What Are the Positives of PlusOption?
On the face of it, the PlusOption seems like an attractive platform for binary trading South Africa-based traders may want to use. However, a closer look does reveal a rather serious stumbling block—this Romanian-based website is unlicensed by CySEC, and it doesn’t quite answer to any other regulatory authority. There are safer and better binary option brokers available to South Africans.
However, you may be tempted to take a leap of faith, as it does offer several notable features.
Here the minimum is $250 for the Micro account, so it seems like the site is reserved for the more serious traders rather than those who are just curious. This lowest level account does offer you a chance to make trades for up to 190 assets, which basically means that you can find the most popular currency pairs, stocks, commodities, and indices. Regardless of what type of asset you specialize in, there’s a good chance it’s listed here. The Micro account does offer a daily market review, plus trading alerts.
The next tier is the Silver account, which starts at $2,500. Now here you get an introduction to a personal account manager. The Gold account starts at $10,000 which lets you have the assistance of that personal account manager, and you also get access to a financial plan, a risk management plan, a personal analyst to help out, and various exclusive webinars. With the Diamond account that starts at $50,000 privileges include rushed withdrawal, higher payouts, more trading opportunities, and even invitations to VIP events.
You may receive some bonuses, however you must trade the equivalent of times the value of the bonus before you can withdraw that money and any profits you made off it. The deposit and withdrawal processes are pretty standard, and it limits you to withdrawing the same way you funded the account. The minimum amount for withdrawal is $100.
Here you can invest into various binary options variations and each one has a limit as to the amount of money you can put in. The maximum is $1,500 for classic binary options as well as long term options pairs. You can try the Ladder and the 60 Seconds variations, and the limit is $250 per trade. For One Touch options, the maximum amount you can risk is $500.
The interface clearly displays the potential profit you can earn when you make the right call on a particular trade. In general, for classic binary options the payouts range from 70% to 85%, but for One Touch it can get as high as 550%.
The platform is web-based, so there’s no software to download. However, you can download their app so you can use your smartphone more effectively.
The site does offer a fair share of basic introductory videos, and you can watch up to 27 of them to get you started. These are very short and succinct videos that last only 1 minute at the most.
However, you can enjoy even more videos once you’re done with the basics. Each of the assets has their own overview video so that you can have a more accurate idea on which assets you will want to focus on. Some of the videos are designed for intermediate users, while others are clearly just for the expert traders. These videos delve deeply into examining the intricacies of various chart types and strategies.
Final Verdict—You Have Better Options
On the face of it there’s nothing really wrong about PlusOption. It seems fair, it does enable you to make use of their web-based platform, and you get personal assistance from a personal account manager and an analyst. Putting in money and withdrawing the money seems straightforward enough.
You can earn a fair amount of money here, and that’s always a good thing. The potential profits are clearly stated in advance, and the interface is easy to use. With so many trading assets available, there’s a good chance that you’ll find an asset her that’s more in line with your personal knowledge and experience.
However, there are several causes of concern:
- It’s unlicensed. This is not licensed in CySEC, and this is troubling enough that CySEC even bothered to put out a list of unlicensed binary options websites. PlusOption.com is mentioned on that list. What this means is that there are no authorities to which this company has to answer to. As such, they’re also forbidden to provide trading opportunities to traders from the US, Canada, Australia, France, Belgium, and Israel.
- It’s expensive to join in. While other sites require a minimum deposit of just $10, here you have to put in $250, and that type of account only gives you the bare-bones set of privileges. Meanwhile, the highest tier starts with a hefty $50,000 minimum. That can be your entire savings!
- There’s no demo account to try out. A demo account is one of the most useful features any binary options website can offer, and sadly none is available here. So you can’t practice your trades on the site to see if your trading tactics actually work. You may also not be able to familiarize yourself with the trading interface before you can start for real. So when you start you have to do real trades immediately, and any newbie mistakes can be very expensive.
- The bonus money can be too difficult to claim. You have to trade 30 times the amount of the bonus before you can withdraw this bonus from your account. That can take a while, especially if you’re just a weekend trader.
- It may be a bit problematic to withdraw money. Here the main problem is that the minimum amount is $100. In addition, you may have to wait a few days to get your money.
Basically, why would you risk a lot of your own money when the site doesn’t have to answer to any regulatory power? You’re better off with the more famous brands in the industry, especially those with the proper licenses—when you’re required to risk at least $250, you’ll need a greater safety net than what PlusOption currently provides.