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OptionWeb is a Cyprus-based broker specializing in binary options trading licensed by the local regulator CySEC in 2013.
Along with several other brands, OptionWeb is owned by Cyprus-based binary options trading provider Spot Capital Markets Limited, a firm that is a part of the SpotOption company (an Israeli provider of the eponymous trading platform).
The broker pays great attention to the safety of funds and anti-money laundering. Clients will not be able to start trading without passing the verification procedure. They should provide passport details, as well as credit card data and copies of payments of all bills.
The broker does not work with residents of certain jurisdictions, including Canada and the United States.
Trading conditions
The company provides its clients with access to 180 assets, e.g. currency pairs (including exotic ones), shares of global companies, stock indexes, and commodities. Notably, clients with big trading volumes can make a request for a certain asset if it is not currently available on the broker's platform.
OptionWeb offers traders the following account types: Basic, Standard, Silver, Gold, Platinum, and Diamond. The Basic account has a limited range of services (for example, you cannot open a demo account). Besides, you can trade only 80 assets. The owners of the Standard account are given access to 120 trading instruments but the initial deposit should start from €1000 to €3000. If you open the Diamond account, the sum of the deposit may go to €250,000. You will also benefit from all.
OptionWeb services
Traders can also choose from several types of binary options that are more suitable for them: regular options, short-term and long-term, one-touch, and so on.
OptionWeb offers its clients the SpotOption platform.
Promotions and bonuses
OptionWeb gives bonuses in accordance with a monthly percentage of the volume of performed deals. However, this bonus is available only for owners of Silver accounts and higher.
Training
OptionWeb clients can take advantage of personalized training sessions, webinars from experts, demo accounts, trading signals, reviews of economic indicators, etc.
However, not all traders can receive access to these services. Thus, the owners of the Basic accounts (€250-1000) cannot open the demo account. The owners of the Standard accounts (€1000-3000) can only use it for two weeks. For the holders of the Silver accounts (€3000-10, 000), the demo account is available for one month while for those whose deposit total €10,000 or more there is no limitation.
However, all traders can use an electronic library, a daily market review, an economic calendar, and a graphical analysis of the market.
Support service
You can contact the broker via live chat, email or phone. There is a feedback form on the OptionWeb website. The support team speaks seven languages.
Deposit and withdrawal of funds
You can deposit and withdraw your funds from OptionWeb using Visa and MasterCard cards and via the Neteller and Skrill payment systems. Wire transfers are also available.
The withdrawal period depends on the type of account. For the owners of the Basic account, it can take up to five banking days.
As it was noted earlier, deposit and withdrawal of funds is possible only after the account verification.
Feedback
Traders mainly complain about the limited opportunities for clients who have opened a Basic account: not enough analytics, no bonuses, and limited access to a demo account. Some users have technical problems when working with the broker's trading platforms. Some traders stress that the broker requires additional verification documents when they try to withdraw their funds giving a limited period for their collection and digitization (most complaints were about the utility bills that should be dated in a certain way).
Advantages and disadvantages
Pros:
- regulated by (CySEC)
- additional guarantees provided by parent holding company
- wide range of assets
- great array of account types with high profitability
- mobile app
Cons:
- high initial deposit
- limited range of services for Basic account
- lack of apps for Windows Phone
