BROKER REVIEW

Comments Rating 2.58 (3 reviews)

GENERAL INFORMATION

Broker Name:

ExpertOption

Broker Type:

Forex

Operating since year:

2014

Regulation:

SVGFSA

Address:

1510, Kingstown, Suite 305, Griffith Corporate Centre, Saint Vincent and the Grenadines

Broker status:

Offshore Regulation

CUSTOMER SERVICE

Phone:

+44 20 3868 3160

Languages:

15 languages

Availability:

24/7

TRADING

Trading platforms:

Custom

Trading platform Time zone:

GMT +5

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

YES

ACCOUNT

Minimum deposit ($):

$10

Maximal leverage:

500:1

Spread:

YES

Scalping allowed:

YES

General Information: ExpertOption

ExpertOption is aa broker specializing in cryptocurrency. It was founded in 2014 and has been providing trading services to it’s customers ever since.

The company is based in Saint Vincent and the Grenadines. The firm’s address is  1510, Kingstown, Suite 305, Griffith Corporate Centre.

ExpertOption has amassed some experience in the over half-decade long period they’ve been doing business. In that time, they’ve changed regulators, started offering bonuses, stopped, and started once again. Even though there’s some turbulence in the way they do business, they seem to have landed on a solid and stable formula.

As far as crypto brokers go, ExpertOption seems to be among the better. However, you don’t need to simply take our word for that. Instead, we’ll present some of the upsides, and you can decide for yourself:

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• 24/7 SUPPORT

The support team at ExpertOption works around the clock. That might not be a huge deal to some, as most trades can be made five days a week, though. Consider, however, that the ability to get your questions or issues resolved during the weekend might lead to greater efficiency, as you’ll be able to start buying or selling as soon as Monday rolls around.

• GREAT ACCESSIBILITY

The process that starts you off on ExpertOption is extraordinarily quick. If you want a demo account, you’ll just need to press a button on their home page. The registration process for a live account is quick, and you’ll immediately see the withdrawal/deposit options. The trading platform is intuitive, and even someone with severely limited (or none at all) trading experience should find their way around it.
All that comes with a tidy and straight-forward website, as well as support for fifteen languages. The end result is an experience almost anybody can jump into without any delay.

• BONUSES

There are various bonuses, the most significant of which come with your first deposit. Most of them match your deposit up to a cap and can aid you in making a profit while trading. The fact that stands out, however, is that the bonuses don’t lock you out of withdrawing like they often do at other firms.

• SOCIAL TRADING

A rarely-seen function that makes trading into a group experience. It lets you connect with friends or study the results of some of the most successful traders at ExpertOption.

FUNDS TRADING AND SECURITY

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As we mentioned earlier in our ExpertOption review, they’ve changed multiple regulators over the years. More specifically, they’ve had VFSC and FMRRC licenses, but they expired a while ago. Currently, the SVGFSA, or the St. Vincent and the Grenadines Financial Services Authority, is in charge of ensuring the broker’s honesty.

As we’re confident most readers are aware, offshore regulators, although they are better than nothing, don’t mean much in actuality. Shady behavior often slips by them unpunished, so they don’t guarantee anything. The self-imposing question here is, “Where does that leave ExpertOption?”

Well, it leaves them with a decent security rating. They don’t have many major complaints against them, and many of the accusations they do recieve are that they make it harder to earn money once you switch the demo account for a real one. That’s a common thing angry users say, however, and rarely holds any truth.

Overall there were no serious allegations that we could confirm. That doesn’t mean there isn’t a chance for them to trick you, but the risk seems fairly minimal. Our advice is to take it slow when depositing your actual funds and kick it up once you feel more comfortable.

TRADING ACCOUNTS

We’ve already mentioned that ExpertOption has a demo account that’s easy to access. It offers you $10000 to try out their trading services and make a decision for yourself. Its quite handy in that it lets you familiarize yourself with the platform. And however convenient that feature is, what really matters are the live accounts.

After all, that’s when you actually made an investment, and that’s when you can turn a profit. And we’re glad to say that the account options at ExpertOption are without a doubt above-average. You can achieve five types by meeting a particular investment threshold or eventually receive an invite-only Exclusive account.

Let’s get a bit more in-depth about what each account type gets you:

  • MICRO

Minimum deposit: $10

Daily market reviews and financial research: No

Priority withdrawal: No

Max. simultaneously open deals: 10

Max. deal amount: $10

Increased asset profit: 0

  • BASIC

Minimum deposit: $50

Daily market reviews and financial research: No

Priority withdrawal: No

Max. simultaneously open deals: 10

Max. deal amount: $25

Increased asset profit: 0

  • SILVER

Minimum deposit: $500

Daily market reviews and financial research: Yes

Priority withdrawal: No

Max. simultaneously open deals: 15

Max. deal amount: $250

Increased asset profit: 0

  • GOLD

Minimum deposit: $2500

Daily market reviews and financial research: Yes

Priority withdrawal: Yes

Max. simultaneously open deals: 30

Max. deal amount: $1000

Increased asset profit: up to 2%

  • PLATINUM

Minimum deposit: $5000

Daily market reviews and financial research: Yes

Priority withdrawal: Yes

Max. simultaneously open deals: No limit

Max. deal amount: $2000

Increased asset profit: up to 4%

  • EXCLUSIVE

Invite-only

Daily market reviews and financial research: Yes

Priority withdrawal: Yes

Max. simultaneously open deals: No limit

Max. deal amount: $3000

Increased asset profit: up to 6%

As you can see, the trading experience, as it should, slowly improves as you move up account types. There’s quite a bit of personalization, and the more premium accounts don’t completely invalidate the basic ones. That’s nice as you won’t feel like you’re missing out on too much unless you upgrade.

