Update (February 2017): Due to many complaints, we now believe that Plus Option is not a reliable broker!
Launched in 2015, PlusOption (PlusOption.com) is a new binary option broker, which uses the single market-maker business model. The brand is based in the Marshall Islands. Before we delve any deeper into this review and begin analyzing various aspects of this broker’s offer, we have to point it out that PlusOption aren’t licensed and regulated. What this means is that they’re free to do with their traders’ funds as they please, at least in theory. That doesn’t mean that’s what they do indeed do, but should they choose to go down that path, they wouldn’t have to answer to any authority. Lacking in the way of regulation is a major shortcoming for a binary option broker, one that can (and probably should) be a deal-breaker.
In PlusOption’s case, judgment is further hindered by the fact that the operator doesn’t really tell us anything about its background and actual corporate ownership in its About Us section, electing instead to discuss its trading platform and the features it offers. Apparently, PlusOption is popular in various Central and Eastern European countries, and no, we do not have any proof in this regard.
The company behind the PlusOption brand is apparently ACV Operations SRL, based in Bucharest, Romania.
The trading platform which currently powers the operation and which is the popular SpotOption platform, is considered one of its top selling points. Mobile trading is also available, and there are a number of different option types that traders can use to bring various binary options trading patterns to bear. There’s a special feature supported as well: a 10% return on investments, even for options that expire out of the money. This is the equivalent of some rather substantial cash-back.
PlusOption also seems to work with a number of 3rd party trading robots. In this regard, caution needs to be exercised though, as many of these trading robots are in fact scams, used to generate affiliate revenues for their perpetrators.
On the downside, besides the obvious lack of regulation, there’s also no demo account on offer.
PlusOption Trading Platform
As said, the technology-provider currently powering PlusOption is SpotOption. The SpotOption software is recognized as one of the best trading platform solutions the industry can currently offer. It is web-based, meaning that its compatibility is excellent and one doesn’t have to download anything to trade. The actual trading process is simple and self-explanatory.
The software has a simple yet handy market-sentiment tool built in, which gives traders a clue in regards to the odds involved with the option they are looking at. This is called the Trader Choice tool, and some traders have been known to trade rather successfully based on this tool alone. All the variables pertaining to a trade are displayed clearly so one knows exactly how much he/she risks and how much he/she is looking to win in case of success. A sort of demo version of the software is available directly at the PlusOption site, but in order to actually place trades through this platform, one has to set up an account with the broker.
PlusOption Trade Types
The SpotOption platform delivers an impressive number of option-types that traders can use to twist and turn their trading patterns the way they want to.
The High/Low (classic) binary options carry a maximum payout rate of 81%. Their expiries are in the 20-minute range. This option type covers the largest selection of underlying assets.
Pairs trading is about comparing the performances of two underlying assets within a given time-frame, and predicting which of them will be better. Pairs trading isn’t available round the clock, in fact, those looking to trade these options, will only be able to do so on a rather strict schedule.
Long-term options come with expiries measured in days, weeks, months and even a whole year. These options are obviously for those who do not mind having their funds tied up in a trade for a long time. The payouts on such options max out at 75%, so that’s not a very attractive setup.
The short-term options come with 60-second, 90-second, 120-second, 180-second and 300-second expiries. Instant gratification is the reason these options were created. The payout on them is a rather unimpressive 70% though.
Those looking for bigger payouts will probably find the One Touch options much more interesting. Payouts on these babies can go as high as 320%, although the odds associated with them are quite adverse for traders too.
Ladder Options take the payout game even further, then again, they are even harder to crack than the One Touch options. They do lend themselves well to a number of interesting technical-analysis based trading patterns, so there’s that facet one has to consider too.
CFDs and FX can be traded at PlusOptions too, and there’s a spot follow feature, which is essentially about social trading. Through this feature, traders can copy the moves of their more successful peers.
PlusOption Account Types
In order to accommodate as wide a range of traders of varying financial means as possible, PlusOption have created four different account types, of which the cheapest and the most basic is the Micro account.
