Binary options brokers abound on the internet. An option trader these days is pretty lucky; there are so many choices, each with its own advantages and disadvantages, that finding the right place to trade binary options is pretty easy for a person’s unique tastes.
One online binary options broker that is becoming quite popular with option traders is Optionfire. In this article, we will review Optionfire as a place to trade binary options and take a look at how its features can work for you.
Optionfire is one of the newer binary options websites out there today. It allows binary options trading for beginners all the way up to advanced option traders in a wide variety of asset classes. These 84 assets include:
- Currencies: EUR/USD, GBP/USD, USD/CHF, GBP/JPY, AUD/USD, EUR/GBP, EUR/JPY, NZD/USD
- Stocks: Barclays, BP, RBS, HSBC, BHP Billiton, Commonwealth Bank, CSL, Macquarie Group, Lloyds, MasterCard, Macy’s, Goldman Sachs, China Petroleum, and others
- Commodities: Crude oil futures, gold futures, natural gas futures, copper futures, silver futures
- Stock Indices: FTSE 100, NASDAQ, S&P 500, ASX 200, CAC 40
One advantage that Optionfire has over other choice is that it allows binary options trading for some assets you will not find in many other places online, such as a variety of stocks on the Australian Stock Exchange and the Paris Euronext Stock Exchange. The other asset classes – such as currencies and commodities – are pretty standard throughout the industry.
Creating an Account
Creating a binary options account with Optionfire is pretty straightforward. Simply go to their registration page, enter your information (including a nickname, email address, mobile number, and country), and validate your registration via email. Then, deposit your funds in the currency of your choice (either U.S. dollars, euros, or Australian dollars). They have several payment options available from Visa and MasterCard, PayPal, bank wires, and Moneybookers.
For the most part, many of the features that are found with Optionfire are pretty standard in the business. You can trade binary options using simple commands and a decent user interface. These binary options are not liquid, in that you can cash in your options before they expire. In this sense, they are European style – they are good only through expiry, not before.
This site currently only allows one type of option: Above/Below options, in which you predict whether or not an option will be above or below a certain price at expiry. The standard expiry time is one hour, which doesn’t give you a lot of flexibility.
Payouts and Commissions
The advertised profit/payout range for binary options trading with Optionfire is anywhere between 55% and 81% of your initial investment. This range is pretty broad; the industry average is somewhere around 65-75%, so while you can gain a bit more than average, you can also gain a bit less than average. All in all, choosing the right type of option and expiry will give you a pretty nice max payout. Also, if you finish out of the money, you can receive 0-10% of your investment.
With a diverse range of assets, plus some unique offerings and an above-average max payout, Optionfire shows promise. The standard trading platform and lack of options for trading, though, will leave some wanting more.