EmpireOption Review 2018
EmpireOption does not accept new customers from US.
We recommend you check out our top rated list and sign up at another provider instead.
- US Traders
- 180+ Assets
- 1-2 Day Payouts
- Mobile Friendly
- Low Deposit
Launched in 2010 in Uruguay, with UK based processing, EmpireOption is a broker that has been trading for 7 years. Using the SpotOption platform they offer the trader an extensive 180 assets. It is the use of the SpotOption trading platform which allows them to offer such a range of assets as brokers who offer their own proprietary platforms are limited to much less.
With customer support available in so many languages including Spanish and Portuguese, their Uruguay routes have led them to develop an offering that is very popular in South America in countries like Brazil and Chile. Their customer support is very accessible to anyone that trades with them offering not only the usual contact methods but also making use of social media platforms like Facebook, Twitter and Google+.
Whilst many brokers using the SpotOption trading platform are limited to the constraints of the software, EmpireOption have managed to keep their own cashier system and maintained their independence. They may be one of the more established brokers in the binary options trading space but they have evolved with the times with tools like social trading and iFollow.
What do they have to offer? In this informative EmpireOption review you will discover:
- Which different account types the broker offers and the benefits of each one
- The different types of trades available and what they all mean to the trader
- What unique special features and customer support they offer to their clients
Whilst smaller accounts are available in the EmpireOption offering they aren't really aiming for the small account market. Withdrawals are discouraged with the Micro Account and there is a fee of $30 for doing so not to mention that you have to make 20 trades of at least $25 per trade to be eligible for withdrawal. The minimum trade amount is a rather hefty $25, so this isn't a broker for the less affluent trader.
On the upper end of the scale the VIP Account, with its minimum $30k deposit has no withdrawal fees and only a five trade requirement.
The Micro Account requires a minimum deposit of $200 and offers a weekly report and financial analysis. In addition to this it offers one trade book and one seminar. Withdrawals take up to 10 working days.
$500 is the minimum deposit required to open a Classic Account. It offers a few more benefits than the Micro Account, including an economic calendar and a reduced withdrawal turnaround of seven working days.
Opening a Plus Account with a minimum of $1000 further reduces the withdrawal turnaround to up to five working days and offers even more benefits than the Micro and Classic Accounts with the addition of trading signals.
For those more serious traders the Account Empire requires a deposit of $5000 or more. For this you get more trading books, more seminars, signals and one to one help plus a withdrawal deadline of just three working days.
$30000 allows you to open a VIP Account and reduces the withdrawal deadline to one working day and removes withdrawal fees. Of course all of the same benefits of the Account Empire apply but apart from the reduced withdrawal deadline the benefits aren't really any more significant.
Trade Types And Payouts
Short Term Options
EmpireOption offer Short Term options of 30 seconds, 60 seconds and two minutes. These options are good for taking advantage of micro movements in the markets. They allow you to make a higher volume of trades with a quick turnaround and are ideal if you only have short space of time to trade.
If you work full time and only get short periods to trade then short term options allow you to trade on your lunch break, this however relies on there being the right activity in the market. If you are a full time trader the short term option allows you to watch the markets and seize the opportunity.
Long Term Options
If you have a more strategic approach and want a more solid, reliable plan then Long Term options allow you to predict the outcome of an asset over a longer period of time. Many traders prefer this and find it a more stable approach to trading. It may take longer to see results and not carry the same thrill as short term but it does allow for more forward thinking.
One Touch Options
One Touch options allow you to trade even when the markets are closed. It is a little more advanced than Short or Long Term options but just as profitable. The objective with a One Touch option is to predict the price an asset will reach before the predetermined expiry time.
If the price is reached you receive a payout, if the predicted price is not reached you don't receive a payout and you lose your investment.
Pairs require you to trade on the outcome of a pair of assets. Let's say you choose Google and Microsoft as your pair. The objective is to correctly predict which of the two assets will perform better in the trading period.
The payouts offered by this broker are up to 82%.
Bonuses And Promotions
Whilst there aren't specific deposit bonuses offered for each different type of account there are unspecified bonuses available for new accounts, this appears to be discretionary and requires that you speak to an account manager.
There is a very specific "refer a friend" bonus which is explained on the website. If you refer a friend you receive 10% of the value of the friend's first deposit which will be deposited in your account. The friend also receives $50 to trade with.
