EmpireOption is an established binary options brand based in Montevideo, Uruguay. They are domestically regulated and have also submitted an application to CySec in Europe (and related MiFID compliance). They were named the Best Binary Options Broker in 2020 by FX Magazine.
The firm is looking to expand their operations in Europe and bring their flexible and dealer-focused platform to a new market. There are a variety of account types on offer, offering a different range of benefits – each level offers more tools, such as reduced fees, a signals service, access to simulator accounts and faster withdrawals. These range from the ‘micro’ account to the ‘Empire VIP’. The account type is determined by the size of the initial deposit.
Here are some key details about the EmpireOption brand;
- Demo Account – Simulator available at a certain account level (Empire + and above)
- Minimum deposit – £200
- Minimum trade – £5
- Signals Service – Yes, from Empire + account level and above
- Bonus Details – Exclusive 100%.
- Mobile App – Yes. Provision has been made for Android and iOS.
Trading platform
EmpireOption offers a nice trading platform that generally delivers, but also has one or two ‘extras’ that traders may find useful. The layout can be changed to display multiple trading windows, but initially defaults to two large windows. This can be changed to a table style, with each asset in a row, or a ‘multiple’ view displaying up to sixteen trading bins. Finally, there is a view with just one large asset window – nice and simple, but lots of detail. Each view suits a different trading style, but the flexibility is good to have.
Using the trading window is a similar experience to competing brokerage platforms. The type of option is the first decision. EmpireOption has an excellent selection of trade types (seven, plus the iFollow feature) – each covered in more detail below. Traders can then select the asset they are interested in. The asset lists available at EmpireOption are comprehensive with a specific strength. First traders choose an asset category – the trading area is standard that the ‘hot assets’ are most traded, but commodities, shares, currencies and indices can all be chosen. The drop down list within the actual trading area can then be used to select the specific asset.
Along with the choice of assets, is the expiry time and trade amount (the minimum trade with Empire is just £5). Both can be modified again. Below is the price chart for the selected asset. It can be switched between the standard view and a candlestick, and the time frame can also be changed if needed. At the top is a ‘Trader Sentiment’ bar that indicates the direction traders are currently leaning.
To the right of the price chart are the trade buttons. The potential payout is shown just below the amount and will automatically update if that amount field is modified. Below is the payout percentage – very clear. Below is the protected amount, and it will be shown where applicable. Then the trading buttons are displayed. As with everything else, they are clearly identified, the Call and Put buttons are located next to the relevant arrows, and the strike price is positioned between them – it changes color to reflect the latest price change, up or down.
Selecting one of the trade buttons opens the ‘Trade Approval’ window, which is an opportunity for the trader to check the details of the trade. If you confirm the approval, it will be traded and it will then appear in the ‘Open positions’ window of the trading area.
The ‘Open Positions / Expired Positions’ window sits below the trading windows and allows traders to track all their open and closed trades. These are grouped into trade types with all the relevant details for each trade listed below. It is in this area that traders can use extra tools such as ‘double up’ to increase investment in the option, or ‘rollover’ to extend a trade. Traders can also sell their position from here or open the charts to assess their positions.
Another feature that is made available in the trading area is the calculator. It appears when the platform displays two trading windows. It allows traders to perform three forms of technical analysis on the current price chart, to see what kind of trade the analysis suggests. Traders can choose RSI, moving average or Bollinger Bands indicators to help them make a call.
Dealer choice
EmpireOption offers options on forex, commodities, stocks and indices. Their asset lists are very good. Indexes are the most comprehensive list. Coupled with the largest range of trading options of any broker, this means traders choosing EmpireOption will be spoiled for choice.
They offer seven types of options:
Binary Options – The Basic Binary Option. Will the asset increase in value, or decrease?
Pairs – How will two assets perform against each other? Generally, pairs consist of two related stocks (eg Apple v Google), but can also be provided against commodities or indices.
Long-term – same as a traditional binary option, but with much longer term expiration times, usually weeks or months.
Short Term – As the name suggests, very short term binary options with very short expiration times. EmpireOption provides the expiration times of 30 seconds, 60 seconds and 120 seconds.
One Touch – Will an asset price ‘touch’ a specified value at least once before the expiry time?
Ladder – Ladders offer a range of price levels that can be traded in either direction. As the levels rise or fall relative to the strike price, the payouts can become larger if a large price movement is required to complete the trade in the money. Especially useful during volatile markets.
Forex – This is an option offered by very few brokers and is a great addition to EmpireOption. It allows traders to trade currency pairs ‘per pip’, and set stop losses and target prices. It is an innovation that brings traders closer to true Forex trading than the simpler form of binary options.
Mobile app
EmpireOption offers a free high-quality mobile trading platform ProTrader, compatible with Android (2.3.3 and above) and Apple devices. This allows traders to trade the full range of options available on the full site and also the full list of assets.
The mapping has been expanded on the app and complete analysis is now also available there. In the latest version, assets are listed alphabetically, which is an indication of the companies’ commitment to the mobile platform, as they fixed this small, but frustrating, broker.
The EmpireOption ProTrader app also gives full access to all open and expired positions, and certain account functions, such as deposits.
The actual trading platform is easy to use, and the layout is also excellent, making quick trades very simple. This is a solid addition to the EmpireOption offering.
Payout
Payouts at EmpireOption are very good. Most traded assets show payouts of around 80%. As always, the payouts will vary depending on the maturities and the asset chosen. Higher payouts are also available with different trading options. For example, ladder options will offer significant payouts for larger price movements. Forex also works ‘per pip’, so you can generate higher payouts if needed.
Withdrawal and deposit options
Deposits can be made via credit card (all major cards are accepted), as well as bank transfer and online transaction services such as Skrill and Neteller. The minimum deposit is £200 – the initial deposit determines the account type in which a trader moves. £200 gets access to the ‘Micro’ account, while a deposit of £30,000 means an ‘Empire VIP’ account. View the range of accounts and related benefits in the table;
Withdrawals are also handled based on the account type. For example, a Micro account has a withdrawal date of ten days – an Empire VIP account holder will process their withdrawal within one day. Rich knows that withdrawals are the cause of some frustration with traders and their brokers, and offers higher account types better terms. This can be a problem that traders find on a smaller scale.
The size of the minimum withdrawal is also determined by the account type, ranging from £200 for Micro accounts, to £1 for Empire VIP accounts. Withdrawals are generally available in the same way as deposits.
Other Properties
EmpireOption offers its customers the following features and benefits:
- Calculator – Technical Analysis Tool
- Variety of educational materials – includes seminars, books, financial reports and even one to one training
- Market Simulator – To perfect the technical analysis. Available to Classic account holders and above.
- Social Trading – Empire revamped iFollow to allow traders to follow the trades of other traders. Empire funds can also be used for the same purpose via the ZuluTrade platform.
- Trading Tools – Double Up and Rollover give traders extra skills to improve profits and reduce losses.