Not regulated broker
Not regulated broker
Is Plus Option Realliable?
PlusOption is an unregulated online trading platform who entered the market in the starting of 2015. The platform is owned by the ACV Operations S.R.L who have their headquarters in Bucharest, Romania. The broker isn’t regulated by the CySEC that means they don’t come under any international authority. This makes the people’s money at risk because there are numerous complaints against the unregulated platforms. Even, there are many authorities, such as the Monetary Authority of Singapore has issued warnings to the investors that the people shouldn’t trade with the unregulated platforms. You should double-check the Plus Option platform if you don’t want to suffer from the financial losses.
The minimum amount that can be deposited on the platform is $250 or €250 that is too much as compared to the well-known and regulated platforms. However, the minimum trade size is just $5 that is quite acceptable. The PlusOption doesn’t offer their services to the traders from the France, United States, Canada, Belgium, Israel, and Australia. The platform provides a payout up to 87% to the traders if their prediction goes right. The broker’s website and customer service are available in Russian, English, Arabic, and German. We have deeply reviewed about the features, account types and other important things about the PlusOption. So, if you are looking to know about that, then read the whole review.
PlusOption has implemented the SpotOption software on their platform. This software is utilized by lots of well-known and reliable binary options brokers across the world. In our review, we have found that the broker is very difficult to use for the beginners while executing trades. They have used many dull colors on their website that makes it looks like a pretty plain platform. However, there are enough educational resources on their platform from experts that can be extremely helpful during trading. When it comes to their trading option types, they offer a great range that includes Ladders, Long term, One Touch, Pairs, 60 Seconds and the traditional High/Low options.
Along with their website, the platform has also developed mobile apps for both the Android as well as iOS devices. We will talk about their mobile apps in detail in the later section. The cheapest account that can be opened on the platform requires a minimum deposit of $250, which is too high for an unregulated platform. Moreover, the websites takes very long time to load that can frustrate the traders. There are many regulated brokers in the market who offer accounts with $200 or even lower. There are more than 150 assets available on the platform from which you can choose one according to your potential and needs.
As mentioned above, there is a great range of option types available on the PlusOption platform. Now, we will talk about the main options in detail:
High/Low is a traditional type of binary options trading that is available on almost all the platforms in the online trading market. The traders have to predict whether the asset’s value will go up or down than the actual price by the end of the expiry time.
One Touch Options
The One Touch options allow the users to predict whether your selected asset’s price will increase or fall. However, there is a chance of greater risk in these types of option and that’s why it is suggested that you should try it you are skilled in online trading.
In addition to the traditional option type, the broker also provides pair options for their traders. In this type of trade, you have to invest in the performance of two assets who have a relationship with each other. The trader will predict which asset will outperform the other one in the pair within a specific amount of time. It can be for one day, one week or even a month.
At PlusOption, you will only get a choice of four account types, named as Micro, Silver, Gold and Diamond Account. All the accounts have their own features and you can select one according to your budget and requirements. We have mentioned about these accounts in detail below:
1. Micro Account
Micro is the starter account that you can open on this platform by depositing $250 on the platform. However, there is nothing that can excite a trader. Have a look at the main features of this account:
- Access to more than 190 assets
- Daily review of the trading market
- Trading Alerts
2. Silver Account
If you want to open a silver account on the platform, then make yourself ready to deposit a whopping amount of $2,500. You might have to pay ten times than micro account, but don’t wish about getting a big package of features. The only extra feature that you can get in the silver account is a personal account manager. We don’t think it is worth to invest $2,250 extra just to get access to this feature.
3. Gold Account
According to PlusOption, it is the most popular account on their platform among the traders. However, we aren’t impressed by its features. You have to deposit an amount of $10,000 to open a gold account. Along with all the features of the silver account, it has the following extra features:
- A Risk Management Plan
- Personnel Analyst
- Access to webinars
- A financial plan
4. Diamond Account
We can say that it is one of the costliest accounts that you can find on any online trading platform. You have to deposit an astonishing amount of $50,000 to open a diamond account. Along with some extra features, it comes with all the features of the gold account. Have a look at some of the unique features of the Diamond account:
- All tier trade rooms
- Invitation to VIP events
- Higher Payouts
- Rushed Withdrawals
- Access to special ventures
We are certainly impressed by their Diamond account, but the minimum deposit to open it is very big that might be out of the range for the most of the traders. Other than that, there is nothing special in rest of three accounts.
