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RoboOption (Out of Business) Review
RoboOption (Out of Business)
|Broker||RoboOption (Out of Business)|
|US Traders Accepted|
|Company Name||RoboForex (CY) Ltd.|
|Regulation||CySEC, license number 191/13|
|Bonus Type||Match bonus and rebates|
|Deposit Options||Credit/debit cards, bank transfer, Skrill, WebMoney, Neteller, UnionPay, SafeCharge|
|Deposit Currencies||US Dollar, Euro|
|Trading Instruments||Stocks, currencies, commodities, indices|
|Number of Trading Instruments||58|
|Binary Option Types||High/Low, 60 Seconds, Long Term, Ladder, One-Touch|
|Customer Support Types||Live chat, phone, email, Skype, paper mail|
|Education Offered||FAQ, glossary, video|
|Tools Offered||Double up, rollover, early closure, economic calendar|
|Languages||English, Russian, Chinese, Indonesian, Italian, Spanish, Polish, German, Mandarin, Malay, Portuguese, Finnish, Norwegian, Swedish, Danish, Dutch, French|
|Demo Account||Yes, 30 days (but you could always open another). Demo trading contests are offered with bonus money as the prize.|
On July 11, 2020, RoboOption announced that it ceases operating as a binary option broker on July 15, 2020. It is not possible to trade with this broker since that date.
RoboOption is a binary options website operated by RoboForex, a well-known company that has been in the online trading industry for years. RoboForex has a strong reputation and is highly rated; 88 voters on earnforex.com have rated the company with an average of 8 out of 10. This on its own lends credence to their binary options platform and boosts confidence in their new services. On top of that, RoboOption is regulated by CySEC (license #191/13), and is registered with financial authorities in 18 different countries. For this reason, USA traders are not allowed, but RoboOption welcomes traders from around the globe with services in 17 different languages. Let’s take a look at the exciting features that set RoboOption apart from the competition, as well as some of their drawbacks.
Get Started with a Demo or Real Account
One of the things that I like best about RoboOption is the fact that they are totally up-front about binary options being a business of risk. They actively encourage traders to demo test before they trade live with real money. At the very top of the page, the first thing you see is the statement, “Binary Options can lead to a loss of part or all of your investment.” In an industry where a lot of binary options brokers try to conceal this fact, it really cannot be emphasized enough times.
Most binary options brokers who do offer demo accounts make them hard to find. Sometimes the only way to find out about them at all is to ask a customer service agent directly. That is not the case with RoboOption. This company wants you to find their demo accounts. You will find links to read about or open a demo account all over the site. When you go to register and create your account, you can choose between a real account, a demo account, or a trading contest account. A lot of Forex brokers offer contests on demo, but this is the first binary options broker I have run across to do it. If you win a demo account contest, you are awarded with additional bonus money to deposit into a real trading account.
The minimum deposit for an account is $200 or the equivalent (right now unfortunately RoboOption only accepts trading accounts in US Dollar or Euro; they do not even offer British Pound). One drawback with this broker is that they do charge fees for deposits as well as withdrawals. The amount depends on the currency you are transferring as well as the transfer method (credit or debit card, bank transfer, Skrill, WebMoney, Neteller, China UnionPay, or SafeCharge).
Bonuses and Rebates
RoboOption is a bit different from other binary options brokers in that they do not offer account tiers with special advantages. The amount of your bonus does depend on what you deposit, though. If you deposit up to $499 or the equivalent, you receive a bonus of 10%. Deposits between $500 and $999 receive a bonus of 10% or 20% (you get to choose). For deposits of $1,000 and higher, you can choose 10%, 20%, or 30%. The freedom to choose is very nice. These bonus amounts also are more reasonable and believable than the ridiculously high bonuses that many other (shady) websites offer.
Another interesting feature is rebates. While RoboOption does not provide an out-of-money refund for binary options which expire at a loss, they do give you money back as you trade (automatically) in the form of rebates. The amount of your rebate can range from 0.1-5%, and is based on whether the company classifies you at the Trader, Expert or Pro level. Those classifications in turn depend on your trading volume (starting at $5,000). Rebates are calculated and paid out monthly. If you have a small account, you may not achieve the volume turnover required to benefit from the rebates, but if you have a larger account, it is a nice feature.
VIP clients – those who deposit at least $3,000 and request VIP status from the customer support service – get special treatment from RoboOption:
- +3% winning reward when trading classic binary options (High/Low).
