OptionFair is a binary options platform founded in 2012 and located in Cyprus. The platform is operated by B.O. TradeFinancials and regulated by CySec and MiFID. The platform was made with very clear values and goals in mind. They wanted a high payout for their users, which they translated into 91% returns on some markets. They wanted a 60 second expiry and the option for traders to close out any given trade so that traders could get profits fast, quickly adapt to the ever changing market and limit their risks. OptionFair aimed to make their platform as transparent as they could and to have trader’s funds separated from the business itself to ensure the safety of their clients. Last, they aimed to make the whole trading experience more enjoyable, intuitive and comfortable.
- Demo Account – No
- Minimum deposit – £250
- Minimum trade – £25
- Maximum trade – £3,000
- Signal service – Yes
- Mobile app – Yes. Works on both Android and iOS
Types of Trading
At OptionsFair you can chose between four trading types;
High/Low – The classic binary option. The trader bets on if the price of the asset will end higher or lower than the initial price, within a certain timeframe. On OptionFair you can also chose above / below which give bigger payouts, the catch being that the prices will have to move more.
Short Term – Same as above, but with expiry times down to 30 seconds and with a maximum timeframe of 5 minutes.
One Touch – in this option you will have to guess if the price hit a certain mark. The trade can be made on both sides, meaning you can also put your money on the asset not touching the preset mark. This option has a variation called Higher Yield Touch. This option sets the mark higher than the normal version but have payouts near 200 %.
Boundary – this type of trade has two marks, a high one and a low one. Then your options are; does the asset end within or outside those marks.
Scam or Speculation
OptionFair is regulated by CySec and MiFID and 2015 they became a publicly listed company. Besides that OptionFair’s sister firm TechFinancial have been listed at the AIM market of London’ Stock Exchange. These thing put together gives OptionFair a high level of trust among UK clients.
Their Trading Platform
OptionFair offers a simple, Unique and easy-to-use platform. When logging in you are met by a list of trading options on the left side of the screen. Once one is chosen it will be brought forward while other options are still displayed underneath. Once an option is chosen, traders get access to the asset filter. You will be show you the trending trades but can configured to show any asset they have in store. When an asset is chosen all information on it will be display on the right side of the screen and it will keep updating according to the newest information available. You can expand and contract the price graph of any asset at will by pressing the graph icon and you can see if the particular trade is closeable after opening it. Underneath the graph area is the traders area. In this area the trader can keep track of and edit all open trades.
OptionFairs mobile platform is up for free download and works with both iOS and Android devices. The platforms layout does not mirror their web platform and therefore needs a little bit of adjusting, but the user friendliness of it makes the transition easy. All the options and assets available on the web are also available on the mobile platform. The graphs take up a lot of the screen which works well and makes keeping track of your trades, while on the go a breeze.
Withdrawal and deposit
When opening an account at OptionFair you can make your deposits through all the major regular ways of transfer. The deposit limit differs between some of the options; credit cards and e-wallet options have a minimum deposit of £250, wire transfer has one of £500, Western Union and MoneyGram’s minimum limit are £1000. You cannot deposit more than £30,000 daily and £150,000 monthly.
Withdrawals have no specific time windows lower limits. You can make one free withdrawal every month and after that one it cost £30 per withdrawal. Other fees may be applied on e-wallet transfers. Most withdrawals take around five days to process.