BigOption and the differences between them are startling. BigOption caters for five different types of accounts, which naturally gives a broader choice, with different investment levels. We highly recommend you to go through the proposed account plans and to diligently check their features. When a trader choose a broker the choice should be based on their specific requirements, in our perspective traders need brokers who would fit them like a pair of gloves, not the other way round.
We have unveiled the different elements of the various account types so that traders have a better insight. To start with, BigOption has very attractive payouts starting as from 74 % up to 85 %. The Welcome bonus range between 20 % to 100% depending on the type of account which the trader have opted for. A 100 % bonus is definitely a great way to start your trading journey. Who wouldn't like a 100 % bonus?
BigOption Islamic Account
Like most top-notch brokers, BigOption has an Islamic Trading account for traders of Muslim faith. In our world of diverse beliefs and faiths, trading should not clash with the religious belief of traders. The Islamic Account of BigOption fully complies with the idea that trading must be extended to everyone. The Islamic account of BigOption have been designed to be consistent with the Sharia Law and as such a No Riba Policy is enforced to provide Swap free or Interest-free accounts. It is good to put on record that there are no hidden charges irrespective of the type of account which a trader choose, implying that, it is not because you are opting for a tailor-made account that you will be charged more.
The micro account definitely caters for more than the basic account but it still lags far behind compared to the other accounts. The motto "You get what you pay" could not fit better. You cannot expect the cream of the crop with a Micro Account, though it is very decent. It will actually depend on your objectives as a trader.
However, it's good to point that there are very few brokers that offer more for less money than what BigOption is actually giving. The micro and the basic account are very less publicised given their minimalist nature in the binary options industry. To start with a Micro account, an investment amount between 250 to 500 is required.
The basic account is very minimalist as its name suggests. Traders opting for a Basic account must be realistic, it's a good way to start, but the bigger perks are elsewhere. This trading account seems be an initialization to the trading industry.
To start trading with this account a minimum deposit of 501 is required, this is standard industry practice. It will also of course, depend on the currency with which you have registered your trading account with.
The Gold Account is actually labelled as the 'most popular account' on the BigOption Website, the Gold Account seems to be the star of BigOption. It is accessible with an investment ranging from 2501 till 10, 000. Traders are entitled to a 75% welcome bonus upon funding their account and they also get the opportunity to interact with an Expert trader on a weekly basis. Expert traders know the market best, they will help you to devise your trading strategy according to your objectives.
BigOption also specify that the assistance of a 'Personal Account Manager' is granted, which is another great perk. However, the drawback which we have noticed on this side is that there is a lack of information on the role of an Expert trader or a Personal Account Manager.
The Platinum account is the fourth account in the list of BigOption and we expressly anticipate great features. Let’s start with payout. The aim of many traders in the industry revolves around maximising profits and the Platinum account indeed pledges better payouts, we did not expect any less. A higher payout is a decisive aspect but payouts must never be the only factor which draws you towards a broker. The Platinum Account is available with an investment of 10,001. Basically, it is for experienced traders who know how far binary options can bring them. Lets face it, with this kind of investment the platinum account can be said to be more geared toward professional traders who believe in investing more to profit more. There is no restriction for any trader to choose this account, even beginners can opt for a Platinum Account. The choice is yours! If you feel you are experienced enough, go for it!
The VIP account is accessible as from 50+ k and is definitely superior to all other accounts in every possible aspects and we were told that the rapidity with which requests are processed are simply phenomenal. Arguably that this account type is mainly for experienced traders having a large investment portfolio. There is not a lot of information provided on the BigOption account for a VIP Account, most likely because traders who opt for a VIP account are entitled to a more personalised help.
BigOption offers over 130 assets for traders to choose from, you will basically have no trouble finding assets with which you will feel comfortable with. The brokerage firm regrouped its asset under four main categories, that is, Commodities, Indices, Currencies and Stocks. Traders have the opportunity to trade with leading indices such as the Dow Jones, Nasdaq, S&P500. Stocks such as Facebook, Apple, BMW or Google. Or within a few clicks, Gold, Silver or commodities like Wheat and Sugar are tradeable at BigOption.
We have taken good note that the platform of BigOption is 100% SSL certified. Being 100% SSL Certified in other words implies that the personal details of traders are strictly managed by the employees of BigOption, who works constantly in improving the process. No third party get access to your information. Moreover, all data go through HTTP secure web protocols to ensure additional security. The platform of BigOption is PCI approved and certified. It's good to see that BigOption walks the extra mile to bring peace of mind to its traders. Kudos for that!
There are a set of documents which are required, to ensure that the process is smooth. They were requested by the Compliance officer who at length explained to us the importance of these documents. Required documents were:
-Proof of Identity
-Proof of Address
-Proof of Payment
-Deposit Confirmation Form
We were advised to send the document at [email protected] or by fax.
BigOption Transfer Methods
There are several ways in which a trader can deposit money with BigOption. The more deposit methods there are, the easier the life of traders become, making sure that traders are able to deposit through a method which they are comfortable with.
Deposit by Wire Transfer:
The minimum for a wire transfer is $500. We were advised that $25 is charged for any amount which goes below $500, some traders may regard this as being steep but it is actually common practice in the industry. It was also required that we send an email of the copy of the wire transfer, we were told that it could take at most 5 full business days for the funds to appear in our account. It more or less did, we received our funds after 6 days, one day more was not that much an issue.