- +33% maximum trade size.
- High priority customer support.
Considering the low capital requirement, the VIP program can constitute a significant advantage to serious binary traders.
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Trading on RoboOption
RoboOption is powered by SpotOption, so the platform should be simple to understand and use if you are at all familiar with binary options trading. There are 38 different currencies, commodities, stocks, and indices you can trade. Currently, there are five different trade types: High/Low, 60 Seconds, Ladder, One-Touch, and Long Term. While it is excellent that there is a wide range in terms of expiry times, it would be nice if they introduced some other ways to trade like Boundary and Pairs. The trade sizes however are flexible and reasonable. There is a $1 minimum for 60 Second trades, and a $10 minimum for all other trade types. The maximum investment caps off at $250 for 60 Second trades, and $1,500 for all other types of trades.
One feature that makes RoboOption stand out among other binary brokers is the ability to trade Long-Term and One-Touch options on weekends.
Limited Resources and Support
There are a couple of other weaknesses on the site that are worth bringing up. The trade tools are good, but basic, and include double up, rollover, and early closure. You get an economic calendar, a FAQ, a glossary, and a video. Those are the only resources, however, and new traders will have to search for educational materials off the site. Normally I would consider this to be a bigger drawback than it is here, though, for the simple reason that I believe this site is geared at intermediate and advanced traders, not total newbies. You cannot learn everything you need to from the resources on any binary options site, and at least this one does not pretend you can.
The other weakness concerns customer service. You can reach the company via Skype, live chat, telephone, paper mail, or email. When we checked in during standard market hours on a weekday, however, nobody was there. Hopefully this is not the norm, and was just a glitch.
Conclusion: Imperfect, But Worth Considering
RoboOption has its flaws—absent customer service, nonexistent training materials, and fees for deposits and withdrawals are all problematic. The company is regulated, however, has a strong reputation and a longstanding history in the online trading world, and seems to be keen on building long-term relationships with experienced customers. This broker is definitely worthy of your consideration if you are trading outside the USA.
RoboOption (Out of Business) , 4.0 out of 10 based on 3 ratings
|No. Of Assets:||70|
|US Traders:||Not Accepted|
Update 17/07/2020 – RoboOption Shuts Down Operation
Editor’s Note – Why RoboOption Sucks in 50 words
Do you like robots? I do. They’re cool. But I don’t see what RoboOption has in common with robots. Ok, never mind that; it’s their choice of names and it’s not so important. What I really think sucks though is the fact that they can apply “absolute discretion” when it comes to your trading. Section 6.5 of their Client Agreement states: “We have the right (but no obligation) to set limits and/or parameters to control your ability to place instructions at our absolute discretion.”. For more information, please read the entire section mentioned above.
Why RoboOption doesn’t Suck in 50 words
Free Demo account. We know how complicated it can be to get your hands on a Demo account for binary options so the fact that RoboOption gives it to you without too much hassle is a big plus for them. On top of that, RoboOption is a trading name of RoboForex which is a Forex broker regulated by CySEC.
RoboOption Complete Review – Beep Call – Gzzzt Put
This binary options broker is fairly new, being launched in May 2020 as part of the Forex broker RoboForex (CY) Ltd. A thing to note is that all RoboOption clients are the clients of RoboForex (CY) Ltd., a company regulated by Cyprus Securities and Exchange Commission (CySEC), license No. 191/13. This is somewhat reassuring because knowing that my money is with a regulated company is far better than investing with a company that doesn’t even have a proper address.
The platform used is provided by SpotOption which is the most popular platform around and I believe that almost all binary options traders are familiar with it and this adds to it’s ease of use. The website is well structured and I commend them for the fact that they don’t look like a twin brother of all other SpotOption brokers. I can’t say RoboOption is something out of the ordinary or never seen before, but they are different and try to build their own identity, not simply to copy others. Another plus is the extremely low minimum investment per trade: you can trade as low as 1 US Dollar for each trade and I find this extremely newbie friendly. After all, you can almost treat your Live binary options account as a Demo if you trade only 1 dollar on each trade. Sure, you won’t get rich anytime soon but you will get a feel of real market conditions and test their platform and execution policy.
