|Customer service hours:||Sunday morning to Friday evening. 24 hours a day.|
|Deposit Bonus||Not Available|
|First Deposit Bonus||As per Deposit amount - Min = 25% Max=100%|
|Special Event Bonus||Not Available|
|Birthday Bonus||Not Available|
|Platform OS Compatibility||Mac OS , iOS , Windows , Android|
|Platform Provider||Market Pulse|
‘Opteck’- this is the trading name of ‘Central Spot Trading Ltd’ which a Cysec regulated binary options broker and which saw its advent in 2011. Being rather popular, we thought Opteck was worth enough to be in our viewfinder and so, in this review, our team has attempted to scrutinize Opteck from every relevant aspect and come up with a viable conclusion on it. Let’s see whether this broker deserves thumbs up from us or not.
Our first impression on Opteck wasn’t much optimistic as on visiting we got the feeling that it does not have a team of professionals working behind. In fact, the broker does not sport a super attractive and user friendly platform. It looks as a compact page filled with information in a non orderly manner. The platform, therefore does not inspire much trust and is not impressive enough. However, we believe that being regulated, Opteck might have some other good things in reserve.
The most basic thing- the minimum deposit amount required, which is as most regulated brokers impose, $250. The minimum tradable amount is $25. Opteck offers nice percentage payouts which reach up to 85% and also offers a demo account. A striking factor about it, is that it in comparison with what other brokers normally offer, this one offers six account types to choose from. We’ll delve further into that, later in this review. For now, let us start by assessing the most important features one by one.
Opteck The Platform
We encountered difficulties to access the platform properly. Some anomalies were detected in its display at first and after some reloading, the platform was finally properly displayed. Still, we could say that Opteck’s platform is quite up-to-date and is powered by Market Pulse which is also SSL Secured. The platform technology is 100% web-based with the plus point of being fully responsive.
After having successfully opened an account with the broker, it became easier to navigate through the different features of the platform.
Moving on to the trading tools available on the platform. We were a little bit limited in the trading tools as Opteck allows traders to trade on only 4 tools.
These are :
- High/Low, which is also known as Vanilla Options
- One Touch Options
- Range Options
- And Quick Options, which have expiry time with minimum 30 seconds to a maximum of 60 minutes.
Each tool has its own payout amount which depends on the the market fluctuations. For instance, the maximum we noted was 82 %
Opteck The Account types
Of course, the demo account is a plus in addition to the already numerous account types among which figure the :
- Green Account (£250-£499),
- Bronze Account (£500-£999),
- Silver Account (£1,000 - £4,999),
- Gold Account (£5,000 - £9,999),
- Platinum Account (£10,000 - £24,999)
- Black Account (£25,000 - £50,000).
We tried out the demo account and apparently, it takes a little time to load while you are all set to try your hands at trading binary options. If you do not like to wait, you may also want to navigate away from this page. An amount of £10,000 is offered to traders so they may try out their trading skills.
It’s nice to see this figure increase as you trade, but it is quite obvious that they just set you on a winning spree so you’d be lured to invest in real and trade.
The Demo account is, nevertheless much user friendly contrary to certain negative comments we saw during our research. It is a great way to learn how to place a trade using any asset. Note that there is no need to invest to be eligible to use a demo account.
Opteck Minimum investment amount
The minimum tradable amount with Opteck is £25. It’s a quite decent amount. Most brokers out there use the same standard.
Opteck Bonus Features
Here’s an example of the range of welcome bonus offered by Opteck
Another Bonus feature worth a glance is the trading signals offered by the broker which is powered by Signals XP. Signals XP is a signals provider known to deliver accurate trading signals across major markets.
What’s most important to note is that traders need to trade 40 times the bonus amount to be able to withdraw it. This is quite common with other brokers while many others propose lesser trading volumes be able to encash bonuses. It could be considered as a negative point.
Like most brokers, Opteck provides assets regrouped in categories as currencies, commodities, indices and stocks. The broker offers approximately 120 assets to trade on unlike what we read in many other Opteck reviews which stipulated that the broker offers only 80 tradeable assets. However, upon carefully scrutiny, we found that the broker offers much more than what has been specified elsewhere and numbers of assets pointed to 120+.
