A debutant in the online retail binary options market and marketed under the catchy logo “MyOption, My Choice”, MyOption is a broker owned and operated by Aldo Trading Ltd and it claims to focus on the provision of a simple trading platform where clients can comfortably trade in, while also offering additional trading features to suit the needs of both beginner and advanced traders. Clients can expect that their demands will be met and their trading strategies will be effectively implemented with the help of valuable market tools and against the backdrop of a trading environment that is fair, transparent and easy-to-use, coupled with the exceptional service offered by the broker. Let us have a closer look at this promising, new broker to discern whether these claims are true:
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The platform used by MyOption is a customized version of TradeSmarter’s StrategiX binary options platform, which is one of the industry’s most loved and versatile offerings in terms of trading environments. The StrategiX is an innovative four-in-one trading panel which consists of many types of exotic binary options while its highly tailored nature as a tool allows traders to quickly react when taking trading decisions. An example of its unique features is that the panel includes a slider allowing advanced traders to visually adjust the strike prices on the chart according to their preferred payout. Besides being able to trade in an environment that is user-friendly and transparent, clients of MyOption can also reap the benefits of social trading and “learn from the collective wisdom” of others, being able to copy their investment decisions. Moreover, the multiple platform offering at MyOption means that not only you can trade online from your computer, without requiring downloads, you can also trade on the go from any smart phone or other mobile device through the specially designed application.
The types of trading supported by the platform used at MyOption are wide and they ensure that all traders, be they novices or more seasoned ones, will be able to find the trading type that best suits their preferences and skills in order to succeed. Besides the traditional above/below binary options trading, clients can also choose to invest in range options, touch options and no touch options at a variety of expiration times, since both short and long term options are catered for. Because MyOption offer clients a First Trade Risk Free Bonus, automatically returning the investment amount back into your balance if your first trade expires out-of-the-money, it would be wise to take advantage of this and try out a new type of trading for the first time to see how it works. Moreover, as an incentive to trade more and increase volumes, MyOption also offer a Cash Back bonus scheme which turns bonus money into real money once certain trading volume criteria are satisfied.
The tradable assets list offered for trading by MyOption is not static as it changes from time to time either in order to include specific client requests or to adjust to certain developments in the global financial scene. Typically, the offering includes more than 90 different assets from across the currencies, commodities, stocks and indices markets. However, the current assent index contains 27 different forex pairs, 16 major stocks, 7 different commodities and 15 indices from across the globe. Although not mind blowing, this range of assets is more than adequate and all traders will definitely find an asset or asset combination to suit their needs and preferences, especially since in all categories you can find not only the more popular and usual assets but also some more exotic options, such as Bitcoin in the forex category or the innovative choices of Google, Facebook and Twitter in the stocks category.
Opening an account with MyOption is a very simple and fast process and it is completely free. Traders can choose one of the three account types available depending on the initial deposit amount they are willing to commit. Moreover, a distinguishing feature of MyOption is that it is particularly suited to Muslim traders since it also offers Islamic Trading accounts which are in compliance with Sharia law. More specifically the Islamic accounts allow trading with no extra fees or interest, while funds are held in separate, segregated accounts not involving locked periods or use of margin. As regards the general account types, for as little as 200$ and for amounts up to 999$, one can open a Silver Package account, which ensures a 20% welcome bonus and includes daily market updates as well as assistance from a professional account manager. An initial deposit between 1000$ and 2499$ gets you a Gold Package account, which comes with a 30% welcome bonus and in addition to the perks of a Silver Package, also gets you access to free ebook. Finally, depositing more than 2500$ will get you a Platinum Package account with a 40% welcome bonus, also gaining you access to premium training and a senior account manager to help you enhance your trading experience and chances for success.
The deposit and withdrawal procedures with MyOption are both free and can be carried out in a straight forward and fast manner, however, there is a $30 fee for withdrawals via wire transfer. The minimum deposit amount is 200$, while there is no minimum withdrawal amount. The currencies supported are US dollars (USD), Euros (EUR), Sterling (GBP) or Australian dollars (AUD), while all trading activity is shown in USD and all deposits in any additional currency are converted to USD at the exchange rates on the day of the deposit. The accepted payment methods include all major credit cards, such as Visa, Maestro and Mastercard, debit cards, as well as secure Wire Transfer and Skrill. Withdrawals requests are usually processed within 3-10 business days.
The MyOption website does cover the need of a significant portion of traders in the global community to be able to trade in their own language since it is available in English, French, Arabic and Russian. All customers can easily access the comprehensive and detailed FAQs sections of the website in order to seek answers to their queries. Moreover, the broker’s customer service department can be contacted directly either via live chat from the website, by sending an email or by phone at the local phone numbers available in the United Kingdom, Russia, Bahrain, Singapore and Hong Kong. Besides having dedicated account managers assigned to each client in order to assist and guide them throughout the trading process, the broker also offers its customers an educational academy, which currently contains useful information on the basic principles of binary options trading, while its content is set to be enriched since its training videos section is currently under construction.
The people behind MyOption may not have re-invented the wheel when it comes to what they offer to binary options traders, however there was not much need for that anyway. What they do though is provide a good choice, though an offering that is designed to adjust and adapt to the needs of traders of all types and expertise levels. Moreover, they seem to appreciate the value of a friendly, personal, one on one approach and appear willing to offer their account holders the guidance necessary to achieve success and profits when trading binary options online. Therefore, if you are new to the sport or are seeking a fresher broker to replace your existing one, then perhaps MyOption is exactly right for you…have a go to judge for yourself!.
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.