The educational material is pretty basic and doesn’t offer anything more than other brokers do, actually I found it rather disappointing. Anyway, the foundation of opening a trade is explained well enough. After all, I never expect something mind blowing in terms of education coming from brokers. Overall I find them decent, not amazing but the fact that RoboOption is a branch of a regulated Forex broker gives me some confidence.
Is RoboOption a Scam?
Normally a regulated broker wouldn’t be considered a scam but RoboOption is new on the scene and so far we cannot decide for sure if they are really a reliable broker. As I said before, the regulation aspect is reassuring but it doesn’t guarantee you won’t have any problems with this broker. Because they are only about one year old at the time of writing, we couldn’t find major complaints on the internet. As for the parent company RoboForex, the user reviews are mixed but I don’t think you’ll find any broker (FX or BO) with one-sided reviews/comments.
User Friendly 16/20
The website is translated in 17 languages, the information is well structured and the platform is SpotOption which is well known for its versatility and ease of use.
Number of assets and expiry times 14/20
Traders can find 22 currency pairs, 5 commodities, 6 indices and 22 stocks. All this is satisfactory but less than others offer. Note that you won’t be able to trade all these assets on 60 sec binary options. The expiry times range from 60 sec to 300 sec and to long term binary options.
Commissions, Support and Effective return 16/20
You won’t be charged when you open an account, which is normal for all binary options brokers but withdrawals will incur certain fees such as 20 USD for wire transfers and different ones for e-wallet transactions (depending on your e-wallet). Support is responsive, without being too pushy or inquisitive. They simply answered my questions without asking why I am asking them. Effective return goes up to 85% but of course not all assets will generate such a high return.
Deposit, Payment and Bonus 13/20
Clients have a lot of options to deposit and withdraw, including wire transfer, credit cards and e-wallets such as Neteller, Skril or Webmoney. Minimum deposit is 100 USD for wire transfers and 10 USD for the rest of the methods (for a full list visit the link at the bottom ). Withdrawals must be performed using the same method and the same account. The bonus goes up to 30%, with the possibility to opt for a lower percentage. This is a good thing but what I don’t like is the way they calculate the turnover required before you can withdraw any money. The formula is very complicated and I suggest you visit the link at the bottom for further clarifications (see Examples of Calculation) .
Website Extras 15/20
RoboOption offers a No Deposit Bonus (you are not required to deposit any money to receive it) and a Demo Contest. Also their Demo account can be opened easily, with no hassle. Keep in mind that these promotions were in effect at the time of writing and some are limited time offers.
RoboOption Overall Ratings: 74/100
Trade binary options with RoboOption
Dear Clients and Partners!
We’re pleased to inform you about the launching of RoboOption, a new project dedicated to trading binary options. RoboOption was founded and operates under the aegis of RoboForex (CY) Ltd, a European regulated broker, which means that when trading with RoboOption, your partner is a reliable provider of services for trading binary options. You can start your trading activity at the RoboOption website right now at the following address:
RoboForex clients also have a unique opportunity: if they have an active Live Account, they can open a trading account at RoboOption just by making a couple of mouse clicks. Go to «Open RoboOption account», page of «Live Account» section, choose the account type you’d like to open, and click on «Open accounts».
After becoming a RoboOption client, you’ll have a w >
- Minimum deposit is just 10 USD/EUR.
- Minimum investment in option (rate) is 5 USD/EUR.
- Many assets available for trading: from currency pairs to shares and indexes.
- Opportunity to open a demo account, trade using virtual money, and get invaluable experience without real financial losses.
- Educational materials for beginners and experienced traders, which includes video tutorials and electronic textbooks.
- Customer support service: 24/7.
- Multi-language support: at the moment, the website is available in English, Chinese, Indonesian, Italian, Malaysian, Polish, Portuguese, Russian, Spanish and Taiwanese. 7 more language versions are expected to be launched in the future.
- Automatic funds depositing: fast and secure.
- Demo account contests.
- European regulation of the Company’s activity.
Trading binary options is an easy and sure way to increase your profit with minimum investments. Start trading binary options with RoboOption!
RoboOption is the result of the effective work of professionals and leaders of the financial markets. The Company provides its clients with access to binary options trading services through a convenient, state-of-art trading platform. The main goal of the Company is to provide retail clients with quality services on the binary options market. Development of new services, quick response to emerging problems and clients demands, and guaranteed security of clients’ funds and personal data – these are the Company’s top priorities.
Открывайте счет и получите 350 $ бонус!
Бонус за регистрацию 410 $!