The minimum payout on an asset starts from 65 % and can reach up to 100%. Expiry times range from 1minute to 60 mins and you will also find an indication of when the option expires, on your right. To be able to spot it and know what is happening, is however, not conceivable instantly. A person trying a trading platform for the first time would be definitely lost and be probably disinterested. Also, the minimum expiry time being 1 minute could be a negative point compared to 30 seconds offered by other brokers.Assets are available at specific time intervals. Some anomalies were noted when our team tried to trade on stocks and indices. Some stocks were not available at a given time while some indices could not be found for trading.
The platform is definitely reasonably prompt and secured and being CySEC regulated, Opteck did some serious business regarding its platform and apparently left no stone unturned to provide maximum protection to traders.
The Platform is SSL secured - which ensures that all information exchanged between the traders and the broker remains confidential.
During the registration process, the broker maximizes its resources to authenticate the right trader and minimizes risks of any security issues. From our own experience we could conclude that funds and personal information are permanently secured and Opteck runs a series of procedures including the verification of documents submitted by traders which are approved by the registration team first. Also, each account is authenticated by the Fraud Prevention Team.
Another commendable thing is that the broker offers secured payment methods. It’s credit card security is ensured by operational requirement standards set by Payment Card Industry Data Security Standards Council. Upon inquiring, the support system readily answered all of our security related questions and we did not encounter any problematic issue.
Opteck has a support team which is ready to intervene at any moment you need them. In fact our first move was to test the support system through live chat and within a few seconds after initiating the chat, we had an agent replying to our questions. The agent was much to the point and our questions were duly answered. However, the chat interface isn’t much user-friendly.
Nevertheless, Opteck provides support also via call and email. Upon opening an account, one becomes eligible to receive their phone support.
As shown above, experience with their support agent was not very fruitful and engaging.
As you upgrade to Platinum and Black account, you can access their Priority Access Line - that is, you are given a VIP service. Platinum or Black Account holders receive private support service and therefore, receive priority assistance.
Is Opteck a Scam?
Our verdict on this broker is that it is not scam and operates legitimately. During the course of the investigation, we did not not come up with serious complaints. Opteck might not have the best displays in the world but at the end of the day traders are paid for their successful trades.
Our Final Opinion
We do recommend Opteck as a trader which is reliable. So, we give green light for traders willing to try Opteck’s trading platform and other services. We enjoyed our experience with this broker. We can say that Opteck is a professional broker who knows how to keep its standards high for the traders’ satisfaction.
With its high welcome bonus and different account types, you will be getting the best features according to your account type.
Educational resources offered by Opteck look very enriching at first glance. Opteck offers an Academy of educational goodies for newbies in trading but also caters for advanced and intermediate traders.
1.Opteck Academy offers:
Introduction to binary options /Ebook /Binary Options Trading Benefits /Consultation with Trading Expert /Trading Basics /FAQ /Trading Tutorials /Option types /Trading Guide to binary options world /Asset index /Technical and Fundamental Analysis /Glossary /Practice with a Demo Account /Order Execution /Articles
Not all of these articles are appealing, but you can access them without having to go through a deposit method, but only by opening an account.
2. Binary Options Webinars
The webinars offered by Opteck seem decent enough and they also sport a calendar indicating the date and time of their upcoming webinars.
Upon enquiring at the support department, we came to understand that their webinars are most oftenly conducted at the end of each month. No need to deposit to be eligible for webinars. As you sign up and open an account with them, you are automatically eligible to attend their webinars.
Opteck offers a series of webinars such as: 1. Long-Term Fundamental Analysis 2. Benefits of Market Announcement: Maximise profits 3.Market Liquidity 4. Psychology of trading 5. NetDania.com chart analysis 6. Combination methods.
Note that not all of the webinars are available for all traders.
