Optionfield Review 2020
Optionfield is a global binary options and forex broker, offering one of the most popular online trading platforms in the world, MetaTrader 4, and a powerful browser-based WebTrader. The broker does not have the tightest spreads compared to other brokers we have reviewed although they do have decent trade execution speeds. They provide various trading account options with flexible leverage of up to 1:200.
Optionfield Review 2020, Pros & Cons
- MetaTrader 4 trading platforms
- A wide selection of tradable assets
- Segregated client funds
- 24/5 client support
- Lack of regulation
- Not the tightest spreads
- No US clients
- No contact telephone number
In this detailed Optionfield review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Optionfield is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Optionfield.
Optionfield Review: Summary
Founded in 2018 and based in Saint Vincent and the Grenadines, Optionfield is a binary options and forex broker that offers forex, commodity, and CFDs instruments for trading through their powerful and intuitive trading platforms. Optionfield is a new generation of an online broker that focuses on platforms built by global leaders and preferred by professional traders, excellent customer support, trader-friendly financial instruments, and much more.
The broker has been recognized with several industry awards for their online trading services. The awards include the ‘Rising Star’ award and the ‘Great User Experience’ awards, both were awarded at the Finance Online Awards 2018.
Optionfield Review: Regulation
Optionfield Limited is located in Kingstown, Saint Vincent and the Grenadines and is incorporated under registration number 24466 IBC 2018 by the Registrar of International Business Companies. It is registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) and is regulated by them. Optionfield.com is a Digital Options Broker owned and operated by Optionfield Limited. The broker states that its clients’ funds are kept in segregated accounts.
Optionfield Review: Countries
Optionfield allows traders from different parts of the world to open an account with them if their countries of residence permit online trading with international brokers.
Some Optionfield features and products mentioned within this Optionfield review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Optionfield Review: Trading Platforms
The MetaTrader 4 trading platform is undoubtedly one of the most popular and widely used platforms in the world. It was developed by the MetaQuotes Corporation in 2005, and it has been dominating the trading technology market ever since, primarily due to its user-friendly interface and abundance of features.
MT4 is a platform that appeals to experienced traders with its functionality, stability, and unparalleled accountability. It is for these same reasons that professional binary options traders are also choosing the MT4 as their platform of choice, even though the platform itself is actually older than the whole binary options industry.
The Metatrader 4 platform allows its user to monitor a few instruments at the same time with multiple time-frame options, multiple chart types, and the opportunity to add an unlimited amount of custom indicators. Optionfield provides traders with access to trade on the MT4 desktop platform with the binary extension for Windows computers.
The Optionfield Binary Options WebTrader is a powerful web-based trading platform. It is designed on the back of the award-winning MetaTrader 4 infrastructure to enable investors to trade with the instruments offered by the company from any location via their preferred web browser. By using the WebTrader, investors do not need to download and install the Desktop MT4 terminal and extension.
The Optionfield WebTrader offers clients the following benefits:
- Trade from your browser without the need to install software on your computer or smartphone.
- Access the same trading instruments that are available on the MetaTrader 4 platform.
- Trade with the same MT4 Account on the WebTrader, Desktop MT4, and the Optionfield Android app.
- Your trading history will be synced across all of the broker’s platforms.
Optionfield Mobile App
Optionfield’s FXGO mobile trading platform allows you to trade binary options wherever you are from the palm of your hand. The platform can be downloaded on any Android or iOS device. The mobile app gives traders the full functionality of the desktop platforms on their mobile device. This is useful for those who need to access their account and trade whilst on the go.
- Market, pending, and roller positions
- Account history
- Full synchronization between the mobile, desktop, and web versions
Optionfield Review: Trading Tools
The broker’s website has no standalone trading tools. However, the MetaTrader 4 platform and the proprietary trading platforms have plenty of trading tools to satisfy the needs of most retail traders.
Optionfield Review: Education
The brokers trading blog contains a vast range of trading articles, news, and updates; they help to keep traders informed about the markets at all times.
The broker’s website has a selection of educational videos that cover a range of trading topics, including opening a demo account, how to install the MT4 platform for binary options, and quick tours of the various trading platforms.
