Opteck is owned by Centralspot Trading Ltd, located at 6 Vassili Vryonidi Street, Office 304, Limassol, 3095 Cyprus. The Broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) since 20/06/2014 under license number 238/14. The company’s registration number is 325259.
Is Opteck a Scam?
I have no reasons to believe that as the company is regulated and you can easily locate their physical address. However, Opteck must improve in two areas to become a more reliable broker: 1. Some basic information is lacking and I could only obtain after talking to live chat. Stuff like bonus wager, withdrawal process “Note, confirmation with your Account Manager or Broker is required for the finalization of the withdrawal.”, and upsetting fees like “maintenance fee” are not exactly my cup of tea. 2. I can see a problem with their staff, it seems they are sometimes too anxious to “help” traders they sometimes make mistakes causing damages to their clients accounts. Regulation prohibits the broker’s account managers to give any advice, so we hope we won’t be seeing that anymore. In any case, BinaryOptionsThatSuck.com team is here to follow!
Update August 2016: Opteck has become a regular of our Scam Watch series, with people calling them a “gambling site”, “borderline negligent, if not crooks” and feeling tricked by them. It’s safe to say that this brokerage, despite its CySEC regulation, it’s not one of the top choices for traders. We are not labeling them Scam but we recommend caution!
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Editor’s Note – Why does Opteck Suck in 50 Words?
The thing that bothers me the most about Opteck is the above average number of complaints made by their clients, and a very detailed ones as well. More than 20 pages of discussion (most of those are complaints) only on BOTS… That’s a big number no doubt. I do see some of the complaints being resolved, sometimes a bit too late. The number of complaints dropped lately due to process of regulation (Finally granted 20/06/2014), but we’ll have to keep monitoring.
Update August 2016: The number of complaints has gone up again and it looks like regulation alone is not enough to make Opteck one of the top tier brokers. Their reputation is slowly chipping away and will continue to do so if they don’t up their game.
Why Opteck doesn’t Suck?
Opteck is well suited for newbies and novice traders: They offer a free e-book to all registered users, which is quite comprehensive and well structured, market commentary that is up to date and helpful, lots of trading basics, tutorials and a demo account. It really feels like they put a lot of work into that and I’m happy to see a broker who is not lazy and actually offers useful educational material. The fact that they are finally regulated is an even better advantage.
Update August 2016: Their daily market commentary is still up to date. This is a sign of professionalism and should be taken as an example by all brokers and websites that cover the financial/trading sector.
Should I Open An Account With Opteck?
I must admit, not a lot of brokers are to my liking, but my first impression of Opteck was that we are going to get along just fine. Right from the start I could see they are transparent and I can easily get information about the company that owns the website and also their physical address, a thing that should be adopted by all brokers. After all, I give them all my personal details and copies of government issued photo ID’s so why some brokers choose to hide their name is beyond my comprehension. But as I was saying, Opteck publicly shares this information, so there’s no problem here.
The platform used by Opteck is TraderSoft, which is known to be very user friendly and intuitive; you can trade directly from the chart by clicking on the Up or Down arrows that appear when you move the mouse pointer over a chart. Once you click on the arrow, a box automatically appears and you can select the desired amount to invest. It’s so simple and to the point that I don’t think even a newbie could mess up a trade and blame it on the platform. A great addition made by Opteck is the feature of selling an option: once you opened a Call or Put trade, if you feel like price is not going your way, you can choose to sell the option (close the trade) and by doing so you will receive back a part of your initial investment.
Opteck’s attention to detail and their decision to do things the right way translates into a professional trading environment and an overall impression that we are dealing with a respectable broker…but (there’s always a “but”) they cannot get rid of some of the old bad broker habits like Customer Support telling me that I can receive a 100% bonus only if I deposit today…Come on, I know that I am going to receive that bonus tomorrow and the day after that if I know how to ask for it, but I guess they have to sell their product after all and advertise it the best they can. Another way of selling their product is by not giving me a Demo account until I deposit…500 euro. “Now that’s kind of expensive” I replied and the answer came swiftly: I’ll lower it to 300 euro…but the offer is valid only today. Everything seems to be happening “only today” so I must be very lucky, right? Well, even the best brokers suck sometimes but overall I was pleasantly surprised by Opteck’s approach.
