WikiOption

Warning! WikiOption Website Appears to be Offline. Updated 1/4/2016

 Editor’s Note – Why Does WikiOption Suck in 50 Words

The Bonus takes the lead on this one: they offer up to 100% “Cash Match” Bonus and although that is too much for my liking, that’s not the suckiest part. This is: the maximum value of the “Cash Match” bonus is 700 euros or US dollars but on their Accounts page they clearly say that in order to get a 100% bonus you have to deposit at least 10,000 USD. So if I deposit 10K I will get to trade with 20K or with 10,700? And if I get only 700 USD bonus for a 10K deposit, how on Earth is that 100%???

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Why WikiOption Doesn’t Suck in 50 words

The Bonus again. Are you confused yet? How can the Bonus suck and don’t suck at the same time? Well this is how: if you accept a bonus, your money can be withdrawn at any time and you are not conditioned by the dreadful trading volume requirement. We know how difficult a withdrawal becomes once you’ve accepted a bonus from most brokers, but apparently WikiOptions don’t mess around that way.

Full Review of WikiOption – Ask Me Anything but I Don’t Guarantee I’ll Answer

WikiOption is the trading name of FENIX CAPITAL MARKET TRADING, a company which is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 276/15 (license date 28/5/2015). Unfortunately no other information is available on CySEC’s website; however, their address is displayed on wikioption.com: 28 KATSANTONAION STREET, KATO POLEMIDIA, LIMASSOL CY-4221. As you can see, their regulation is very recent and we don’t have any information about the year they were founded. Anyway, the information I’ve outlined so far is much more than other brokers are willing to offer us so I guess that’s a plus but enough about that, let’s focus on their platform. It’s kinda confusing, so bear with me: they are directly connected to the UK and US stock exchange and the price feed displayed on their website is a combination of the two. I asked one of their support representatives if the platform is proprietary, built/programed in-house and she told me something about API connecting to the stock exchange, saying something like “we don’t build anything” and “I am not IT”. Ok, that was helpful… So they have an API that connects to the US and UK Stock Exchange and bla bla… do I have any way of verifying if it’s actually connected to where they say it is? Nope, not really. Anyway, I accessed their platform and I can tell you it’s a very basic one, small and without any bells or whistles. I don’t know if that’s good or bad, I guess it differs from client to client.

Should I talk about the education offered by WikiOption? Yea, probably so here goes: it doesn’t exist. There, I’ve finished with the education part… well, unless you consider describing the steps of opening a trade financial education but I don’t. According to them you will receive an e-book once you deposit even the lowest amount accepted and although I haven’t read it, I can imagine what amazing “nuggets of wisdom” it contains. But I shouldn’t jump to conclusions so if any of you deposited and got the e-book, let us know if it made you a better trader.

I don’t think that WikiOption will make a tremendous impact on the binary options scene because – although they are not a “copy/paste” brokerage – they don’t bring anything new to the equation. However, they have received CySEC regulation just 2 months ago (at the time of writing) so time will tell if they are top shelf material.

Is WikiOption a Scam?

WikiOption is a regulated broker and hence they offer a higher degree of transparency than other brokers. We know the name of the owning company, we have an address and a CySEC license number, which is far more than other brokers tell us about themselves. That being said, we cannot say 100% they are not a scam because they have been regulated for only 2 months at the time of this writing – maybe next week they get their license suspended. One thing to mention is that we don’t have any information about their founding year, only about the date they became regulated. I don’t know why such information is not made available on their website… it’s pretty important, no?

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WikiOption Complaints

We couldn’t find any complaints on the Internet so we can only assume this is a newly launched broker and that’s the reason for the lack of feedback from clients.

WikiOption Bonus

If you’ve read the opening of this review you already know that their bonus terms are confusing and I recommend talking to one of their representatives to clear that up. The required turnover is 20 times the bonus + deposit amount, which is pretty fair. The best thing is that you can withdraw your deposited money at anytime before meeting the trading volume requirements (bonus will be credited to your account only after you reach the volume).

Wikioption Withdrawal

This brokerage offers a lot of withdrawing options: Credit/Debit Cards, PayPal, Neteller, FasaPay, Perfect Money, WebMoney and the usual wire transfer. The fees are different for each method and details can be found on WikiOption’s withdrawal page. They don’t offer information about the time it takes to process/approve a withdrawal.

WikiOption Extras

Their price feed comes directly from the US and UK stock exchanges. Is that an extra? Does it help the client in any way? How can I check to see if it’s actually true (binary brokers are not really an example of honesty). I don’t know the answer to these questions and I cannot think of anything else that can be considered Extra, other than this price feed gimmick.

WikiOption Ratings

 User Friendly 11/20

The website is fairly well organized, but it’s only available in English and this certainly makes it not user friendly for anyone who doesn’t speak the language. The platform is very basic so it’s easy to use.

Number of assets and expiry times 15/20

They offer 31 currency pairs, 12 commodities, 18 indices and 42 stocks, which is enough but definitely not the best we’ve seen. The expiry times are the normal ones of 60 seconds, 15 minutes, 30 minutes, hourly and up to longer term such as end of week, month and even year.

Commissions, Support and Effective return 13/20

There are no commissions for opening an account (which is normal for any broker); their support representatives are all right if you don’t need too much information but I don’t consider “What platform do you offer?” a complicated question and I didn’t get a clear answer so I cannot say I am too happy with that. Their returns can go as high as 90% on some assets and during certain market conditions.

Deposit, Payment and Bonus 14/20

The minimum deposit is 300 USD (Mini), 1,000 USD (Standard), 5,000 USD (Gold) and 10,000+ USD (VIP). Only clients who open one of the last three types of accounts can benefit from a Bonus offer but the bonus conditions are contradictory as I mentioned in the opening of this review. Deposits and withdrawals can be made through a multitude of ways, including Credit/Debit Cards, wire transfers and e-wallets (PayPal, Fasa Pay, Perfect Money, Neteller, etc.) There are specific fees for each type of transaction. Please visit their banking page for exact details.

Website Extras 10/20

They don’t really excel at extra features but I will mention again the price feed which, according to them, comes from the US and UK stock exchanges.

WikiOption Overall Ratings: 63/100

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