Saw those appealing ads about ExpertOption and it piqued your interest? Read this Expert Option Review before you make that choice.
This Expert Option review will provide you with all the information you need to decide if the online trading platform is truly your ‘expert option.’
What Is Expert Option?
If you have always wanted to trade financial products from the comfort of your home, online platforms like Expert Option make it happen.
The trading platform offers a wide array of financial products. You don’t have to use multiple trading platforms. Add the user-friendly interface on both website and apps, ExpertOption might be a force to reckon with in the online trading space. Click here to test the Expert Option Platform risk free!
Headquartered in Port Vila, Vanuatu ExpertOption started operations in 2014.
Since then, the broker has recorded hundreds of millions in trade volume with over 37 million Expert Option account holders.
The status of Expert Option has continued to rise. Not many online trading platforms can boast of having as many as 100 account managers – a feat Expert Option has achieved.
Binding Regulations: Are Funds ‘Safu’ On Expert Option?
The fear of losing funds on a trading platform ranks just as high as the Fear of Missing Out (FOMO) on an asset riding the green. And for good reason: online trading platforms are required to register and abide by the rules of the government agency in charge of securities.
So, how safe is Expert Option?
The Vanuatu Financial Service Commission (VFSC) regulates the activities of Expert Option.
The trading platform is duly registered as Expert Option LTD. Interested users of the ExpertOption platform can easily do their due diligence using the company’s registration number, 22863.
The Financial Market Relation Regulation Center (FMRRC), a non-profit agency located in Russia, performs oversight functions on Expert Option.
The broker uses multiple investment banks of the highest repute for its user funds. Of course, these accounts are managed distinctly.
Besides the legality of the trading platform, ExpertOption quotes have been confirmed not to be exaggerated to exploit traders on its platform. The broker claims to use real-time data obtained through its collaboration with reputable outfits in the analytics.
Another proof of the Expert Option secure status is its SSL encryption. Thanks to the cryptographic algorithm, users need not worry about unauthorized persons accessing their accounts.
Expert Option also enjoys collaboration with global payment platforms, Visa and MasterCard, another indication of the safety of the trading platform.
The originality of Expert Option is reflected in its user interface. It’s a rarity to see a trading platform not settle for the many turnkey options, but of course, this is an ExpertOption.
Access to assets is only a drop-down menu away. The trading platform has all the different asset categories. There’s a search bar to bypass scrolling through the numerous financial products for a specific asset.
Once you get your account up and running, the trade graph is right in your face. It’s interesting to see different chart options – area, candlestick, line, and bar – so users have the luxury of choice.
Expert Option supports a flexible chart layout. Multiple asset markets can be considered at once without opening several browser tabs.
On a computer, price tracking is possible by just moving your mouse. Besides the chart options, ExpertOption has 8 different indicators.
At the top left, you get access to your profile. Beneath that is the Finances. Here, you can set a funds withdrawal process.
There’s also a News section that provides you with an overview of the market for each day. It certainly helps make trading decisions easier to make.
You can access Expert Option on mobile or website. So, no matter your current situation, keeping up with your trades is easy. The mobile app is available on the two major mobile platforms, Google and iOS.
You can also visit the ExpertOption website using a browser. No matter the browser type, the trading platform remains easy to access.
On Expert Option, different financial products are supported such as cryptocurrencies, stocks, commodities, currencies, and more.
Cryptocurrencies: Expert Option doesn’t have the large variety of cryptocurrencies that you’d see on crypto exchanges. But the trading platform supports major cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and a few others.
Commodities: This is another area where ExpertOption appears to be lacking. The trading platform currently supports only Gold and Silver. So if you’re looking to trade other commodities, you might have to look elsewhere.
Currencies: On Expert Option, you’d find several currency pairs such as USD/JPY, EUR/GBP, and more.
Stocks: Perhaps the strength of the broker lies in its diverse array of supported stocks. You can purchase popular stocks like Google, Microsoft, Twitter, Facebook, Tesla, and more.
Expert Option Account Types
On Expert Option, you can choose any of six account types. Each has its privileges and benefits. Below are the different account types:
- Expert Option Demo Account
This is an optional account. You can choose to test the waters with a Demo account or go right ahead to the main event.
The Demo account is free. You use virtual funds to see if the trading platform is for you.
Using a demo account comes with its perks. You can enjoy the trading experience using virtual funds. Expert Option makes it even more interesting as you don’t need to submit any personal details to have a Demo account.
- ExpertOption Micro Account
This is an entry-level account type. You can start trading once you deposit as low as $10. Due to the level of the account, trade volume is capped at $10. Only 10 trades are allowed to run concurrently.
Perhaps the privilege of the Micro account is the use of educational resources. This helps you become a better trader before you proceed to the next level. However, you don’t get to enjoy the perks of the ExpertOption market assessment.
- Expert Option Basic Account
This is a step up from the Micro account type. Your minimum deposit is $50. Trade volume is capped at a much higher $25. But the number of trades (10) doesn’t change compared to the Micro account.
Like the Micro account, the Basic type comes with access to educational resources with the perks of the In-depth ExpertOption market research.
