OptionsXO Broker Review
Binary Options have become one of the most popular choices of today’s traders. With this newfound popularity, there is now a wide selection of online brokers who are available, with a multitude of features to choose from. OptionsXO.com is one such online broker. OptionsXO was founded in the year 2012, as like many other platforms, they utilize the interface brought forth by TechFinancials. TechFinancials is an IT company that creates the financial trading software behind websites such as 24Option and OptionFair, among many others.
Traders need not require downloading additional software to use the platform. Just logging in to the personal account from any place in the world can serve the purpose. OptionsXO provides trading features and tools for beginners, plus professional traders as well.
In terms of appearance, OptionsXO is sleek and professional. With this particular format, the available assets are listed one after another down the page, complete with expiry times and current prices. Moreover, there is a window displayed for the purpose of taking you through the trading steps. And there asset index is visibly extensive. Although a drawback, in comparison to other platforms, is that the charts are certainly on the smaller scale of the spectrum. Furthermore, there is a lack of extensive charting capabilities for traders to accurately track the previous trading history of assets.
This binary options platform offers an option trader a degree of variety not found with some platforms on the market. You have six different binary options types: High/Low; Above/Below; One Touch; High Yield One Touch; Boundary; and High Yield Boundary. Though perhaps without the proper guidance, new traders may come to feel overwhelmed, and result in great loss. Another aspect of the platform that requires additional assistance is the rollover and double up feature. When used intelligently, may help you to increase your winnings if a trade is going in your favor. Used without careful thought, they can help you lose money faster.
A way to counter various disadvantages such as the vulnerability felt by beginner traders would be educational assistance on the part of an account manager. With OptionsXO, you must have a Silver account to receive manager support. This account starts at $2,000, which is certainly on the higher end for beginner accounts. Likewise, increasing an account status to gold or platinum will raise your profit percentages.
OptionsXO have numerous deposit/withdrawal methods available, besides the standard, they accept MoneyBookers, Liberty Reserve, Ukash, and CashU, which is quite convenient. Having said this, they have definitely had complaints regarding their withdrawal restrictions. Not only are there withdrawal fees, there are also restrictions as well. People are quickly drawn in by their attractive bonus offers; however, if one takes the time to view the fine print, they see the shortcomings instantly. If a bonus is accepted, withdrawal of any funds cannot be processed till the trading volume is complete.
As a final note, OptionsXO have firm pros and cons. Beginners have an advantage of being able to start a trading account for as low as only $25, but may not receive the training they need to advance. Their platform allows you countless trading options and scenarios, and if you have the knowledge beforehand, this has lucrative possibilities. Since their customer service is top notch, with limited languages being the only constraint, the combination of their staff of professionals and technological advances is what sets them apart from the rest.