OptionFair is a binary options brokerage brand owned by Mika Holdings Inc, incorporated in the British Virgin Islands and operating out of Limassol, Cyprus.
Software & User Friendliness
OptionFair is one of the brands that utilize the binary options white-label solution of Tech Financials Ltd. The trading platform is user-friendly and provides rudimentary charting facilities. Traders can trade the following binary options contract types on OptionFair:
a) 60 Seconds Option: This option contract was recently introduced to the OptionFair platform. It is an option type where the trader aims to predict on the asset ending higher or lower than the market price in a time frame of sixty seconds.
b) Boundary Option: This is also known as the In/Out binary options contract. On the OptionFair platform, there are two varieties of this option contract. There is the traditional boundary option (classical In/Out), and there is the High Yield Boundary. The High Yield boundary is basically an “Out” option which has ambitious upper and lower price boundaries which the asset must achieve in order for the trade to end up in the money
c) One Touch Option: There are two types of the One Touch option available on OptionFair. There is the classical Touch/No Touch option where the trader is betting on the asset touching or not touching a chosen strike price, and there is another variety known as the High Yield Touch option where the trader makes money if the asset is able to touch an ambitious strike price. This option type is only available for the GBPUSD, EURUSD, crude oil and USDJPY.
d) High/Low Option: There are two varieties of this option that can be traded on OptionFair. There is the classical High/Low, where the trader bets on an asset ending higher or lower than market price and the “Above/Below” option where the trader bets on the asset ending above or below a pre-determined strike price which is different from the market price. The trader is at liberty to set this strike price.
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Asset Index
Assets that can be traded on the OptionFair platform are:
a) Commodities: Gold, silver and crude oil.
b) Currencies: EURUSD, GBPUSD, USDJPY, GBPJPY, EURGBP, EURJPY, EURCHF, USDCAD, USDCHF, EURTRY, AUDUSD, EURCAD, CADJPY, EURNOK, USDNOK.
c) Indices: DJ30 (Dow Jones), IBEX-35 (Spain), S&P500 Futures, CAC40 Futures, FTSE Futures, NASDQ100, DAX30 Futures, NIFTY-futures (Singapore), Hang Seng, Nikkei 225 and ASX-200 (Australian Securities Exchange).
d) Stocks: Facebook (FB), BP, Apple, Barclays, SONY, France Telecom, Sumitomo, Societe Generale, Google.
The minimum investment amount on OptionFair is 25 units of the account’s base currency. The maximum investment amount on a single option is 1000 units of the currency in which the account is denominated in.
Security & Reliability
All brokerages operating out of Cyprus are subject to regulation by the Cyprus Securities Exchange Commission (CySEC) and the Markets in Financial Instruments Directive (MiFID) regulatory protocol passed by the European Union in 2009. OptionFair is no exception to the rule. There is no information at this time as to whether the funds held in traders’ accounts are held in special sequestered accounts.
Bonuses and VIP Program
Due to the new CySEC regulation, which doesn’t allow CySEC regulated brokers to offer deposit bonuses (to protect traders against financial losses), optionFair currently doesn’t offer any deposit bonuses anymore.
Special Features
The OptionFair platform gives traders the ability to filter the asset list so that traders can only trade on the assets they are comfortable with. Traders can also get access to a demo platform, but this is restricted to live account holders with funded accounts.
In addition, traders who want to earn extra money can do so either by referring other traders to OptionFair under the affiliate program, or earn money every time their referrals trade under the Introducing Brokerage arrangement.
Deposit and Withdrawal
The minimum deposit on OptionFair depends on the method used in funding the account.
1) Credit card/debit card: The minimum deposit with this method is $250. Traders are expected to submit a scanned copy of the front and back of the credit/debit card used in making the deposit for verification purposes. The card number and security code at the back should be blacked out before such submission is made.
2) E-wallets e.g. Skrill: Minimum deposit is $250.
3) The minimum method for wire transfers is $500 or 500 units of any other currency that the account is held in.
4) Western Union/Moneygram: Minimum deposit is $1,500 (or Euros, British Pounds or 20,000 Japanese Yen).
Traders are expected to use the same method for funding and withdrawals.
Support
Customer support on OptionFair operates a multi-lingual platform to cater for the broad customer base spanning several countries. Customer support can be obtained with the following methods:
1) Live chat
2) Email: admin@optionfair.com
3) Phone: +357 25 503 232 (operations centre). For sales and support, there are several lines for provision of customer support in different languages.
Our Opinion
In terms of flexibility, ease of use of the trading platform, choice of assets and payouts, OptionFair ranks as one of the good binary options brokers out there. However, there is a need to improve on the charting functionality of the trading platform and provide bonuses for existing users.