NOT suggested broker
NOT suggested broker
OptionWeb is an online trading platform that was established by a group of professionals in 2012. The platform is operated and owned by Spot Capital Markets Limited, a firm that is regulated by the CySEC under the license no.210/13. The main headquarters of the broker is located in Kanika Business Center, 319-28th October Street, Limassol, 3105, Cyprus.
This platform’s majority of the users hail from the France and Italy. However, the traders from the United States and Canada are not allowed, which can disappoint lots of people. In the recent times, we came to know about the number of complaints against this trading platform and that’s why our team thought to check it. In this article, we will give you complete information about the option web’s features, benefits, and other important details so that you can make a decision easily to register with the platform or not.
The broker relies on the latest version of the most powerful and popular trading engine offered by the leading provider SpotOption. This software is not only widely used among the traders, but also a secure option. They should have been thought about adding something extra to their trading platform, but they have done nothing about it. They have gained a lot of popularity not only because of their extensive services but due to the number of complaints against them. The platform has a lengthy and cumbersome registration process that might trouble the traders and they might think about other online trading platforms.
Nowadays, the mobile trading has gained lots of popularity and that’s why it has become necessary for all the brokers to have their own mobile apps. The OptionWeb has followed the trend and they have developed mobile apps for Android as well as iOS devices. We will review their mobile apps in the later section. There are more than 180 assets available on the platform that includes indices, currencies, stocks, and commodities. Some of the advanced features that are available on the OptionWeb are highly equipped dashboard through which traders are enabled to steer trading activity with complete ease and utmost clarity.
There are four different types of trading options available on the platform through which you can select one according to your choice and preferences. These choices are quite acceptable and it consists of some of the popular trading options.
- High/Low Options: There is no doubt that this option is the most popular type of binary options available on almost all the platforms. Here, the investors needed to make a right prediction on the asset’s price and its value within a predetermined time.
- Pairs: In pairs option, you have to select two assets of the same type and then predict which one will outperform the other.
- Long Term: This type of trading options comes with the expiration period that lasts up to one month.
- Short Term: The short term option available on the platform work opposite to the long term options and comes with the expiry times of just 60 seconds.
- One Touch Options: Over the years, one touch option has gained lots of popularity among the traders. Here, the traders have to predict whether the price of their selected price will reach a predetermined level or not within the expiry time.
There are six types of trading accounts offered by the OptionWeb for its traders, named as Starter, Standard, Silver, Gold, Platinum, and Diamond. We go through each of them in detail and you can check that below:
1. Starter Account
It is the basic type of account offered by the platform that can’t even fulfill the needs of the beginners accurately. In order to open a starter account, you are required to make an initial deposit between € 200 and € 1,000. Some of the main features of a starter account are mentioned below:
- Access to 80 assets
- Chat help for 4 hours in a week
- Withdrawal takes 5 working days
- Dedicated trading manager
- Maximum returns up to 80%
2. Standard Account
In order to open a standard account, you have to make an initial deposit between €1,000 and 3,000 that is too much expensive as compared to the features that come with it. Have a look at the main features of a standard account:
- Access to more than 120 assets
- First level personalized training
- 6 hours chat help allowed every week
- Withdrawal process completed within 5 business days
- Access to demo account
- Profitability up to 83%
- Weekly analysis reviews
3. Silver Account
A silver account can be opened by making an initial deposit of € 3,000. Along with the access to the services of both the starter and standard account, you will get access to the following features:
- Choice of more than 180 assets
- Withdrawal request processed within 2 business days
- A single coaching session every week
- Economic indicators
- Profitability up to 83%
- Second Level personalized training
- Chat Help for 8 hours every week
4. Gold Account
For opening a gold account on the OptionWeb, you have to make an initial deposit of € 10,000. Along with the benefits of the silver account, you will get access to the following features:
- Withdrawal request processed within 1 working days
- Chat help for 10 hrs every week
- Profitability up to 88%
- Monthly analysis reviews
- Third Level personalized training
- Two coaching trading sessions every week
- Personalized monthly performance report
5. Platinum Account
If you are looking to open a platinum account on the OpttionWeb, then you have to deposit a whopping amount of € 50,000. It can be easily one of the most expensive accounts in the online trading market. Have a look at the extra benefits that you will get with a Platinum account:
- Expert Level Personalized Training
- Direct sessions with the professional senior analyst
- Free access to economic press
- Personalized analysis
- Trade coaching on demand
- Access to more than 180 assets
- Profitability up to 90%
- Unlimited chat help
6. Diamond Account
There is no information available on the platform’s website about the diamond account other than an initial deposit of € 250,000. You have to contact their account manager to get further details about this account.
