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OptionFair has shut down their operations in binary option trading.
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Our review of OptionFair will reveal that this is a strategically designed binary options platform that offers dynamic trading options. The primary goal of this brand is to offer secure and reliable trading efforts with a large variety of investment assets. Also what we found appealing is the simplicity of use that makes it an ease for beginners to dive into binary options trading and have not only a rewarding experience but an enjoyable one as well.
It has Fairsignals, which are trade signals for binary options just like the ones you would get from a binary robot software. They are in form of SMS or emails and they provide trading recommendations – making right trading decisions has never been easier.
OptionFair provides binary options traders with an excellent platform that promises high returns and using different accounts to meet each traders need. 7 Binary Options recommends OptionFair.
Online since: 2020
– Good variety of campaigns
– Does not accept customers from USA
7 Binary Options Rating:
We found in our review of OptionFair that one of the major incentives of any binary trading options platforms happens to be what this brand perfects. They offer an initial deposit bonus that is based on the type of account the trader has. This provides more funds for trading and everyone knows this is a plus in the trading industry. The sign up bonus (100%) for joining is one of the features we found to be quite accommodating because every trader appreciates the enhancements that bonuses present to their trade abilities.
The OptionFair platform has a very lucrative standard for maximum payout values and it brings benefits to beginning and seasoned traders. They have managed to dominate the market with return margins progressing up to 89% and these can be acquired within a minute.
Types of accounts
We found that Optionfair has the most strategically designed package of accounts. These packages are designed to accommodate the investor and filled with features and promotions such as expert trading sessions and initial bonuses.
Best Binary Options Brokers 2020:
The standard account
The standard account offers an initial deposit option of 250 dollars and a bonus of up to 30%. The trader also receives an introductory session in the financial area.
The silver account
The silver account carries an initial deposit of 500 dollars with a starting bonus of 60% and carries a profit of 1%. There is also a monthly financial expert session that comes with this account, on trading strategy and two live SMS.
The Gold account
The Gold account has an initial deposit requirement of 2000 dollars and initial bonuses that value up to 80%. There is also additional profits of 2%, expert financial sessions are offered weekly, three trading strategies and four SMS alerts.
The Platinum account
Also available and one of our favorite is the Platinum account.This one allows initial deposit amounts of $15,000, additional profits of 4% and 100% bonuses.
If that’s not enough, the unlimited financial advisory sessions and live SMS and five trading strategies really add icing to the cake. For VIP account holders, there is an initial deposit of $50,000 required and plenty of additional bonus perks. There are also financial sessions and unlimited SMS alerts to be enjoyed by traders.
Traders on OptionFair have the ability to trade various assets which is a great benefit. Assets such as indices, currencies, commodities and stocks are all valuable assets regarded by this platform. We find that binary trading option sectors that offer various forms of asset trading are a great standard and this helps to set OptionFair above the rest.
Deposit and withdrawals
We’ve found that deposits and withdrawal options offered by OptionFair has a major impact on our strong support of their binary options trading. There is an initial deposit of 250 USD, EUR, GBP, or an equivalent required. However, for trader convenience, this deposit doesn’t have to be made during registration.
These deposits can be made via Western Union or electronic wallets such as Neteller, CashU and Web Money. Other acceptable funding sources are bank, wire transfer and credit card.
The withdrawal requests apply to the corresponding account used to make the opening deposit. There is no minimal amount to withdraw and traders are afforded one withdrawal per month without commission fees.
OptionFair has a dynamic customer service support center that is available for live chats and emails.
Our review of OptionFair shows us that traders should have a positive trade experience with this platform. The cash outs occur rapidly and the various accounts are a wonderful benefit for all levels of traders. Their system is extremely easy to monitor and more invigorating to use for binary options trading. The bonuses are extremely accommodating and serve as a great motivational tool for those in the trading industry.
Customer Service: English, Spanish, Arabic, Italian, French, Russian, Polish / Live Chat / email: [email protected] / Phone: +44 203 519 0373
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About Us & Disclaimer
Disclaimer: 7 Binary Options will not be held liable for any loss or damage resulting from reliance on the information contained within this website. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author. 7binaryoptions.com is only a website offering information – not a regulated broker or investment adviser, and none of the information is intended to guarantee future results.
Binary option trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade binary options or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
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a Complete Guide for Binary Options Trading
As a reviewer of binary options brokers in the industry, we noticed that one of the biggest worries which binary options traders have when trading the markets is the fear of not being able to withdraw their money. We find this quite concerning as it is only binary options traders that seem to have this type of issue. It is not the fear of trading losses that occupies their mind as you might suspect but instead the notion that once they deposit their money with the broker, they will have a hard time getting it back. If we were to take a step back and look at the spot forex trading industry, we find that spot forex traders are more concerned about the spreads more than anything else. Perhaps a big part of this concern among binary options traders came about as the result of worrying stories that many of them have read on the internet about binary options brokers not letting traders withdraw their funds.
