TOPOPTION INDEPENDENT REVIEW
I’ve always been one to check out online reviews before deciding on a product, especially when it comes to using the services of a trading platform. I’m not one to easily rely on what other people say, but I’ll have to admit, reading many positive reviews about Topoption definitely ignited my curiosity.
TopOption Overview Chart
|Accept US traders||No|
|Normalized profit||Up to 85% (Up to 300% on special features)|
|Trading assets||Stocks, Forex, Commodities, Indices|
|Minimum Deposit||100 USD/EUR/GBP|
|Min. Trade size||$ 10|
|Deposit Methods||VISA , Mastercard , Neteller , Moneybookers , Wire Transfer|
|Withdrawal methods||VISA , Mastercard , Neteller , Moneybookers , Wire Transfer|
|Platform Special features||Classic Option, 60 Second, ProOption, One Touch|
|Demo Account||Yes (on request after first deposit)|
PROS & CONS
Although currently not accepting US and Canadian traders, TopOption is open to trading from anywhere else in the world. If you are a trader from Africa, Asia, Australia and Europe, TopOption is a great choice. The overall impression that I got from trading with Toptopion is the emphasis on security. Topoption is owned by the Forex giant Markets.com, something they have no intention of hiding. Not only does this mean that the company has a very strong financial backing, but it also paved the way to them easily achieving full EU regulation, making it one of the safest and most secured sites for online trading today.
The first thing you notice when you enter the TopOption website is that it’s not ‘too cluttered’ to. There are no flashing banners or charts that may distract from trading. They have just about everything you need to get started, including step-by-step instructions, trending market news updated in real time, and the different options offered by the platform, all in the homepage.
Creation of a Trading Account
Opening an account is relatively simple. However, since Topoption is fully regulated, they are required to ask traders a series of questions when they open an account.
These questions are also for verification purposes to make sure that my account is secured. After registering I received an email message to confirm my registration, as well as the steps that I still needed to complete in my trading account registration. The email advised that the steps were in compliance with the requirements set by various regulatory agencies overseeing TopOption’s financial services: CySEC FCA, CONSOB, among others.
I was hoping that a demo account was available for a relatively new trader like myself. However, I found out that demo accounts are only available upon request, and only after cash deposit has been made. I gather that this is to make it a bit more difficult for competitors to simply open accounts and get familiar with their platform and all their secrets, but this was a letdown for me nonetheless.. I was still waiting for my account to be verified, and I wanted to spend that waiting time to practice some strategies before I go into live trading.
Topoption have chosen to take a traditional road, and have implemented the time proven Spotoption trading platform into their website. This is one of the places where Topoption shines, as they have saved no expense in making sure that every possible feature available is fully integrated into their system. Therefore they not only have a very wide variety of trading tools available, but also have one of the biggest asset portfolio of any binary options broker, which makes it much easier and more likely that you will be able to find an asset that you will be comfortable trading.
In the example below, I decided to try currency trading with the classic binary options on the EUR/USD pair. The information I needed was conveniently arranged in one page. The system is very smooth and real-time market prices are updated very quickly. I tested the prices compared to an MT4 Forex trading system, and the quotes were always an average of the bid and the ask à (bid+ask)/2.
When you open an account, you are offered three (3) choices. As a relative beginner in binary options, I opted for a Starter account. Its has low requirement of the minimum $100 initial deposit and a welcome bonus of up to 25%, making it an ideal channel for a newbie trader to venture into binary options trading.
Further up the hierarchy is the Pro account where the minimum deposit is $1,000, but guarantees a maximum bonus of $250. The VIP account requires a deposit of $5,000 which can make you eligible for a bonus of up to $2,500 on your first deposit, with the addition of a personal account manager. Now, this amount may be a bit higher; however, I wouldn’t mind investing this much as it comes with corresponding perks and benefits. Nevertheless, this account type warrants the attention of a personal account manager who helps you look after your account. While I wouldn’t ever take actual trading advice from anyone affiliated with the broker, it’s always good to have a dedicated “go-to” guy whenever you need anything or have questions.
Topoption also has a ProOption platform, designed with some more advanced features. This includes Rollover and Double Up, and history graphs that can help in the analysis of information before investing in an option. Rollover allows traders to extend their option beyond the set expiry period, increasing the chance of an “in-the-money” status. Also, if you recognize a winning trend, the “double-up” feature allows you to take advantage of it by doubling you investment and potential payout.
Entering a Trade
Choosing an asset is really easy. TopOption has the distinction of offering one of the largest asset selections I’ve seen in the industry so far. With over 180 tradable options, Topoption can easily say they have one of the largest selection in the market.
The second step in entering a trade is opening a position to invest in, or predicting whether the asset price will go Up or Down. It wasn’t that difficult to differentiate the two as variations were indicated by the color of the buttons. The third step is to enter the investment amount; thereafter, the payout ratio and expiry times are disclosed. Topoption’s payouts are on the higher end and are usually in the range of 80-85%.
One other great feature that Topoption offers, which is not often found with binary options brokers is the Pair Option Trading. This is different than the classic binary options in the sense that it will allow you to predict one asset’s performance correlating to another asset’s performance. Profits of up to 300% are possible using this option. For more adventurous traders, it could go for the industry’s highest at 500% depending on the option used.
Deposit and Incentives
Chatting with a representative, I was advised that the initial deposit for a trading account is 100 EUR/GBP/USD. This is lower in comparison to the average $200-$300 required by other binary options brokers, and it is very useful for those new to binary options who don’t want to jump in too deep just yet. They also have a very low minimum trade of $10 which is also good for beginners, and it gives more room for testing and learning the ropes.
In withdrawing my funds, TopOption was surprisingly on the fast side. For a card withdrawal, it only took 24-48 hours of waiting. For a bank wire transaction, it takes about 4 business days. As with the industry standard when it comes to completing a first-time withdrawal, I was required to email or fax a proof of identification together with the payment form used to fund the account. Now, I didn’t mind submitting these documents as long as it was done for the security of the transaction. Keep in mind also that Topoption is fully regulated, so they are required to have documents for compliance issues.
The minimum amount to initiate the withdrawal process was only 100 USD/EUR/GBP. With the fist withdrawal free of charge, and the succeeding withdrawals assessed with a fee of $25 or Euros as processing fee, I say this was just about right.
Contacting Live Support
Initiating a live chat, it took me about a minute waiting time for a representative to go online and reply to my queries. I inquired about funding my trading account. It was just a general question, and the whole conversation lasted just a few minutes. However, I received an adequate response regarding the deposit process and for me that was enough. Short and concise answers- everything that a trader needs.
What Sets TopOption Apart
Another thing that sets Topoption apart from the rest of the pack is the shear amount of educational material available for traders on their website. If you want to learn how to trade binary options, Topoption is the place to do it. They have invested massive amounts into thei educational center, and you can find lots of really valuable information there which can hopefully turn you into a successful trader.
Despite being relatively new in the industry, the TopOption trading platform is highly recommended. The full EU regulation and licenses makes sure that Topoption is highly trusted and you will not get any “monkey business” from them. If you ever have any problems with them, a simple email to the FCA or CySEC will get them in hot water and should immediately motivate them to do their utmost to make sure you’re happy.
The bottom line is that if you’re looking for a good and trustworthy binary