If first impressions are what counts when shaping an opinion about a broker, then Nextoption would score high on most accounts. Although it has not re-invented the wheel, this brokerage appears to be faring quite satisfactorily on most aspects that make up the offering of a retail binary options broker.
More specifically, Nextoption offers both beginner and advance level traders the chance to further their knowledge on all things trading through its educational academy that features many ebooks and interactive videos. Moreover, it promises traders of every level of experience and skill access to exclusive account manager services and one-on-one trading.
In terms of the returns offered the broker ranks on par with industry standards and it also performs well in terms of the trading types and range of tradable assets offered, while it also makes accessible a variety of risk management and trading tools that improve the trading experience both on its web based and on its dedicated mobile trading platform.
Having its website available in English, French, Chinese, Arabic, German and Japanese, the broker aims at a truly global and international potential client base, although this is somehow offset by the fact that it only has a UK based phone for customers to contact the company through.
As an unregulated broker, NextOption is lacking significantly in terms of transparency and this leads to a corresponding lack of client trust and confidence. It is not entirely clear who runs the company or where it is located, although a UK address is listed on the site.
However, NextOption was placed on our blacklist and we encourage traders to avoid them and prefer other trusted brokers, primarily because we have seen solid proof of them having engaged in soliciting customers through cold calling and spam emails. The main problem with this practice is that it indicates that the people at this brokerage have somehow gotten hold of the personal data of people who had never contacted them, heard of them or indicated in any way that they were interested in trading with them. This is a serious offence and it breaches many rules on data protection and confidentiality issues. Therefore, we believe that such tactics should be exposed and punished since they ruin not only the reputation of the specific broker but of the entire binary options industry as well.
For some this may not entirely qualify as scam but deciding to trade binary options should be a decision that someone takes willingly, without being pressured or coerced to do so by pushy sales people calling or emailing us out of the blue.
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.