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Opteck Review - Is it scam or safe?


RATING: 3.6 / 0 REVIEWS
LIVE ACCOUNT DEMO ACCOUNT

Opteck has ceased offering binary options in 2017 and has concentrated on CFDs trading services. 

 

Basic Information

 

Minimum deposit  Min./Maxbet size Payout % Bonus  Regulation
$250 $25/$10 000 Up to 83% Welcome 20% - 80% CySEC

 

Opteck is a Cypriot Binary options broker, offering trading in wide range of financial assets on its proprietary platform.

 

This is one of the brokers, clearly placing a focus on training. Opteck has posted a number of video courses on its website, as well as a free e-Book, and Glossary.

 

Trading Accounts

 

Clients of Opteck may choose from several account types, depending on how much money they are willing to invest upon sign-up: Basic, Bronze, Silver, Gold & Platinum.

 

Account type

Min. initial deposit

Welcome bonus

Extra payout             

Basic

$250

20%

-

Bronze

$1 000

30%

-

Silver

$2 500

40%

Gold

$10 000

60%

Platinum

$25 000

80%

 

In addition, the brokerage also provides Islamic account, intended specifically for Muslim traders.

 

The Company. Security of Funds

 

Opteck is a CFD and binary options broker, offering online trading in currency pairs, indices, commodities, and stocks. Opteck is a trading name of Centralspot Trading (Cyprus) Ltd.  authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) since 2014.

 

The Cypriot financial watchdog applies a set of rules and requirements to license holders in order to provide a certain level of security in forex and binaries trading.

 

Like UK-based brokerages, regulated companies in Cyprus must hold a minimum of €730 000 in order to prove their good financial standing. Moreover, all licensed brokers are members of the Investor Compensation Fund, which may cover tour investment loss to a maximum of 20,000 EUR per person in the event that the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients’ funds.

 

Furthermore, as CySEC is part of the European MiFID regulations, and the companies regulated by the Cypriot financial watchdog are free to operate in all EU Member States.

 

Trading Conditions

 

Trading Options: Quick options, High/Low, Range and One Touch

Assets:  Currencies, Stocks, Indices, Commodities

Expiration times: ranging from 60 seconds to 1 month

 

This broker does not offer Long-term options, nor Pairs & Ladder for trade. Copy trading services are also unavailable with Opteck.

 

Minimum Initial Deposit

The minimum initial deposit for clients of Opteck is $250, which is average. For example, OptionRally, another CySEC-licensed broker, the same amount from traders to open an account.

 

Min/Max bet size

The minimum bet size with this broker is on the upper end of average, amounting to $25. In comparison, with OptionRally,one can place a trade with just $5. Such low minimum bet sizes provide better risk management.

 

Payout amount

Depending on the Trading Options and expiry times, payout percentage offered by Opteck varies.  The profit range of High/low options on EUR/USD is between 64% - 83%, which is average for the binary market.

OptionRally, in comparison, offers higher payout amounts - from 70% to 90% - and also provides refund on losing trades of up to 15%.

 

Trading Platform

 

Clients of Opteck are offered the broker’s proprietary platform, desktop and mobile versions available.

 

 

 

The platform is easy to use and is equipped with integrated charting package, economic calendar, fast one-click trading option and real-time price alerts.

 

On-Deposit Bonus

Welcome bonus from 20% to 80% of the initial deposit is available to clients of Opteck, which

are redeemable, provided the required volume has been traded.

 

Methods of Payment

 

Opteck’ clients are provided with a variety of payment methods: Credit/Debit cards, Bank Wire and e-payment systems such as Skrill, Neteller, WebMoney, Yandex, Qiwi, AstroPay, MonetaRu, sporopay, Sofort, PlusPay, HalCash, and others.

 

Note that the minimum withdrawal amount is $50 ($100 for wire transfers) and withdrawals take between 3-5 business days.

 

Additional fees 

 

Keep in mind that clients of Opteck are charged with some additional fees:

-          - monthly maintenance fee of $7.50 (a monthly account charge encompassing all services and features available for traders);

-         -  profit clearance fee applies to successful trades or those sold for profit with binary trading.

 

The profit clearance fee is determined by the total profit of the successful binary trade:

-         -  $250 or less = $1.50

-          - $251 - $500 = $2.00

-          - $501 - $1,000 = $3.00

-          - $1,001 - $2,500 = $4.00

-          - $2,501 or more = $5.00

 

Conclusion

 

Opteck is a licensed binary options broker, offering a variety of assets on its in-house platform under reasonable conditions. However, we find that same advanced features are missing and there are additional fees. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros 

Cons

CySEC-regulated

Additional fees

Competitive payout percentage

Lack of advanced trading options and features

 

Just 20% welcome bonus on Basic account

 

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