|No. Of Assests :||64|
|Demo Account :||No|
|Minimum Deposit :||250|
|US Traders :||Not Accepted|
|Read Users Reviews|
Review Last Updated 2015-08-23 09:32:21
Editor’s Note – Why does OptionRally suck in 50 words
Last time we’ve reviewed this broker my only complaint was the very small trading platform, and maybe the average low returns. Approx. 6 Months later, I’m feeling very disappointed with the amount of complaints concerning withdrawals, pricing, support and bonus terms. Basically, everything that a trader can complain about… Not a good sign when existing clients tell you to stay away from a broker.
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Why doesn’t OptionRally suck in 50 words
OptionRally has one of the best educational materials that I ever saw in a binary broker, ranging from free videos to a comprehensive Glossary, daily and weekly market analysis and some actually good strategies. It really feels like this broker wants me to succeed, and is not just filling my head with crap. Thumbs up for that. Another good news is that OptionRally is now regulated by CySEC and they have recently updated their website appearance, making it flashier, in my opinion. Whether you like that or not, it’s up to you to decide.
OptionRally Full Review – CandleSticks Here they Come
At first glance, OptionRally looked to me like the same rehashed broker website based on the SpotOption platform, with a girl smiling to me from the “Customer Support” area, a view of the platform and the three steps to placing a Binary option trade. I soon realized it’s more than that: they are a regulated binary options broker, owned by Optionrally Financial Services Ltd located at 280, Anastasi Sioukri and Makarios Avenue, Lordos Central Court 1, 6th Floor, Office no.16, CY-3105 Limassol, Cyprus. The regulatory agency is of course the Cyprus Securities and Exchange Commission and the license number is 220/13, obtained in 07/11/2013. The company’s incorporation number is 301842 and their listed telephone number is 22 030 117.
The SpotOption platform is actually very well implemented and all the information is easily available in what soon became clear to be a well organized website. Once I opened an account, the actual trading platform became larger and all its features became visible: 60 seconds, One Touch, Option Builder and Binary Meta. Also the assets became easier to choose and overall, it felt like a professional trading environment. The highest payout they offer is a respectable 81% and the refund can go up to 15% but they can both be modified through the Option Builder feature. Again, not bad trading conditions, but not exceptional either. OptionRally differentiates the trading accounts based on the minimum deposited amount and personally I find that to be a marketing trick, luring you with a higher first deposit bonus, an e-book or a dedicated account manager if you deposit more. Those are features offered by most brokers even for the minimum deposit, but OptionRally wants me to deposit a minimum of $1000 if I want an account manager or an e-book. Furthermore, they have an account named “Executive” which requires me to deposit any amount in the range of $5000 – $9999 and say that it is “Highly Recommended for beginners”. Allow me to disagree. That range of first deposit is way too high for a newbie and OptionRally should know better than to recommend something like that to a beginner. On a recent visit we noticed that they have removed from their website the information about the amount required to open each type of account. It could mean they want to change them or simply they don’t want anyone to know these amounts (no idea why they wouldn’t want this to be public).
Ok, I saved the best for last. This feature is a first for me when it comes to binary brokers: candlestick charts. Could it be that we start to see brokers actually emphasizing the importance of Technical Analysis and recognizing its advantages? The feature becomes available once you open an account, with no need of depositing but don’t get too excited yet: you cannot attach any indicators on the Basic Charts and you can’t even draw a simple trend line or S/R level. That is so primitive that I had to check my calendar to make sure I am in the year 2013. But what am I doing here? When I can simply use their latest feature; “Advanced Charts” that allows you to customize it to your own strategy and needs. At least OptionRally tries to advance a bit and that in my book is commendable. Thumbs up again. Update August 2015: Their Advanced Charts don’t work anymore and clicking on the link just gets you an error message. Could be a temporary problem but we cannot spend all our time on OptionBit’s website to see when they decide to fix one of their features. If at the time of reviewing a feature doesn’t work, then they don’t get any bonus points for it.
