Optionfair Review. Is Optionfair a Scam

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OptionFair

Broker Name: OptionFair
Platform: Tech
Founded: 2020
Bonus: No Bonus
Return/Refund: 100% / 0%*
No. Of Assets: 118
Regulated: CySEC
Demo Account: Yes
Minimum Deposit: 100
US Traders: Not Accepted

OptionFair Review

OptionFair is owned by B.O. Tradefinancials Ltd which is located at 1, Kosta Hadjikakou, Kyriakos Tower, 1st Floor, Agios Athanasios, CY-4107 Limassol, Cyprus. Being located in Cyprus, they are regulated by the CySEC under license number 216/13 since 27/09/2020. The address for OptionFair’s registered headquarters is Ioanni Styliamou 6 2nd Floor, Office 202 2003 Nicosia, Cyprus. In a recent development (March 2020), OptionFair (as part of TechFinancials) has made an IPO and is now the first binary options broker listed on the London Stock Exchange. OptionFair also owns the following CySec approved domains: eu.33option.com; www.33option.com; www.tradefinancials.com.

Is OptionFair a Scam?

OptionFair is not a scam. OptionFair were among the pioneers of the binary options industry as they launched their unique trading platform back at 2020 and already sold the trading platform to more than 5 brokers, some of them are much known binary options brokers (the platform is now called “Tech”). Unlucky for OptionFair, some of those brokers were probably better marketers as they’ve already claimed a stable status in binary options trading. BinaryOptionsthatSuck.com team has and still monitors those brokers including OptionFair for over 3 years now, and we are finally pleased to announce that OptionFair is back, alive and kicking. When I first review that broker over3 years ago, I was extremely pleased with the technology of this platform, including the short expiries and high profits. The fact that OptionFair is also the platform operator and owner only triggered me more to try and understand why other brokers, one of them is actually recommended by Bots.com, became more reputable. Other issues like withdrawal process, Bonus amounts and wagers, customer support and platform technology are much more important to me than a regulation stamp. I can honestly say that OptionFair really do qualify to be a recommended broker if taken those aspects of binary options trading into consideration, as I think they should and must.

Update 2020, OptionFair seems to be “sleeping” since there are not many comments on them and their traffic (although stable) is extremely low after a dive last year. As always, we try to figure out reasons for unpopularity and loss of business. In this case, we could reveal that shortly prior to the loss in clients, CySec fined OptionFair a hefty sum for various reasons including unfair advertising and not acting in their customers best interest.

Editor’s Note – Why does OptionFair Suck in 50 Words

They suck because they are just a smaller less stable version of 24Options. This might not matter but the drop in traffic is a telling sign.

Why OptionFair Doesn’t Suck in 50 Words

OptionFair offers on a smaller amount of assets than the average. Expiry times are also shorter, nevertheless, all assets return’s are above the average. I would have preferred more assets available to trade but then again, the shorter expiries and good return could make a trader a lot of money in no time. Long time in business but really doesn’t move forward.

Should I Open an Account with OptionFair?

OptionFair trading platform is quite different from most other Binary Options brokers since its trading section is organized and based on the expiry times of assets. The first assets on the asset column are assets that about to expire while the last assets are only expired on the end of the day or the week depends on their availability. Traders can easily view the next assets that about to expire or simply rearrange the asset list so they can locate a later expiry time much easily. Some people say that OptionFair really took the Binary Options time variable to the limit as it seems like they have given more thought in time variables then in variety. 2020 Update: Another great advantage of OptionFair is the above average In-The-Money return; OptionFair return is up to 100% for all types of assets.

I bet you noticed that OptionFair recently changed their website appearance. I think a change is good as long as it brings a breath of fresh air without messing with the overall functionality of the site. Well, OptionFair is doing more than that because they actually manage to improve the looks and the functionality by creating a more fluid experience for the user.

I don’t really know what the difference between Fuchsia and Candy Pink is nor if these colors are even similar but the guys that worked on the new OptionFair website did a great job at combining the colors in a way that doesn’t hurt my eyes if I look at the platform for a long time. It seems crisper and overall it looks like more work has been put into it compared to the old version but the thing I like most is the way it is organized now. I see a lot of brokers with poorly organized websites and I consider this a hint about their level of professionalism. Would I want to give my money to a broker that doesn’t show enough interest for their own website? Not really, because that just shows me how little they care about their customers. Well, the exact opposite is true for OptionFair’s new website. They saw room for improvement and they…improved. The site was already a good looking one but they made it better, proving once again why they are one of the top brokers in the business.

