With a Premium account you can get up to 89% payout which is excellent. Very few brokers can match or exceed that (actually just one). OptionFair is incorporated in BVI (British Virgin Islands), a Tax Haven, so there is no regulatory oversight at all.
That doesn’t inspire confidence really, but many brokers are incorporated in Tax Havens so this not so big an issue. The minimum deposit is $250, which is average for most brokers. Some brokers demand much less, $100, which can be a good incentive for some.
OptionFair do not offer a demo account, which is unfortunate because many novice traders need to practice before they can start make any money on a consistent basis. OptionFair have implemented 60 second options as well recently. All in all a decent broker but there are some problems as we have encountered. One major negative for all US traders is the fact that OptionFair do not except US traders due to NFA/SEC problems. Read below to get all info.
OptionFair offers quite a limited number of underlying assets, which is strange as the TechFinancials platform allows for many more. Just look at the other TechFinancials platforms and you will see that OptionFair is actually one of the brokers with the fewest assets on hand in the industry.
What is even more baffling is that this broker has been around since 2009. They aught to have at least some 60 underlying assets by now. Choice is important for all of us. Do OptionFair know what you want to trade or which assets suits your trading style the best? No, and they shouldn’t limit the users in such ways.
They seem to lack everywhere really, especially stocks. They have very few stocks on offer in comparison to other brokers. OptionFair do cater to many regions though, including Asian and Middle East, although the number of underlying assets are very limited. The Forex range is decent with majors as well as some minors.
The TechFinancials platform has been around for a while and is well tried out and mature. We havent experienced any problems with OptionFair. The web based trading interface is intuitive and is easy to handle.
Sometimes loading can takes some time but this is more likely to be due to the internet connection than the web based interface. The delay in order confirmation is average and we cannot see any problems here. Try to use a dedicated browser for your trading as this might significantly speed up the loading of the website and in general make your trading run smoother.
Most brokers have very basic charting and this is true for OptionFair as well. The charting can be considered slightly better since the trader has the ability to request more chart data by pressing an arrow in the chart.
Its not much but at least there is some more price data to base you decisions on when trying to form a market opinion about the direction of price. Some brokers now offer so called metacharts, which are bigger and have more historical data. The trend seems to go towards better charts and so far OptionFair and brokers using the TechFinancials platform are not up to date. If you are serious about trading, you can always use a free charting service. These will allow you to better analyze the asset.
One good thing with OptionFair is that you can specify favorites by filtering the assets. This makes it much easier for seasoned traders who have learned to focus on just a few assets they know very well to trade. You can also get real time news from Yahoo for each underlying asset. Doesnt work for all assets but most assets have this feature.
Good for trader who are watching the news as they trade and dont want to get caught up in any major events, which could jeopardize their market analysis. The bad part is that OptionFair don’t have a demo account available. Perhaps they believe traders can learn just like that. Anyone who have tried trading knows that practice is essential to success, just like anything else in life practice makes perfect. Perhaps OptionFair don’t care about the success of their customers.
Depositing and withdrawal seems easy enough as with most Binary Options brokers. They offer plenty of ways to deposit money in your trading account, including some unusual ones like Liberty Reserve.
Surprisingly we have not had any good experience with OptionFair support, neither by email nor by Live Chat. The Live Chat too very long time to get a response, up to 15 minutes. Once the support also disappeared from the chat after we had posted a question. That’s strange and not at all professional. Also they do not offer any trading ebook or any video help. Just the common FAQ and some other basic trading stuff all Binary Options brokers offer.