Not regulated broker
Not regulated broker
About Stern Option
Stern Options is one of the newest online trading platforms who entered this business in the summer of 2016. The platform is an unlicensed that make their case suspicious. Investing your money in a platform that isn’t regulated by CySEC can put your money at a greater risk. Even, some of the financial authorities also advised the traders to don’t invest their money in such type of platforms as there are thousands of complaints where traders lose their money by the fraud and unregulated brokers. The main headquarters of the Stern Options is located in Sofia, Bulgaria from where they control all their operations. The platform is definitely a toddler as compared to other well-known brokers, such as IQ Option, MarketsWorld, 24 Option and much more. Stern Options is owned by the BP1 LP, which is based in Glasgow, Scotland.
Moreover, the minimum deposits and trades available on the Stern Options aren’t attractive either. The information available on the website isn’t enough and doesn’t offer much detail to the trader. The platform claims to have thousands of traders registered with them already, but we don’t think so. They may be a new platform but doesn’t follow the modern technology platform’s techniques. However, the final call is upon you whether you want to invest your money in Stern Options or not? In this article, we will go through in detail and tell you complete information about the Stern Options trading platform.
It’s not secret that the Stern Options is presently on a beginner stage and they have to learn about lots of things in the near future if they want to stay for long in the trading market. The broker’s trading platform doesn’t match the high standard services and trading experience. However, they have excellent educational resources that can help the newbies to learn about the online trading. They have used SpotOption software that is one of the most common among the trading platforms.
When we go deep into the Stern Options platform, we find that the trading tools available on the platform aren’t impressive. In order to give traders an idea of what the majority of their peers are learning, there is a market-sentiment indicator available below every trade. The platform lacks the trading charts and doesn’t even have the charting package or streaming news. It looks like the Stern Options isn’t keen to communicate lots of details related to anything on their website.
The majority of the traders have a pretty good understanding of SpotOption software and its features, but you may have to disappoint on the fact that how Stern Options have used it. It is pretty safe to say that there are very few features as compared to the websites of other well-known brokers. There are around 70 assets available on the platform from which the traders can choose one according to their preferences and needs. The minimum deposit required on the platform is $250 which is too much when compared with the well-known regulated brokers.
There is a range of trading options type available on the platform that includes Classic/Put binary options, pair trading, long term options, 60-minute options, ladder options and one-touch options. Have a look at each option in detail below:
Classic Put/Call Option
At Stern Options, you can have put/call option with an expiry time of 16 to 20 minutes.
You can also trade in pairs on the platform with the same expiry times as the put/call option.
Long Term Options
There are many traders who love to invest for the long term and this type of trading options suits them the most. This option comes with the expiry times up to one month.
This option is known as the fastest financial options supported by the platform that comes with the expiry times of 90,120, 180 and 300 seconds.
One Touch Options
This type of options demands a higher proficiency and skills from the traders because they have to predict whether the price of the underlying asset will surpass or reach a predetermined level.
This option gives profits if the underlying assets fall below the predetermined price levels.
The problem that you might have to deal on the platform is the unavailability of the demo account. The educational resources aren’t enough for the beginners to get used to the Stern Options platforms. Having no demo account makes the newbies trade on the platform by putting their money at risk without having prior knowledge.
Nowadays, the majority of the brokers offer a demo account that makes it possible for traders to brush up their skills without investing their own money. There are many traders who have complained regarding the lack of demo account on the platform. They should think about adding a demo account soon for the traders if they are looking to meet the level of their competitors in the near future.
The platform offers bonuses to the traders if they make the first deposit of $500 or more. The traders who accept the bonuses are needed to trade the equivalent of 27 times the bonus amount prior to making withdrawals from the account. In order to know the exact amount of the bonus, you have to contact the account manager. From our view, the platform’s bonus process is very complicated and they should think about making it simple.
We have explored all their website, but couldn’t be able to find a menu that consists of the features and details of the different accounts available on the platform. However, we checked the other resources on the internet and came to the conclusion that they offer only a standard account for all the traders. Although, the features of this account isn’t known and can be found out if the traders sign up with them.
If you ask us frankly, it is a huge mistake to don’t mention the details of all the accounts on their platform. No access to this type of information can disappoint the traders and force them to look for the other broker’s website. Moreover, there is only a single type of account available on the Stern Options that make further reduces the number of choices for the traders.
Stern Options offer mobile apps for Android and iOS mobiles & tablets. These apps allow the traders to get access to the world of trading anywhere. However, the design of both the versions of the apps is pretty dull and you can’t trade here for a longer period of time. Additionally, the interface’s quality and loading time are also average as compared to the mobile apps of other regulated brokers.
There are quite a few options available on the platform through which you can deposit your money. It includes VISA, Master Card, Skrill, MoneyBookers, Bank Wire Transfer and CashU. As mentioned above, the minimum deposit required on the platform is $250 that is very high and you can get many other options at a lesser price.
There are certain limitations on the amount of money that you can deposit on the Stern Options. You can deposit a maximum amount of $20,000 through credit card and Skrill. However, there is no limit on a maximum amount that can be deposited through wire bank transfer. They charge a fee of $20 for every deposit made through the wire. It is sad to see someone charging fee for depositing own money into the account.
All the methods available for the deposit can also be used for withdrawing funds from the account. In order to process a withdrawal request, you have to first verify your account and send them some documents that include a copy of both sides of the credit card used for depositing funds, a copy of bank statement or official utility bill and a copy of either passport or driving license. Stern Options take up to 7 business days to process money in the trader’s account.
The only thing that can impress the traders on the platform is their education resources. They have their own educational center that consists of a Training Academy. The Academy has lots of information available in the different formats. Have a look at the tools available on the platform in detail below:
We all know the importance of strategies in the world of binary options trading. Here, you will get a great range of strategies through which you can gain lots of knowledge.
At Stern Options, it is the best way to start online trading with their 15 introduction videos that can offer a wonderful information to the traders of all the levels.
The course comes with the user-friendly tools that can maximize the trader’s success at the trading. Additionally, it can give detail information about all the tools that feature on the platform.
The training academy comes with the excellent eBooks that give the traders a chance to know all about the platform. Along with that, it also offers a useful reference page.
We have a pretty average experience with the customer care team of the Stern Options. There are many different types of options available on the platform through which you can contact their customer care, such as contact for, phone support, email support and live chat. All the customer support options are available 24X7 for the traders.
Out of all these options, we only find live chat option suitable that shows some dedication to solve the trader’s problems. Other than that, the phone call support has a very long waiting time and they don’t even reply to the queries on the contact form. When it comes to email support, they reply after five business days, which is very late as compared to the other popular brokers.
Have a look at the main pros that you will get by registering on the Stern Options:
- No limit on the investment
- A good range of assets
- Adequate educational resources
- Wonderful live chat service
At Stern Options, you have to deal with the following cons:
- Don’t accept traders from the USA, India, New Zealand and many other countries
- Poor Website interface
- Long withdrawal process
- Unregulated platform
To sum up, we can say that the platform has a long way to go and not yet ready to compete with the other brokers in the market. On reviewing the platform, we find out that they have excellent educational resources, poor website & mobile interface, a complicated deposit process and some lackluster trading tools. Along with that, the platform is unregulated that increases the risk of the trader to lose the money.
At last, we don’t recommend our readers to invest money in Stern Options. Instead of it, you can trade with the other trusted platforms that have a wonderful track record among the traders.