Update August 2016: Their website is a bit more polished than before but doesn’t stand out as one of the greatest and the Demo account still requires clients do have a Bronze Account ($500 minimum deposit). Live Chat support is not willing to… support at all and answered my questions with predefined copied text. My question “Who is your platform provider?” returned an answer along the lines of Our platform is the most innovative… no download required… the best…
They still have monthly maintenance fees of 7.50. I assume this means 7.50 USD or EUR or whatever currency your account is in. The problem is that I have to assume because they don’t say what it is even in their Terms and Conditions and their support is going to just copy – paste something like We are the best in the business. Keep in mind there’s also a Clearance Fee which will be applied to all of your trades. I recommend you read their T&C, especially section 20 if you want to know about their fees.
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When we searched for complaints for Opteck, we found quite a few, also on this website right below, on comments section and on Opteck’s complaint center (link on Reviews & Ratings page). Complaints vary from poor advice made by account managers, problems with withdraw, and other issues. Most complaints are very detailed and seem very authentic. It really seems like opteck’s clients decided to take some time to explain their feelings, the experience they have been through and overall send a clear massage – they’re not happy. Some complaints have been taken care of by Opteck Support, which I find great, but not enough. Recently we’ve seen a decrease in complaints, our team will keep following.
Update August 2016: Seems Opteck have their ups and downs: before we’ve seen a decrease in complaints but now there’s an increase. Well, as we always say, even the best brokers suck sometimes… and Opteck is not even one of the best.
The Bonus for the first deposit is 50% but during special promotions it can go as high as 100%. To withdraw the bonus, you have to trade between 15-20 times the deposited amount. I know that because I had a chat with support, but I’ve searched the entire website including the terms and conditions but couldn’t find any information about the wager. Strange.
Update August 2016: The bonus for the lowest account is 25% and to get to 100% bonus you will have to own a Black Account (deposits between 25,000 EUR – 50,000 EUR). The trading volume has been increased to 40-50 times the bonus. We recommend you read the Bonus and Promotions Policy available on their website before accepting any bonus.
There minimum withdrawal amount is $50. Once the client has provided the required documents, the withdrawal will be processed within 3-4 business days and a few more days to get account manager authorization… After which, depending on the individual’s bank, it can then take up to 7 days to show on the client’s statement. Withdrawal can be done in the same way as deposited, up to the minimum deposit amount. The rest of the profits could only be withdrawn through bank-wire.
Update August 2016: Processing time is on average 3 to 5 working days and a fee of 3.5% must be paid. More fees…
Compared to some of the other brokers, Opteck has a nice amount of extra features:
- Great education section and a comprehensive e-book.
- Sell back option
- Nice Demo upon Registration!
User Friendly 19/20
The Market Pulse platform is intuitive, the website is well structured and all features are easy to use. There is a small delay when executing a trade, but within acceptable limits. The website is available in 9 languages including English, French, Italian, Dutch and more.
Number of assets and expiry times 14/20
Their basket of assets is average low as they only have about 50 assets to trade. The expiry times range from 60 seconds to 2 minutes, daily and sometimes longer time frames, with the possibility to trade One Touch Options and Range High/Low.
Update August 2016: We couldn’t locate their Asset Index with detailed information about all trading assets so we headed to the trading platform where we could find only 14 currency pairs and 3 commodities. Stocks and Indices were not available but this could be because the respective markets were closed at the time.
Commissions, Support and Effective return 15/20
There are no fees for registering or depositing. Their Customer Support is quick to answer and helpful, giving pretty straightforward answers. There’s a 3.5% withdrawal fee. The effective return goes as high as 85% and you will get a refund up to 15% if your options expire Out of the Money.
Update August 2016: Their live customer support wasn’t as helpful as before and according to their FAQ section, “If the Binary Option expires ‘Out of the Money’ the investor will lose initial investment”. This means they don’t offer refunds anymore.
Deposit, Payment and Bonus 17/20
The minimum deposit is $250 and can be made using various methods: wire transfer, major credit cards, WebMoney, CashU, Western Union, JBC. A withdrawal will be processed by Opteck within 3-4 business days but it could take between 7 to 10 business days until the funds will show in your account. The normal bonus is 50% but it can be higher during their special promotions. To withdraw the bonus you will have to trade a volume of 15-20 times the deposited amount* see bonus section above for more details.
Update August 2016: The bonus trading volume now ranges between 40 and 50 times and the processing time for withdrawals has increased slightly to 3 – 5 working days.
Website Extras 13/20
The website is filled with things that can be considered Extras, including a lot of training videos (however, you will need an active account for those to be available), market analysis and a free educational e-book. Although many brokers have these features, Opteck’s quality makes them “extra”.
Opteck Ratings 78 + Regulated (+3) – *Low User Rating (-5) = 75/100
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*In case a broker receives a low user rating bots (X<50) our team deducts 5 points of the overall ratings.