EmpireOption is creating a new binary options empire in South America. This broker is built on the Spot2 platform but is unlike any other broker I know. For one, it is owned by Riverjor SA, a fully regulated and licensed enterprise operating in the country of Uruguay. The company is located in the WTC Free Zone of Montevideo and is perhaps the top broker for U.S. traders at this time.
|Banking||CC, Wire, Skrill|
Why is this? Because it is based on the Spot2 platform but uses it’s own cashiers and banks, it is a legitimate business regulated under the “Commerce Code of the Oriental Republic of Uruguay” and has some of the best banking practices I have seen. After speaking at length with my contact at the company I came away thinking the company prides itself on fair play and providing a binary options platform that will stand the test of time.
Changes At EmpireOption
Empire has recently changed its look but not only that, they have changed the very way they do business. They kept all that was good about Spot2 and have added several features that no other broker has. One change is their independence. The average SpotOption broker only has about 50% control of their platform and website because they are tied into the SpotOption network of cashiers and banking. EmpireOption has it’s own cashiers and banking system run in accordance with Uruguay law. In addition they changed the way they handle trader accounts. They have changed to a tiered account based system that provides benefits on an increasing scale as your account grows. Even if you don’t want to use EmpireOption for your trading you need to check out what they are doing because I expect to see more of the same as the binary options industry matures.
Banking At EmpireOption
Banking with EmpireOption is super easy and protected by Uruguay law. Deposits can be made by wire, credit card, Skrill, Neteller and any of several dozen other online wallets and payment services. EO has been working hard at adding new payment methods and now allows just about any ewallet there is. The minimum deposit is $200 and will post to your account just about instantly unless you use wire. Wires may take 3-5 days to process.
Withdrawal – Withdrawals are different with EO as well. The company has a sliding scale based on your account size that at first I was skeptical of. After further review they could be the best, especially if your goal is to build capital before you start to take your profits out of the market. This is how it works. Account sizes are like this; Micro Accounts start at $200 , require 20 trades, may take up to 10 business days to process, have a max withdrawal of $500 and cost $30. This is not awesome but remember, this is the lowest account size.
The largest account size is the VIP. VIP accounts must maintain a balance of $20,000 but only have to make 5 trades each month, have no minimum or maximum withdrawal amount, no cost for withdrawal and they are processed immediately. That’s right, immediate. In between the Micro and the VIP are 3 other account levels with a progressive benefits structure. After you move past the Micro level one withdrawal per month is free. As you move up the ladder the cost of subsequent withdrawals goes down by $5 increments until you reach zero.
EmpireOption offers bonuses depending on your account size. EO requires a trading volume minimum of 30X the bonus before any withdrawals can be made. In order to get the bonus you will have to request it from your account manager, they are not automatic. As an added incentive EmpireOptions will upgrade your features and bonus if you allow your account to grow, not something most brokers will do.
The EmpireOption Platform
I don’t know if I can say enough about the EmpireOption platform. It is based on Spot2 which is tied for first place in my book for top binary options platforms. The other being AnyOption. This platform is the most adaptable and is the best for long term traders.
Expiry – Short term expiry range from 30/60/120 seconds to several intra-day expiry’s out to end of day, end of tomorrow, end of the week, end of next week, end of the month, end of next month, end of this quarter, next quarter and out to the end of the year. These expiry’s will accomodate any trading strategy, style or technique.
The platform can be viewed in one of four ways. They are not named but I will call them classic, list, multi and single screen. The classic has the look you will find that most binary platforms have adopted. The list view lays out the assets/options in list form that you can trade from. The multi view is very similar to what you find on a forex platform and the one I like the best. This is because I can have all the assets I trade regularly listed on one screen. The single screen is a larger version of the classic, good for those who like to trade one asset continuously throughout the day. In addition to the views the platform also has better charts than most. They extend back for 12 hours and are best viewed on the single screen.
Assets – EmpireOption, by way of SpotOption, has one of the best asset lists. By best I mean the most available options, not just the most assets listed on a webpage. There are more than 15 currency pairs, 8 commodities, 30 global indices and a over 100 stocks. All available as the respective underlying market is open. Not all assets have long term expiry but all the major ones do, the more heavily traded the asset the more expiry that is available.
Forex pairs include the usual dollar, yen, euro and chf based pairs but also Bitcoinds, AUD, GBP and others. Most of these have long term expiry. Indices represent all the major international markets including the U.S., the EU, Asia-Pacific and others you don’t see with the average broker such as the FTSE, IBEX and my favorite, the VIX. Commodity trading is also getting hot in binary, EO has the usual gold, silver and oil but round it off with sugar, coffee, corn and platinum.
Types Of Trading – Aside from the standard digital option trade EO also has One Touch and Pairs Trading. One Touch options pay out as much as 500%, standard option more in the range of 75-80%. Pairs Trading is something new that is getting bigger as the Spot2 platform gets more use. Other brokers have it too but I see it the most on Spot2. This is trading similar to forex in which the performance of one asset is compared to another, you trade on which one you think will do better.
This broker has quite a few extra’s. It is a cutting edge broker for sure. For one they have a great mobile platform that works with iOS and Android devices. Second, they have an extensive library of training materials that include books, videos, webinars and more. The simulator tool lets you test your strategy against market conditions.
There are also some of the best trader tools around. They have an extend feature available on heavily traded assets that allows you to increase the time to expiry. They have a double up feature that lets you double your trade in order to maximize profits. Be careful though, double up cuts both ways, you can lose twice as much just as fast as winning. Sell Option feature is available on the ProTrader, a dedicated trade screen, and this allows you to cut losses or lock in profits.