Alternative methods are new methods of payments which give you greater flexibility, it's a growing trend in the binary options industry, it's good to point out that BigOption has adopted these practices quite a while ago. There are also several others alternatives which traders can make use of, for instance, CashU, WebMoney, PaySafe among others. This list of eWallets can be found under the Alternative tab method which is located on the deposit page. It was nice to see the list generated, depends on the country where the registration has been made, you do not need to pry into what method is available in your country, it is already sorted out for you.
Withdrawal terms and conditions
Withdrawals at BigOption are easy to go through but they are chargeable, depending on the method of withdrawal that traders opt for. These figures are actually what most brokers ask and are often purely administrative costs.
-50.00 USD/GBP/EURO for wire transfers
-25.00 USD/GBP/EURO for credit cards plus a $10.00 USD processing fee
-25.00 USD/GBP/EURO for ePayments.
The minimum withdrawal amount for Bank Wire Transfer and Credit Card is as listed below :
-Bank Wire Transfer: 250 USD/GBP/EUR
-Credit Card: 100 USD/GBP/EUR
We were advised that the moment a withdrawal request is sent, it generally takes 3 working days to process the request, and funds take 5 days to appear in our bank account, we went through it to check the claims. As mentioned earlier after 6 days we received the funds in our account, it was nice to see how the process went smoothly, compared to the numerous other brokers whose withdrawal procedures cost longer.
BigOption Customer Support
It is good to understand that customer service is not a tangible component that can be gauged with naked eyes. It requires first-hand experience to be able to truly make a good picture, we tried it at BigOption to have a better insight on what’s going on. Our email was well responded in 24 hours, which is great, it gave us confidence, but we noted the absence of a Live chat which provides information on the spot. Waiting for 24 hours to get information seemed a bit long. But then we phoned the guys in the Customer service to test for their reliance and we deemed the response to be good. However, we still find the lack of a Live chat to be a bummer. BigOption claims that its customer support is one of the best compared to other brokers, we came to the conclusion that it is not the best but certainly not the worse either. To be fair the experience was not so bad compared to what we have seen at other brokers, the customer service of BigOption is very decent.
While reviewing the Support Centre we noticed that BigOption has come up with a great idea to display all information in one place. All Questions and Answers are aligned on the page, giving an overview of probable questions that might crop up while trading with BigOption.
The next one is the search button place at the bottom of the page. It is very interesting to insert a search box within a trading platform as it corresponds with the requirements of inexperienced to an experienced trader who are unknown to the site. Even when you are new to binary options, you will find no difficulty in browsing around.
There are many binary options brokers out there who are still limited in terms of catering for the needs of all traders. BigOption can be applauded for the formidable work it does to cater for all customers within its trading platform with small gestures that changes the perception of trading.
Is BigOption a Scam?
BigOption is not a scam, its massive experience in the field of Binary Options have contributed in giving an enhanced credibility to the Binary Options firm, we found that BigOption is genuine. The amount of information provided and the ease with which the Support Centre can be contacted, the features made available, the educative section would easily place BigOption on our list of good brokers in the industry.
After having tested all the features independently, we were satisfied that the claims of BigOption were verified. BigOption is not only scam-free but one of the best in the Binary Options industry. BigOption strives to work towards excellence so as to maintain its standing among the best brokers in the binary options industry. The brokerage firm believes that excellence is something which is nurtured and maintained, rather than staying complacent.
BigOption takes pride in the quality and extensive range of learning materials which seems satisfactory in our opinion. Their Education section provides multiple videos, ebooks and guides that cater for the needs of traders. But it is nothing extraordinary, as it still has to bring in more insightful materials that will make the difference. Nevertheless, the BigOption blog fills in the deficiency that the main platform education lacks (if any).
The blog is laden with interesting articles both informative and entertaining. We found the language to be simple and concise, It combines both market news and trading related articles, giving a refreshing perspective to binary options. It is an important factor that demarks BigOption from other brokers. Indeed, if scrutinized, many brokers lack this essential element. BigOption has been able to invest in a blog that is updated on a frequent basis, building its foundation and goodwill in the industry. In this perspective, it seems is no way that BigOption is a scam.
To credit our account with funds, we followed every step which BigOption advised us. We first logged on our account, then we clicked on the right corner of the page, that is, BigOption, minimum deposit. We were directed towards a deposit page where a range of deposit methods were offered to us, that is :
- A very wide range of Credit and Debit Cards have been made available such as Mastercard, Visa, Visa Electron, MasterCard Debit, Maestro International, Diners Club, JCB, Dankort, Carte Bleue, CartaSi, Discover, Laser.
-Wire or Bank Transfer: we were glad to note that BigOption offers quick bank transfer service through the Envoy Services – it is actually a company registered and locate in the United Kingdom and monitored by the respected FSA. The minimum deposit through bank transfer is 500 USD, EUR or GBP. A proof of the Wire transfer needs to be submitted to the company.
Electronic funding methods like Liberty Reserve, MoneyBookers, UKash, and CashU.
We have looked in the promotions and bonuses which are important for traders. Who doesn't like promotions or bonuses? Especially for beginners to start with. As soon as the minimum deposit of $250 was made, we received a 20 % bonus, we decided to start with a Micro account, it was a great way to start, we received more than what we deposited. The bonus increases depending on the type of account the trader have chosen, that is the larger the investment, the bigger the bonus. For instance the Gold Type Account holders, who make a deposit of $2501 onwards, are entitled for a 75% bonus.
Moreover traders who have a VIP account, are eligible for a 100 % bonus.
BigOption also have the Refer - A - Friend feature, where any referral who opens an account with the binary options company is entitled for a $50 bonus, the best part is that both the person bringing the referral and the referral are eligible for a $50.