While it is difficult to ascertain the validity of these stories, we noticed that most of these incidents revolve around unregulated binary options brokers. Now due to the fact that the binary options trading industry is still evolving, regulation governing the trading of binary options is still a gray area in many jurisdictions. Nevertheless, regulatory oversight for binary options trading does exist in certain countries such as Japan, Cyprus, Malta and the United States. Generally, brokers which are regulated operate within a framework of guidelines designed to protect the interests of traders. They are also more inclined to act professionally as they run the risk of having their license suspended or revoked for any infractions of the regulations imposed by the regulatory authority. Hence, we have always recommended our readers and traders to only deal with regulated binary options brokers such as OptionFair so they never have to face any problems withdrawing their money.
A binary options trading brand owned by a company called B.O. Tradefinancials Ltd, OptionFair is one of today’s leading binary options broker. In fact, the broker is regarded as one of the pioneering brokers in the industry and holds the distinction of being the only platform owner and operator in the industry. This is due to the fact that OptionFair’s holding company B.O. Tradefinancials Ltd is actually a subsidiary of Techfinancials, a London Stock Exchange listed company and a major binary options trading platform provider.
Cornerstone of the Regulatory Framework
As a Cypriot based investment firm, OptionFair comes under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC). It operates with the CIF license number #216/13. Being a regulated binary options broker, OptionFair is able to offer their clients a world of benefits which unregulated brokers are unable to offer to their traders. But before we go further into the kind of benefits that OptionFair is able to offer their traders, let’s take a look at regulations which governs OptionFair’s operations.
The foundations of the laws by which OptionFair operates by have their origin from the Markets in Financial Instruments Directive 2004/39/EC passed by the European Parliament. The objective of the MiFID was to provide for the harmonization of regulations governing the provision financial and investment services across member states in the European Economic Area (EEA). It also seeks to increase competition in the industry as well as provide more protection to the consumer in the area of investment services.
In essence, the scope of the MiFID covers the following:
Companies which are regulated under the MiFID guidelines in their home state are legally permitted to use their MiFID authorization to provide their services to clients in other EU member states.
Under the MiFID, financial services providers are required to categorize their clients according to professional clients or retail clients. This is because retail clients are given increased levels of protection as opposed to professional clients.
In addition, brokers are now required to capture relevant information to ensure that the broker is acting in their clients’ best interest as well as to show how different orders from different clients are being aggregated.
Brokers are required to act with transparency with regards to pricings provided to their clients.
Brokers are also required to publish prices, trading volumes and the time of the trades of listed shares even if the orders were executed outside of a regulated market.
Brokers are required under the guidelines issued by MiFID to take all reasonable steps to ensure that their clients’ trading orders are executed in the best manner especially with regards to speed and cost.
Systematic Internalisers such as a broker that executes orders against its own book or against orders from other clients are regarded as mini exchanges and thus can be subjected to pre-trade and post-trade transparency requirements.
As Cyprus is part of the European Community, the country is obligated to follow the guidelines as stipulated in the MiFID with regard to regulating the financial services provider industry. Naturally, as OptionFair is under the jurisdiction of the CySEC, it needs to abide by all the regulatory requirements as laid out in the MiIFD and implemented by CySEC.
This meant all the funds that you have deposited with OptionFair must be kept in a solid financial institution such as Trier 1 banks. In addition, the funds must also be kept segregated from OptionFair’s operational funds. By doing so, your money is safeguarded from any possible abuses by OptionFair as well as from claims made by any creditors of OptionFair in the event of a lawsuit.
But most important of all when you deal with a regulated broker like OptionFair, your money is covered under the Investors Compensation Fund (ICF) scheme. This meant should ever OptionFair becomes insolvent, you can make a claim for compensation for an amount up to 20,000 euros.
With all the measures and regulatory requirements that are in place, you never have to worry about the safety of your funds when you deal with a reputable broker such as OptionFair. So given how safe your money can be at OptionFair, your next question is probably how easy is it to withdraw your money from OptionFair?
The withdrawal process at OptionFair is as straightforward as it can be. With OptionFair, you never have to worry about problems making a withdrawal. The first step toward making a withdrawal at OptionFair is to make sure that you have gone through the verification process.
Undergoing the Verification Process
The verification process is a process which all traders with regulated brokers have to go through as the brokers have to verify your identity. This is done to prevent any attempts to mask money laundering activities done under the pretext of trading the financial markets. In addition, the verification process is also done to protect the account from any withdrawals by unauthorized individuals who might have stolen your identity.
