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globaloption.com Binary Broker Review
Official URL = http://www.globaloption.com/
Global Option is a binary options website owned by WGM Services Ltd., the same broker which runs EZTrader. While EZTrader has been operating since 2008, Global Option is the company’s newer website, and has been online since 2010. The look of the newer site is a bit more crisp and well developed, but an investigation of the features reveals that both sites are almost indistinguishable in terms of what they can offer traders. Like EZTrader, Global Option takes traders from the USA. WGM Services Ltd. is currently seeking regulation with CySEC, which will make it one of the first binary options brokers to become regulated.
•Office in Cyprus
•Mobile Trading on Android and iPhone
•USA Traders Allowed
•$125 bonus offered if you deposit $500 on your first trading day.
•Match bonuses up to 60%.
Step 1: Account Creation on Global Option
Registration on Global Option is free, but you can’t trade live until you deposit money in your new account. Right now there is no demo account available; while this feature would greatly enhance this broker’s services, it’s still not a widespread offering among binary options brokers. We suggest that you try demo testing somewhere else before you trade with your own money, even if you trade for real with Global Option.
Step 2: Funding Your Account on Global Option
You can deposit funds into your new Global Option Account using credit card, wire transfer or Moneybookers, and the three deposit currencies available include USD, EUR and GBP. The minimum deposit is 200 USD or equivalent. All of this is identical to the deposit features at EZTrader, as is the wire transfer withdrawal fee of $25. The match bonuses offered when you deposit get higher the more you deposit, and run up to 60% if you deposit $2,000. This is identical to the bonus offered if you sign up at EZTrader. There are also sometimes special deals, like $125 extra if you deposit $500 on your first trading day. The bonuses aren’t straight up cash; they’re leverage used for trading, and only after turning over the same amount in trading volume 25 times can you claim them as actual cash.
Trading Options at Global Option
Global Option is identical to EZTrader when it comes to actually trading as well. Both sites are powered by the company’s proprietary trading platform software, also called EZTrader. The interface has been polished up and looks nicer on Global Option than it does on EZTrader, but it’s identical in terms of how it works and what it offers you. Across the top of the platform you’ll see tabs which say “Long Term,” “EU,” “Asia,” “Indices,” “US,” and “SellOption.” The asset index lists more than 80 different stocks, indices, commodities and currencies you can trade, though we only can find stocks and indices in the platform. The trading platform is also available for your Android or iPhone, which means you can do your binary options trading wherever you go.
The website is pretty flexible as far as trade sizes go. You can trade as little as $25 and as much as $3000 on a single trade. The exposure limit for a single trading instrument is $6000, and the total exposure limit for all of your trades is twice that. $25 is a reasonable lower end; there are brokers which allow you to trade less, but you won’t make much money trading smaller amounts than that. Note however that you should deposit more than the $200 minimum if you plan to trade here, because otherwise you’ll be investing more than 10% of your account on each of your trades. It’s more reasonable to invest about 2.5-5%. So if you have a very small bankroll, there are better choices out there. If you have a medium to large bankroll, you could do well with Global Option.
One major drawback of trading on this site is that there is only one way to do it, and that’s using the Call/Put style trade which is offered. This means that you can only trade by saying whether you think a given asset will be above or below its current price at the expiry time. You can’t do a One Touch or No Touch trade, nor can you do a range-bound trade. If there were more ways to trade, we’d find this site more interesting and more useful.
Trading Features Available
•Payouts up to 95%.
•Out-of-money reward up to 15%.
•Trade on your mobile device.
•Applying for CySEC regulation.
Is Global Option a Good Broker?
Global Option has a few trading resources available, taking the form of a glossary, introduction, FAQ, and a weekly overview. These educational resources are enough to teach you how to use the site and start trading, but they aren’t adequate to provide a real education, so you’ll need to do a lot more research off the site before you get started if you hope to be profitable.
There is customer service available via live chat, toll free phone or email. When we checked in with live chat, no one was available, and it does take a while to get a response to an email inquiry (it took them a week to reply to ours). So Global Option is not exactly prompt, but there are some brokers we write and never hear back from, so any personal response at all is a pretty good indication.
As far as we can tell, Global Option and EZTrader are nearly identical platforms with nearly identical features. The sign up bonuses are nice, and it’s great that WGM Services Ltd. is going to be regulated by CySEC. If you’re looking for a lot of trading features and tools though, like rollover, double up, early closure, or even multiple ways to trade, Global Option probably isn’t going to cut it. We’d recommend a broker which provides some more versatility and a larger array of features, like TradeRush or Banc De Binary.
Assets Available to Trade
- CAC40 Index future
- Dax – Germany
- Dow Jones – US
- Dax Futures
- FTSE – London
- FTSEMIB – Italy
- Hang Sang – Hong Kong
- IBEX – Spain
- Kospi – Korea
- Nikkei – Japan
- Topix 500
- Nasdaq – US
- NASDAQ 100 FUT
- Niffty – India
- S&P 500 – US
- S&P Futures
- ASX -future – Australia