ExpertOption Review

Overview

ExpertOption is one of the leading digital option brokers worldwide and provides it’s clients with a fully transparent trading platform and excellent customer service. The broker exists since 2014 and… more

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Details

Broker ExpertOption
Website URL https://www.expertoption.com
Founded 2014
Headquarters Grenadines at 1510 Kingstown, Suite 305, the Griffith Corporate Centre, with registration number 22863
Support Number +44 20 3868 3160 (English), 000 800 443 0002 (Hindi)
Support Types Email: [email protected], [email protected], phone, live chat, contact form on website
Languages English, Chinese Traditional, Chinese Simplified, Indonesian, Hindi, Korean, Vietnamese, Arabic, Turkish, Bahasa Malysia, Bahasa Indonesia, Tagalog, Spanish, Portuguese and Russian
Trading Platform WebTrader, Mobile Apps
Minimum 1st Deposit $50
Minimum Account Size $1
Minimum Trade Amount $1
Maximum Trade Amount $3000
Bonus None
Payout up to 88%
Leverage None
Spread None
Free Demo Account Open Demo
Regulated Yes
Regulation ExpertOption Ltd. is the full name of the company. It is located in Saint Vincent and the Grenadines at 1510 Kingstown, Suite 305, the Griffith Corporate Centre, with registration number 22863
Account Types Basic, Silver, Gold, Platinum, Exclusive
Deposit Methods Wire transfer, Visa, Mastercard, Crypto, iDEAL, Meastro, Skrill, Neteller, Revolut, Transferwise, Perfect Money, Fasapay, WebMoney, QIWI, Yandex.Money
Withdrawal Methods Wire transfer, Visa, Mastercard, Crypto, iDEAL, Meastro, Skrill, Neteller, Revolut, Transferwise, Perfect Money, Fasapay, WebMoney, QIWI, Yandex.Money
Trading Methods options trading
Number of Assets 100+
Expiry Times 1,2,3,4 and 5 minutes
Types of Assets More than 100 assets (forex, crypto, commodities, stocks, precious metals and indices)
Option Types digital options
Trading Currency EUR/USD, USD/CAD, EUR/GPB, GBP/USD, EUR/CAD, NZD/USD, USD/JPY, USD/CHF, AUD/USD, EUR/JPY, AUD/CAD, AUD/JPY, GBP/USD, USD/CHF
Account Currency USD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 10

Full Review

ExpertOption is one of the leading digital option brokers worldwide and provides it’s clients with a fully transparent trading platform and excellent customer service. The broker exists since 2014 and over 30 million transactions take place on the platform every month. ExpertOption has more than 9 million clients worldwide.

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At ExpertOption client is king and customer service is ExpertOption’s main priority. There are more than 100 account managers at your disposal that can assist you with any questions or issues you might have whilst trading on the platform. The trading platform is very simplistic allowing new traders to easily become familiar with it and start trading.

Choosebroker.com always suggest to start trading with a demo account first to get to know the trading platform and a general idea how trading works in general.

ExpertOption has one of the most modern trading platforms available and is actually the #1 trading app for iPhones. ExpertOption has accurate quotes and no slippage when placing orders. Also, their trading platform is available 24/7 which is good compared to other brokers. Traders can trade over 250 assets, which include popular stocks like Uber, Apple and Tesla.

Opening an Account at ExpertOption

Opening an account at ExpertOption is very easy and can literally be done within a minute. The minimum deposit amount for real money accounts is $50. Please note that ExpertOption has KYC procedures, just like most other brokers, where you verify your identity. They are legally required to do so. To complete the KYC procedure you just uplad a identity document like driver’s license, passport or national ID card and a recent utility bill or bank statement. Please note you have to be at least 18 years old to open an account at ExpertOption.

