ExpertOption is a popular online broker offering digital options and fast online trading. This ExpertOption review covers the trading platform, mobile trading app, withdrawal, and deposit process, and details of the demo account. We also review each account type and offer strategies on binary trading and digital options.
Company Details
ExpertOption began providing services to traders in 2014 and currently executes more than 30 million deals each month. The brand currently boasts 9 million customer accounts.
The goal of ExpertOption is to deliver a completely transparent online trading experience. To achieve this, it provides its users with an intuitive trading platform and plenty of educational materials.
Customer service is clearly a priority here, and the brand has over 100 account managers which focus on a range of different client needs. ExpertOptions also pledges to deliver the fastest possible trading in the industry via its own dedicated platform.
Trading Platform
ExpertOption provides users with a variety of intuitive trading platforms, with the option to trade via the web, mobile app, or dedicated desktop app.
While many brokers choose to make use of an existing platform (typically MetaTrader 4 or MetaTrader 5) to save time, ExpertOption instead created its own platform which is fully customizable and can be tailored to the needs of each client.
This means that all features on offer from ExpertOption are easily integrated, whether the user is trading via a desktop or mobile device, although the downside is that there are no exterior support resources available.
However, with such an intuitive interface, it’s unlikely that users are going to need outside resources to understand how to trade with ExpertOption.
Assets/Markets
ExpertOption provides opportunities to trade in the following markets. However, it is worth considering that the instruments on offer will vary dependent on the trader’s country of residence:
• CFDs
• Forex
• Shares
• Cryptocurrency
• Commodities
• Indices
Spreads & Commission
ExpertOption charges a commission of £5 on any winning trades. When it comes to payouts, the brand can take up to 5% on winning trades, which is below the industry standard and can often be as high as 15%.
Spreads can vary dependent on the type of account the user opts for and can be as low as 0.1 points. While spreads generally start higher on standard accounts, ExpertOption remains a competitive broker to trade with. It is worth noting that spreads can increase or decrease during specific periods, dependent on market conditions.
Fees
ExpertOption is completely free to join and completely free to trade with. There are no fees associated with trading, except for the aforementioned commission on winning trades.
Leverage
Leverage rates with ExpertOption can vary depending on the trades the user is considering.
For most forex pairs, such as EURUSD, leverage is set at 1:30. This level is imposed by officially sanctioned regulation and is the same across all regulated brokers.
Minor forex pairs like EURNOK, NZDUSD, AUDCAD, USDSGD, and EURPLN have leverage set at 1:20. Max leverage on other trades on the ExpertOptions platform is 500:1.
Mobile Apps
ExpertOption has dedicated mobile apps for Android and iOS devices. These can be downloaded from the Google Play Store or Apple App Store.
Alternatively, users can download the Android .apk install file direct from the ExpertOption website.
Each mobile app comes highly rated in their respective stores, and it’s easy to see why.
With quick withdrawals, access to a free demo account, and access to over 100 different trading instruments complete with professional trading conditions, ExpertOption goes above and beyond to provide mobile users with complete control.
Perhaps the only drawback is that the small screen size of a mobile device can limit the use of the platform’s useful technical analysis features.
Those who want to get a little more technical are advised to use the dedicated desktop app or web version of ExpertOption.
Payment Methods
ExpertOption provides users with several different deposit/withdrawal methods, each of which helps make the brand inclusive for all traders around the world.
Deposits
Deposits can be made via the following methods:
• Credit/debit card (MasterCard, Visa, and Union Pay)
• Skrill
• Neteller
• Fasapay
• Perfect Money
• Bank Transfer
• M-pesa – Mobile money (You can check other brokers that accept Mpesa)
Most payment methods are processed instantly, although some bank transfers can take several hours. All deposits are commission-free. The minimum deposit is just £10.
Withdrawals
In addition to the methods used for depositing, withdrawals can also be made directly to a Bitcoin wallet.
Withdrawals are processed on the same day and must be made in the same method of your deposit (up to the amount of the deposit). This is standard practice in the industry to help prevent money laundering.
Demo Account
ExpertOptions provides a demo account for its clients to hone their skills and explore the platform before investing any real money.
Demo accounts come with a balance of £10,000 in virtual funds, and no registration is necessary to access the demo account.
This is useful because many new users feel put off having to provide documentation and personal data simply to try out a demo account, and it means that the brand doesn’t have any personal contact data to pressure you into registering for a real account after experiencing the demo.
This is a sign of a company that is confident in what it has to offer.
Overall, the ExpertOption demo account is incredibly useful, as it provides users with access to all the standard features are pricing as listed on a live account.
This gives new users a chance to experiment and to find out whether their trading style works well with the ExpertOption platform.
Deals & Promotions
ExpertOption offers bonuses of up to 100% for new users, dependent on how much they initially deposit and the sort of account they choose.
However, users are advised to read the terms and conditions regarding bonuses, as many ExpertOption promotions tend to have strict requirements for receipt.
Some bonuses require a turnover of x50 the original stake before activation, and this can lock up the funds deposited until the user reaches the agreed-upon turnover volume.
However, it is possible for users to cancel bonuses if they have not yet used them and are unhappy with the terms.
Regulation & Licensing
ExpertOption is currently licensed by the Financial Services Authority of St. Vincent and the Grenadines (SVGFSA).
