Broker Review: EmpireOption.com
In order to help you find the right binary options broker for you, binaryoptionsnow has reviewed all the primary operators in the digital options market. Today, we will review EmpireOption.com and examine the main advantages as well as the weaknesses of this Cyprus-based broker.
EmpireOption.com is a binary options website that offers trading in four different classes of underlying assets. The website accepts trades f0r the following assets:
It is quite easy to register an account with EmpireOption.com, it takes less than a minute. You only need to enter your first name, last name, email, password, country, phone number, the account currency and that’s it. You can immediately start trading after having deposited in your newly created account. The website accepts deposits from credit cards, wire transfers and e-wallets such as Moneybookers, Paypal, Neteller and more.
EmpireOption.com’s trading interface may be familiar to some of you since it is run on the well-known SpotOption trading platform. The interface is designed for maximum ease-of-use with control buttons that are easy to see and charts that are prominently displayed in real time. You can also clearly see the expiry time, rate and projected return and loss of the investment for each option. EmpireOption.com allows trading in two different modes: Fast Trader – which displays up to 9 options at a time – and Pro Trader – which allows for the display of up to 4 options at the same time in a wider format with more data visible.
You can easily switch with one click from Stock binary options to Currencies, Indices or Commodities or you can create your own binary option with the “Option Builder” tab. EmpireOption.com also provides you with the top option picks in real time which will interest new traders who want to benefit from the most traded options at any point in time.
The EmpireOption interface caters to both beginner and experienced traders alike since it is as easy-to-use as it is intuitive.
This broker offers the possibility, through its Option Builder tool, of crafting your own binary option by selecting among 14 popular assets and various expiry times, as well as the percentage return. The latter parameter is called “Profit Control Risk” and will satisfy traders who want to have full control over their risk exposure in their option trading.
EmpireOption.com also offers OneTouch Options which allow traders to profit if the value of an asset touches a predetermined number just once during the option period – regardless of the asset’s closing value at expiry.
This broker also offers two unique features: Double Up and RollOver. Double Up is a useful tool when an option is near its expiry time and it is trading in-the-money. The platform allows the possibility of “doubling up” one’s investment in the option which means that a new option will be purchased with the same payout percentage and expiry using the current price of the asset as the strike price. So, this feature basically allows one to “double up” one’s earnings by investing in an additional binary option on an asset that is performing as expected and appears to be headed for an in-the-money finish.
RollOver is a powerful feature that allows a trader to limit his or her losses in real time by postponing the option’s expiry time to the next available expiry for that underlying asset.
Payouts and Commissions
EmpireOption.com’s binary options offer returns of up to 81% with guaranteed returns for options that finish unsuccessfully of around 10%. The Option Builder feature allows the trader to customize his or her returns and decide on the amount of risk he or she is comfortable with. For OneTouch options, the return is around 400% on average.
EmpireOption has various types of trading accounts depending on the volumes one is trading: Bronze, Silver and Gold. Each of these “levels” of accounts has its own commission structure regarding withdrawals. For example, with bronze accounts it costs $30 per withdrawal and with gold accounts it costs $10.
We decided to test the customer service provided by EmpireOption since customer service is an important component of any online brokerage.
Our first impression with EmpireOption’s live chat was disappointing since we didn’t receive a response from them for the first several minutes. In comparison with other Binary options brokers whose waiting time is around 2 minutes, this seems to be a weakness at EmpireOption.com.
Nevertheless, the website provides customer support on the phone in English, Spanish and Portuguese for those who would like to get in touch with their broker over the phone.
EmpireOption.com offers a comprehensive online trading platform with a very large range of assets, but we were a bit surprised by the long wait time to get in touch with them over live chat. So, if you really know what you are doing when trading binary options online, then EmpireOption offers you some of the best trading tools and features. However, if you insist on contacting your broker over live chat frequently, you might want to look elsewhere.