ExpertOption Account Types

Unlike most other brokers that have maybe have one or two account types available, ExpertOption has five different account types, based on how much money a client has deposited cumulatively. The basic account only requires a minimum deposit of $50 but the most common account, silver, requires $500 to be deposited cumulatively. From the table below you can see the different account types, deposits needed and the benefits that each account gives the trader.

expertoption-account-types

With the Basic account you have access to all educational materials. You can have a maximum of 10 deals or positions open at any given time and the maximum you can invest per deal or position is $25. As this is rather low, we at Choosebroker.com highly suggest to open or aim to open a silver account as soon as possible. This is because Silver accounts come with a personal manager, can have 15 deals or positions open and these can be up to $250 in size each. Silver accounts also have access to daily market reviews and financial research. Once a trader has cumulatively deposited $2500 or more, their account gets upgraded to gold, which allows up to 30 open deals or positions of up to $1000 per deal. Gold accounts also pay out 2% extra per deal or position, which adds up over time.

With a Platinum account you can open deals or positions with a maximum size of $2000 per deal and no limit to the number of open deals at any given time. Platinum account holders also enjoy a whopping 4% extra profit bonus. Exclusive accounts are invitation-only, come with a senior account manager, increased profits by 6% and have access to trading strategies. On every account the minimum investment amount for any trade is just $1. In the table below we have outlined all the details of the different accounts available at ExpertOption once more.

Account TypeBasicSilverGoldPlatinumExclusive
Personal ManagerNoneIntroductionIntroductionAccount ManagerSenior Account Manager
Educational Materials
Daily Market Reviews and Financial research
Priority Withdrawal
Access to Strategies
Maximum Number of Open Deals or Positions101530UnlimitedUnlimited
Maximum Investment Amount per Deal$25$250$1000$2000$5000
Increased Asset Profit00up to 2%up to 4%up to 6%

ExpertOption Tradable Assets

At ExpertOption traders can trade various asset classes including cryptocurrency, equities, forex, commodities and stocks. ExpertOption features all the major forex crosses like EUR, USD, CHF, GBP and JPY. Equities include Amazon, Baidu, Tesla and Coca-Cola. Precious metal trading is available as you can trade silver, gold and platinum. Where ExpertOption excels in the most is cryptocurrency. At ExpertOption you can trade Bitcoin, Ethereum, Ripple, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum Classic, Litecoin, IOTA, Monero, Tether and Zcash. ExpertOption is planning to add more cryptocurrencies to it’s platform soon.

What is a ”Digital Option” or ”Binary Option”?

All tradable instruments on ExpertOption are Digital Options, also referred to as ”Binary” or ”all-or-nothing option.” These assets have asymmetric payouts with losses and gains capped by predetermined amounts. This is very different from futures or CFDs where your profit or loss doesn’t have any cap or limit. With digital options you have the right to buy or sell an asset at your predetermined future price, but this is not an obligation. If you buy a PUT option, you short the underlying price. If you buy a CALL option, you go long on the underlying asset.

Your profit will be either 0 or a set percentage of your invested capital. The payout percentages range from 70 to 90 percent on ExpertOption, depending on the asset. The expiry times on digital options at ExpertOption are limited to several minutes. You can set the expiry time at 1,2,3,4 or 5 minutes. More expiry times like hourly and daily will be added to ExpertOption soon, according to their website. Another reliable digital option broker and direct competitor to ExpertOption is IQoption. You can read our IQoption review here:

IQ Option Review

ExpertOption Demo Account

ExpertOption offers a demo account for beginning or new traders so that they can explore the trading platform and get familiar with it, before depositing real money. The demo account comes with a $10,000 virtual balance and no registration is necessary. When you open a demo account with ExpertOption, you will get to see a brief tutorial video on how to trade that will give you a guide on how to use the platform. The demo account is a good feature for new traders and the pricing is identical to the figures listed on live accounts. This provides you with an accurate idea how trading would work on a real ExpertOption account.

ExpertOption so far is the only broker we reviewed that doesn’t need any information from you when you open a demo account. It gives a feeling of safety that the broker doesn’t even have your email address or name. This way, ExpertOption cannot pressure you into opening a real money account after a demo account opening, as they have no contact details of you whatsoever.

Open Demo Account at ExpertOption

ExpertOption Deposits and Withdrawals

To deposit real money into your ExpertOption account, just navigate to the Finances tab on the main bar at the left hand side of the trading platform. Click on the Deposit tab and choose your preferred deposit method, currency and amount. Once you filled in these details, simply click submit. Deposit options include major credit and debit cards, such as MasterCard, Visa, Maestro, cryptocurrency and other options like UnionPay, WebMoney, Neteller, Skrill, Perfect Money, QIWI, Fasapay and Yandex Money.

