OptionsXO is a binary option brokers founded in 2012. Being a junior might be judged as inexperienced one, but OptionsXO have done great work in inheriting advantages of senior binary options brokers to build their own trading platform. OptionsXO has the platform designed by TechFinancials, the one that created software for 24Option and OptionFair.
In this review, we won’t mention about the same issues as well as advantages of OptionXO compare to other brokers. We only focus on their unique, account types, deposit and withdrawal facilities, security aspects and customer service in detail. We hope that this information will be used as a useful reference before you started your binary options trading career.
OptionsXO Review – Account Type
These are several different account types as well as unique features offered by OptionsXO:
- Mini (Standard) Account
A basic account named mini or standard account opened at the minimum deposit of only $25. All instrument types such as traditional Call/Put, Boundary, Touch and 60 seconds are offered along with available assets. This account comes with zero commission fee that could be used to trade in currencies, indexes, commodities and stocks trading.
This account will be active as soon as the process of registration finishes.
- Silver Account
The minimum deposit to open a silver account is 8 times larger than the mini one, equivalent to $200. In this type, the account holder will get benefit that is unavailable to standard account, such as the additional return of 2% on every trade. With no commission fee, silver account is provided the right to access to the trading platform fully. It’s also free to access to the learning center to ask for professional advices as well as daily analysis trading support.
- Gold Account
The minimum initial deposit to open this account is $5,000. Gold account has no more advantages than the silver but a return of 3% on every trade. With such an amount, I think that OptionsXO should offer more advantages to their customers.
- Platinum Account
To become a platinum account, you have to deposit at least $10,000 for the first time deposit. Platinum account has the same privileges as the one provided to silver and gold account with 4% additional returns on each trade.
In comparison with standard account, the activation of other types is a little more complicated. VIP account holders will have to contact one of the representative after making the deposit to be entitled to VIP privilege.
Trading Instruments and Tools
Different types of options are offered to trade including the Above/Below, traditional High/Low, One Touch, Boundary, One Touch and Boundary High Yield. Especially, the High Yield option offers payouts up to 360%. Among existent brokers, these high payout options are definitely attractive to traders.
Besides, in order to help their customers increase profits, OptionXO delivers and develop various supporting features like the Early Closure, RollOver and DoubleUp. Those feature also available on a very good broker: TradeRush.
- Early Closure
This unique feature allows traders to close running trades before expiration. With this choice, the profitable payout will be adjusted depends on the basis of the asset’s market spot rate and the relation to the option’s target price. For example, in a 5-minute trade, you are in positive situation when there are only 2 minute left, but you think that the asset’s movement will be opposite with your decision. That’s when you use the Early Closure tool to finish your trade earlier, which will help you maximize your profits as well as minimize your loss.
This feature is only available when you meet a number of conditions in their terms. When the trade is coming to an end, if you think you are going to be out of the money, you can use Rollover feature to extend the expiration. This may turns the table from losing to winning. But remember that you have one and only chance to take advantage of this feature.
This Double-Up feature offers you a chance to earn a profit that is 2 times larger than the original with the same initial investment amount. However, as soon as you use this feature, the target rate of the options will be modified into the new ones.
OptionsXO Review – Banking Options
GBP, EURO and USD are three based currency when making deposit with OptionsXO. The deposit currency will decide the selected one during registration and unchangeable after the first deposit. Depositing through credit/debit card and wire transfer requires the minimum of $25. Meanwhile, using MoneyBookers, CashU, Liberty Reserve or Ukash will require for at least $100. VISA, MasterCard, American Express, Diners Club and Maestro International credit cards are all acceptable. If you want to use wire transfer, you’ll be required to invest a lot more money.
Depend on the deposit amount; each account will get an extra welcome bonus that could be up to $10,000.
Withdrawal process only happens when investors submit all the required supporting documents to identify that you really the trader. The fund will only be transferred to same source provided at the time of deposit. For example, you deposit via MoneyBookers, you’ll get your money back via MoneyBookers.
There is no conditions mention about the minimum withdrawal amount, but it requires at least 100 USD/GBP/EURO when using wire transfer. Besides, it is unaccepted if the withdrawal amount is bigger than the deposit when using debit or credit cards.
It takes you at least 25 USD/GBP/EURO and a period of 4 to 7 days from the request day to receive a notice from the bank.
You can also cancel your withdrawal process if you want to.
OptionsXO Review – Information Security
OptionXO using a 128 bit SSL encryption certificate as their guardian. All of transmitted information between the broker and their client’s personal computer are encrypted. Sensitive data such as the password is managed in encrypted format, so it’s unnecessary to worry about the safety of information.
OptionsXO Review – Customer Service
As soon as you finish your sign-up process, you can contact to supporting service of OptionXO via live chat, phone and email. They are available 24/6 in English, Turkish, Spanish, French, Arabic, Italian and German.
- OptionsXO Pros
- More than 100 tradable assets.
- A wide range of binary options trading instruments and tools to reduce losses are made available to investors.
- A trading account can be opened for as low as $25.
- Payout of up to 85% for options expiring in-the-money and refund up to 15% in case options expire out-of-the-money.
- A wide range of options for depositing funds into the investor’s account.
Mobile trading is available.
- No margins, no commissions and no hidden charges
- Educational materials available.
- OptionsXO Cons
- No demo account for beginners.
- Withdrawal charges are very high and a number of conditions are to be satisfied. This is totally opposite to 24Option as they don’t charge for withdrawal.
OptionsXO Review: Final Thoughts
In summary, even though OptionsXO is new, but it delivers a lot of unique advantages to satisfy their customers. Various trading instrument arranged logically on a friendly platform. Compare to other brokers, minimum deposit is lower and returns rates are higher. Except on the fact that the withdrawal charges are pretty high, there is nothing more to complaint about this broker.