When you arrive at the mobile site you are immediately asked to download the app to open an account and start trading. It would appear that you can't trade from the mobile version of the website and that the mobile website is purely an information tool to help you to make a decision about whether you wish to trade with mobile option.
Whilst traders can't actually trade on the mobile version of their website there are apps available for both Android and iOS and available from the App Store and Google Play. It is well worth browsing the mobile website though to familiarise yourself with some of the information that the broker provides about their accounts and customer support.
Deposits And Withdrawals
As with most brokers, deposits can be made using recognised credit cards like Visa and MasterCard as well as wire transfer and a number of e-wallet and online payment solutions. The minimum deposit to open an account is $250 and all subsequent deposits must be a minimum of $100.
Withdrawals attract a fee of between $10 and $30 depending on the type of account. There are no withdrawal fees for a VIP trader. The time it takes to process a withdrawal ranges from one to ten business days, our test withdrawal took 4 days and there were no significant withdrawal problems.
With social trading being encouraged and supported by EmpireOption they are offering a service called iFollow. This allows you to watch the success of other traders, often professionals, and then replicate this success yourself. To use iFollow you simply select the traders that you wish to follow and then register, copy and make money.
Videos, online courses, webinars, trade books and customised classes are all tools offered on the training section of the EmpireOption website. This information is not openly available to all and depending on the account you open will depend on the level of information that you have access to.
Binary Site Reviews
There is no shortage of ways in which to contact the EmpireOption customer support team. There are several numbers to call for traders based in the following locations; USA, Brazil, Chile, Spain, France, Columbia, Mexico, Venezuela and Peru. Help is also available by email in English, Spanish, Portuguese and French. Online assistance can also be offered in the customer's language.
As well as telephone, email and chat the company is also available via the social media platforms Facebook, Twitter and Google+. This support is available 24 hours a day, 7 days a week, even outside of trading hours.
Whilst this broker may be unregulated this hasn't stopped them from making a name for themselves and establishing a good client base, especially in South America where the company began its journey. They offer a good range of accounts, an extensive range of assets and a variety of option types.
The payouts are competitive with anything else in the market place and the education and tools that they offer are all designed to make the trading experience a good one. They offer a strong, accessible customer support service.
One thing we did observe is that they aren't really looking for the novice trader. The minimum deposit and minimum trade amounts, as well as the fact that there are withdrawal fees for smaller accounts, indicates that they are looking for the high rollers, those that know what they are doing and are prepared to turn over large amounts of money.
So if you are an experienced trader or have more money to play with then this could well be the sort of broker that you are looking for.
Reviewed by: BinaryOptionsExpert.net
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Frequently Asked Questions
Is EmpireOption legit, will they scam me?
EmpireOption would not have been able to trade for so long if they weren't a legitimate broker. Having been established since 2010 they have built up a strong client base, particularly in their native home of South America. Their customer support is designed to support those all over the world with contact numbers available for a number of countries and many different ways available to contact them including social media.
Do they have a decent mobile or tablet app?
Upon arriving on the mobile website you will quickly realise that the mobile site is not built for trading and you will be redirected to the app on App Store or Google Play Store. The mobile website is purely for information and allows you to make an informed decision about the platform before you download the app. For those who trade on the go EmpireOption have everything you need to suit the device you are using.
What bonus do they offer for new traders?
It is quite difficult to establish what bonuses are offered. If you look at the different account offering there are no pre-determined bonuses. To discover more about the bonuses offered you need to speak with an account manager to agree your discretionary deposit bonus. They do however offer a "refer a friend" bonus for traders who refer a friend that opens an account and makes a deposit. This is 10% of the amount deposited.
Can I start trading on a free demo account?
The demo account, as with many brokers, is available to those who open an account with EmpireOption. Whilst this means you can't "try before you buy" it does mean that before you start trading with your funds you can practise with a $10000 demo account. To use the demo account the trader actually has to ask for the virtual funds to trade with from their account manager when they are contacted.
What's the minimum deposit and trade amount?
The minimum deposit required to open an EmpireOption account is $250, subsequent deposits of $100 are accepted. The minimum trading amount depends on whether you are trading Short Term or Long Term options and range from $5 to $25. Short Term options can be traded with $5. Anything else requires $25 per trade. There are also withdrawal fees which are worth noting for those with smaller accounts.
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