There are quite a few binary options brokers out there today and traders are probably having a tougher time sifting through the enormous number of binary options broker reviews and articles about the subject. But from time to time, a broker comes along that you simply can’t not notice. This is the case with GOptions. They have some incredibly strong facilities that they provide at the customers’ disposal. On the other hand, there are a few issues the company has found itself embroiled in that makes us wonder. Let’s try to break it down for our readers in full. As traders ourselves, we will start with the technical side of things and moves on from there. We will break everything down into pros and cons as we look at the binary options broker and review every facet.
THE TRADING PLATFORM
PROS: Goptions’ trading platform is based on Spotoption. It’s probably the most recognized and widely used binary platform available today. The great part about it is that most everyone know about it. So the good aspects like 60 second trading, huge number of assets available, wide range of expiries, and user friendliness are all known attributes.
The platform allows for very high payouts of up to 85% at Goptions and they have this robust VIP program that should make most binary options traders wish they had an extra 10k in their pockets so they too could take advantage. After all, who wouldn’t want payouts of up to 90% and an extra 10% insurance returned on losing months? Obviously we all would.
In recent weeks we have learned that the GOptions platform is going to be overhauled with a new trading platform that will offer 30 second, 60 second, and 120 second options. Also, the platform will have better trading charts and a more comfortable interface. The steps taken by the broker are testament to their desire to constantly improve and show what they can do. They have a long history of trying to push the envelope with advances like signalpush, signalindex, and other company policies that simply haven’t been taken up by other brokers. They are simply ahead of the game when it comes to technology.
Furthermore, if there’s ever an issue with the pricing, goptions does something no one else does: they guarantee expiry prices. In other words, if the expiry price is out of market, they pay you for the mistake. According to them, this has happened less than 2 times in over 1 million trades, but still it adds a massive amount of security and integrity in the system. Firstly, trade disputes will of course happen. But their willingness and ability to investigate them and agree in advance to reimburse clients if there is found to be a mistake is very powerful and we commend them for this.
CONS: the broker, while offering great ancillary technological services has been lacking when it comes to the actual platform’s performance. While this could all be in the past, the fact that for many months the spotoption platform didn’t perform at a high level has cost the broker reputation. Many issues were faced by 60 second options traders. However, we will be patient until the new trading system is launched and until then are seeing much improved performance since the broker upgraded servers to account for their growth.
THE WITHDRAWAL PROCESS
PROS: To withdraw funds from goptions one need only send in verification documents in advance and the company does as advertised; sends funds back to you same day. This is seriously the greatest thing to happen to the binary options industry. It has placed an enormous amount of pressure on the other brokerages who are simply unable to match this because of the overhead and strain this can cause their finance departments. This is also a very strong showing of the broker’s advertised account management which is said to provide no commingling of funds. For them to offer such speedy withdrawals, it’s fairly clear that they really don’t comingle funds.
CONS: If you do not verify your account when you actually make the deposit or fairly close to the deposit time, the verification process can take some time, sometimes up to 2 weeks. They do guarantee same day withdrawals. But they don’t guarantee how long the verification process will take if you don’t send it in advance. We will not though, if you send your docs before the deposit, they do in fact guarantee that they will be verified that day. So, just roll with the policy and you will actually see the fastest withdrawal times in the industry.
PROS: The company has a stellar reputation when it comes to withdrawals. It has probably been the main propellant for the broker. The fact that the brokerage also helped launch signalpush gave them an initial foray into the industry that no one else was willing to risk. This willingness of the broker to take up new technologies and very aggressive policies to the betterment of the customer experience have led the company to a spotless reputation when it comes to all things trading and withdrawals. But there will always be those who want to complain or are simply angry about losing cash. Some of these situations, as good as the broker may be, are unavoidable. So we are fairly confident that if you run into bad press about the company in regards to withdrawals, you can dismiss them. However, as will be discussed below, some practices of the company have caused it harm and truth be told, at the company’s own fault.
CONS: The company seems to get embroiled in some nasty politics between itself and some web sites and forums. Also, the relationship with signalpush seems to have blown up and we don’t exactly know why. From what we can piece together from the puzzle that is the internet, at some point in skype groups and in forums, the owners of signalpush started trashing goptions or to be more exact, stoked some fires that could have been easily doused with calming waters had signalpush simply taken responsibility for some errors. However, they chose to cast blame on the broker. While we understand their desire not to take responsibility, this probably put goptions on the defensive and the ball just started rolling from them. Eventually, goptions simply stated that they will no longer accept any trading disputes when they come from signalpush executions. Goptions was labeled as a “scam” by signalpush but no evidence to this effect was provided which then caused a massive backlash against the autotrading provider. Long story short, it looks like an easily avoidable mess. But things got nastier when it was also found through an unnamed source at spotoption itself that signalpush got caught with their hand in the cookie jar. So it could be that this was the cause of goptions’ anger. Apparently, SP was found to be stealing customer information, data, hacking into the databases of brokers (not only goptions) and as a result the plugin was actually blocked completely by spotoption for a number of days. It was late reinstated because those who were not stolen from wished it be returned. But let’s just say, we aren’t really convinced that goptions was in the wrong here. But the whole thing probably could have been avoided and worse yet, it could have been handled behind closed doors. It seems that SPo was too willing to take this into the public eye and we would have commended goptions had they just turned their backs and ignored but alas this whole thing put the broker in negative light.
The broker is simply ahead of the curve in nearly every facet of trading and company policies. Their guaranteed same day withdrawals are ahead of the game. They guarantee pricing, something no one else does either. It’s simply an amazing way of doing business and has allowed the company to be loved by loyal traders across the world. In fact, this method has actually created a sort of cult following for the broker. Their autotrading facilities, now offered by signalindex.com, are testament to their desire to constantly push things forward both in tech and policy.
Their staff are excellent and due to their knowledge about the markets are able to answer tough questions that other brokers’ chat service reps simply can’t. Just try asking some of these brokers the hard questions and you can feel them squirming on the other side of the line. Not at goptions. It sometimes feels like they are even too blunt. Too honest. Some people don’t like brutal honesty, but we appreciate it. It’s almost as though the folks over at goptions are challenging you to beat them.