Fortunately, you can step up to any of the top-tier accounts as easily as increasing your deposit.
- Expert Option Silver Account
There’s a huge gap between the Expert Option Basic account and the Silver account. From the latter’s minimum initial deposit of $500, you can tell it’s a big upgrade on the former.
The Silver account comes with the many privileges of the Basic account combined with a bigger trade volume cap of $250. In addition, you can have as many as 15 trades running concurrently.
With the Silver account, all the exclusive Expert Option market insight and data are made available to you.
- Expert Option Gold Account
To have a Gold account, you must deposit at least $2,500. The trading cap for the Gold account is set at $1,000. Unlike the Silver account, your Gold account allows you to run as many as 30 trades at the same time!
All the perks of the Silver account are available to Gold account holders. And there’s more. Withdrawals on a Gold account always take precedence over the Silver, Basic or Micro.
Expert Option makes the Gold account even more enticing by bumping up the profit by 2%. So you can 2% more on a Gold account than the Silver and other lower-tier accounts.
- Expert Option Platinum Account
If you fancy yourself a top trader, the Expert Option Platinum account might be a good fit.
Your first deposit on this account is pegged at $5,000 and above. It gets you access to all the perks of a lower account and much more.
On a Platinum account, you can have multiple trades running at the same time – no restrictions.
The $2000 trade volume cap coupled with the 4% profit increase makes this ExpertOption account hard to resist.
Unlike other account types, the Exclusive account is truly what is, exclusive. Access to this account type is based on invitation.
On an exclusive account, you get a 6% increase in profit, a trade volume cap of $5,000, and an account manager.
On Expert Option, you can trade based on what’s winning. The broker lets you track profitable trades of social media friends or those of successful traders.
Through social trading, you get access to the market data of what’s hot right now, whether it’s in the commodities category, stock, or cryptocurrency.
Sometimes, trading is more technical than it’s sentimental. That’s where the Expert Option technical analysis tools come in handy.
The trading platform comes equipped with chart types, indicators, trend lines, and everything you need to make a thorough technical analysis of a chosen asset.
Trading requires exposure to in-depth materials on trading concepts and tools. On ExpertOption, you get webinars, trading tutorials l, eBooks, and more.
Funding An Account
Besides the Demo account, all other Expert Option accounts have to be funded. Depending on your preferred account, the minimum deposit starts at $10 for the Micro account and $5,000 for the Platinum account.
Funding youraccount is relatively easy. To do this, proceed to the finances section of the account, use the deposit option and select the preferred payment method.
However, you should note that withdrawals might be limited to this funding route if you use a card.
The broker supports different payment methods such as PayPal, Neteller, Perfect Money, Bitcoin, and of course, credit cards.
On Expert Option, you can withdraw funds to any of the deposit payment methods considered earlier. The withdrawal amount must be at least $10.
The trading platform does have one condition: the withdrawal method must be the same as its deposit counterpart, at least until the initial deposit is withdrawn.
Withdrawal processing takes about 48 hours during days. It’s worth noting that withdrawals are only carried out after identity verification is completed.
Interestingly, there are no fees charged on withdrawals.
Trading platforms are known to have bonuses to encourage new and old members.
Expert Option has a welcome bonus for new members. You get a 100% bonus on your initial deposit if you’re just registering for any of the broker accounts.
While the welcome bonus for new members is a 100% bonus, old members have theirs as well, though it’s much lower.
The interesting thing about the ExpertOption bonuses is that withdrawal restrictions aren’t imposed on your account. This will appeal to new customers that had issues withdrawing after using the bonuses offered by other brokers.
The trading platform is available on the web, mobile, and desktop apps. So if you’re always on the go, the Expert Option mobile apps will prove helpful.
You can also run the trading platform on your computer using desktop apps. There’s a Windows app for Windows-based computers and a macOS version for Mac users.
Since order execution speed is crucial in trading, many traders appear to prefer desktop apps.
The mobile applications aren’t far behind as confirmed by the above 4 rating on both Google Play and Apple Store.
However, mobile users might have a hard time leveraging the technical analysis features of the ExpertOption mobile apps. It’s not for the lack of the TA tools, but the screen limitation of these devices appears to be a challenge.
However, you can enjoy all the benefits of the trading platform such as round-the-clock customer support, withdrawals, deposits, and more.
Eligible and Ineligible Countries
Typically, there are countries where ExpertOption can be used freely.Residents in most African and Asian countries can access the trading platform without restrictions.
Countries, where the use of ExpertOption is prohibited, include the United States, Europe, Canada, North Korea, and a few others.
The sight of Vanuatu among the ineligible countries does raise eyebrows.
Can ExpertOption Be Trusted?
The trading platform checks all boxes of legitimacy as confirmed by its VFSC license. Surely, ExpertOption is anything but a sham. The choice of multiple grade-A investment banks shows the broker’s zeal in securing client funds.
The use of Expert Option provides clients access to online trading, even on a budget. Its tiered account types cater to all traders.
User-friendly interface, impressive customer support, and access to educational resources, ExpertOption has it all.