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I was disappointed at them for recommending a $5000 – $9999 first deposit to a newbie and I consider that amount to be way too high. The big amount of complaints, not only that those cover almost every aspect of the broker, but also the amounts we’re talking about… are pretty high! Maybe it’s because this broker advice to start with at least $5k’s…To conclude and answer the original question, I cannot decide 100% that they are scams or not, even though they’re seemingly regulated and legit. Recent developments have come to our attention: since the new update to their website, the amounts required for the different types of accounts are not displayed anymore you will have to talk to one of their representatives for exact information. Also, it seems like OptionRally closes accounts that show profit under the excuse of abusive trading patterns. I do not know what these patterns are or how OptionRally decides whether your patterns is abusive or not but it seems they don’t really like winners. If you feel you have been mistreated, contact OptionRally and if the issue is not solved, use this link to file a complaint with their regulatory agency, CySEC.
Their bonus differs for each type of account, ranging from 15% of the value of the first deposit for the Mini Trading account and going as high as 30% for the VIP account. They also have additional, smaller bonuses for each future deposit. To withdraw the bonus amount you have to trade fifty (50) times the bonus in only 100 days according to their Terms & Conditions. But if you receive some “special” bonuses, the volume you have to trade increases and it’s directly correlated to the type of bonus that you receive. Unfortunately this information is not available in their “Terms and Condition” and it was provided to me by Customer Support, a fact that I find disturbing because they can change it anytime saying that the Customer Support person made a mistake.
Withdrawals are crucial for trading success and I hope you agree. OptionRally allows you to withdraw by Credit Card or wire transfer and the minimum amount is $100. They process a wire transfer withdrawal request within 48 hours but it could take up to 5-9 days until the money reaches your bank account and up to 10 working days if you choose to withdraw through Credit Card.
For me the optional candlestick charts fall into the “Extra” category, as they are the first binary broker that I came across that offers this kind of chart. A noteworthy extra is the daily market review, which is actually up to date and they don’t feed me some market prediction 5 days old. I couldn’t really use that, could I? OptionRally also offers Pairs trading but they don’t explain how that works so I am not going to take any guesses but it could be a nice extra if they would enlighten their customers about the usage of the feature.
User Friendly 17/20
The Spotoption platform does a good job once again and OptionRally offers a big amount of information and educational material. Almost all the things needed to create a professional trading environment are present and easy to access. On the downside, the FAQ page is very short and missing viable information. Available in 9 languages.
Number of assets and expiry times 18/20
13 pairs, 6 commodities, 17 stocks, 19 indices and 9 pairs for a total of 64 trading assets is a pretty wide collection and the expiry times range from 60 seconds to 24 hours, weekly, monthly, yearly and with the possibility of trading One Touch Options.
Commissions, Support and Effective return 16/20
OptionRally charges no commission for opening an account or depositing but there is a $25 service fee for wire transfer withdrawals. The support is quick to respond and polite but they try to avoid some important questions. The return is a max of 81%, depending on the asset and type of option (One Touch can go up to 400% return), so not one of the best available, but good enough.
Deposit, Payment and Bonus 10/20
The minimum deposit is $250 and can be done through Credit Card or wire transfer. If you want to deposit more in your account, the minimum re-deposit is $250 which I consider too high. The minimum withdrawal is $100. The bonus differs (15% – 100%) according to the type of account you opened and you have to trade 50 times the bonus amount if you want to withdraw it. In the terms & conditions it is stated that you need to generate this volume within 100 days! This does not leave you much time for education as you need to start trading immediately.
Website Extras 15/20
The candlestick charts are a great addition and so is the daily market analysis. Pairs trading (Gold vs Silver for example) would make a great Extra, but OptionRally doesn’t explain how it works so I cannot include it in this category. Lots of educational material.
OptionRally Ratings 76 + Regulated (+3) – *Low User Rating (-5) = 74/100
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