In order to establish your identity, you need to submit several documents to OptionFair such as copies of your passport or government-issued ID like a driving license or an identity card. These documents will help to verify you are who you said you are.
In addition to your identity, OptionFair will also need to verify your location. Verification of your address will require you to submit copies of your latest utility bills or bank statements. It should be noted that bills or statements submitted should not be older than 3 months and must show clearly on the bills you current address as well as your name.
If for any reasons you are unable to furnish all the necessary documents and verify your identity and address, then you will have tremendous difficulties in trying to withdraw your money. Many traders have complained about the verification process because they are required to submit so many documents and after doing so are still unable to withdraw their money. The fact of the matter is sometimes the traders simply do not provide the correct or valid documents which is why they run into trouble when trying to withdraw their money.
Making Your Withdrawal At Optionfair
After you have gone through the verification process, you should be able to make a withdrawal without any problems. To start the withdrawal process at OptionFair, simply log in to your trading account with your User ID and password. Once you have done that, go to the “My Account” section and specify the amount that you want to withdraw from your trading account.
Once you have submitted your withdrawal request, it will take about 3 to 5 business days for your withdrawal request to be processed. Once the withdrawal request has been approved, OptionFair will then transfer the withdrawal amount to your credit card or bank account depending on what methods was used to fund your trading account.
Normally, the method of withdrawal will be the same as the method used to fund the trading account. If you had used your credit card to fund your trading account, then the withdrawal will be initiated through the same method. However, traders should take note that the amount withdrawn through the credit card cannot exceed the amount that was deposited using the credit card. For example, if you deposited $1000 into your trading account with your credit card, then the maximum amount that can be withdrawn through your credit card is also $1000. If the amount withdrawn exceeded the amount deposited, then the excess amount will be transferred using bank wire transfer.
OptionFair does not impose any minimum withdrawal amount on their clients and this gives their traders the freedom to withdraw whatever amount they want from their trading account. In addition, there is no fee imposed for the withdrawal made, provided it is not more than once per calendar month. Any subsequent withdrawals made within the same calendar month will incur a service fee of $30 for each withdrawal made.
Apart from bank wire transfer and credit cards, withdrawals can also be made through the following methods listed below depending on where the trader is physically located.
OptionFair pays a tremendous amount of attention to their withdrawal process to ensure that their traders are not burdened in any way. They understand that they are dealing with an international clientele base and not all of them have the same access to the same withdrawal methods. Hence, they have provided various methods which you can use to withdraw your money with. Our review of OptionFair has shown that they have some of the best customer service around when it comes to withdrawal. and they have never been known to act fraudulently with regards to their clients’ money.
We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!
Between 74-89 % of retail investor accounts lose money when trading CFDs
Users are very interested when it comes to withdrawal. Most of the users search withdrawal testimonials on trading forums since there are some brokers out there who make it increasingly hard to withdraw funds. We at Fair Binary Options believe in a fair approach to this business. This is why we remove and expose any brokers who make life hard for our customers. Banking is in the essence of brokerage services, and here we want to write about OptionFair withdrawal.
To make a withdrawal, the client must have a verified account. That won’t be the problem since by depositing via credit card, verification will be a part of the process, and documents for verification are similar. Users must be aware that under certain conditions, bonuses will not be available for withdrawal, or they will lose bonus money if they withdraw. For more info, check out the bonuses FAQ. All sums exceeding the initial amount deposited will have to be transferred to a bank account via wire. This is a process that is regulated by international financial law, to stop users from using these services to launder money.
After login, users must navigate to their banking page, which can be found on the page with the trading platform. OptionFair has no minimum withdrawal amount and offers a free withdrawal per month (31 days). All other withdrawals in the same 31-day period will be subject to 30 USD / EUR / GBP fee to cover bank costs. One thing that should be noted is that it is best for users to stay active since accounts not used for 6 months become dormant and 10% fee will be charged to reactivate the account.
With no minimum withdrawal amount, OptionFair is leading the market when it comes to fair treatment of customer’s funds. Deposit now and start profiting without worrying about your funds!
Are there any OptionFair Complaints?
In these last two years we had OptionFair on our list, there were no complaints from our traders about the conduct. We transparently presented issues we had with this broker when we tried to communicate with the support, but that problem seems to be something that only we experienced since we also didn’t receive any OptionFair complaints regarding this. This is really a terrific news, but we believe there are reasons behind this.
Due to the fact that OptionFair is regulated they must adhere to strict standards set by the CySEC – the Cyprus-based authority that gave them the authorization to offer services in the EU.
This is probably one of the reasons Fair Binary Options newer received any OptionFair complaints. Also the fact that the broker needs to create a complaints procedure in accordance with the EU law is making it easier for customers to complain and address authorities. This automatically makes the broker much more serious about any complaint since they do not want to lose their authorization.