FAQs & Glossary
There is a Frequently Asked Questions (FAQs) section on the broker’s website; it has answers to common questions traders may have and a glossary has a range of trading terms, along with their detailed explanations.
There is an online trading academy; trading mentors can host their own trading academy with a trading social network atmosphere where you and your traders can communicate and trade together.
Optionfield Review: Trading Instruments
Optionfield offers forex, binary options, commodity, and CFDs. Binary options are financial instruments that provide you with the ability to trade on the price movements of different currency pairs, commodities, and cryptocurrencies. Binary options can provide transparency and simplicity on the financial markets. It is imperative that you understand the significant risks involved with trading online.
Optionfield Review: Trading Accounts & Fees
Optionfield offers a variety of account types to meet individual trader’s needs and trading strategies. The accounts are denominated in USD, EUR, and GBP, and they are used for both binary options and forex trading. The account types include:
This is considered the ‘entry-level account; it is designed for beginner traders. This account type requires no initial minimum deposits.
This is the most popular account type offered by the broker; it has a required minimum deposit of $2,000 and offers free withdrawals once per week.
The Elite Account is designed specifically for seasoned investors; it offers unparalleled flexibility and fully customizable features. Clients get access to a Personal Relationship Manager.
Demo accounts are available for practice purposes. It is a good way for traders to test out the broker’s platforms and different trading strategies risk free. The demo accounts are preloaded with $10,000 virtual funds for practice purposes.
As broker fees can vary and change, there may be additional fees that are not listed in this Optionfield review. It is imperative to ensure that you check and understand all of the latest information before you open an Optionfield broker account for online trading.
Optionfield Review: Customer Service
Optionfield offers their clients a knowledgeable customer support team who are polite and prompt in response. They are on hand to assist traders with their general, technical, or account-based inquiries. They can be reached via email and online webchat. The broker is also available on social media channels: Facebook, Twitter, and LinkedIn. Unfortunatly, there is no contact telephone number on the brokers website.
Optionfield Review: Deposit & Withdrawal
Optionfield offers a wide variety of account funding and withdrawal methods, and they include:
- Bank Transfer
- Credit/Debit Cards, including Visa and MasterCard
- Cryptocurrencies, such as Bitcoin, Etherum, and more.
- Online payment processors (Neteller, Skrill, and Perfect Money).
Some payment methods may not be available to specific countries, and the transaction processing time depends on the payment provider. Optionfield Limited does not charge any deposit fees. If your bank charges you for the deposit, you might be eligible for a partial or full deposit fee reimbursement.
Credit/Debit Cards, Skrill, Perfect Money, and Neteller deposits are funded to your trading account instantly, but bank transfers may take a few business days to be processed. Crypto-currency deposits are automatically allocated to a trading account within 15 minutes after the transaction gathers all necessary confirmations from the blockchain network.
Optionfield Review: Account Opening
You can open a trading account by clicking on the ‘sign up’ icon at the top right corner of the broker’s website. If you have chosen the “quick registration” option at sign up, you will need to complete your profile information (names, country, address, etc.) the first time you log into your account. This will automatically move your account to “Demo trader” and give you access to the broker’s demo accounts. You will then be prompted to upload your documents (ID and address). Once you do that, the Support team will verify them, and if everything in the documents is fine, they will approve your account and your user class will be changed to “Live trader”. To open your first live trading account, go to the My Accounts menu – Live trading. Optionfield will give you on-screen notifications and hints, which will help you with the on-boarding process.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Optionfield Review: Conclusion
Optionfield is a binary options and forex broker that offers forex, commodity, and CFDs for trading through their powerful and intuitive trading platforms. There is a leverage of up to 1:200 and multiple account options. The broker charges no deposit fees. Optionfield offers around-the-clock customer support, fast withdrawals, and the expertise of industry leaders. However, the trading brokers review team believe the regulation is lacking and the spreads not to be amongst the lowest we have seen in the online brokerage industry.
Trading in the financial markets carries a high level of risk and may not be suitable for every investor. Optionfield recommends that you only trade with money that you can afford to lose.