Please note that the minimum deposit amount at ExpertOption is $50. When you deposit $50, you will be entitled a Basic account. The maximum deposit size is $3,000.

There are more than 20 different payment methods available to withdraw money from your ExpertOption account. You can use MasterCard, Visa, Maestro or Union pay to withdraw money or electronic payment methods as Fasapay, Perfect Money, Skrill and Neteller. It is also possible to withdraw money from ExpertOption in Bitcoin.

To prevent money laundering, just like most brokers, you can only withdraw money in the same way you deposited it, up to the amount of the deposit. After you have withdrawn your initial deposit, you can choose a different withdrawal method for the rest of your funds. The minimum withdrawal amount is $10 per time and the withdrawal request is processed within two working days.

expertoption-review-deposit-methods

ExpertOption Trading Platform

Most binary option brokers use an existing platform instead of their own. Only ExpertOption and IQoption have created their own trading platforms so far. The ExpertOption trading platform can be fully customized and tailored to the needs of the ExpertOption client. The downside to this is that there are no outside support resources available for the trading platform, although people have made reviews like these and posted videos on how to use it on YouTube. To be really honest, though, I think the platform is quite self-explainationary.

To see how the trading platform looks like, you just click on ”Demo Account” on ExpertOption’s homepage. The main focus of the platform is the graph in the middle of the screen, which displays the price of your chosen asset in real-time figures.

The top-left corner of the graph shows you a drop-down menu where you can select an asset to view. Here, you can choose either one of the top instruments, browse asset type or use the search bar. To the right of each instrument or asset, you see the current percentage and percentage change. After selecting an asset, you can choose either 1,2,3,4 or 5 minutes to alter the graph. Once you hit ”Apply” the graph updates automatically, as will the information in the sidebar(s). It’s possible to adjust the layout of the chart and split it, so you can view multiple charts of multiple assets at a time. This feature is good for seasoned traders who like to trade multiple markets or assets at the same time.

expertoption-review-cryptocurrencies

Traders can use the controls on the graph to view past prices at any preferred date and time. At the right hand side of the asset drop-down menu, one can find useful tools to help analyzing the price graph. There are multiple features available like indicators, drawings and social trading.

The features can be used on each of the four available chart types: area, line, bars or candles. Indicators include MACD, Awesome oscillator, RSI, fractal, parabolic SAR, alligator, Bollinger bands and moving averages. With the drawings button you can add rays, vertical lines or horizontal lines and draw on the chart yourself.

expertoption-review-indicators

ExpertOption offers social trading features, as said before. Once you click the social trading button, you can see trades from other ExpertOption clients on or off and see when and how much they are trading. There are three different layouts possible to display the social trading window.

expertoption-review-social-trading

The actual trading panel is featured at the bottom of the graph. It displays the current deal amount of any given trade and shows your potential profit. Once you change the deal amount, the potential profit is automatically recalculated. You will notice that the potential profit is displayed as a percentage on the green and red buttons on the right side of the trading panel. Above each button, you can see the potential profit or loss. Here you can also adjust the strike rate.

At the left side of your screen, you will see big square buttons that read: Trade, Finances, Profile, Apps, Analytics, Education, Help, Settings and Exit. The trade button obviously shows the graph and all features we just talked about. The finances button shows the details of transactions within your account and current balance. The other buttons link you to the available apps, give you trading insights and access to the trader education center.

At the right hand side of your screen, you will see three options for deals, trends and social. Once you click deals, it opens up a sidebar that displays your most recent deals or trades. By clicking trends, the current trading trends will be displayed in a extra sidebar, which you can set in 1,2 or 5 minute intervals. All asset types appear on this list and are based on current market trends.

The social button, once clicked, opens up a sidebar that shows all the social features of ExpertOption. In this sidebar you will see information like the number of users online, the volume of all open trades combined and the number of open trades. Below this, you will see the opened trades regarding your current traded or selected asset or instrument. These trades are divided into sections based on their expiry rate. For ech trade duration, you will see the number of open trades, the total volume and top 5 ranking of the best traders by profit on a certain trade.

