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Expert Option License
When reviewing brokers to see who is a real broker and who is a scam broker the first thing to do is check for a license. Are they licensed by CySEC in Cyprus, and are they accepted in the European Union under MIFId regulatory rules? ExpertOption is licensed by the Vanuatu Financial Service Commission, and the FMRCC in Russia. Their payment processor is: Vested LP, 28 October avenue, 317, Limassol, Cyprus. When choosing a binary options broker, it is important to check the list of regulated brokers. Always make sure that the broker you are trading with is licensed and regulated.
Questions Before Making The Selection Of The Binary Broker
The binary trading has come a long way and has been flooding with many players. These brokerage houses or the websites offers the same thing but with some distinct benefits to differentiate themselves. Though every binary brokerage site looks the same, there are some key parameters which one must consider while making the selection.
Our endeavor here is to provide you the list of questions which should form the basis of your ultimate selection. Though the list is not an exhaustive one, it definitely provides the fair idea on each of the key selection parameters and why that parameter is important in the selection process.
This makes a lot of sense for beginners as well as for the professional trader, as it allows them to test the platform and its usability beforehand. This way the traders can rest assured that whenever he starts using the platform the trading experience will be smooth and comforting.
Traders wishing to open an account with ExpertOption have a wide range of options including the most traditional to the more contemporary e-Wallets banking methods. The minimum deposit amount is just 10 dollars and this makes the site a simple and easily accessible one. This amount is the lowest in the industry and is a good motivating factor to new traders who would wish to gain trading experience. ExpertOption has a very quick and efficient withdrawal and deposit system which guarantees short turnaround times with a good customer support facility. All traders’ funds are held in European banks that are secure and which enable traders to have a peace of mind when trading.
Shortcomings of ExpertOption
Deposits and Withdrawals – One of the greatest concerns with ExpertOption is their transparency when it comes to withdrawing and depositing money. The guidelines are not clear as to how these transactions take place. Many traders will find this turning them off because it does not give them enough room to maneuver and make good trading decisions. It has also led to several complaints by a few traders using the platform. Plus the company’s websites does not seem to be tailored to traders’ needs. Which is why it is a website which does not appear to be in touch with the needs of traders it is catering to or trying to attract.
Customer support – Methods of getting in touch with customer support are few and far between. Not having enough ways of getting in touch with support leaves many traders high and dry because they cannot speak to someone from the company. Plus, when you do happen to figure things out the default language is Russian. If anything this language policy is isolating and alienating traders from other parts of the world, it is, for this reason, we think that the website has a small customer base.
Withdrawal policy – We have mentioned this before i.e. their withdrawal policy undoes a lot of their positive aspects. The system seems to be a secret and opaque for the most part which is why traders will not choose to do business with this trader. Not being able to withdraw money properly can hamper a trader’s ability to trade and that’s something that keeps traders at bay from this broker.