We are certainly not impressed by the different accounts offered by the platform, other than the Platinum account. However, you have to pay a very big amount to open it that might be difficult for more than 90% traders. The lower-level accounts are useless and don’t offer too many features. OptionWeb should think again if they are looking to attract the beginners and middle-level traders to their platform.
While researching about the OptionWeb, we find out that they aren’t transparent about their bonus policy. They offer bonus up to 30% to their traders while opening an account. According to their website, the platform is regulated by CySEC and it looks like they don’t follow their guidelines. As per the CySEC’s rules, the regulated platforms can’t offer bonuses to the traders.
The platform offers a demo account for their traders, but you have to open at least a Standard account to get access to it. This demo account has almost all the features that the OptionWeb offer on the real account. However, you will not get access to the demo account for free and have to open at least a standard account to enjoy its benefits.
The majority of the well-known platforms offer free access to demo account to the traders. However, that’s not the case with OptionWeb. Even though, the starter account holders who need a demo account most wouldn’t get a demo account. They should also think about the beginners who will mostly open a starter account instead of focusing on the higher-level accounts.
OptionWeb has developed mobile apps for both the Android and iOS devices. But they don’t offer a Windows mobile app that might be a problem for many traders. The mobile apps on the platform have the same design as their official website, so don’t expect to get something unique and extraordinary.
However, the quality of the graphics and color are pretty low and you might feel pain in your eyes after using the app for a long time. As we all know, the mobile apps demand on-going care when it comes to technological updates and fresh content, but it looks like the OptionWeb hasn’t updated them in years. In simple words, we can say that their mobile apps aren’t worth to use and it is hurting their reputation. So if they are looking to improve their image among the mobile traders, then they have to improve the quality of their mobile apps soon.
There are numerous methods available on the platform through which you can deposit money on the OptionWeb either in GBP or EUR. You can fund your account through bank transfer, debit cards, Visa, MasterCard and many secure e-wallets that include Skrill and Neteller. The deposits can show in your instantly through debit or credit cards. However, the time period for bank transfer depends on the service of your bank.
The minimum amount to start trading on the platform is € 200, while the minimum investment on the Option is €5.
The withdrawal policy depends on the type of account you have opened with them. It is a shame that they think only about the higher-level accounts and allows them to have fast withdrawal. The request of starter and standard account holders will process within five business days, whereas it takes 2 working days to process the request of a silver account holder. The gold and platinum account holders can enjoy the privilege of processing withdrawal requests within 1 working day.
All the methods that are available for the deposit can be used for withdrawing your money. There is no minimum and the maximum amount to withdraw on the OptionWeb as they charge a standard fee of €10 for all the requests. There are certain documents that you have to submit for depositing and withdrawing funds that include a copy of valid government-issued photo ID, proof of residence, personal debit/ credit card, and bank statement.
We checked the every part of the OptionWeb’s platform, but couldn’t be able to find any information about the tournaments organized by them. It might disappoint a greater portion of the traders and if you are one of those who is looking to earn bigger prizes through these tournaments, then you have to look for the other platforms.
When it comes to educational resources, the platform has again focused only on the top-tier accounts. We don’t know why they are understanding that the educational tools and demo accounts needed most by the beginners who will probably open a standard or a starter account with them.
The starter account holders don’t get access to any level of training while the standard account holders get only first level personalized training. The silver and platinum account holders can enjoy access to second and third level educational training level respectively, whereas a gold account holder can enjoy highest level educational training. Other than that, they offer an eBook for the traders that is completely useless and doesn’t give an adequate information. There is no appropriate information available on their FAQ section. To sum up, we can say that we are extremely disappointed with their educational services.
One of the biggest disadvantages of registering with the OptionWeb is their poor customer support, team. First of all, the phone call and live chat customer service of the platform are available only during their working hours and you have to wait for two days if you face an issue on a Friday evening.
Moreover, they even care much about replying to their email queries. While talking with their customer representatives, we find out that they lack the information of their own platform. They don’t even know about the basic information and OptionWeb requires training them in a more professional manner if they want to offer their traders an excellent customer service.
To conclude, we want to suggest you stay away from the OptionWeb if you don’t want to register with the lower level platform. The majority of the useful features are available only for the gold and platinum accounts that show how crazy they are for the money. Moreover, the platform has poor mobile apps, inadequate educational tools and nothing special that can attract the traders to register with them.
There are many other reliable platforms that offer much better features and services to the traders. So, if you are looking to have a rich experience of online trading, then stay away from the OptionWeb and register with one of the above-mentioned platforms.