Option888 has not attempted to register with the FCA to offer Binary Options trading to UK residents. So they are not legally allowed to accept British merchants.

UK visitors are advised to check our brokerage desk for a regulated brand authorized to offer binary options in the UK.

 

 

Option 888 has generated a large number of complaints and should not be used

Option888 is a new innovative binary options broker, founded in 2014 by traders from Sweden and Germany. The Option888 platform is owned by Altair Entertainment NV and is licensed by Curacao eGaming and Malta LGA. The firm has just released a completely redesigned website, offering an exceptional client experience.

The firm focuses on three main objectives;

  • Customer service.
  • Fast withdrawals. (£250 Minimum)
  • An excellent trading platform.

Option888 has gone to great lengths to reassure their traders about the safety of their funds, and also offers some unique trading tools and extensive training videos and tutorials. However, the most important feature that will convince merchants of the goal of focusing on customer service is the fast withdrawals. Option888 approves any withdrawal made before 6pm on the same day – an industry leading service.

Here are some of the other key details regarding Option888;

  • Demo Account – Yes (starting balance of £100)
  • Minimum deposit – £250
  • Minimum trade – £10
  • Signal service  – No
  • Bonus details – 100% deposit match bonus, up to £888.
  • Mobile App – Yes. Android and iOS are catered for.

Trading platform

The Option888 trading area is very simple and very clear. Five tabs at the top of the screen make it easy to choose the type of options (the five types are detailed below). The menu below and to the left allows traders to select the asset class they are interested in. All very simple and intuitive. One nice feature is the ability to create a ‘custom’ asset category – where a trader can add the most traded assets. A simple and useful idea, but currently only available at Option888.

To the right of the asset list is the trading window. Option888 has moved away from the green / red buttons and standardized the look and feel of the site as a whole. So the buy and sell buttons are yellow – in line with the design of the website. This remains absolutely clear to traders, and the strike price is still made clear in a field between the trade buttons.

The payout is also listed at the top right of the trading area, and it can be adjusted if the trader wants it. So there is the option to reduce the payout where an option ends up in the money – but ensure that some of the initial investment is returned. For example, where the standard payout is 178%, a trader can instead choose a payout of 158% – but know 20% of the investment has been returned if the option ends up out of the money.

The expiry times  are worth mentioning in any Option888 review. In addition to the short-term expirations more commonly associated with binary options, they also offer much longer-term expirations. Some can last up to two months. These longer-term expiration times really open up binary options to traders who prefer to evaluate long-term valuations – or to use binaries for hedging. So those who like to use the basis to get stock prices done, Option888 may be a good fit. All expiration times at Option888 use GMT as the applicable time zone.

Although the trading area is fearless, it lacks the information that other platforms contain. Some traders prefer having the ability to trade with four windows at once, others may see some of the other information available in other trading areas. It depends on personal preference.

 

 

Dealer choice

Option 888 offers options on forex, commodities, stocks and indices. Their asset list is one of the most comprehensive in the binary options sector. Along with varied expiration times, the firm delivers a flexible binary options experience.

They offer four types of options:

  • Digital – the traditional high / low options. Will the asset increase in value, or decrease?
  • Touch – Will an asset price ‘touch’ a specified value at least once before the expiration time? (Option 888 has both an ‘Up’ touch value and a ‘Down’ touch value). Note with this option, there is no option to select ‘no touch’.
  • Range – otherwise known as a limit trade – Will the asset price stay within two predetermined values? (A high and low value) or will it break? This is a useful option for assets that trade ‘extremely’ – either very flat or very volatile.
  • Turbo – Short term binary options with very short expiration times. Option 888 provides expiration times of 30 seconds, 45 seconds and 5 minutes under the ‘turbo’ list.
  • One Touch – Will the asset price ‘hit’ a preset level? With the One Touch option, the choice is ‘Touch’ (it will touch the value) or ‘No Touch’ (it will not touch the value). This is especially useful in either very volatile or very flat markets.

Mobile app

The Option888 app was last updated in October 2014 and is compatible with Android (version 2.2 and above) and iOS.

The trading window works exactly the same way as the full website version. The assets and option types are therefore listed at the top of the screen, and once the trading window is selected, the trading window below displays the expiry times, payouts and the current option price. The screen is clear and everything fits well – nothing looks or feels ‘printed’ as could be the case.

Beyond the trading window, the app contains a wide range of facilities that enable traders to fully manage their account, from anywhere;

  • Cashier
  • Open trades
  • Trade history
  • Profile Settings

These are the features that can sometimes be overlooked when developing mobile apps, but Option888 has produced a well-rounded application.

Payout

The payout levels at Option888 vary between 76% and 80%. The binary option Touch can reach a payout of 220%, but it requires more significant price movement. Digital, Turbo and Range options all paid out between 76-80%.

Withdrawal and deposit options

Option 888 offers a variety of deposit and withdrawal options. A key purpose of Option 888 is to approve all withdrawals made before 6pm on the same day. This is a bold commitment that ensures that customers do not experience any delays than the banking industry. Withdrawals are one of the main complaints for some traders, and it is worth noting if a broker recognizes this potential problem area and takes steps to improve their service in that area.

Withdrawals can be made to a credit card, or by means of a bank transfer of the cheque. There is a minimum withdrawal amount of £250.

Deposits can be made at any time. The minimum deposit is £250 and the maximum deposit transaction is £5000 – but multiple transactions can be made. Option888 uses Comodo SSL to ensure that the payment information is encrypted and secure.

Other properties

Option888 offers its traders the following additional features and benefits;

  • Close Now – this tool allows traders to close a trade before the expiration time – either to lock in profits or minimize losses.
  • Extend – This feature allows traders to extend the expiration time, giving the option more time if the price has not moved in the expected direction. There is a one-time fee to use this extension.
  • Fast Withdrawals – The ‘Same Day Approval’ promise will give a boost to all traders who have experienced withdrawal problems with other brokers.