Not regulated broker
Empire Option Review
Not regulated broker
About Empire Option
Empire Option is a binary options broker who entered this industry in 2010. The platform is owned by Brighton Digital Services Limited who are based in the United Kingdom. The main headquarters of the broker is located in Montevideo, Uruguay. The broker is not regulated by any financial agency that puts the trader’s money at risk. Investing your money in an unregulated broker can be a tricky task and the traders should think twice while opening an account with the Empire Option. However, the platform is ideal for the trained and professional traders who know how to deal with the binary options market.
The platform gives up to 80% profitability to the traders for every correct prediction. The profitability rate is less as compared to the brokers who are giving up to 90% profit nowadays. The minimum deposit needed to open an account on the platform is $200 while the maximum amount that one can deposit is unlimited. At Empire Option, you will be allowed to trade with a great range of assets, stocks, commodities, currency pairs and stocks. The platform offers many different types of accounts from which you can choose according to your choice and requirement. In order to remain advanced in the binary options industry, the platform offers mobile apps for both the Android as well as the iOS platform
The website’s interface is a bit of difficult to understand for a novice trader because all the details aren’t clearly mentioned. The platform has many advanced features that can help the experienced traders during binary options trades. It assists the veterans to further enhance their skills to a higher level. However, there is no demo account on the platform through which the beginners can test their skills and get a chance to know about the broker’s interface without investing their money. That’s why we are saying that the platform will works best for the professional and experienced traders.
The lowest amount of trade is $25 and highest investment that one can have on the platform is $1,000. This type of brokers mainly attracts the people living in the African countries. You can choose between the variety of assets while trading on the platform that includes stocks, indices, commodities, and currencies. With the help of this great range, the traders are allowed to choose their preferred asset with ease. Along with that, they also have different kinds of bonuses and loyalty programs for the traders.
There is a range of option types available on the platform from which traders can select one according to your choice and experience. The type of trading plays an important role in this industry as one wrong choice can result in a huge loss, while a right choice can allow you to win a big amount of money.
Have a look at the types of trading available on the Empire Option:
- Digital Options
It is the same high/low options that are available on the website of the other brokers. The Empire Option platform called it digital options. The majority of operations works similar to high/low options, but there is one difference, i.e. the traders can get higher payouts. They can get up to 180% payout depending on the present position of the market.
- Touch Options
This trading method allows the traders to predict whether the price of the selected underlying asset will fall or rise. There is a high risk involved in the touch options and that’s why it demands a greater level of skills in this type of trading.
- Range Options
In the range options, you have to predict that whether the market will trade in a range below or above the present price of the market.
- Turbo Options
At Empire Option, the platform allows you to trade in turbo options with an expiry time from 30 seconds to 300 seconds. Along with that, the platform also offers a trading option with the expiry times of 30 minutes, 1 hour, 10 hours, 24 hours, 1 week and 30 days.
There are five different types of account offered by the platform to tackle the need for different types of clients. Have a look at each of them in detail:
1. Micro Account
It is the cheapest type of account available on the platform that can be opened with a low deposit of $200. The account holders will get weekly reports and financial analysis from the platform and get access only to a single trade book & seminar. The minimum amount needs to withdraw from the account is $200 and it takes 10 working days to process the withdrawal request.
2. Classic Account
If you want to open a classic account, then you have to deposit $500 in your account. These account holders get a personal account executive and daily financial analysis. Additionally, they will get access to some other features that include EmpireTV, special promos, and economic calendar. The minimum amount that classic account holders can withdraw is $100 and it takes seven working days to process a withdrawal request.
3. Empire Plus
The minimum amount to open an Empire Plus account on the platform is $1,000. The main features of this account are daily reports & analysis, personal account executive, three trade books & seminars, market simulator, economic calendar, trading signals and much more. Additionally, you will get access to the Unit I strategies available in the education section. The minimum amount that can be withdrawn from this type of account is $100. The time taken by the platform in withdrawing from the Empire Plus account is 5 working days.
4. Preferential Account
The preferential account demands a minimum investment of $ 5000 for opening it. It comes with all the features that are available in the Empire Plus account. Additionally, it offers some extra features to its account holders that include access to unit I, II & III strategies, 4 trade books, and seminars. The minimum amount that can be withdrawn from the account is $1 and it only takes three working days to complete the withdrawal process.
