EmpireOption has begun to build what could be called a new binary options empire in South America. This broker is very unique in several ways and is emerging as a leader in the industry. For one, it is a SpotOption powered broker but it is not part of the SpotOption white-label broker network. For another it is located in Uruguay and is regulated there under the Commerce Code of the same.
Why do these things matter? The platform that powers trading is one of the most important aspects of a broker. The platform is what the broker is all about. Assets, expiry, types of options, hours, pay outs and extra features are different from platform to platform and even from broker to broker within a platform framework. SpotOption is a great platform with one of the best available asset lists and most expansive choices of expiry, but it is also a white label business. This means that anyone with the resources to start a business in an appropriate location can buy into SpotOption, use all of its infrastructure, and put a whole new brand on the entire website, making a so-called “new” broker. This is why there are so many SpotOption powered brokers and why so many of them suck so bad. Empire is different because it is an independent business.
- EmpireOptions is built on the Spot2 platform, one of the top platforms available today. It is not a SpotOption white label. EmpireOption is an independent company operating with its own resources, cashiers and banking solutions.
EmpireOption Is A Regulated Broker
Regulation also matters, it matters very much. Binary option regulation, in its various forms, can mean the difference between a broker that merely looks great and one that actually provides a fair trading platform and pays you when you make withdrawals. Uruguay regulation has no jurisdiction outside of the country but it does mean that EmpireOption has to operate as a business under the watch of South America’s leading economy. Unlike CySEC brands, EmpireOption welcomes U.S. traders and offers them the same great trading as citizens of any other nation.
The New EmpireOption
When Empire first came out they were not greeted with much enthusiasm and received some very mediocre reviews. The company took the words to heart it seems because they went to work and have emerged as a fresh new broker. Along with a major overhaul of the website the company also changed how it treats your accounts. Instead of rewarding traders with bonuses that come with trading minimums and prevent withdrawals Empire uses a tiered account system.
The basic account comes with features and terms that you would expect to find standard at most binary options brokers. The minimum deposit for a Micro account is $200, not uncommon and maybe even below average . The Micro account has a $25 minimum trade, a $500 max withdrawal per action and all withdrawals cost $30. These terms are not awesome but as I said, not uncommon. Keep in mind that traders are rewarded as their accounts grow so this is not what I would call standard for the company. As your balance grows and you meet the next tier requirements your benefits improve. It only takes a balance of $1,000 to start getting some really nice improvements in your terms.
There are 5 tiers. The next up from the micro is called the Classic. Minimum balance is $600, minimum withdrawal is $100 and they are processed in 7 days instead of 10. Cost is $25 for each, the first is free.
The top tier is the VIP. VIP accounts have a minimum balance of $20,000 for the month and have no limit on withdrawal size, no limit on number of withdrawals, no cost for withdrawal ever and withdrawals are processed immediately. The only lag time for your money will be from the bank, credit card or online wallet you use to make your request. In order to meet account requirements minimum balances must be maintained for each level and a minimum number of trades must be made for the month. The lowest tier has the highest trade minimum, 20 trades of at least $25, the VIP tier has the lowest, only 5 trades.
This new system is revolutionary I believe. It provides the broker with a means to limit costly withdrawal actions from smaller account holders, encourages them to build their accounts and rewards them as their accounts grow. This could be the model that CySEC brokers follow as they phase out the bonus system, something I keep hearing rumors about.
Click here for a full review of EmpireOptions.