We have made so many reviews about binary options brokers but we have never met such hesitance like this when discovering eOption. Read this article, you will immediately understand our feelings.
eOption Review: Account Opening
For the very beginning, we had to spend 20 minutes to complete registration form for both individuals, joint and IRA. The form contains too many unnecessary questions like “What’s your tax rate?” or “Banking references“, etc.
For banking options, choice’s names like the California Daily Tax-Free Income Fund and the Daily Income Fund U.S. Government Portfolio, Retail Class are really impressive. However, a closer look at their summary rates and fees before making decision would be much helpful.
Final review when completing the form is displayed in a very small window, so it’s easy to understand why it’s too hard for us to repair in case there is any mistake. Thanks to eOption’s electronic signature management, we got two emails. The first one delivers the account number, which is your user name. Unfortunately, this number is impossible to be remembered. The other mail contains a very convoluted initial password. Finally, we had to ask the customer services after a bunch of indeterminable problems. It turned out that there is a period of about 2 hours called replication gap between your account creating and your first time log in. We wouldn’t complain if we received warnings about the period.
Ridiculously, eOptions hides all of necessary funding information from its customers. We had to go through the whole menu to seek for an ACH setup screen. According to some information on the FAQ section, an Authorization for Electronic Transfer form must be filled completely before mailing with a voided check or bank letter. It takes you up to 10 business days from the receipt of your Authorization form to activate ACH.
The design of eOptions is not too ugly, but there is no professional at all. It seems the website hasn’t finish completely yet. There are confusing spaces between words, between words and numbers. Format of the date is really ridiculous. There are also incomprehensible empty blocks on the page. The login screen also looks like half-finish. It lacks of the must-have connected link to technical supporting team in case a trader forgets his user name or password. This amateur keeps us a little further from cooperating with eOption. eOptions design is, in our opinion, much worse than top binary options brokers like StockPair or Goptions.
eOption Review: Pros and Cons
- Very low commissions
- Great margin rates
- Dividend reinvestment plan
- Very expensive extended hours trading commissions
- Limited trading tools and charts
- Limited research
- Slow and painful ACH setup process
- $15 IRA setup and $25 annual IRA fees
- $50 annual inactivity fee, if less than two trades in the past 12 months or less than $10,000 in credit or debit balances
eOption Review: Summary
eOption is an online brokerage platform for both stock and options trading, even though they specialize mainly on binary options. This broker belongs to the group that charges you a very small account for commissions. It only takes you $3 ticket charge plus $0.10 per contract. However, note that extended hour trades charges you $25 for commission. Some traders cannot afford to invest in trades with such extremely high commissions.
Everything’s worth its price. Low commission to trade on an unprofessional platform with a number of indistinctive info and basic mistakes is definitely need to consider before deciding.
As mentioned above, even though simple options trading is implemented well, any traders must go through a long way of complicated requirement to experience those operations of eOption. If you are not patient at all or beginners, you are suggested to stay away from eOption. We only recommend eOption for very self-reliant and adventurous options traders. With 10 business days waiting for the activation of ACH, you can definitely create an account, practice with demo account in actual simulative situations on other professional platforms. You can earn big amount in those 10 days with your initial portfolio without any commission. Hence, think carefully, because in the jungle of brokers, you are the only one can choose an ideal brokerage partner for yourself.