The Micro account requires a minimum deposit of only $250, so it’s safe to say that – contrary to what’s advertised – this is in fact the most popular account type of the broker. This account type gives traders access to more than 190 underlying assets, to a selection of trading alerts and a daily market review.
The next step up the ladder is a big one: the Silver account requires a deposit of $2,500, and it introduces traders to an account manager. In this regard, all we can tell you is that you are probably better off NOT making use of the services offered by this account manager.
The Gold account is advertised as “the most popular,” which is frankly hard to believe, since the minimum deposit required to sign up for it is $10,000. In addition to the perks mentioned above, it also gives traders access to a risk management plan, to a financial plan, as well as to the services of a personal analyst. The Gold account lets traders access a selection of webinars too.
The Diamond account is the most lavish features-wise. It hands out invites to various VIP events, it allows traders to withdraw their funds faster than they would be able to otherwise, it features higher payouts and it lets traders tag along on special ventures.
PlusOption’s education section is called the “Plus Academy.” The most prominent feature of this section is the Super Trader TV, which features daily broadcasts. In order to access the programming though, one apparently has to have an account registered with the operator. There’s an assets video index however, that everyone can access and which features a number of educational videos on various currency pairs, making sure that traders do indeed understand the fundamental mechanics behind the price evolution of these assets.
The First Steps section is dedicated to beginners. It too delivers a surprisingly rich selection of educational videos, which cover the basics, focusing on providing traders with a thorough grasp of the economic and financial concepts involved in the trading of options and futures.
The Advanced traders section accomplishes the same, on a higher level of course. The Expert Traders section tops up the deal, taking traders all the way into the often treacherous marshlands of advanced strategy and market analysis.
An exhaustive articles section rounds out the education offering of the broker, which is – by all standards – very impressive, and pleasantly surprising indeed.
The PlusOption support can be contacted through a handy Live Chat feature. There’s a support email too: firstname.lastname@example.org, as well as an email form. Support phone numbers are provided for four different countries: UK (+442038070195), Singapore (+6531573361), Belgium (+32466900302) and Australia (+61291192982).
PlusOption Review Conclusion
PlusOption features a sturdy and reliable trading platform, a good asset-selection, and an equally impressive selection of option types, through which one can trade those assets. It is an unregulated broker though, and that puts a serious dent in its overall image.
Review Verdict: PlusOption is a SCAM!
|Jurisdiction||Marshall Islands (Romania?)|
|Trading platform||SpotOption 2|
|Support||Support@plusoption.com, email form, live chat|
|Trader Demographics||Australia, UK, New Zealand, Ireland, Germany, Netherlands, Scandinavia, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Singapore, Russia, Malaysia. (For a list of blocked countries, see below.)|
|App compatibility||Android, Windows, Mac, Linux|
|Minimum required deposit||$250|
|Minimum trade amount||$25|
|Customer service||Eager to assist, available 24/7|
List of Blocked Countries
USA, Philippines, Iraq, Papua New Guinea, Ghana, Tanzania, Algeria, Morocco, Mauritius, Brunei, Colombia, Sri Lanka, Lesotho, Cameroon, Botswana, Chile, Uruguay, Venezuela, Guatemala, Taiwan, Burkina Faso, French Polynesia, Cote D’Ivoire, Burundi, Liberia, Libya, Peru, Indonesia, El Salvador, Puerto Rico, Bangladesh, Kenya, Thailand, Mongolia, India, Sierra Leone, Benin, turkey, Nicaragua, Albania, Ethiopia, Macao, Andorra, Angola, Antigua, Barbuda, Bosnia and Herzegovina, Czech, Dominican, Ecuador, Fiji, Greece, Malawi, Mauritania, Bulgaria, Portugal, Panama, Paraguay, Hungary, American Samoa, Armenia, Barbados, Belize, Bolivia, Congo, the Democratic Republic of the, Costa Rica, Gabon, Guernsey, Guyana, Haiti, Honduras, Martinique, Reunion, Saint Kitts and Nevis, Solomon Islands, Turks and Caicos Islands, Mali, Macedonia, Nepal, Cuba, Cayman Islands, Monaco, Trinidad, Tobago, Belgium.