5. Empire VIP
Empire VIP is the costliest account available on the platform that comes with many rich features. You have to deposit an amount of $30,000 to open this account. The minimum amount that an Empire VIP can withdraw is as low as $1. The withdrawal request can be approved within 1 working day. Some of the unique features available in the Empire VIP account are access to five trade books & seminars and units I, II and III investment strategies. Additionally, you can also have a one to one session with an expert.
There is a big difference in the minimum withdrawal and its deadline between Micro Account and Empire VIP. It shows that the platform cares mainly for the VIP account holders.
At EmpireOption, you will get 30% bonus for all the deposits of $200 or more. However, you need to trade 30X the value of the bonus prior to withdrawing. This type of restriction makes it complicated for the beginners to trade on the platform.
Unfortunately, there is no demo account offered by the platform for the traders to get know about the platform without risking your money. It is a drawback, especially for novice traders who want to practice their skills before trying their hands on the real accounts. Lack of demo account can be a reason for lots of people to look for other broking platforms.
In order to cope with the competitions, the platform launched their mobile trading app around two years ago. It is available for both the Android and iOS devices that are free to download. We have reviewed both their apps and find them pretty ordinary as compared to the other broker’s mobile apps.
You have to spend some time and put some efforts in getting used to the mobile app. However, there is one plus point of the apps that you will get tips and information about the online trading daily. It can be greatly valuable for the traders while doing trading with their mobile apps.
There are a variety of deposit options available on the platform from which you can select one according to your convenience. It consists of credit or debit card, Money Bookers, wire bank transfer, Skrill, and Payza. The minimum amount that can be deposited on the platform is $100 that is pretty big and difficult for newer traders to invest money in it.
The credit or debit card is the best option to deposit on the Empire Option platform that can show in your account instantly.
You can withdraw your funds through the same method that you have used for the deposit. The withdrawal conditions depend on the type of account that you have. The micro account holders should have at least $200 in their account to withdraw and it takes 10 working days to process their requests, whereas the classic account needs a minimum amount of $100 to withdraw and takes 7 working days to process the requests.
The Empire Plus account also asks for a minimum withdrawal of $100 and takes 5 working days to complete the process. On the other hand, the preferential and Empire VIP holders can even withdraw $1 from their account. However, the withdrawal process takes 3 working days to complete while the Empire VIP withdrawal can be completed in just one day.
It is difficult to understand their withdrawal process as it varies from one account to another. The smaller accounts are not allowed to make fewer withdrawals, whereas the VIP accounts have given the privilege of withdrawing as low as $1.
Tournament or Prize
The platform doesn’t organize any type of tournaments for the traders, which is a huge disadvantage for the traders who love to take part in it.
There is a range of educational options that can be accessed on the Empire Option by the traders. They offer many instruments and special learning resources through which can gain important knowledge. The platform’s educational portfolio consists of online resources, videos, web seminars, trade books and customized classes
However, the tools that you will be able to use depends on the type of account you have. We have explained about them in detail in the account section.
There are lots of options offered by the Empire Option through which you can contact their customer representatives. They offer live chat, telephone number and support ticket options. However, we were pretty disappointed with the services offered by their representatives.
The live chat only works during working hours and takes a long time to respond. On the other, there is a much longer waiting time on a phone call and support ticket doesn’t answer our queries. This shows a lack of interest platform has in solving the queries of the traders.
Pros & Cons
You can get access to following pros by opening an account at the Empire Option:
- A huge variety of trade option types
- Faster withdrawals for the premier level accounts
- Wonderful range of educational tools
- Different types of accounts
There are lots of cons of using the Empire Option for the trading that are mentioned below:
- No Demo account
- Inappropriate customer care
- No FAQ section
- Longer withdrawal times for the low-level accounts
- Lower profitability
- Low quality mobile apps
As per our recommendation, it is better for the traders to look for the other binary options brokers if you are looking for a better and hassle-free experience. Empire Option has only taken care of higher level accounts and completely neglect the lower level accounts. It is pretty evident that this unregulated broker is only looking for making money instead of focusing on customer service.
Moreover, they don’t offer demo account that makes it difficult to know about the online trading for the beginners. There is much better option where you can get a higher level of experience by spending the same amount of money.