GOptions is a binary options website which has the distinction of being located in the UK. Most binary options brokers are located in Cyprus, so this may be a standout feature to customers who are also located in the UK. GOptions does accept customers from the USA as well. While they have been around for three years, they do not seem to be very well known, which at this point is something we would say is a drawback. They do have some nice features however and may be worthy of your consideration, especially if you have a lot of money to invest.
- Official Website: http://www.goptions.com/
- Headquarters: London, United Kingdom
- Phone Number: +44 203 608 1331
- USA Traders Allowed
- Trading Platform: SpotOption
Is GOptions a Scam? Or is Go Options Legit?
We are comfortable saying GOptions.com is not a scam. GOptions was started with a mission of providing transparency, honesty and integrity to the wild west of binary options trading. While they are not a regulated binary options broker; but at this point that is pretty much the norm for most brokers. It is comforting though that the business is located in London. On their “About” page – GOptions provides a mailing address and a clear map to their offices, which seems to imply you could actually go and visit them and talk to someone in person if you wanted to. This is a sign of respectability which is quite rare. Many companies conceal their street addresses.
It would be nice however if there were more information available on this broker online. We noticed that there are problems with some of their web pages not loading well. While site errors do not on their own imply that a company is not trustworthy, they do make us wonder where their priorities are. There are also informational gaps on the website. You can find all the information you could want on GOptions, but a lot of it isn’t directly on the site.
GOptions has a relatively high minimum withdrawal limit, as you will see below. Normally this would be a cause for concern, but since their services appear to be aimed mostly at customers with larger accounts, it doesn’t seem as significant as it normally would.
- Deposit Currencies: British Pounds, US Dollars, Euros
- Minimum Deposit: $100 or equivalent
- Deposit Methods: Credit card, wire transfer, CashU, MoneyBookers
- Fees: $25 for wire transfers
- Withdrawal minimum: $100
- Known For Lightning Fast “Near Instant Withdrawals”
The minimum withdrawal is an annoyance, particularly given that it matches the minimum deposit. The fact that they are willing to take as little as $100 for a new account is great, but think about it. If you lose a single trade, you would have to win back your money before you could withdraw the rest of your money. That’s not a great way to get started trading. That is why we suggest that despite the convenience of the $100 deposit, you consider depositing at least $200, if not $500. Trade conservatively and you should be all right.
If you are someone with a lot of money to put in your account, GOptions may actually be an ideal choice. This company has some excellent account services available for customers who deposit $10,000 or more. And at that level, you don’t have to worry too much about that minimum withdrawal limit. (Don’t be concerned if you aren’t ready to trade big – check out where minimum trades are accepted here)
GOptions Bonus Information
GOptions offers some attractive bonuses to new customers. The more money you deposit to open an account, the higher the bonus. These are leverage based bonuses, not cash bonuses, and you have to turn over the amount of the bonus 40 times in order to claim the money as cash. The largest bonus is 100% on a deposit ranging from $10,000 to $250,000. That is incredibly substantial. You can receive another bonus each time you make a redeposit of equal value to your first deposit. The lowest bonus is 25% for deposits ranging from $100-$499. There are also referral bonuses if you can send new customers to GOptions.
Types of Options and Payouts Available:
- High/Low, Options Builder, One Touch, 60 Seconds
- Maximum payout per trade: 85%
- Average out of money reward: 0-10% (per losing month, not per trade)
Trading Features at GOptions
- GOptions is a SpotOption-powered trading website. You probably already know how to use SpotOption if you have traded with another binary options broker. It is by far the most common trading platform out there, and it’s very easy to use. Check out other platforms
- Educational resources include a glossary, FAQ, blog about trading, and free trading charts. The free charts are a unique and interesting resource for traders that most sites do not offer. Daily and weekly market reviews are available for traders who use fundamental analysis.
- Rollover is available if you want to stay in your trade past its original expiry period and potentially earn more money. Early closure is also offered if you want to get out of a trade early to cut your losses (or avoid incurring a loss).
- Other benefits are available if you have a large account, like personal account management, Skype chat on a private line if you need assistance with your trading, weekly training in fundamental and technical analysis and general trading strategies, trade alerts, and more.
Assets Available to Trade
There are around 60 assets available to trade on GOptions. Here is the full list; scroll down to read our final thoughts on GOptions below.
•BRITISH AMERICAN T
•DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX)
•EGX 30 (EGYPT)
•FTSE 100 (UK)
•HANG SENG (HONG KONG)
•ISE 30 (ISTANBUL STOCK EXCHANGE)
•KUWAIT (KUWAIT GENERAL INDEX)
•MICEX 10 (MOSCOW INTERBANK EXCHANGE)
•MSM 30 (OMAN)
•NASDAQ FUTURE (USA – NASDAQ 100 FUTURE)
•RTS (RUSSIAN TRADING SYTEM)
•S&P FUTURE (USA S&P 500 FUTURE)
•SSE180 (SHANGHAI STOCK EXCHANGE)
•TADWUL (SAUDI STOCK EXCHANGE)
•TEL AVIV 25
Final Thoughts on GOptions
GOptions offers its services to customers with either very large or very small accounts, and that versatility is definitely a strength. Considering that the deposit and withdrawal minimums are identical, it seems reasonable to say that this is actually done to discourage traders from starting out with too little money. Can you start trading with $100? Sure, but you will have a very hard time becoming profitable while following sound money management principles for a long time that way. It is much better to start out with around $500 if you’re going to have a small account. (Learn how to manage your bankroll responsibly here)
Usually a broker that sets identical minimums is looking for easy pickings (irresponsible new traders who open accounts and then lose money on their first trades, and never get it back), but the excellent accounts available to customers who make larger deposits make us think that GOptions is simply encouraging customers to trade once they have more money to invest. If you have a lot of money to invest, then check out their higher account tiers. If not, then consider opening up a smaller account with $250 or more and trading conservatively until you can move up to a higher account tier.