OptionFair experiences – test result: Winning through the free demo account
OptionFair was founded in 2010 and was able to quickly establish itself among the leading providers of binary options and for good reason. The OptionFair broker offers traders a very clear and functional, web-based trading platform. This is used by a number of binary option brokers. It also doesn’t require a download. OptionFair also belongs to TechFinancials and is a listed company on the London Stock Exchange (AIM).
What was good about OptionFair
Free demo account – immediately available to try without deposit
Up to 85% returns possible
Regular loss protection to 15%
An exclusive bonus: 10 risk-free trades as an entry bonus for new customers
Thanks to a 30% deposit bonus there is a 130% total bonus
Very many trade modes and extremely flexible features
New trade modes: simplified Forex version
For mobile devices like smartphones, OptionFair offers a simplified mobile version of the trading platform. Many competing distributers still have to do without this modern approach. For newcomers there is a useful trading simulator on the home page, on which different trade types can be explored. The online presence of OptionFair is almost entirely available in German, previous language problems, like in the FAQ, now belonging in the past, as our OptionFair test demonstrates. The broker is still working on the completion of German at some points on the platform. The following OptionFair experience explores the listed broker in detail and shows why OptionFair is among the most established brokers for binary options.
Trading with OptionFair: consistently good options
If quitting a money trade OptionFair compensates this with a gain of up to 89%. In classic digital trading these are more than completive returns when compared with others in the industry. If ending option trading, the trader can expect a repayment of up to 15% thanks to the loss protection. In addition to the classic binary options trading (“High/Low”) OptionFair offers “One Touch” and “Boundary” trading. Traders with experience in binary options trading will already be familiar with this particular trading style. According to our OptionFair test, binary options of about 70 assets (base values) can be traded. This includes the major currency pairs, leading indices and stocks from around the world, as well as major commodities such as gold or crude oil. The options’ maturities vary between one minute (60 second trades) and one week. A useful additional feature the trading platforms news can be found directly on the homepage of Yahoo! Finance, which can be specific to a particular commodity. By accessing daily market analysis, traders can profit directly from the OptionFair experiences and opinions.
OptionFair is worthwhile: free demo and exclusive bonus
An account with OptionFair can be easily opened with an initial deposit of 250 euros. In a single trade, a trade total between 25 euros and a maximum of 15000 euros can be traded. As usual deposits can be made by major credit cards, Moneybookers and other web-based payment services and, of course, bank transfer. Withdrawals can be made free of charge once a month but more frequent withdrawals are possible for a fee of 30 euros. The withdrawals are completed quickly with a specified processing time of 36 hours. The OptionFair test indicates a minimum withdrawal of 100 euros. Once a month, the broker waives the otherwise overdue fee of 30 euros.
Exclusive bonus: As an exclusive when opening an account with forex and binary option brokers, in addition to the regular deposit bonus, there ten risk free trades with a total value of 100% of the deposit! Simply follow one of our registration links. As an extra OptionFair also offers a free demo account, so traders can begin their first experience of binary options trading completely risk-free. This is enabled in two simple steps: Open an account and ask the support team to activate a free account – that’s it!
Attractive rewards for traders with VIP status
As well as a standard account OptionFair offers attractive VIP account models. For this, however, the trader must require under their own initiative. For VIP customers, the potential profits will increase considerably, among other benefits. A dedicated dealer can form a lucrative gold or platinum account. Alongside a personal account manage Gold traders can also receive an extra 2% in returns, 4% for platinum customers. The platinum account also includes a more rapid rate of withdrawal. In the field of dealer resources beginners especially will find comprehensive assistance, in order to have a good first experience in the world of binary options. Content wise, the provided information is well presented. During our test the customer service responded mostly through live chat, quickly and reliably. Fortunately a German telephone hotline is also available.
Questions and Answers
Does OptionFair offer a demo account?
Whilst it goes without saying for almost all forex brokers, that customers can initially use a demo account, there are still binary option brokers who do not make such a trial account available. Nevertheless, the trend goes clearly in the direction of using a demo account to carry out first binary option trading as a risk-free trial. OptionFair is one such broker that provides a demo account. A particularly positive thing to mention is that it is a so-called “real” demo account. A “real” account means that the test account can be used regardless of whether or not the customers has previously made a deposit on the trading account. For many brokers this is a prerequisite, so that in such cases a “false” demo account can be discounted. It only takes a few minutes to open a demo account and already, the customer can trade virtually and without risk of loss. However, it must be noted that the account is only available for 5 days and the virtual ‘play money’ only amounts to 500 euros.
What payment methods are available at OptionFair?
In the area of binary options brokers there are certainly some providers that only choose to offer their customers two or three methods, which is very little to offer at a time with many modern online payment methods. According to our experience OptionFair is one of the only providers to offer a particularly wide range of payment methods and they have implemented this into practice. There are, of course, the two traditional payment methods of bank transfer and credit card, with which the customer and make both deposits and withdrawals to and from the trading account. OptionFair has many modern online payment methods too. These include Skill (formerly Moneybookers), Neteller, Ukash, WebMoney and Western Union. In principle there is hardly a common payment system from which a trader on OptionFair could not benefit.
Do OptionFair offer loss protection?
Although the vast majority of traders are fully aware that binary option trading involves a risk of total loss so most customers will welcome a broker who offers loss protection. Even though only between 10-15% is protected at least the trader does lose their entire capital. Not many brokers other than OptionFair offer such a loss protection. With up to 15% loss protection OptionFair offers the highest loss protection that exists. OptionFair also offers its customers an even more effective way of protecting themselves from high losses with the “Early Close” function. This means that the customers can decide, at their own discretion, whether or not they want to sell an option before maturity, which can be used to avoid greater loss. This function is optional and is by no means a commitment on the part of the customer.
What maturities do the options have at OptionFair?
Regarding the offered maturities, we have had positive experiences with OptionFair over the course of our test. The choice is large and starts with the so-called ‘turbo options’ which have a maturity of only 60 seconds. Traders who prefer a slightly large maturity period can find them on OptionFair. There are offers of 5 minutes, 10 or 30 minutes, a day or even up to the end of the week. The wide selection for both novice binary option traders as well as professional traders is of interest.
OptionFair conclusion: A strong, overall package thanks to the exclusive bonus and free demo account
OptionFair advertise itself on its homepage as “world’s leading trading platform” and it is actually very clear, reliable and visually perfect. All current, customary trade functions are offered and very well explained. Beginners will find their way quickly at OptionFair. Even the paid profits are at a high level, according to the reviews of other traders, given the exclusive bonus of 100% of the initial deposit and a completely free demo account. Integrated news reports on the trading platform, fast withdrawals and a good customer service that includes German phone support leave little to be desired. In addition, OptionFair totally complies with the latest standards of safety and privacy. To sum up, OptionFair provides a really strong overall package for traders, which doesn’t need to fear comparison with competitors and promotes a smooth entrance into the world of binary option trading. Experience with OptionFair can also be read at Broker-Blog. There is (so far only in English) background reports and news about the general economic situation that are always worth reading.