Expert Option Review – Is ExpertOption.Com a Legit Broker?
Binary options are back at it again. Luckily or not, for some people, it was a good choice. Binary trading was not attractive due to a lot of negative experiences. But once you find the right company you are good.
Expert Option broker offers everything required for safe trading. They are based in Saint Vincent and Grenadines and are owned by EOLabs LLC. Above all, this allows them to avoid the strict rules against binary options that most other regulators have.
However, binary is almost considered gambling. Therefore, it might be very dangerous if clients don’t know what they are doing.
|Broker Status:||Regulated offshore broker|
|Regulated by:||SVGFSA, FMRC, VFSC|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||EOLabs LLC|
|Headquarters Country:||St. Vincent and Grenadines|
|Online Trading Platforms:||WebTrader|
|Crypto Asset Trading:||Yes (BTC, BNB, ETH)|
|CFD Trading Option:||No|
|Available Trading Instruments:||Forex, Crypto, Stocks, Commodities, Indices|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is Expert Option Legit? Regulation and Security
Rarely do we see a binary options broker in 2023. Namely, this type of trading was banned in the EU and UK in 2018 due to its gambling-like nature. Not long after, ASIC banned such trading in Australia in 2021, with an extension up to 2031.
So, what do we know about ExpertOption and its customers? Well, the company currently operates under two domains – expertoption.com and expertoption.finance.
Its owner, EOLabs LLC, still has its headquarters in Saint Vincent and the Grenadines. It’s an offshore island without the legal supervision of FX, CFD, or binary options brokers. Hence, it attracts many illicit companies.
Expert Option broker is certificated by the FSA SVG. Even though this is not a Tier 1 Regulator like FCA, BaFin or ASIC it is still good that this broker provides security. They are certificated by FSA which offers a 20.000 EUR compensation fund in case of rules violation.
We wanted to check if this broker is on the database of FCA, BaFin and ASIC. Unfortunately, we couldn’t find any records leading to Expert Option trading. Regulation, transparency, good trading platform and many more benefits are lacking with an Expert Option broker. There are only bad things about binary as it’s almost like gambling and money can be lost easily.
Available Account Types at Expert Option
When it comes to the available trading accounts, Expert Option offers 6 account types. They include the following:
- Micro – $10
- Basic – $50
- Silver – $500
- Gold – $2,500
- Platinum – $5,000
- Exclusive – Invitation only
Every higher account brings you certain benefits. The number of deals becomes unlimited while a basic account is limited. A higher account has a priority withdrawal. There is also a maximum deal amount that rises as your account type rises.
The good thing about this broker is that you have a demo account available. You get 10.000$ of virtual funds to trade with. However, those funds are non-withdrawable. It’s just for you to see how the platform and binary trading work.
Trading Platforms at Expert Option
The platform offered by ExpertOption feels very solid. The interface is clean, and the charting is crisp. It is very reminiscent of the proprietary packaging provided by another company in the field, though distinctly different.
When it comes to the analytical capabilities, the charts can be altered to some degree. Candlesticks and a few technical indicators are available, but still this isn’t close to some of the forex platforms, like MetaTrader4.
Trading at ExpertOption can be done through the browser, a mobile app or a standalone desktop application. The latter is very rare when it comes to binary options.
Expert Option Fees and Cost
This broker is one of the rare ones that provides all the legal documentation necessary. Since we were talking a lot about regulations and benefits of it, you can see it now in reality. When the company is regulated, they are obligated to present documents and on top of that someone monitors their actions.
In their T&Cs they transparently present their merchants, payment software solutions and much more important info. Expert Option charges a commission of $5 on any winning trades. When it comes to payouts, the brand takes up to 5%, which is below the industry standard of 15%.
Importantly, spreads vary depending on the type of account, though they can be as low as 0.1 points. It is also worth noting that spreads increase or decrease with market conditions.
There are no fees associated with trading, except a commission on winning trades and an overnight swap fee. With that said, there is an inactivity fee of $10 a month.
Expert Option Deposits and Withdrawals
This broker has the following deposit options:
- Bank transfer
- Credit/debit card
- Binance pay
It is important to note that not all options are available in every country and which e-wallet options are available depends on your region. A bank transfer can take several business days, while payment with a credit/debit card and e-wallets are instant.
