Our Review of TopOption
TopOption is an online trading platform that aims to keep binary trading simple. There are 180 different stocks, indices, currencies and commodities to choose from, but the basics of the platform merely involve predicting the direction of a chosen investment. There are also advanced options: "rollover", where traders add 30 per cent to the initial investment for a delay in expiry; "double", where a trader can double their investment mid-trade; "buy-me-out", where a trader can annul a trade prematurely and "touch/no touch", where investors can trade based on whether or not a stock will reach a certain level.
Types of Account and Account Opening
To open an account, potential traders fill out an online form with their contact details; they also need to fill in a compliance questionnaire, and supply payment details. The account is opened after being funded with the minimum amount. However, TopOption is not open to US traders.
There are three types of account based on the size of the initial funding: Starter ($100), Pro ($1000) or VIP ($5000).
Promotions on Sign-Up; Deposit Bonuses
Bonuses are available depending on the type of account; these are negotiated on a case-by-case basis with an account manager.
Commissions and Fees
There are no fees; however, a successful trade will pay 85 per cent of the initial amount. There is no information available on whether there is a partial refund for unsuccessful trades.
Trading Platform and Apps
No downloads are required to use the platform, and it can be accessed via PC and mobile; there is also a free Android app. The user interface is very easy to use; it is one of the best platforms for binary trading.
Ease of Deposit and Withdrawal
The minimum deposit amount is $100, and this can be transferred by e-wallet, wire transfer, debit or credit card.
Withdrawals are returned to the same account or card; there are no charges for these transactions.
Regulation and Compliance
This broker is registered with CySEC, and their site gives additional information on the potential risks of security trading, including advising potential traders to seek independent financial advice before trading. TopOption comply fully with all industry regulations, and each account is insured for up to €20,000.
They provide a wealth of free training materials, and their customer service is the best in the industry. This means that TopOption are one of one of the safest and most reliable binary trading platforms.