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Option888 Review - is it scam or safe?

Option888 Review - is option888.com

RATING: 1 / 1 REVIEWS ForexBrokerz Option888
Option888 is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Average Spread
Standard Not specified Not specified 2.0 pips

 

Obviously this broker used to offer binary options, but it has changed focus to forex. Nonetheless, Option888 does not provide much information on its trading conditions, nor account types.

 

Such lack of essential information, combined with the unregulated status of Option888 are the reasons why we gave it such a low rating. Read on to get all the details regarding this broker.

 

 

Option888 Advantages

 

Many tradeable instruments

One of the few possible benefits of using the service of Option888 is the fact that it offers wide range of tradeable products. Its clients are able to choose from more than 30 currency pairs and CFDs on precious metals, commodities, indices and stocks. Besides, Option888 provides trading in the most popular cryptocurrencies in the form if CFDs - Bitcoin, Litecoin, Dash, Ethereum, Ethereum Classic, Ripple, Monero, and Bitcoin Cash.

 

 

>> Wanna trade cryptocurrencies with a regulated broker instead? <<

 

 

Web platform with good charting

Unsurprisingly, the platform used by Option888 is quite simple, web-based and resembling a binary options trading software. However, we were very pleasantly surprised by the charts which are really good (as if provided by TradingView) and equipped with a number of technical analysis indicators. Mobile apps are also available.

 

 

 

Some e-wallets supported 
The methods of payment at this broker include Bank Transfer, Credit/Debit Card, Sofort, giropay and Neteller.

 

 

Option888 Disadvantages

 

Operated by an offshore company

Option888 Is operated by offshore company Celestial Trading Ltd., which is registered on the Seychelles. We keep reiterating in our reviews that dealing with offshore brokers is risky, but it appears that the situation with Option888 is even more serious. We found that Celestial Trading Ltd. has another brokerage brand, Xmarkets, against which the UK’s Financial Conduct Authority has issued a warning.

 

No info on trading conditions

As we mentioned briefly in the beginning, Option888 has not specified any of its trading conditions – initial deposit required, leverage provided, trading costs, etc. Such lack of transparency add additional uncertainty and lower further the credibility of this broker.

 

No demo accounts

This is by no means as big of an issue as the lack of financial regulation, but is still a negative. All decent brokers provide a free testing service.

 

Spreads above the average
When we accessed the platform on Option888’s website (without logging in), we saw that the spread fro the most liquid pair, EUR/USD, is floating around 2 pips. Such cost of trading is by no means competitive, as most forex brokers offer spreads within the range fo 1.0 – 1.5 pips for this pair. For a real-time comparison of some of the best offers in the business, check our dedicated platform.

 

 

>> Compare spreads here <<

 

 

MT4 not supported

We always consider the absence of MetaTrader 4 in a broker’s offering as a flaw, as most traders know and love it. And the reason for this is that the MT4 is equipped with all a trader needs: advanced charting package, a number of technical analysis indicators, Expert Advisors (EA) and extensive back-testing and customization options.

 

 

>> A list of MT4 brokers <<

 

 

Conclusion

 

Obviously Option888 is one of the many binary options providers that shifted their business to forex due to the regulatory pressure on binaries. Overall, we are not impressed by its offering – all the uncertainties around it, the absence of financial regulation, of MT4, the high spreads, etc.

 

That being said, the greatest issue we have with this company is its legal status. Offshore companies aren’t trustworthy in general, and that one seems quite shady. If you intend to invest a large amount of funds, we advise you to select among brokerages regulated in the UK or Australia for example, where the respective financial watchdogs are always on alert and your money will be safe and protected.

 

 

>> Find some of the best FCA regulated brokers here <<

 

 

To sum up the positive and negative sides of Option888:

 

Pros

Cons
Web platform with good charting Operated by an offshore company
Some e-wallets supported No info on trading conditions
Many tradeable instruments No demo accounts
  Spreads above the average
  MT4 not supported

 

Latest news about Option888
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Traders` reviews for Option888

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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