Update 2020, their list of assets are now improved from 37 up to 111 assets of which 35 are currencies. In addition, their payout system has changed. Instead of the typical 80-85% turnover, you now get 100% BUT, there is a small fee for each execution. For example, you take a call option, you pay 2.5 $ or € handling fee which seems fair. They also allow one commission free withdrawal per 31 days which sounds like a good deal and no minimum withdrawal amount.

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OptionFair Complaints

BOTS.com always advice potential traders to look for any information regarding the specific broker they’re looking for before depositing. What we do is simply search several search engines about OptionFair complaints, scam, frauds, etc. It is easy to do, harder to determine what’s really true, but don’t worry cause we’re here to help! We did found some very interesting comments about OptionFair in one forum; apparently some people weren’t satisfied with the number of trading tools. Other were comments coming from people frustrated by the fees charged, but overall, nothing really bad about OptionFair.Also captured a few positive comments, a very uncommon thing(:.

Update 2020, the number of complaints are still very few. The few but yet most common ones are regarding price manipulation and being unable to execute most of your trades. In response to the complaints they were fined in 2020 by CySec for not acting in the best interest of their clients.

OptionFair Regulatory Announcements and Warnings

08.07.2020: CySec fines OpTionFair and their owner B.O. Tradefinancials Ltd for 138,000€ for misleading advertisement, not acting in their clients best interest and several other issues. Source: CySec.gov 6/16.

09.03.2020: BCSC in Canada mentions OptionFair in their alert list of unregistered binary options platforms that target Canadian citizens. Source: BCSC.bc.ca 3/15.

OptionFair Bonus

Update February 2020- OptionsXO no longer offers bonuses per the new CySEC and MiFID rulings. They do however provide two types of risk free/trade insurance type rebates for new customers.

OptionFair Withdrawal

Deposit is always an important issue, but here at BOTS we care more about the withdrawal. It’s easy to deposit, harder to withdraw as it turns out sometimes. When it comes to OptionFair, the limit for withdrawal is similar to most brokers in the industry, but when it comes to process time – OptionFair states that normally the withdrawal will be processed within 36 hours (VIP) to 5 days. No problem withdrawing your deposited amount if bonus wager is not fulfilled. We noted that OptionFair, fairly enough, allows one free withdrawal per 31 days. Additional withdrawal requests may cost up to 30 currencies.

OptionFair Ratings

User Friendly 18/20

OptionFair platform operates on a unique 100% web based platform, with no need for any software to be downloaded. OptionFair website is modern and very elegant; navigating between sections and the trading process is simple and very friendly. The trading process is simple and very friendly to use. Live information about the asset and other charts are provided within a simple click on an asset and appears just above Overall, the FAQ section and glossary are complete and inviting, the trading process is fun and the availability of the site in 5 different languages makes OptionFair a user-friendly environment.

No. of Assets and Expiry time 17/20

Total of 118 Assets: 56 stocks, 35 currencies (forex), 7 commodities, 20 indices. OptionFair variety of assets is average, maybe below average, with room for improvement. The expiry times are good stretching from minutes to a couple of days for most assets times, mostly shorter expiries good for intraday but not above.

Commissions, Support and Effective return 16/20

OptionFair don’t charge any fees or commissions from investors when they first deposit or purchase options. Withdrawals are charged with a 30$ after more than one transaction per month. 1 free wire transfer on month, more- 30$ fee. OptionFair support is available via 5 international numbers- in English, French, Italian and Spanish or via email. The live chat service was very quick during most hours of the day and weekends. Update 2020, the returns have changed to 100% for all assets. Instead, OptionFair charges a 2.50 Euro fee per execution. The live chat was advertised to be online in 7 different languages but when we tried to ask them a question it said there was no one available at the moment.

Deposit, Payment and Bonus 17/20

OptionFair Minimum deposit is 100 only. Deposit is available via C.C., Wire transfer, Cash-U, moneybookers, and more. Withdrawals are generally available via the same methods, with an exception- if the value of the withdrawal exceeds the initial amount, the rest of the money will be sent via wire-transfer. E-wallets are added for smoother deposits and withdrawals via: Neteller, WebMoney, Qiwi, CashU, Abaqoos and Skrill. We didn’t find info regarding bonuses but they offer insured trades and a 10% money back deal with specific terms and conditions. No bonus.

Website Extra’s 13/20

The biggest extra is the 100% payout on all assets, and then there is the simplified FX trading too.