TRADING CONDITIONS

There’s some good and some bad when you look at the trading conditions at the firm. For example, the leverage and spreads are hidden, making finding out what they are a matter of looking through ExpertOption reviews. However, once you find out what they are, it’s quite a welcome surprise. Spreads, for example, start as low as 0.1 points, and leverage can go as high as 1:500.

The trading is intuitive and easy to get into, enhanced by the solid learning resources on their website. There’s a glossary, as well as explanations on some more advanced concepts such as trading psychology and strategies.

Security and company reputation are not top-notch, but they are decent enough. The deposit and withdrawal options are alright, including cards, e-wallets, and, of course, crypto, but they could still be better.

Some ExpertOption reviews might tell you they have significant commissions on winning trades. We contacted the firm directly, and they denied having anything of the sort. We assume their support team told the truth, but if there are actual fees, that might deter many as those can stifle your chances of turning a profit.

What stifles the trading conditions the most is the plethora of areas that ExpertOption doesn’t operate in. That list includes the USA, Canada, and most of Europe, for example, making it so that many traders can’t even use their service.

If you are in one of the places the broker does operate in, you might give it a go, as what they offer is not bad at all.

TRADING PLATFORM

ExpertOption has its own trading platform, which can be accessed straight away by opening a demo account. It’s likely that you’ll find your way around quickly, as it’s quite neatly organized.

On the bottom of your screen, you’ll see the options for the amount you want to trade on, strike rate, and buttons to predict whether the asset you’re trading on will rise or fall. On the right, you get your recent deal review, but the top left holds the most options. You can pick which instrument you’ll trade on, what sort of graph you’ll look at, and you can employ some indicators.

There are a few tabs on the left side, most notably your profile, finances, education, and analytics. The analytics tab is quite underwhelming, as it only contains market overviews in the form of articles, and doesn’t actually have any analytical tools.

You can also download the platform for Windows and macOS, improving performance. There’s also a mobile app you can get from the Apple App or Google Play stores for free, which’ll let you trade on the go.

The platform, while visually quite pleasing and simple to grasp, lacks some functionality of more standard tools like MT4. It’s not bad or unusable by any means, but there’s quite some room for improvement.

ExpertOption’s Trading Products

The selection of trading instruments at ExpertOption is quite limited. Although there’s a little bit of everything, each individual section is lacking when compared to competitors. Here are some of the specifics:


• Over twenty-five currency pairs – While their selection of currency pairs isn’t vast, some of the most popular options, like EUR/USD, GBP/USD, and USD/JPY are present.


• Spot energies – There’s only one option with Brent Oil.


• Spot metals – The options are more plentiful than energies, but still not amazing. You’ll be able to buy and sell CFDs on silver, gold, and platinum.


• Spot shares – As far as shares go, the broker did put in slightly more effort. You can trade on stocks from giants such as Facebook, Google, and Microsoft.


• Digital currencies – Cryptocurrencies were the clear focus of ExpertOption. There’s over ten to choose from with all the most prominent ones, such as BTC, ETH, and LTC present. There’s even cryptocurrency/currency pairs with BTC/INR and others, or crypto pairs, like BTC/LTC.

CUSTOMER SERVICE

One of the pros we mentioned at the beginning of our ExpertOption review was that their support works around the clock. They are also fairly quick in responding, at least via the live chat option. Customer service is available in two languages, being Hindi and English, and you can reach them via chat, email, or phone. One thing worth noting is that the Hindi support only works from 10:30 AM to 7:30 PM India time, as opposed to the 24/7 hours of the English team.

English phone number: +44 20 3868 3160

Email: [email protected]

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CONCLUSION

There are many ups and downs when you talk about the experience the broker provides. What they excel in is providing new traders with an easy way into the business. They have an extensive learning database, and their platform is easy to grasp. It can be overwhelming to step into the trading world for the first time, and ExpertOption certainly helps alleviate some of the pressure.

Another thing that stands out is the variety when it comes to accounts. It has something for each trading level and can help beginners transition into more serious waters. However, that’s where the notable advantages stop, and the mediocrity begins.

The sad thing is that the rest of the experience isn’t even that bad; it just does nothing to separate itself from the sea of online brokers. Some things, like trading product variety, are even slightly below average. To give a final verdict on our ExpertOption review, we’d say you can find a temporary home if you’re new or like trying out different services but recommend finding a better broker after a while, as they’re certainly out there.

COMMENTS

3 Comments

  1. Avatar Lillie Sears 30.09.2020
  2. Avatar Shannon Bennett 30.09.2020
  3. Avatar Caspar Cortez 30.09.2020

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ExpertOption Review
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Comments Rating 2.58 (3 reviews)

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