Next on the list of recommended brokers comes one based in the Republic of Cyprus going by the name of OptionFair. I’d say they’re an excellent choice for both beginners and experienced traders alike and you’ll also be pleased to know they’re also a Regulated broker.
OptionFair is operated by B.O. Trade Financials Ltd. A company located in the Republic of Cyprus and licensed by the Cyprus Securities and Exchange Commission: License Number 216/13 www.cysec.gov.cy.
As a regulated platform, OptionFair strictly abides by the policies and requirements set down by the financial regulator, which are set to protect its customers. Stringent checks by the regulator ensure that all activities of the company are provided with complete fairness and transparency. With this considered, I suppose they suit their name!
Traders who trade with OptionFair can operate secure in the knowledge that as a regulated platform, B.O. Trade Financials Ltd provides:
- Transparent Pricing
- Safety of funds – All client funds are maintained safely in segregated accounts with major European banks.
- An Investor Compensation Fund policy
- A Professional Management Team – Continuously monitored by the financial regulator.
OptionFair have been around since 2010 so one might consider them quite well-established in their business.
As you can see from the image above, OptionFair boasts a user-friendly interface with many options available for trading according to your style. As a unique feature of OptionFair, They also provide a means of trading Forex! But I’ll not be covering their Forex features in this review as we are mainly concerned with Binary Options. Just know that the option is there for you to explore if you wish.
Bonuses / Competitions
As with most brokers, OptionFair will offer you bonuses of varying amounts depending on the size of your initial deposit. I wouldn’t recommend you take these bonuses as it may ‘lock’ your balance and make you ineligible for any withdrawal unless you succeed in multiplying your bonus amount many many times over. OptionFair also offer 5 “risk-free trades” upon signing up which sounds like a good deal. But on closer inspection you will see that any reimbursed amount will be credited to you as a bonus. This should be avoided.
That being said, one of the features that caught my eye was the “Trading Tournament” that OptionFair run regularly. The tournament gives traders an extra challenge to put their skills to the test and aim for a number of prizes for the highest number of successful trades during a specified time period.
Some of the prizes include the fore-mentioned bonuses but the top prizes awarded are of pure cash which is a good reason to go for the win. Plus it gives a sense of community as all of the OptionFair traders come together to compete whilst all profiting together.
Deposit / Trade size
The minimum deposit for OptionFair is $250 which is a fair amount to get started and place some decent trades and build up your balance from there. OptionFair will offer you a demo account after signing up so that you can practice your strategies before going live. The requirement for signing up before receiving a demo keeps the tyre-kickers away so that the broker can focus on providing quality service to serious traders only. The minimum trade size is $25 for a standard CALL or PUT but the fast trading option can be carried out with a minimum of $5.
OptionFair is a good choice if you’re able to invest a little bit more than the bare minimum that you may manage with other brokers we have reviewed. The Trading Tournament is a unique feature that may appeal to competitive personalities of certain traders.
They have all the basic features needed for trading binary options. The payout rates are good, and the availability of a demo account is a bonus feature. This broker is CySEC-regulated guarantees that accounts are protected and insured. Overall, I’d say that our well-established broker OptionFair will satisfy your needs with their excellent service.