ExpertOption Fees and Commissions

ExpertOption does not charge any fees or commissions on transactions but sets payout percentages instead. Your chosen payment system might charge a commission for depositing or withdrawing funds to and from your account.

ExpertOption Analysis Tools

ExpertOption offers quite a range of tools that you can use for technical analysis, including trend lines, four types of charts and eight indicators.

Clicking the analytics button allows you to view additional resources. You will find a tab with current market news and tabs dedicated to specific assets and stocks. By clicking the stocks page, you will see all supported stock exchanges on a world map, including time zones. When you click on any stock, you will get a short excerpt of the exchange, founding year, revenue and work time.

expertoption-review-analytics

ExpertOption Trading Signals

Because ExpertOption has social trading features, ExpertOption actually has trading signals available. The social trading signals can be seen as regular trading signals and are useable on all assets and instruments.

Interested in trading signals? Why not check out the trading signals section of Choosebroker.com, visit our partner site Forexsignals.com or join our trading signals Telegram channel.

ExpertOption Education for Traders

ExpertOption does it’s best to make trading available to everyone, this is why they have quite a big educational section on their website and trading platform. Once you click the Education button from within the trading platform, you will see a selection of videos on the ”how to get started” tab. These short video tutorials explain about the platform, graph types, social trading, deposit methods, how to trade and assets. Once you click on the ”Education” tab, you will find a glossary containing education about fundamental analysis, graphical analysis, technical analysis, trading strategies and trading psychology.

expertoption-review-education

Each of the educational sections have detailed information available on a broad range of trading topics. These include images, graphs and info graphics. All individual sections of the educational material can be accessed by navigating the main menu on the ExpertOption website.

It doesn’t really matter in what way you access the educational material provided by ExpertOption, all educational material is really in-depth. In the trading strategies section, you can find guides on Squat Candlesticks, Engulfing Candlesticks, Tweezers, Three Methods, Breakouts, Reversal Moving Average, Bollinger Bands and Alligator Trading Strategies. Also available are guides on how to use them on different charts.

In the technical analysis section, you can find guides for Alligator, Moving Averages, Bollinger Bands and Trend, support and resistance lines. These guides also have detailed descriptions on how to use them on what kind of charts and how to do the right analysis.

In the graphical analysis tab you will find topics about Candlestick Analysis, Trend Continuation Patterns, Trend Reversal Patters, Fibonacci Retracements and Elliot Waves. In the Fundamental analysis tab you will find basic guides to fundamental indexes.

Last, but not least, there is a special section dedicated to trading psychology. This is an educational section that most brokers do not offer. It has an overview and sub-topics about succesful traders, trading psychology and individual trader psychology.

ExpertOption Social Trading

ExpertOption features social trading as well, which lets you trade with friends or colleagues and follow other professional traders in their trade’s footsteps. It might be worthwhile to checkout Choosebroker.com’s Social Trading section of the website to compare different social trading brokers, if you are looking for social trading in particular.

The social trading part of ExpertOption includes Top Investors, so you can follow and potentially open the same trades as VIP traders and learn from their trading strategies. You can also become a trading leader yourself so people can follow you. If people follow your trades, you will receive a small part of their profit as extra commission, which adds up if you’re a consistently profitable trader. The social trading platform also has groups on social media platforms like Facebook, Twitter, Instagram and YouTube.

ExpertOption Apps

ExpertOption has both mobile and desktop apps available. To use the ExpertOption mobile application, you simply download it from your respective operating system’s Apple App Store or Google Play Store. It is also possible to download the raw APK file. Please note that whilst desktop apps are available for both Windows and macOS, you can also access ExpertOption without any downloads directly via your browser.

The mobile applications are rated very high in their respective app stores. The iOS application has 4.8/5 stars from 19 reviews and the Android version has 36,164 ratings and reviews with a score of 4.4 out of 5 stars. From this we, at Choosebroker.com, can conclude that ExpertOption is a reliable digital option broker.

The app descriptions for both Apple and Android devices are identical. It says in both of them that there are more than 9 million active traders in more than 150 countries at the moment. The mobile app also features a free demo account, quick withdrawals to a bank card or e-wallet and gives traders and investors access to over 100 trading assets.