OptionFair Overall Rating: 80/100 + Regulation (+3) = 83

OptionFair Review

Overview

OptionFair is dedicated to one primary goal: providing traders with the ability to trade by investing in a variety of options. The Binary options trading on OptionFair gives a user-friendly platform, that is suitable for all levels of traders.

Details

Broker OptionFair
Website URL www.optionfair.com
Founded 2020
Headquarters Ioanni Styliamou 6 2nd Floor, Office 202 2003 Nicosia, Cyprus.
Minimum 1st Deposit $250
Minimum Trade Amount $10
Payout up to 84%
Free Demo Account
Regulated
Regulation CySec № 216/13
Number of Assets 132
Account Currency USD / RUR/ EUR/ GBP/ JPY / CNY/ HUF
US Traders Allowed
Mobile Trading
Overall Score 8/10

Full Review

The indicators of profitability for customers are within 65 to 89 percents, and losses are compensated at a rate of 15 percents. The minimum deposit amount for customers is almost the standard – $250. However, the minimum rate of transactions is quite significant, amounting to $ 25. This broker has no demo accounts to its clients. There is a mobile version of the trading platform. It also offers a free of charge training for traders. The registration procedure is simple and intuitive, even for inexperienced users.

A unique, among similar profile firms, trading platform of «OptionFair», which got its own name known as «OptionFair®». Use of this software is simple and reliable. One of particularly notable features of the platform is the availability of a special window to show the quotes. The rich arsenal of technical tools and indicators allows the traders to use a variety of strategies with flexibility and good interface. No negative feedback has ever been received on the platform’s functionality.

There are about 132 positions of financial assets to work with. They all belong to the highly liquid trading instruments, that facilitates the operations with them for traders’ community.

The number of available options for traders include:

1. «above-below»
2. «increase – decrease»
3. The «one-touch»
4. «border»
5. «short-term»

The company’s training center of the provides an extensive set of instructional videos, interactive texts, manuals for beginners, and a complete and detailed description of all functionalities that is available to customers for use. Communication with the customer audience is available 24/7, with no days off. The support is multilingual, including Russian speaking specialists.

Withdrawals and deposits in «OptionFair»

Add your deposit with the broker or bring it up in several ways, of which the trader has the opportunity to choose the most convenient for him. Make payments with debit and credit cards ( «VISA», «MASTERCARD» and so forth.), Several payment systems of electronic type ( «QIWI», «WEBMONEY» etc.). It is also possible the use of international remittances systems ( «WesternUnion» and etc.). The initial deposits are made instantly (except for bank transfer – it requires about 3 days). The withdrawal is also not as fast, and takes up to 3 days, while the bank transfer is about 5 days.

Complaints about «OptionFair»

Periodically, the web sites publish complaints on this broker’s activities. A careful analysis of those posts and content suggests that these are manipulations of unfair competitors. The reasons for this assumption concludes the similarities and shortly written posts (usually there are 1-2 claims of a similar nature) and the disappearance of authors off site when there is a request to present any substantial evidence of what was said. Some small misunderstandings, as typical for any large-scale operations, this company eliminates very efficiently, and it is surely for the benefit of the customer support representatives.

If we find complaints about «OptionFair», we will post it on social media. Follow us to be well informed:

Regulator of the «OptionFair» broker

The company’s work is governed by a well-known organization «CySEC», having an impeccable reputation and its very well-known tough policy against violators of conventional procedures and norms of the legislation.

Check OptionFair license CySEC.gov.cy

Is the «OptionFair» a scam ?

The totality of the above information and analysis data collected by the Global Information Networks makes this quite uniquely qualified brokerage firm – «OptionFair» as an honest and law-abiding market participant in all aspects of its activities. No criminal manifestations for all the work of the company is ever found in its operations. There are no claims from other market participants, neither from the law enforcement agencies.

Bonuses at «OptionFair»

The company’s bonus policy is as the following: bonus programs for clients, only one the first deposit. When the amount is up to 499 US dollars, the trader receives a 10% bonus of all of the amount paid. If the deposit is within 500 to 999 US dollars, the bonus already reaches to 20 percents. With the amounts of the deposit ranging from 1000 to 5000 US dollars, the size of the bonus is increased to 30 percents of the total introduced to the account of the trader amounts.

Summary for «OptionFair»

Upon all the important for trading participants characteristics, a brokerage «OptionFair» coincides with the idea of a good, reliable broker. An additional advantage – a unique, extremely convenient and reliable trading platform of its own design.

Conclusion

The brokerage firm «OptionFair», of course, is a reliable business partner in operations with binary options for any trader. Within a short period of operations it has built a very positive reputation, based on objective facts and figures.

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