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OptionRally Overview
| OptionRally |
| Bonus: up to $30% |
| Options Profability : 65-78% |
| Rating: 7.0 / 10 |
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Basics
| Broker Name: | OptionRally |
| Platform: | SpotOption |
| Founded: | 2011 |
| Bonus: | up to $30% |
| Return/Refund: | 65-78%/5-15% |
| US Traders Accepted: | Yes |
Features
| No. Of Assests : | 82 |
| Regulated : | No |
| Demo Account : | No |
| Deposit Options : | C.C., WireTransfer, MoneyBookers, and more |
| Language : | 4. Including English |
| Minimum Deposit : | 200 |
Screenshots
Review Last Updated 2013-05-12 12:03:13
Editor’s Note – Why does OptionRally suck in 50 words
Well, this might seem like a small thing…and believe me, it is small. I’m talking about the trading platform. Come on, can you even see it? It’s so small that I feel like I’m trading on mobile. Wait, I just placed my mobile phone over their platform and it totally covers it. Why is that? Because they pay more attention to advertising than the actual platform…?
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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.
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: 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 payout they offer is a respectable 78% 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.
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 it and you can’t even draw a simple trend line or S/R level. It’s so primitive that I had to check my calendar to make sure I am in the year 2013. But what am I doing here? I am complaining about it and I forget that other brokers just offer that simple line chart. At least OptionsRally tries to advance a bit and that in my book is commendable. Thumbs up again.
Is OptionsRally a Scam?
To be honest, I couldn’t find any clear indications that they are regulated, other than Customer Support telling me that they are and instructing me to search for their name on the CySEC website. I did that and I found them, but not in the best place possible because their name appears in a .pdf document that does not say much. I mean, just because I find them on CySEC website, it doesn’t mean that they are regulated, but on the other hand, the entire industry needs regulation so I can’t call them a “scam” because they are not regulated. Usually a broker that just hunts for your money does not invest so much time and money in education, training videos, strategies and daily overview of the market. It really was refreshing to see a broker that cares for that, but…I am disappointed at them for recommending a $5000 – $9999 first deposit to a newbie and I consider that amount to be way too high. To conclude and answer the original question, I cannot decide 100% that they are scams or not but more research is definitely needed before deciding to invest with them.
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OptionRally Complaints
Searching the internet for complaints about them, I really couldn’t find much except some angry customers claiming that they can’t withdraw. Now if this is true, it is worrying but I cannot trust those complaints 100%. They could as well be OptionRally’s competition. Overall, I couldn’t find any clear proof of misconduct from their part.
OptionRally Bonus
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 thirty times the bonus, 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.
OptionRally Withdrawals
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.
OptionRally Extras
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.
OptionRally Ratings
User Friendly 18/20
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.
Number of assets and expiry times 16/20
Twenty currency pairs, 4 commodities, 31 stocks, 22 indices and 5 pairs for a total of 82 trading assets is a pretty wide collection and the expiry times range from 60 seconds to 24 hours with the possibility of trading One Touch Options.
Commissions, Support and Effective return 10/20
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 78%, 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 $200 and can be done through Credit Card or wire transfer. If you want to deposit more in your account, the minimum re-deposit is $200 which I consider too high. The minimum withdrawal is $100. The bonus differs (15% – 30%) according to the type of account you opened and you have to trade 30 times the bonus amount if you want to withdraw it. This was communicated through Live Chat to me (it cannot be found in the Terms and Conditions) and it can change so make sure you ask again if you open an account.
Website Extras 16/20
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.
OptionRally Overall Score = 70/100
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Well after signing up and depositing 200 they rang me and insisted I deposit more. Now I know why. Once you deposit 1000 they hook you with a bonus making it so you cannot withdraw. then when I tested the platform, it is a very smart setup. once you enter a trade you cant get out of it like fx. This is basically a betting website, and who can tell me who wins in the casino? The casino! And because fx bounces up and down, if you try to scope out a long forecast, the price changes, which to me says SCAM. Basically you can’t win unless you just get lucky.
Good work OptionRally!
But to every one else, steer clear of them. If you want to trade, use a well known broker, and just trade fx, at least you can get out of a trade if it starts to go against you or hedge your trade. And a good broker won’t be adjusting the price feeds to suit their needs.
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Sent a wire for 4738 US dollars on Mar 21 2013 still has not shown in my account have asking questions and receive no reply so I do not think this place is legit and they steal your money
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I have been trying to make a withdrawal for weeks. They want me to send them identification papers for a withdrawal on my credit card and are refusing to give me my money back. They have no problems taking my money without me sending copies of my credit card, passport & utility bills. I feel that this is not appropriate and leaves me open for identity theft. I didn’t make any money with them but lost consistently and this was using the “tips” given by the brokers. I would not recommend them to anyone.
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I thought I had found a good trading platform after reading good reviews about optionrally but it is not what it seems. After depositing a minimum amount my broker kept putting pressure that I needed to deposit more money in order to get more benefits. unfortunately had no money to deposit and he suddenly stopped providing me with daily reviews.Anyway I felt that I do not like trading with them and wanted to close my account and get what is due to me or the money I deposited guess what it has been more than three weeks now. They told me that I could not withdraw a certain amount based on the deposit policy I need to continue trading more. Even though I reduced the amount to what is due to me they are just not responding to me. instead I am now receiving more daily reviews than ever. I really thought they were for real but now I realize my mistake they are not to be trusted.
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