Option

Site Overview 

Well, simplicity certainly is the first word that comes to mind when encountering the platform itself. Everything has been set out in a manner which will suit newcomers and professional traders alike, framed in a slightly unusual colour scheme which we have to say we enjoyed. Every important feature and option is right there in front of you, meaning you don’t have to search long and hard to get where you need to be. The whole thing has been built around the market’s leading SpotOption trading software, which basically means it’s a nicely familiar tale from start to finish.

In terms of the actual trading itself, Option.fm allows traders to enter into options with Forex currency pairs, major indices, commodities and stocks. The total asset library numbers approximately 90 or so high quality assets, which might not be the largest on the market but is certainly enough. Option.fm speaks of focusing on quality, rather than quantity. There’s a maximum payout percentage available of up to 91%, which is considerably higher than what many rival brokers are currently offering. As for the actual options themselves, Option.fm offers access to a ladder options, long-term options, 60-second options, one-touch options and standard high/low options. So once again, there is plenty to keep traders at all levels busy.

Getting started with Option.fm is relatively easy, though we picked up on a couple of things that could stand to be improved. First of all, is the fact that the minimum deposit amount to get started in the first place is $250. This is certainly not the highest – it’s actually more around industry averages. But at the same time, more brokers than ever before are reducing minimum deposits to around the $100 mark. On top of this, Option.fm does have a demo account available, which is of course a good thing. On the downside, those signing up simply to try things out with a demo account are not provided with any customer support whatsoever. The way we see it, this is not necessarily a great way of attracting new customers.

As for bonus offers, each account type qualifies for an introductory deposit match bonus of up to 100%, with the maximum bonus of $10,000 available. Terms and conditions of course apply, which in the case of Option.fm means having to trade to the value of 20X the amount of the bonus you receive, before being able to withdraw any bonus funds or winnings therefrom. This isn’t necessarily the steepest stipulation you will come across, but it is still a little on the severe side.

There’s nothing negative to say about the mobile trading experience with Option.fm and payments in both directions are processed extremely quickly. A wide variety of payment types are accepted, there are several membership levels available and it is possible to trade from as little as $1.00 at a time, which is great.

Unfortunately, Option.fm lets itself down somewhat when it comes to customer service, which we found to still have more than a few teething problems even after a couple of years up and running. There is no mention of operational hours for telephone support which can be a little bit sketchy, while the promise of responses to emails within two business days is a little on the slow side.

Best Features

The way Option.fm has been put together in general has resulted in one of the most simplified and accessible entry points to binary options trading we have come across. On top of this, it’s always great to see a low minimum trade amount of $1 and a demo account facility available for those looking to try things out, before handing over any cash.

Conclusion

For the most part, Option.fm ticks plenty of important boxes when it comes to delivering a quality binary options trading package. Unfortunately, the whole thing is let down somewhat by rather substandard customer service. If this were to be improved, however, it would be an entirely different story altogether.