Keep in mind though, that for serious or advanced traders, we at Choosebroker.com, do recommend trading on a PC or laptop instead of a tablet or phone, as the small screen can limit you in the ease of use of several features for both technical and fundamental analysis.

ExpertOption Bonuses

ExpertOption does not offer any bonuses for new clients, or do they? The ExpertOption bonuses are not stated on their website but they have bonuses available from time to time up to 100%. Be careful though, when you sign up or deposit money with a bonus, the withdrawal requirements might be strict and your initially deposited funds can be locked up. This doesn’t only count for ExpertOption but for any broker offering a bonus.

ExpertOption Languages and Target Market

ExpertOption serves customers around the globe but there are a few restricted countries and zones. Clients from United States, Canada, Switzerland, New Zealand, Australia, Israel, the EU, North Korea, Japan, Sudan and Puerto Rico cannot open accounts at ExpertOption.

The ExpertOption website is available in 15 different languages. These include English, Chinese (both traditional and mandarin), Thai, Hindi, Korean, Vietnamese, Arabic, Turkish, Bahasa (Indonesian and Malaysian), Portuguese, Spanish, Polish and Tagalog. Phone support is only available in English, Hindi and Thai for the time being.

ExpertOption Customer Support

As said before, you can contact ExpertOption’s customer support only in English, Hindi and Thai. The English support has it’s own email and phone number contact details and are available 24/7. The Hindi support has a different phone number and email address which is available from 10:30 am to 19:30 pm India time. There is also live chat support available and the ability to fill out a contact form.

expertoption-review-support

ExpertOption Regulation

ExpertOption is regulated and licensed by the VFSC (Vanuata Financial Service Commission). It’s also supervised by the FMRRC 9Financial Market Relations Regulation Center), which is similar to CySEC but for the Russian market. ExpertOption is registred as ExpertOption Ltd. and based in Saint Vincent on the Grenadines at 1510 Kingstown, Suite 305 in the Griffith Corporate Centre, with registration number 22863. Payments are processed by Vestede Limited, based in Gibraltar under company number 116061.

Trading Binary Options and CFDs is currently legal in the UK but not in the EU. The Financial Conduct Authority (FCA) is looking into binary options trading at the moment to review further legislation.

Just like many other major brokers, ExpertOption is located offshore for tax efficiency reasons.

EO.Finance

ExpertOption is also the company behind EO.Finance. EO.Finance is a cryptocurrency wallet which allows traders to purchase cryptocurrencies with fiat money. This is good for traders that trade cryptocurrencies at multiple trading platforms and exchanges.

expertoption-review-eo-finance

ExpertOption Reliability

ExpertOption is verified by Mastercard and Visa and they also feature Cert Trusted Secure and PCI DSS Complaint icons on their website. Their platform and website are all encrypted by SSL and AES 256 encryption technology. Just like Choosebroker.com, you can verify this yourself by visiting their website and looking at the green pad lock in front of the address.

ExpertOption won the ”Best Trading Platform” award in China, during the China Trading Expo Shenzhen in may 2017.

ExpertOption Review Conclusion

ExpertOption is a top choice for beginning and seasoned traders that want to trade digital options. The platform is not suitable for CFD traders or investors that like share dealing brokers only.

The website and trading platform are easy to use and the offered educational material is of good quality. The social trading element is good for beginner traders and for those who like to compare trading strategies. ExpertOption is also one of the few brokers with quite a big range cryptocurrencies to trade on. Most other brokers have only a few, like just Bitcoin, Ethereum, Litecoin and Ripple.

Be sure to checkout your country’s regulation on binary options before you trade them as it might not be legal in your jurisdiction. Also try to make use of the demo account and educational material available, as you can lose money quickly if you don’t know what you’re doing.

Overall, ExpertOption is a good, solid and reliable binary options broker that we at Choosebroker.com suggest as one of the best binary option brokers. A good alternative is IQ Option.

 

Screenshots

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Pros

  • Easy to use digital options platform
  • #1 iPhone trading app
  • Deposit, withdraw and trade crypto

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Decleration:
I hereby declare this review to based on my own experience trading with this broker and I did not reseve compensation in any way submitting this review

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