IvoryOption is a binary options broker that uses the popular SpotOption platform and the broker is in fact a white label of this platform provider. As such it offers all the great features that come as pack and parcel with the SpotOption package, such as the SpotFollow social trading feature. Moreover, the broker offers VIP traders a trading signals service as an extra perk.
IvoryOption offers a demo account allowing prospective clients to practice their trading before opening a live funded account and also puts at their disposal a training academy which includes informational material and tutorials on technical and fundamental trading analysis.
The trading instruments offered on IvoryOption are the traditional high/low binary options, the turbo or 60 seconds options, as well as long term, touch, ladder and pair options instruments, offered at expiry times which range from 60 seconds to one hour, end of day, end of week and end of month.
Trading via this broker can be done in all asset categories, that is, in currencies, stocks, indices and commodities for a minimum deposit amount of $250 and a minimum investment of $5.
In terms of customer support, Ivory Option offers its clients the choice of getting support through live chat, email or phone, to local numbers in the UK, Australia, Bahrain, New Zealand, Switzerland, the USA and South Africa. The website of Ivory Option is only available in the English language.
At first glance most features of the IvoryOption website appear more or less those that have come to be considered as standard in the retail online binary options industry and nothing looks to be alarmingly out of the ordinary in terms of their bonuses, banking and withdrawals procedures.
However, the binaryoptionswire team decided to place IvoryOption on its brokers’ blacklist after receiving several complaints about this broker, for a number of reasons:
IvoryOption is unregulated and thus not checked by or answerable to any kind of overarching authority anywhere.
It is a brand owned by “Patryn Limited”, a company that comes with a bad reputation and has a lot of complaints against it.
The broker has engaged in aggressive marketing by sending out spam emails to unsuspecting individuals, something which is indicative of breach of confidentiality and violation of personal data issues.
Many traders have complaints about withdrawal problems, bonuses that come with terms that could never be satisfied (in terms of achieving certain trading volumes first) and even arbitrary changes in the expiry time of their contracts.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.