3. Opteck Educational Videos
Opteck educational videos can be categorized into three levels:
- Introduction Videos
- In-Depth Course
- Advanced in-depth Course
The Introductory videos contain 7 videos out of which only the first one is available and the rest can be watched after you have successfully deposited with the broker.
In the advanced section of introductory videos, all the videos are accessible only upon depositing.
Same goes for the in-depth and advanced in-depth course videos. All of them are locked and can’t be watched unless you deposit with the broker.
It is important for traders to be able to properly understand the various transfer methods before choosing a broker. Opteck provides an extensive list of transfer methods, which is a great way to ease the life of its traders at the offset itself. The Brokerage firm guarantees that it provides fully secured and protected for both deposit and withdrawals processes.
All major credit/debit cards are accepted by Opteck, Visa, Mastercard, JCB or Diners figures on top of the list among others. Traders are advised that choosing this method of payment will allow them to open accounts and start trading almost instantly.
Bank Wire Transfer
Traders are able to opt for Bank Wire Transfer using the bank account details provided by Opteck. It usually takes 3 business days for the deposit to be processed using this transfer method.
Webmoney / Moneybookers (Skrill)
Webmoney and Moneybookers are both transfer methods which are often sought by traders. It is interesting to note that just like Credit/Debit cards, traders are able to trade almost instantly, since funds are process live.
There are not a lot of brokers who offers Western Union as a method of money transfer. This can be done by doing the transaction Online, which is nice because traders can make transfers at anytime or simply by visiting a nearby branch of Western Union. It takes 2 business days for the transaction to be processed.
This transfer method is according to our findings one of the most popular deposit method of Arabic clients. There are basically two methods to make payments by CashU. The first method is purchasing a CashU prepaid card and make a transfer in the nearest CashU reseller. Or to simply deposit funds online through the CashU Website, it takes 2 days for transactions to be processed.
The binary options trader offers very secure transfer methods. Traders need to go through 3 steps in order to properly withdraw their funds in the most effective way. We have undertaken the 3 steps and they were easy to go through.
Traders needs to Log in their live trading account
Click on the “Withdrawal” button in order to open the “Withdrawal Request” Form
The last step involved choose the desired amount and method we opted for.
Traders are advised that there are a minimum amount which is required for withdrawal depending on your Withdrawal method. The actual minimum amount stands at $50 while for Bank Wire Withdrawals, the minimum is at $100. It is good to note that withdrawals will depend on the currency which the trade have been set up. All withdrawals are furthermore subjected to a 3.5 % transfer fee. The maximum amount is at $3,500.
There are a list of documentation which is required by Opteck before transactions are approved, this is done to ensure that there are no case of frauds and that traders are able to get their funds in a timely manner
1.Scanned copy of a government issued ID. It can include a valid passport or an Identity card.
2.Scanned copy of proof of address. That is a utility bill, such as an electricity, water or mobile, usually not more than 3 months old.
3.Scanned copy of the front and back sides of your credit card. It is good to note that traders need to hide the first 12 digits at the front side of their card as well as the CVV number at the back. This is done for safety purposes.
4.A digitally signed copy of the “Opteck Terms & Conditions” contract, which has been sent through EchoSign.
Opteck provides one of the most diverse list of transfer methods in the binary options industry. These are easy to use and have optimal security. Deposit in an account now or visit the broker page to know more about their transfer methods.
Opteck has lot more to offer than just trading.
The broker holds monthly competitions which engage multiple traders simultaneously. It is to note that only those possessing a funded account are eligible to participate in competitions. It goes without saying, winners are rewarded handsomely.
Referral Bonus Program
The Opteck Referral bonus program deals with encouraging traders to refer their friends to trade with Opteck. The referral bonus program is divided into three categories:
- First time deposit (First deposit done by a referred party allows a trader to get 5% profit)
- Level one Bonus (Active trading by referral party allows a trader to get 0.05 % as cash bonus)
- Level two Bonus (Referral party refers another friend - allows a trader to reap 0.025 % profit)
Opteck’s bonuses happen at different levels as we mentioned above. However, these requires that traders open an account with them.