This is a governmental authority that allows the company to provide trading and financial services, which means that the brand can be trusted to be fair and transparent.
The platform can currently be accessed from most locations around the world, although it is not currently authorized to accept US traders.
However, the platform is constantly considering expansion into new territories and can be accessed from most of Europe.
Additional Features
ExpertOption features an incredibly informative education section on its website, which can prove invaluable for traders of all experience levels.
Traders can learn about different strategies involved with trading indices, currencies, binary options, and more.
Users can access several tutorials and articles which are geared towards helping them make smarter trading decisions. In addition to these tutorials, traders can also browse a comprehensive glossary of all relevant trading terms and their definitions.
Perhaps one of the most innovative aspects of the ExpertOption platform is the social trading option, where users can study the actions of VIP traders and get inspired to try out new strategies based on the trading decisions of the professionals.
Account Types
ExpertOption offers the following account types:
Mini Account:
• Bonus 50%
• Maximum deal of £50
• Maximum of 10 deals at a time
• Access to educational materials
Silver Account:
• Bonus 80%
• Maximum deal of £100
• Educational materials
• Personal account manager
• Maximum of 15 deals open at a time
Gold Account:
• Bonus 100%
• Maximum deal amount of £300
• Educational materials
• Personal account management
• Consultation with leading trading experts
• Priority (rapid) withdrawals
• Increased profit on assets
• Unlimited simultaneous deals
VIP Account:
• Bonus 125%
• Maximum deal amount of £1000
• Access to educational materials
• Personal account manager
• Priority withdrawals
• Consultation with leading trading experts
• Increased profit on assets
• Individual analysis of your trading history
• Unlimited simultaneous deals
This range of accounts covers the requirements of most customers. All accounts are flexible and offer many benefits, and each account can be tailored to suit the individual requirements of the trader.
Benefits
• Low minimum deposit (just £10)
• Large maximum returns (up to 95% of winning trades)
• Intuitive platform which is easy to use for beginners
• Access via desktop and mobile apps
• Lots of educational materials to suit traders of all experience levels
• No commission on deposits and withdrawals
• Large bonuses (for Non-EU clients)
• Personal account managers
• Good analytical tools to help facilitate smarter trading
• Several different funding options
• Trade on many instruments
• Good customer service
Drawbacks
• US trading currently not accepted
• Short-term options
• Not regulated in Europe
• No MT4/MT5 support
Trading Hours
The ExpertOption platform is open 24 hours a day, 7 days a week, 365 days a year, and can essentially be accessed for trading at any time, either by mobile or desktop device.
However, it’s worth noting that not all markets are open 24/7! This means that while ExpertOption can be accessed whenever you choose to log in, trading is limited to the hours when the markets you wish to trade on are open.
To provide an example, the London forex market is open between 3 am and midday GMT.
In contrast, the New York forex market is open between 9 am and 5 pm GMT. Sydney operates between 5 pm and 2 am GMT, while the Toyko market opens between 7 pm and 4 am GMT.
While there are always opportunities to trade, you may be restricted in terms of time if you only seek to trade on certain markets.
Contact Details/Customer Support
ExpertOption customer support can be accessed in English or Hindi. Customer service is available 24/7, and response times are generally rapid.
Customers can choose to contact customer service via email, telephone, or via a customer care form built into the dedicated ExpertOption mobile app.
English Contact Details
Email: [email protected]
Phone: +44 20 3868 3160
Hindi Contact Details
Email: [email protected]
Phone: 000 800 442 0002
Registered Company Address:
305 Griffith Corporate Centre
Beachmont
1510
Kingstown
St. Vincent and the Grenadines
Safety and Security
The ExpertOption website uses the latest encryption techniques to ensure complete privacy and security across all transactions. This means that customer data is kept secure.
The ability for customers to fund their accounts using eWallet accounts means that they don’t have to reveal their personal banking information, which many see as a plus in the fight against unscrupulous services and malicious hackers who are intent on stealing banking data.
Registration with relevant government authorities in St. Vincent and the Grenadines means ExpertOption has been deemed reliable, transparent, fair, and trustworthy to provide financial services throughout the world.
Client funds are kept in segregated accounts in top-tier banks, which guarantees protection in the event of the firm unexpectedly closing down.
With strict IT measures and regulations in place to ensure compliance in the finance industry, it’s safe to say that traders who use ExpertOption are sufficiently protected against loss of funds or data breaches.
Overall Verdict
As an established broker complete with its own unique trading platform, ExpertOption offers several significant advantages over many of its competitors.
While some may complain about a lack of regulation in Europe and a lack of trading facilities for those residing in the US, the brand is still competitive in terms of fees and commissions, and that’s more than reason enough for some traders to choose it.
The site offers great educational facilities in addition to fantastic customer service.
It’s clear to see that ExpertOption is a responsible broker that likes to help its user base succeed, regardless of whether they’re a standard or VIP account holder.
Fees are among the lowest in the industry, and bonuses can help users maximize winning trades even further.
Accepted Countries
Expert Option accepts traders from Thailand, South Africa, Hong Kong, India, Norway, Italy, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
However, traders from the United States, Canada, Switzerland, Israel, New Zealand, Australia, Singapore, Bulgaria, United Kingdom, France, Germany, Ireland, Denmark, and Sweden cannot use ExpertOption.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
