OptionFair has ceased trading. The firm is no longer accepting new accounts.
OptionFair became unique in the world of binary options brokers in early 2015 when they became a publicly listed company. Their sister firm, TechFinancials Group, is now listed on the AIM market of the London Stock Exchange and OptionFair sits under the same umbrella. This is very important for traders in the UK, as it means that the operation – especially the financing – is absolutely transparent and regularly published to the City. This, in conjunction with CySec regulation and MiFID compliance, makes OptionFair one of the most trusted binary brands in the UK.
In addition, the services of OptionFair are designed with the following objectives and values for traders:
- High payout: A huge return of up to 91% is possible on certain markets.
- 60-second expirations: offer traders the chance to make quick profits with options that expire in one minute.
- Fairness and transparency: traders can choose either side of a single option to ensure guaranteed exchanges in prices without spread, fees or commissions.
- Trade option: traders are given the option to close trades before the agreed expiration to limit risk or to limit the profit.
- Pleasant trading: a clear and intuitive platform creates a comfortable trading experience.
- Secure Segregated Funds: Merchant account funds are separated from the business itself in a segregated account.
As the objectives above illustrate, the firm aims to ensure that traders can “trade safely, and reliably profit from a variety of assets”. It focuses on fairness, transparency, choice and a pleasant merchant experience.
Here are some other important details regarding OptionFair;
- Demo Account – No
- Minimum deposit – £250
- Minimum trade – £25
- Signal service – Yes
- Bonus details – between 30% and 100%. Or 5 risk free trades.
- Mobile App – Yes. Android and iOS devices are catered for.
Trading platform
OptionFair offers a custom platform (written by TechFinancial) that is fast and easy to use. It provides a simple route to any trade. The layout is quite unique but works very well. Certain elements are also configurable.
The first choice of a trader is the type of trade. It is listed on the left side of the trading platform, in a simple tab style menu – the selected option is brought to the fore. Below are any further trading options – for example a ‘High / Low’ option offers the traditional high / low, but also the above / below option for larger payouts.
The asset filter is then the next choice to be made – the list below is by default the most popular trades, but can be filtered by asset category, for example shares, currencies, commodities or indices. The list will be updated automatically, and defaults to the next due date. Any of these assets can be selected, and once the information displayed on the right side of the trading area is updated with the current information for the asset. The expiry time can be selected and modified as required and is accompanied by a ‘countdown’ as the expiry approaches.
The central and right side of the trading area is dedicated to the trading buttons, asset price charts and the trading information area. The trading area illustrates and clarifies the terms of any potential trade. The ‘High’ or ‘Low’ buttons are therefore central, with the hit price between the two. (This layout may change fractionally depending on the selected option type).
The amount and payout are listed to the right of the trade buttons. Once the amount field is completed, the potential payout will be automatically populated. There is also an indication of whether the trade will be ‘closeable’ once opened. On the right is the asset price chart. It can be expanded if necessary (via the small graph icon, at the top right of the graph area). There is also a trader selection bar that indicates the current sentiment on the relevant asset.
Below the chart is the trading area. Here is a list of all open trades and an example of how they perform. From here it is also possible to modify the trades using the OptionFair features, such as the ‘Early Close’ price or the latest tournament results.
Dealer Choice
OptionFair offers four types of trading;
- High / Low – the traditional binary option – will an asset price end higher or lower at expiration? This option also includes ‘Top / Bottom’ which offers bigger payouts but also requires a bigger price movement to complete the money. Values ‘above’ and ‘below’ are rejected from the strike price, and as the name suggests, the asset price must end above or below these values to end up in the money.
- Short Term – As ‘High / Low’, but with very short expiry times, from 5 minutes down to just 30 seconds.
- One Touch – Will the asset price ‘hit’ the preset level? Either side of the trade can be selected (touch or no touch). OptionFair also offers options for higher returns, where the predetermined level is further from the strike price, but 200% higher.
- Border – Border trading has two preset levels, one higher and one lower. These binary options are whether the asset price will end within (In) the predetermined levels or outside them (Out).
The asset list at OptionFair is very good, with a full range of the most popular indices, currencies, commodities and stocks available. Other companies do offer a more comprehensive list, but only the most obscure assets are not available at OptionFair, and this ensures that the payouts remain high, as the liquidity justifies a market on the asset.
OptionFair Mobile App
OptionFair provides a free trading app compatible for Android (version 4.0 and above) and iOS devices (currently optimized for iPhone 5). The application has received positive feedback so far and provides a great tool for traders to stay on top of their trades while on a mobile device.
The trade layout is clear and user-friendly – trade buttons are sensibly positioned, and the ‘roll-down’ amount marker allows traders to enter trade amounts with a swipe. The full range of option types is available on the app, as well as the full range of assets. Charts for asset prices also work well in the mobile layout.
Payout
OptionFair typically offers a maximum return of 81% on options. This rate can vary depending on the asset and the expiry time. Higher paying options are available, for example, above / below binary options can pay around 200% to 300% if the asset price moves sufficiently. The payouts at OptionFair are generally favorable compared to competing brokers.
Withdrawal and deposit options
An OptionFair account can be opened without the need for a deposit – but the minimum deposit of £250 must be paid before any trades can be placed.
OptionFair offers a wide variety of deposit options. Some have specific deposit limits, so it’s worth checking the details first;
- Credit cards – minimum deposit of £250
- Wire transfer – minimum deposit of £500
- Western Union & MoneyGram – £ 1000 minimum deposit
- eWallets – Skrill and Neteller have a minimum deposit of £250. Other eWallet brands are also taken at OptionFair, including iDeal and WebMoney, plus some region-specific brands.
The maximum deposit is limited to £30,000 daily, and £150,000 monthly.
Withdrawals can be made at any time – and there is no minimum withdrawal amount. One withdrawal each month (every 31 days) is free, but there is a charge of £30 for subsequent withdrawals in the same month. Wire transfers can also be a cost due to bank charges.
Withdrawals are generally processed by OptionFair within 5 days. Banks may then require further processing time. This is not the fastest turnaround in the sector, and something OptionFair can work on. Withdrawals that are still in ‘pending’ status can be canceled – funds are immediately returned to the trading account. Merchants can ensure that withdrawals are not delayed longer than necessary by ensuring that the verification steps are completed.
Other properties
OptionFair offers its customers the following additional features and benefits:
- Elite Traders Club – Enjoy cashback on trades of up to 1.5%, as well as other membership benefits, including the Elie Traders Club card.
- Fair Signals – Get alerts on the most profitable trades.
- Standard, Silver, Gold, Platinum and VIP account types – offer different levels of benefits including reduced fees, increased payouts up to 5% and greater access to educational resources. Access to each account type only requires a larger initial deposit – there are no fees.
- Extensive educational material
- Tournament – Win monthly cash prizes just by trading. Weekly prizes totaling over $100,000 awarded each month.