Expert Option Networks
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Shortcomings of ExpertOption
Deposits and Withdrawals – One of the greatest concerns with ExpertOption is their transparency when it comes to withdrawing and depositing money. The guidelines are not clear as to how these transactions take place. Many traders will find this turning them off because it does not give them enough room to maneuver and make good trading decisions. It has also led to several complaints by a few traders using the platform. Plus the company’s websites does not seem to be tailored to traders’ needs. Which is why it is a website which does not appear to be in touch with the needs of traders it is catering to or trying to attract.
Customer support – Methods of getting in touch with customer support are few and far between. Not having enough ways of getting in touch with support leaves many traders high and dry because they cannot speak to someone from the company. Plus, when you do happen to figure things out the default language is Russian. If anything this language policy is isolating and alienating traders from other parts of the world, it is, for this reason, we think that the website has a small customer base.
Withdrawal policy – We have mentioned this before i.e. their withdrawal policy undoes a lot of their positive aspects. The system seems to be a secret and opaque for the most part which is why traders will not choose to do business with this trader. Not being able to withdraw money properly can hamper a trader’s ability to trade and that’s something that keeps traders at bay from this broker.
Traders wishing to open an account with ExpertOption have a wide range of options including the most traditional to the more contemporary e-Wallets banking methods. The minimum deposit amount is just 10 dollars and this makes the site a simple and easily accessible one. This amount is the lowest in the industry and is a good motivating factor to new traders who would wish to gain trading experience. ExpertOption has a very quick and efficient withdrawal and deposit system which guarantees short turnaround times with a good customer support facility. All traders’ funds are held in European banks that are secure and which enable traders to have a peace of mind when trading.
ExpertOption Promises vs. Reality
ExpertOption like many other brokers in this industry uses a number of marketing strategies to attract traders to its binary options and trading platform as a whole. The sales language is designed to lure traders both seasoned and newbie alike. However, when you set the marketing language aside and look at the website entirely objectively, it does not come across as genuine. Finding verifiable and objective information about the website is difficult which makes it hard to choose it as a reliable trading platform. The lack of information will naturally make it difficult for any trader to trust the broker. The broker’s website also has a demo account which is meant for traders to learn how to trade binary options using the platform. However, in reality moving between the demo and main account is a hassle since it directs traders to the trading area each time. Also, the demo account shows exaggerated profit figures which if anything it is an indication that the website is unreliable since its promising a higher than usual return deemed impossible when live trading. So, we think that the demo account is another trick to entice traders into putting money and trading with the service instead of being honest. Bonuses and various promotions mentioned on the website are clearly outlined detailing how they will be rolled out. However, the promises of fast withdrawals are nothing more than mere gimmicks which you can further understand by referring to the website’s terms and conditions pertaining to bonus withdrawals. If anything it’s not easy for traders to retrieve their withdrawals once the initial deposit is made. The bonuses have been cleverly connected to the withdrawal process which makes withdrawing the money a tedious and apparently discouraging process.
A nice feature of the Expert Option platform is the continuous stream of trading alerts and trading signals. The signals cover all their assets, and have either Strong Buy, Buy, Neutral or Sell & Strong Sell. As with any binary option trade signals it is important to understand what the signal is based on and you should demo trade first. It is great that they give you a $10,000 free demo account right away, see here. They do not offer an automated trading software. If you want to use a robot for trading then look at this article about various binary option robots.
The ExpertOption trading interface is very user-friendly. It provides a good overview of the how to trade. On the platform, a trader can choose different assets like currency pairs, indices, and commodities (gold and crude oil).
Unfortunately, this broker only offers short term expiry times which leaves many traders wanting more.
When it comes to mobile trading, ExpertOption only provides a smartphone and tablet app for iOS devices. It currently doesn’t have an app for the Android devices but hopefully, they will roll it out.