OptionYard

Update 01/2016 – OptionYard Shuts Down Operation

Check out our Recommended Binary Options Brokers

Editor’s Note – Why does OptionYard Suck in 50 Words?

The main reason OptionYard sucks is their strange and seemingly unfair bonus. They don’t state anywhere but in the small letters somewhere on T&C section, but if you read closely you’ll see that the bonus could NOT be redeemed in cash. What?! We only found out about this from a prominent member of the forum who has used this broker and did not have a good experience.

Why OptionYard doesn’t Suck?

One reason it might not suck is the wide range of deposit methods available. This broker accepts the usual variety of credit cards and wire transfers as well as dozens of internationally based digital wallets. They also allow one free withdrawal per month but this may not matter.

OptionYard Full Review – More Of The Same Old Thing

OptionYard may be one of the more well known of the Tradologic brands of binary options brokers. This may be because they have a bigger budget for advertising, I don’t know. They have some decent features but there are better brokers out there. I never was able to determine where this broker is located (physical address) and it is registered in Cypress but not yet regulated. The website is OK but doesn’t really have a great look, adding to that is the way that Tradologic sets up their trading platform. The rest of the website is filled with the standard information you would expect to find anywhere else.

The asset index is actually quite limited. There are only a total of 35 assets in all; 6 commodities, 11 currency pairs, 7 indexes, 10 stocks and one bond. The list could be good for a German or other European based trader because it is heavily weighted with assets from that region including the one bond, the bund. Depending on the asset and type of option you want trading can be done nearly 24 hours a day, 7 days a week. Option types include high/low, range, one touch and turbo. Turbo is the Tradologic name for 60 second binary options. Optionyard offers a Trader Sentiment tool to help you see what the other traders using the platform are trading and on top of that, account holders can download a free e-book which hopefully discusses binary options in a more detailed manner.

Optionyard is a leader in one area, accepting deposits. This broker has the longest list of accepted deposit methods I have ever seen. However, withdrawals are limited to the usual credit card or wire transfer as any other broker. Minimum deposit is $200 with a $75,000 max for each month. Withdrawals should be easy, the first one is free each month. According to the terms of use each request will be honored within 7-10 business days up to 14 days, whichever is longer. Bonuses are available and come with a very low trade minimum, only 15 times account.

Is OptionYard a Scam?

It is too early to tell for sure but for now I have mixed feelings about it. The hassle it seems to take to get a withdrawal makes this broker one to avoid. But we cannot “judge” a broker solely on one complaint so before a clear opinion can be formed more information needs to be gathered. It’s true that better brokers are out there, using maybe a better platform but that doesn’t mean OptionYard is a scam.

 Check out our Recommended Binary Options Brokers

OptionYard Complaints

The reviews are not good. According to one use on the forums it is a real pain in the ass to get a withdrawal in the sense that it took longer than it was supposed to, but it was successful in the end.  Adding to the hassle are the very confusing terms for the bonuses. It seems as if you can’t make any withdrawal until the bonus is cleared which seems kind of scammy to me. On the other hand, there are a lot of brokers who don’t allow you to withdraw your money if you accept a bonus. I’m not saying it’s a good thing, but it shouldn’t come as a surprise. There are some technical issues with the website or connection that interfere with trading but we couldn’t find major complaints around the web, indicating this broker is a scam.

OptionYard Withdraw

According to the terms and conditions withdrawals should be easy, provided you don’t have a bonus hanging over your account. After submitting your identification requirements and receiving approval it should only take about 2 weeks to receive your money. The first one is free each month except for wire transfer fees or other fees charged by your bank or service provider. There are of course no commissions. The minimum withdrawal is $100 and credit card withdrawals are limited to the original amount. Any remaining money will be sent by check or wire transfer. If you use one of the other deposit methods you will have to receive your withdrawal by wire or check only.

OptionYard Bonus

They call it a bonus but I think it’s more of a trick than not. Bonuses are available for accounts ranging from 50% on up. Basic accounts, under $2000 get the 50%, up to $5000 get 75% and over that, a custom bonus package can be created. The trade minimum is only 15X deposit + bonus but also comes with a time limit that may make reaching the minimum very risky. Bonuses are automatically credited so be sure to tell your account representative that you don’t want one if you don’t want one. Of course, any attempt to withdraw the bonus will result in the loss of the bonus and any profits based on it. The terms of use are very confusing when referring to the bonus. In one place it says that bonuses can not be redeemed for cash, if this is the case will you get the bonus if you clear the limit?

OptionYard Ratings

User Friendliness 13/20

This broker isn’t that user friendly. At first it appears as if it might be but there just any depth to the information. The layout is similar to what you see with other brokers but just not up to par. However, their website is available in 27 languages which is the most I’ve seen so far and this certainly adds to user friendliness.

Number of Assets and Expiry 11/20

OptionYard really falls short in this area. The asset list itself is rather limited and does not include enough indices or stocks for today’s global traders. Even more limiting is the available expiries. Weekend trading is limited to end of the week and end of the month expiries while regular trading hours offers a few more intra-day expiry periods. Their Turbo feature allows extremely quick trading including the ever popular 60 second trading and 2 minute expiries.

Commission, Support and Returns 16/20

There is no commission with this broker just like with any binary options web site. Support includes live chat which is pretty much worthless and account managers. Of course you have to deposit at least $5,000 to get any real attention. At that level “consultations” become a part of your package. Returns are OK, a little low but not the lowest I have seen. For the most part return on the standard high/low position are in the 70-75% range.

Deposit/Payment/Bonus 12/20

Deposits are easy with this broker but of course they always are. Payments are the real question and the bonus makes it even more of a problem. Withdrawals should take only about 14 days but based on the complaint it could be much longer. However, the user managed to withdraw his money and was actually pleased with the support provided. The bonus structure is OK and comes with a low trade minimum. The problems arise with the time limit of 30 days and the fact that you may not even get to keep your bonus.

Website Extra’s 17/20

Believe it or not there are actually some extra features on this web site. The first is the trader insight gauge that tells you what the bulk of traders are doing. The other is the close early features that allow you take profits or stop losses below the option expires.

OptionYard Overall Ratings – 69/100

  Check out our Recommended Binary Options Brokers