Opteck Review
Basic Information
Minimum deposit Min./Maxbet size Payout % Bonus Regulation
$250 $25/$10 000 Up to 83% Welcome 20% - 80% CySEC
Opteck is a Cypriot Binary options broker, offering trading in wide range of financial assets on its proprietary platform.
This is one of the brokers, clearly placing a focus on training. Opteck has posted a number of video courses on its website, as well as a free e-Book, and Glossary.
Trading Accounts
Clients of Opteck may choose from several account types, depending on how much money they are willing to invest upon sign-up: Basic, Bronze, Silver, Gold & Platinum.
Account type
Min. initial deposit
Welcome bonus
Extra payout
Basic
$250
20%
-
Bronze
$1 000
30%
-
Silver
$2 500
40%
✓
Gold
$10 000
60%
✓
Platinum
$25 000
80%
✓
In addition, the brokerage also provides Islamic account, intended specifically for Muslim traders.
The Company. Security of Funds
Opteck is a CFD and binary options broker, offering online trading in currency pairs, indices, commodities, and stocks. Opteck is a trading name of Centralspot Trading (Cyprus) Ltd. authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) since 2014.
The Cypriot financial watchdog applies a set of rules and requirements to license holders in order to provide a certain level of security in forex and binaries trading.
Like UK-based brokerages, regulated companies in Cyprus must hold a minimum of €730 000 in order to prove their good financial standing. Moreover, all licensed brokers are members of the Investor Compensation Fund, which may cover tour investment loss to a maximum of 20,000 EUR per person in the event that the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients' funds.
Furthermore, as CySEC is part of the European MiFID regulations, and the companies regulated by the Cypriot financial watchdog are free to operate in all EU Member States.
Trading Conditions
Trading Options: Quick options, High/Low, Range and One Touch
Assets: Currencies, Stocks, Indices, Commodities
Expiration times: ranging from 60 seconds to 1 month
This broker does not offer Long-term options, nor Pairs & Ladder for trade. Copy trading services are also unavailable with Opteck.
Minimum Initial Deposit
The minimum initial deposit for clients of Opteck is $250, which is average. For example, OptionRally, another CySEC-licensed broker, the same amount from traders to open an account.
Min/Max bet size
The minimum bet size with this broker is on the upper end of average, amounting to $25. In comparison, with OptionRally,one can place a trade with just $5. Such low minimum bet sizes provide better risk management.
Payout amount
Depending on the Trading Options and expiry times, payout percentage offered by Opteck varies. The profit range of High/low options on EUR/USD is between 64% - 83%, which is average for the binary market.
OptionRally, in comparison, offers higher payout amounts - from 70% to 90% - and also provides refund on losing trades of up to 15%.
Trading Platform
Clients of Opteck are offered the broker's proprietary platform, desktop and mobile versions available.
The platform is easy to use and is equipped with integrated charting package, economic calendar, fast one-click trading option and real-time price alerts.
On-Deposit Bonus
Welcome bonus from 20% to 80% of the initial deposit is available to clients of Opteck, which
are redeemable, provided the required volume has been traded.
Methods of Payment
Opteck' clients are provided with a variety of payment methods: Credit/Debit cards, Bank Wire and e-payment systems such as Skrill, Neteller, WebMoney, Yandex, Qiwi, AstroPay, MonetaRu, sporopay, Sofort, PlusPay, HalCash, and others.
Note that the minimum withdrawal amount is $50 ($100 for wire transfers) and withdrawals take between 3-5 business days.
Additional fees
Keep in mind that clients of Opteck are charged with some additional fees:
- - monthly maintenance fee of $7.50 (a monthly account charge encompassing all services and features available for traders);
- - profit clearance fee applies to successful trades or those sold for profit with binary trading.
The profit clearance fee is determined by the total profit of the successful binary trade:
- - $250 or less = $1.50
- - $251 - $500 = $2.00
- - $501 - $1,000 = $3.00
- - $1,001 - $2,500 = $4.00
- - $2,501 or more = $5.00
Conclusion
Opteck is a licensed binary options broker, offering a variety of assets on its in-house platform under reasonable conditions. However, we find that same advanced features are missing and there are additional fees.