ExpertOption has been providing traders with a safe and fast platform to trade over 100 different assets since 2014.
And in that time, this online broker's reputation has grown to see its loyal customer base swell to over 30 million and execute over 30 million transactions per month.
Welcome to this in-depth ExpertOption review where we'll cover this trading platform's impressive features from their mobile trading app and demo account to their deposit and withdrawal process.
We'll also review each of their account types and see some of the concerns we have.
Expert Option Review.
ExpertOption's goal is to offer a transparent online trading experience to its many users.
To this end, it provides traders with an intuitive and reliable trading platform, together with lots of educational materials to advance their trading knowledge.
Customer service is also a priority here, and the brand has over 100 specialized account managers, focused on meeting to the different customer needs satisfactorily.
ExpertOption is also committed to offering the fastest trading experience in the industry; through its own dedicated platform.
ExpertOption allows for convenience to its users, who can intuitively trade on the platform through not only the web but also through their mobile and dedicated desktop apps.
This dedication is unlike of its competitors who insist on using existing solutions; like MetaTrader 4 and MetaTrader 5, to save on time and cost.
ExpertOption's dedicated platform thus affords them and its users abilities not found elsewhere like that of fully customizing and adapting each account to their client's needs.
Expert Option Trading Platform.
This means that all the features offered by ExpertOption are easily integrated, regardless of whether the user is trading via a desktop app or mobile device.
The only caveat to this though is that there are no external support resources available.
However, with such an intuitive interface, users are unlikely to need external resources to understand how to trade with ExpertOption.
ExpertOption offers opportunities to trade in the following markets.
However, it is worth noting that the instruments offered vary according to the professional trader's country of residence:
ExpertOption charges a £5 commission on any winning trade.
And with payments, the brand can take up to 5% in winning trades, below the industry standard, which typically reaches 15%.
ExpertOption Asset List.
Spreads can vary depending on the type of account the user chooses and can reach 0.1 points.
And while spreads start high on standard accounts, ExpertOption still remains a competitive broker to trade with.
It is worth mentioning though that spreads may increase or decrease during specific periods; depending on market conditions.
When you start the site from your mobile device, you immediately receive the application relevant to the particular device you are using.
If you're on an iPhone or iPad, you’ll download their app from the App Store.
Likewise, if the device you are using is an Android device, you will receive the Android app from the Google Play Store.
And if you want to skip this and stay on their mobile site, it's also an option.
But even on the largest tablet phones, it is challenging to navigate their mobile site, as it is not fully responsive.
Some aspects of their mobile site will even require you to zoom in and out to access.
It's therefore why many traders prefer using their mobile app on the go instead.
Deposits and Withdrawals.
Making a deposit is quick and straightforward, with debit and credit cards accepted along with other forms of payment, such as Skrill and Neteller.
You can open an account, deposit your funds and start trading immediately.
Although it is necessary to deposit $50 to open a Mini Account, the minimum deposit required is just $10.
For Gold and VIP account holders, priority withdrawal is a feature, however ExpertOption claims to have a faster response than many other brokers.
Withdrawals are exempt from commission, and are carried out using the same methods as deposits; Visa, MasterCard, and e-wallets; Skrill, Neteller, etc.
And although they claim to offer quick replies to questions, they do not show anywhere precisely how long this takes, and for some the experience was less than clear.
As with many brokers, the expected withdrawal period can be 3 to 5 days.
There is no explanation however of the Gold and VIP priority withdrawal service.
So testing their service, we made a sample withdrawal and the time it took was only 3 days, with zero withdrawal problems.
Is ExpertOption Reliable?
One of the most important factors that traders need to consider when deciding to trade online is the reliability of the company in question.
Where is it registered and what security measures they take for the user at their location?
In Peru, binary options are not regulated, so you will not find Peruvian brokers. However, foreign companies generally open their doors to users in China.
ExpertOption is licensed and regulated by the Vanuatu Financial Services Commission (VFSC), an agency established in 1993.
Vanuatu is a small island in Southeast Asia that has become popular with forex and binary options brokers due to the many tax benefits offered.
But this is not as bad as it may seem.
Most online casinos and options and forex brokers opt to register and operate from “tax havens” which, in turn, facilitate their activities.
Additionally, the company is also part of the International Financial Market Relations Regulation Regulation (IFMRRC).
This is an independent, non-commercial Russian organization whose responsibility is to supervise financial services companies, such as binary options brokers.
This means that the agency guarantees the quality of the services offered by its licensees.
Its principal objective is, after all, to provide traders with maximum security during online trading.
IFMRRC also acts as a mediator between users and companies in conflict resolution. However, we did not find information about your VFSC license number or your IFMRRC certificate on the website.
This may raise some suspicions, as this information is usually available on the homepage.
To clarify the doubt, we refer to the company's online reputation.
And as it’s quite new in the market compared to its competitors, it has not yet received many complaints.
Even so, we were able to find users unsure about measures to protect the negotiations and the payment of profits.
The platform used on the website is developed mainly by ExpertOption, different from other trading platforms that make use of third party softwares.
Their proprietary software is easy to understand and can work for both new and experienced traders.
The software is loaded with features that allow traders to perform technical tasks, increase profits, and even streamline online transactions.
Here are other resources and tools that you can use as a member of ExpertOption.
Practice demo account.
A demo account is available, and it does not require any downloads or registration.
As soon as you try their demo account, you will receive access to it preloaded with $10,000 of virtual money.
When we tested the demo account, we found that the account has higher than usual profit numbers, which is a bad thing, as it is leading traders to believe that they can profit a lot from this platform.
We see this as a marketing ploy that motivates traders to trade actual money while obviously not ready.
Training and educational materials.
Like other online trading platforms, ExpertOption also offers its members access to useful training resources and tools.
These resources and tools are posted conveniently in the Education section of the website.
The materials found here can help beginners to better understand the market and business and start trading competitively.
You can also find a Glossary where important terms and technical words are explained.
Mobile trading app.
There is also a mobile trading platform that can help traders complete their trades successfully in seconds.
The application is available on both Google Play and Apple Store, for both Android and iOS powered devices, respectively.
As a relatively new player on the market, ExpertOption faces some tough challenges.
For example, many traders see it as an untested platform with no solid experience.
And when we tested and analyzed the platform, we are genuinely concerned with your inexperience in dealing with negotiations.
In addition, the following areas can use an improvement.
Banking / deposit services.
This platform has a transparency problem with deposits and withdrawals.
For example, there are no clear figures to explain how deposits and withdrawals are facilitated.
This can become a problem for many experienced traders, especially those who need to trade regularly.
This inability to be transparent with banking services has led to a series of complaints against the administration.
In addition, the design and layout of the website, though custom, are somewhat difficult to use and doesn't connect well with traders.
As we have already mentioned, the withdrawal policy is not clear and can mislead many beginners.
Customers are not properly oriented and informed about how withdrawals can are facilitated.
This can be a source of trust issues, but one the management can remedy by establishing all the relating details clearly and openly.
Even so, ExpertOption has proven itself to be reliable and despite a few issues like any other business, it’s safe to trade on this platform.
That's it for this ExpertOption review, and if you enjoyed it, you might also like our #1 recommendation; IQ Option review.
Happy Trading! 🙂