Broker Review: OptionFair.com
Choosing between the various online brokers out there for binary options can be challenging. To help with making a good choice, we’ll review OptionFair.com and examine a few important categories and factors that make – or break – an online broker.
OptionFair.com is an online broker that appears similar to several other popular online brokers, with a similar interface (that we’ll cover below). OptionFair.com claims to offer several types of tradable assets in a few different markets, such as:
The offering isn’t as wide or varied as some of the other brokerages for most categories, but the forex selection is nice compared to other online destinations.
Creating an Account
You do not need to deposit anything to register an account. However, the minimum deposit for trading is $100, or the equivalent in whatever currency you deposit.
OptionFair.com actually has a pretty smooth and easy-to-use interface that shows you the information you need without cluttering up your browser. It is also easy to switch between the various types of options – High/Low, OneTouch, and Barrier (discussed below). The one main complaint is that there is little to nothing in the way of charts, news updates, tickers, or real-time information at all.
Other brokers have this information readily available, and it can really help when you’re in the thick of trading.
OptionFair.com, as mentioned above, features three types of options. High/low is your typical above/below setup, where you profit if the asset rises (or falls) before expiry. Barrier pays out more but is riskier, since you have to have the asset close above or below a certain price before expiry.
OneTouch, as found on other sites, is the most intriguing because the asset price only has to reach a certain point once during the contract term. It doesn’t matter where the asset is before expiry.
This broker also offers a bonus in the form of a 30% addition to any first-time deposit over $100.
Payouts and Commissions
Perhaps the main selling point of OptionFair.com is its payout. OptionFair.com advertises one of the highest – if not the highest – payouts in the business, at 85% of your investment. OptionFair also offers a 10% refund on losses.
As with many other sites, OptionFair does not have commissions on trades. Rather, they charge $30 for wire transfers and credit/debit card withdrawals after the first withdrawal each month.
The lack of real-time financial information – as well as the relatively-few assets being traded – are both negatives for this website. However, the payout is nice, as is the user interface, which – as far as trading is concerned – is smooth and easy to use. OptionFair.com is a solid choice for anyone wanting to look around and find the perfect broker for them.