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|No. Of Assests :||63|
|Demo Account :||Yes|
|Minimum Deposit :||200|
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Review Last Updated 2015-11-24 10:11:14
Editor’s Note – Why does GOptions Suck in 50 Words?
Last time I reviewed a Binary Options website that used the slogan “We focus on who really counts. You.” I said that I’m going to be sick if I see another one. Unfortunately, it was the first thing I noticed when I started my review of GOptions… This overly used phrase screams “We don’t care about you and we don’t even take the time to create a new slogan”. More than that, they call themselves “… the most professional and objective platform for trading…” bla bla… so we have another “market leader” on our hands.
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Why doesn’t GOptions Suck?
They claim to have one of the fastest withdrawal processing times in the industry today: same day. Great! But. The client will have to provide the necessary identification documents within the first week of opening the account and to request a withdrawal Monday through Friday, 8am – 6pm GMT. These conditions are not too restrictive and after all, you cannot request a withdrawal Sunday at 9pm GMT and expect it to be processed until Sunday 11.59 pm. Common sense applies.
GOptions Review – Is My Money Safe with Them?
The company behind GOptions is Go Trading Technologies Ltd. registered address 3rd Floor C & H Towers 00152, PO BOX 2320, Dominica Payment services by Go Marketing Technologies Ltd. Goptions registered address 2 Lyuben Karavelov floor 2 flat 5 Plovdiv, 4002 Bulgaria. The Trading platform is powered by Spot Option, one of the best technology providers in the field of Binary Options. This makes the GOptions website highly efficient and provides a smooth experience for traders, without having to download any software. The website was launched in the early weeks of 2012 and overall it is structured well, the needed information is easily available and the tutorials are helpful, although nothing innovative is brought to the table in that area. But we were happy to see that GOptions are innovative in other, more important areas: they are the first to bring automated trading in the field of Binary Options through Signal Index which is a marketplace for Binary Options signal providers.
Once traders fund a GOptions account, they get access to Signal Index where they will find different signal providers who have their track record publicly displayed… and of course the monthly fee they charge. Once the trader chooses a signal provider, all the trades the signal provider makes are automatically copied and executed on the trader’s account. This eliminates the missed or late trades due to poor e-mail communication (or any other classic form of transmitting the signals). It’s good to finally see a broker who brings something new to the industry but only time will tell if this automated trading feature is the winning formula.
As mentioned above, GOptions uses the Spot Option platform which is known for its functionality and capability to respond to more than one type of trader. In other words, the rookie will find it easy enough to just pick up and use, while the experienced trader will find enough advanced features to satisfy the need for a more complex trading style. And talking about different traders and their different needs, GOptions offers 5 types of trading accounts, each with specific features and benefits. The VIP Platinum account offers a 100% deposit bonus, 10% trade insurance for any losing month and three months of paid auto trading signals among other stuff. Pretty good it you ask me, but the minimum deposit is $10,000 which is too high for the average trader. Well, not everybody is a VIP.
Overall GOptions show potential but they need improvement in certain areas like choosing a real slogan, updating their Daily Market Analysis and their Blog. This review is written on the 12th of June and they provide traders with Daily analysis for the 6th of June, while the latest analysis on their Binary Blog is for the 5th of February. I will refrain from making any comments on that because I am sure everybody can judge for themselves how helpful that analysis really is.
Is GOptions a Scam?
It’s a war out there! People are claiming GOptions is a scam because Signal Index allegedly erased bad trades from the history of some signal providers to make them look good. Also, some signal provider used the name of another, more prolific provider just to get attention and subscribers. Unfortunately the VP of GOptions publicly confesses that he suggested this little name “trick”. From there, all hell breaks loose and a full-on internet war begins.
At the moment this article was firstly written, their Terms and Conditions state: “This Agreement is made by and between Longmont Ltd, the operator of the brand name “GOptions” as well as the site Goptions.com and you.” Of course we can deduce that their operating company is Longmont Ltd…but we found on the Internet an earlier picture taken from their website… in this older picture, they state that GOptions is “… owned and operated by Massive Consulting Ltd (Registration #1547635), a BVI registered company.” The addresses of the two companies differ as well. This review was updated on November 2015 and the current holding company is Go Trading Technologies registered in Bulgaria. Now what can I understand from all the arguments related to scam suspicions, switching addresses and owners? Why did the name of the owning company change? Did Massive Consulting Ltd sell the website to Longmont Ltd and now to Go Trading? Is this all an elaborate scam? A lot of questions, right? For me all those questions have just one answer…
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It is not hard to find complaints about GOptions on the internet, although one of them stands out: a customer claims (he posts pictures as proof) he was promised 5K to deposit 25K with GOptions and no volume or time restrictions regarding withdrawals but then an argument started when he needed a withdrawal (several of his withdrawal requests were canceled). GOptions representatives claim on the BOTS forum that he edited the pictures to serve his cause and that he is the actual scammer. From where I stand, this is the picture: a client has graphic proof of what he is saying but everything GOptions representatives can do is say the client edited the material… Well, maybe GOptions can prove what they are saying because at the moment the client is the only one who presented any proof.
The Bonus differs depending on the type of account you opened and ranges from 25% to 100%. To withdraw the bonus you will have to reach a trading volume of 40 times for every $1 bonus. If the bonus you received exceeds 25% of the initial deposit, you will not be allowed to withdraw any amount until the trading volume of 40 times is reached.
The minimum withdrawal is $100 and must be made to the original source (i.e. if you deposited via credit card, you will have to withdraw to the same card). GOptions feature a same day withdrawal processing for eligible customers (ID required) but there will be a delay of 5-7 business days until the money will be available in the client’s account.
The partnership with Signal Index and the auto trading feature are a nice innovation and show us that brokers try to bring us new and cool features. However, all the scandals and arguments surrounding this issue cast a dark shadow over all of it and greatly diminish its appeal.
User Friendly 14/20
The website is offered in just three languages, a fact which will keep away a lot of customers, but overall the layout is intuitive and pretty easy to use. Spot Option’s platform offers tools for both rookie traders and experienced ones.
Number of assets and expiry times 13/20
According to the Chief Operating Officer of GOptions, they offer traders over 250 assets. On the website, they advertise “over 200” assets. Unfortunately we couldn’t find so many. Here’s what assets we could find on their Asset Index and their platform: 17 stocks, 13 currency pairs, 7 commodities, 22 indices and 4 pairs (stock vs. stock or index vs. index, etc). That’s a total of 63 assets… Expiry times range from 60 seconds to weekly but by using the Pro Trader feature of the platform a trader can use features as Buy Me Out or Roll Over so the expiry time can be modified.
Commissions, Support and Effective return 14/20
A $25 fee must be paid for wire transfer withdrawals but no fees will be charged for registering an account. Their Live Support is helpful enough, polite and pretty responsive. The effective return goes up to 85% on certain assets. Out of the Money returns are available only on a few assets and according to their Live Support, the refund will be shown on the platform when placing the trade.
Deposit, Payment and Bonus 14/20
The minimum deposit is $200 and can be made via Credit Card, wire transfer or CashU. The payment request will be processed the same day but in order to qualify for this lightning fast withdrawal, the client has to submit verification documents and to comply with a few other conditions. 100 Min Withdrawal. Once the request is processed, 5 to 7 additional business days have to pass until the money will be available. The Bonus ranges from 25% to 100%, depending on the type of account.
GOptions Extras 13/20
The fact they offer automated trading through Signal Index is definitely an extra feature but using it gives you less control over your trading. Demo accounts are also available for clients with funded accounts.
GOptions Overall Ratings 68/100
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