RoboOption

Update 17/07/2016 – RoboOption Shuts Down Operation

Editor’s Note – Why RoboOption Sucks in 50 words

Do you like robots? I do. They’re cool. But I don’t see what RoboOption has in common with robots. Ok, never mind that; it’s their choice of names and it’s not so important. What I really think sucks though is the fact that they can apply “absolute discretion” when it comes to your trading. Section 6.5 of their Client Agreement states: “We have the right (but no obligation) to set limits and/or parameters to control your ability to place instructions at our absolute discretion.”. For more information, please read the entire section mentioned above.

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Why RoboOption doesn’t Suck in 50 words

Free Demo account. We know how complicated it can be to get your hands on a Demo account for binary options so the fact that RoboOption gives it to you without too much hassle is a big plus for them. On top of that, RoboOption is a trading name of RoboForex which is a Forex broker regulated by CySEC.

RoboOption Complete Review – Beep Call – Gzzzt Put

This binary options broker is fairly new, being launched in May 2014 as part of the Forex broker RoboForex (CY) Ltd. A thing to note is that all RoboOption clients are the clients of RoboForex (CY) Ltd., a company regulated by Cyprus Securities and Exchange Commission (CySEC), license No. 191/13. This is somewhat reassuring because knowing that my money is with a regulated company is far better than investing with a company that doesn’t even have a proper address.

The platform used is provided by SpotOption which is the most popular platform around and I believe that almost all binary options traders are familiar with it and this adds to it’s ease of use. The website is well structured and I commend them for the fact that they don’t look like a twin brother of all other SpotOption brokers. I can’t say RoboOption is something out of the ordinary or never seen before, but they are different and try to build their own identity, not simply to copy others. Another plus is the extremely low minimum investment per trade: you can trade as low as 1 US Dollar for each trade and I find this extremely newbie friendly. After all, you can almost treat your Live binary options account as a Demo if you trade only 1 dollar on each trade. Sure, you won’t get rich anytime soon but you will get a feel of real market conditions and test their platform and execution policy.

The educational material is pretty basic and doesn’t offer anything more than other brokers do, actually I found it rather disappointing. Anyway, the foundation of opening a trade is explained well enough. After all, I never expect something mind blowing in terms of education coming from brokers. Overall I find them decent, not amazing but the fact that RoboOption is a branch of a regulated Forex broker gives me some confidence.

Is RoboOption a Scam?

Normally a regulated broker wouldn’t be considered a scam but RoboOption is new on the scene and so far we cannot decide for sure if they are really a reliable broker. As I said before, the regulation aspect is reassuring but it doesn’t guarantee you won’t have any problems with this broker. Because they are only about one year old at the time of writing, we couldn’t find major complaints on the internet. As for the parent company RoboForex, the user reviews are mixed but I don’t think you’ll find any broker (FX or BO) with one-sided reviews/comments.

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RoboOption Ratings

User Friendly 16/20

The website is translated in 17 languages, the information is well structured and the platform is SpotOption which is well known for its versatility and ease of use.

Number of assets and expiry times 14/20

Traders can find 22 currency pairs, 5 commodities, 6 indices and 22 stocks. All this is satisfactory but less than others offer. Note that you won’t be able to trade all these assets on 60 sec binary options. The expiry times range from 60 sec to 300 sec and to long term binary options.

Commissions, Support and Effective return 16/20

You won’t be charged when you open an account, which is normal for all binary options brokers but withdrawals will incur certain fees such as 20 USD for wire transfers and different ones for e-wallet transactions (depending on your e-wallet). Support is responsive, without being too pushy or inquisitive. They simply answered my questions without asking why I am asking them. Effective return goes up to 85% but of course not all assets will generate such a high return.

Deposit, Payment and Bonus 13/20

Clients have a lot of options to deposit and withdraw, including wire transfer, credit cards and e-wallets such as Neteller, Skril or Webmoney. Minimum deposit is 100 USD for wire transfers and 10 USD for the rest of the methods (for a full list visit the link at the bottom [1]). Withdrawals must be performed using the same method and the same account. The bonus goes up to 30%, with the possibility to opt for a lower percentage. This is a good thing but what I don’t like is the way they calculate the turnover required before you can withdraw any money. The formula is very complicated and I suggest you visit the link at the bottom for further clarifications (see Examples of Calculation) [2].

Website Extras 15/20

RoboOption offers a No Deposit Bonus (you are not required to deposit any money to receive it) and a Demo Contest. Also their Demo account can be opened easily, with no hassle. Keep in mind that these promotions were in effect at the time of writing and some are limited time offers.                                                 

RoboOption Overall Ratings: 74/100

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Some References

[1] www.robooption.com/for-clients/deposit-withdrawal/deposit-regulations/

[2] http://www.robooption.com/for-clients/deposit-bonus/