The minimum deposit at Expert Option is $10 or equivalent to this in the currency you use. Keeping the minimum deposit at $10 allows investors from all walks of life to join the platform and start their trading careers.
Deals can be made for a minimum of $1 and you can deposit in any local currency. The maximum deposit amount is $5000 while the broker recommends that bigger sums are split into several transactions.
As for withdrawals, they are also free of charge, but you can make only 5 withdrawals per month. The same methods are available as for deposits. Depending on the method and account type, withdrawals can also be processed almost instantly, usually via cryptocurrency or e-wallets.
The minimum withdrawal amount is only $10. In most instances, account verification is required before any withdrawal is approved. The first withdrawal can only be processed through the same payment method as the deposit.
Under the educational tab on the Expert Options website, you can find the following material:
- Trading strategies
- Psychology of trading
- Fundamentals analysis
- Graphical analysis
- Technical analysis
Educational resources are extremely important, especially to someone who is new to the whole trading industry. This shows how valuable you are as a customer and how important it is to the broker for you to know exactly what you are getting yourself into.
In the technical analysis category, you can benefit from guides for Moving Averages, Alligator, Bollinger Bands, and Trend, support, and resistance lines within the technical analysis area. Each guide, once again, contains a thorough description with charts and pictures, as well as instructions on how to apply the analysis.
Trend Continuation Patterns, Trend Reversal Patterns, Candlestick Analysis, Fibonacci Retracements, and Elliot Waves are all examples of graphical analysis topics. A guide to basic fundamental indexes can be found in the teaching resources for fundamental analysis.
These resources cater to traders of all levels of expertise interested in having a good understanding of the topic. Expert Option also hosts regular educational events in various cities around the world while satisfying the demand to start the trading journey and supporting with learning material for everyone who would like to engage in trading.
ExpertOption has made it pretty clear that customer service is a priority to them. The representatives, or agents, are accessible, knowledgeable, and pleasant to deal with. They are dedicated to delivering excellent customer service and acting as a trustworthy broker by going above and beyond to meet the demands of their clients.
You may reach out to customer service by phone, email, or live chat. The online chat service is available 24 hours a day, seven days a week. Over 100 account managers work for the broker, focusing on a variety of client needs. ExpertOption also promises to provide fast with its own dedicated platform.
You’ll need to fill out the website’s query form if you want to send an email. Simply provide the required information, such as your name, phone number, email address, and message. After that, a professional agent will contact you.
The phone number is another way to reach ExpertOption. Simply choose the country you want and dial ExpertOption. All outgoing calls will be charged according to the city’s tariffs indicated in brackets. These will differ depending on your phone operator.
Expert Option Overall Summary
We concluded this Expert Option review, so you can get an insight into how a regulated offshore broker operates. While sometimes it can be hard to differentiate if something is legit or a scam, brokers that do hold some licenses are often seen as being a good investment path even if someone doesn’t have much experience.
The fact that this broker follows regulations set by SVGFSA, FMRC and VFSC may give you peace of mind that your funds are completely safe, secured, and handled properly. However keep in mind that it is much easier to get a license from an offshore regulatory body so customer reviews should give you a good insight of how reliable the broker actually is.
This quitting-edge trading environment features competitive average spreads but unfortunately just a web trading platform. There is a minimum deposit of $10 which is good and often seen with regulated firms.
Always think twice before taking any risks while investing money and choose brokers that haven’t violated any terms and conditions to ensure your funds are in good hands.
FAQs About Expert Option Broker
Is Expert Option a Regulated Broker?
Expert Option is regulated by SVGFSA, FMRC and VFSC, but they do operate offshore where regulations are less strict.
How Do I Contact Expert Option Support?
You can contact Expert Options by email or through a live chat option on their website which is available 24/7.
When Was Expert Option Founded?
This offshore broker was founded back in 2014 and has been active ever since.
What Trading Accounts Are Available at Expert Option?
Expert options offers six different account types which are: micro, basic, silver, gold,platinum and exclusive.
What Are Expert Option Fees?
When it comes to the Expert Option fees, they have an overnight swap fee and they have an inactivity fee of $10 a month.