There is no demo account offered by the broker through which the newbies can train themselves before putting their real money at risk. This might be a reason of disadvantage for lots of people who are new to the online trading world and want to know about its usage.
The platform may look suitable for the professional traders, but it is definitely worth for the beginners as they have to invest their hard-earned money for starting practice training. We strongly suggest PlusOption think about adding a demo account as soon as possible if they are looking to become one of the best platforms in the world.
Nowadays, it is important to have a mobile app if you want to run an online trading platform successfully. That’s why PlusOption has enhanced the importance of mobile trading by developing wonderful apps for Android and iOS.
However, they become failed in every section. Just like their website, the platform’s mobile apps are dull and not worth to use. They should have to understand the modern traders want an efficient mobile trading platform that can allow them to trade without any delay times and problems. The broker’s mobile apps lack these features that make it difficult for the traders to access it on their way.
The minimum amount that can be deposited on the PlusOption platform is 250 or €250. However, the maximum deposit amount depends on the type of method you are using. The maximum limit for the Western Union and Credit Card is $10,000 whereas there is no limit on the wire transfer.
There are a great variety of methods offered by the platform that you can use to deposit funds. It consists of a credit card, wire transfer, debit card, Skrill, China Union Pay, Neteller and much more.
There are only two methods offered by the PlusOption that include credit card and bank wire transfer. The minimum amount that can be withdrawn from the platform is $100 or €100. They charge $25 for every withdrawal request from the traders.
Both of the methods are equally beneficial for the withdrawing your funds. However, it takes 5-7 business days to complete a withdrawal request. Additionally, there are some certain documents that you need to submit before processing a withdrawal request. It consists of picture ID and address proof. Additionally, if you are using a credit card, then you also need to send your credit card copy. There are lots of complications involved in the platform’s deposit and withdrawal process that can force the traders to look for the other brokers.
If you are looking for a platform where you can earn a huge amount of money by participating in the tournaments, then the PlusOption platform wouldn’t suit you. They don’t organize any type of tournaments on their website that is a major disadvantage for many traders. Hopefully, they will think about adding this feature to their platform in the near future.
The platform has dedicated a separate section with the name of Plus Academy on their website. It is a virtual educational center has adequate material for educating the broker’s platform. We can say that it is one of the best features that this platform has.
The broker’s educational tools consist of daily broadcast tips, video index and much more. All the resources are divided into different sections according to the trader’s expertise level, i.e. beginners, in-depth and advanced. However, access to educational resources depends on the type of account you have. We have mentioned about it in detail in the account section.
There are lots of different modes through which can contact the customer support available on the platform. It includes email, phone number, and live chat. They offer their phone support in multiple languages, such as English, German, French, etc.
We have one of the most pathetic customer support experience ever with the customer representative team of PlusOption. They don’t even care about their traders, and never answer to our emails. Moreover, the platform’s live chat works for a limited period of time. You can also avail their support services for 9 hours daily from Monday to Thursday and 5 hours on Friday. Having customer service for a limited period of time can make it difficult for traders to solve any important issue.
Have a look at the top pros of the PlusOption platform:
- Wonderful educational section
- No need to download extra software
- High profitability up to 87%
- Personal account manager for top-tier accounts
There are lots of flaws in the PlusOption that we have mentioned below:
- Low-quality mobile apps
- Difficult to understand interface
- Pathetic customer service
- Doesn’t work in many big countries like the United States and Canada
- No demo account
To sum up, we can say that the PlusOption is one of the worst online trading platforms that you will ever find in the market. They have failed in almost every department, whether it is a website’s interface or mobile app. Moreover, they aren’t regulated by the CySEC that further increases the people’s risk of losing money. We recommend our readers to avoid this broker. if you are looking for a reliable platform to explore the online trading world, please see our another post of Best Binary Options. Thank you for visiting my website. Have a nice time!