Since OptionFair complaints never ended in the Fair Binary Options inbox, we awarded OptionFair as the top reviewed broker in 2020. This is the award we started last year in order to honor brokers who have been providing quality services worldwide, according to highest standards. Since there were any OptionFair complaints, we felt this is the right time to confirm long-term commitment OptionFair exhibited during the last two years. It is hard to judge a broker just once by reviewing them. This is why we always come back and monitor complaints in order to repeatedly check if we want to keep a broker in our list. OptionFair caused no reasons for complaints so we feel confident it will stay like this in the future.
Is OptionFair a Scam?
OptionFair is a brokerage company founded in 2020 that has a great reputation in the binary industry. FBO never received any complaints or warnings how this broker might be a scam, so we can say that this broker is safe.
Is OptionFair Regulated?
This regulated broker, due to CySEC’s decision, no longer provides binary options bonuses!
It seems it is very lucrative for brokers to get authorization since we have seen many beginning the year by announcing they got a CySEC license. Many are doing this and even leaving US market. There are many who got authorization, but still many choose not to for various, mostly legitimate, but sometimes illegitimate reasons. OptionFair is regulated, exactly to prove they are not one of those who are not illegitimate. OptionFair has existed since 2020 and has proven not to be a scam, but have decided to get authorized exactly because big part of the industry is bulking to this trend. By removing doubts about their reliability, they can focus on other services that customers want.
OptionFair is licensed by the Cyprus Securities and Exchange Commission under the number of 216/13. CySEC authorization allows brokers to freely offer their services to European customers since they are a member of the EU and use the same legal framework as the rest of the countries in the community. CySEC is one of the most forward-thinking regulators in the world, but it has precisely defined what brokers can and cannot do. It is worth mentioning that brokers aren’t allowed to give financial advice since their license doesn’t include this. So if a broker offers a managed account, it is clearly a scam. OptionFair is not a scam and they do not breach their license terms.
OptionFair offers a really nice binary options trading platform that includes many advanced trading tools and uses a genuine stream of financial data without delay. This way they ensure they provide their traders with the freshest info on markets every day.
OptionFair regulated status is one of the things guaranteeing the safety of trading binary options with this broker and our long term experience with OptionFair only confirms this fact.
Often traders complain because they have lost trades with the broker, accusing them of misconduct and unethical behavior. While we haven’t received such scam broker reports about OptionFair, it is important to say that we will not take them into consideration if they are not proven.
What is OptionFair minimum deposit? $250!
OptionFair has quickly become one of the most popular brokers on the market, thanks to popular deposit amounts available for all traders. The minimum deposit with OptionFair is $250, an amount that is most common in the binary industry. Yet, before making a deposit, traders should think about banking methods as some of them ask for a higher deposit.
• Credit cards: 250 USD, GBP or EUR, or equivalent in local currency
Minimum investment with OptionFair is $25, which means that traders will be able to execute 10 trades with a minimum deposit of $250. It may not seem much, but with right strategy, it is possible to gain profit. Traders should opt for 60 second options, in this case as they usually require the minimum amount.
OptionFair USA customers wanted to know why their accounts weren’t accepted. Unfortunately, we have to let everyone know that OptionFair USA accounts are not supported, so trading from the US is just not possible.
It has become a well-known fact that US binary options brokers have difficulties due to a very unwelcoming climate they operate. This is why many binary brokers avoid US market. OptionFair is one of these. US regulation is just not supporting conventional binary options brokers focusing on the OTC type of exchanges. In the rest of the world binary options trading can be regulated. Other impediments also act as barriers for brokers who want to accept USA customers. Many of them must adapt their payment services so they can easily provide banking services to USA customers. As mentioned, they also have to go into a complicated legal structure in order to be able to exist at all.
OptionFair USA accounts won’t be accepted for some time because of these reasons. The broker mostly focuses on EU, Latin America and Asia markets offering many services in different languages. Supported languages, besides English, are Spanish, Arabic, Hungarian, Romanian, Russian Italian and French. This is enough to receive customers from most of the world since these are some of the most spoken languages in the world. They will keep adding languages in order to expand on the Asian market further.
OptionFair features a very attractive binary options trading platform provided by TechFinancials, one of the largest players in trading software development today. Their products generally are very sophisticated and offer many great features. Also, they are being user-friendly so no trader will have problems placing trades and doing technical chart analysis. Other than that, the platform does not feature an interface that resembles a plug-in of the browser but takes a whole window in order to provide excellent usability during trading sessions. With the platform, there is a huge range of assets that would be OptionFair USA customers would love, but, as mentioned, OptionFair USA accounts are not offered and probably won’t be in the future.
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