When choosing a fitting binary option broker for binary options trading, an option trader – whether he or she is a beginner or an expert – has many choices. Finding just the right fit may take some trial and error, but it is definitely possible – especially with the wide variety of binary option brokers online today.
OptionXP is one popular destination online that allows option traders to trade a good assortment of binary options and even learn option trading for themselves. We will take a look at OptionXP in this review and see how their features and offerings may benefit you in your search for a reliable broker.
– Commodities: Crude oil, gold
– Stocks: Apple, Boeing, Coca-Cola, Exxon Mobil, Google, Microsoft, Nike
– Currencies: AUD/USD, GBP/JPY, GBP/USD, EUR/GBP, EUR/JPY, EUR/USD, NZD/USD, USD/CAD, USD/JPY, USD/CHF
– Indices: Dow Jones, NASDAQ, S&P 500
The assets offered by OptionXP for binary options trading is not as large as other websites, but is probably right around or slightly below the industry average. Their selection of forex options is good for option traders who like to dabble in currency options.
Creating an Account
Like most brokerages online these days, it is pretty simple to create an account. Also like other brokerages, you have to be over 18 years of age, and have to adhere to the terms and conditions of the website. You have to validate via email, but it is pretty easy to open an account here. The form is straightforward and to the point.
OptionXP has several unique features, including different ways to trade binary options online. The three methods are simple digital options (above or below at expiry), touch (in which an asset just has to touch a certain point before expiry), and range (in which the asset price has to be within a certain range at expiry). OptionXP also has features that make it easy to learn option trading with a binary eCourse and a binary tutorial.
Payouts and Commissions
The payouts at OptionXP vary depending on the type of option trading you select. But, all of them range from 75% to 81%. This range is one of the highest in the market in terms of averages, even though some websites offer higher maximum payouts. Still, the guaranteed payouts are above industry average. Unfortunately, unlike most other brokerages, you do not receive any payment if you finish out of the money. (The industry average is 10% of your investment.) OptionXP charges no commission; it makes money off of withdrawal fees with wire transfers and other methods.
OptionXP uses a pretty easy user interface and has a look and feel that is easy to pick up and learn. It also has useful resources that help you to learn option trading. The asset selection isn’t the best, but the payout range is great.