Discover more
Brokers

Expert Option Review: Scam Or Legit?

June 20, 2022
0 Comment

This is quite a new online broker on the trading market. It has been operating in more than one hundred and fifty countries around the world since the year 2014. Today, about 87 million people have their accounts on the platform. In this Expert Option review, we will present the key features of the broker and tell you whether it is a legitimate or a scam trading platform. 

What Is Expert Option Trading Platform 

This is an online platform for trading financial assets. The company has already won the trust of a considerable number of traders as it offers favorable trading conditions which allow them to receive high income. What is more, Expert Option is also a great platform for those people who want to start trading because it offers many educational materials such as tutorials and webinars that will help them to master this sphere. 

Key Feature 

As far as the main features of this trading platform are considered, there are quite a few of them that we assembled below. 

  • Social Trading. The broker grants traders an opportunity to trade with their relatives or friends. What is more, they may also study the activity of successful traders and use this information to create their own strategy. 
  • Technical Analysis Tools. Expert Option offers many tools for advanced market analysis such as four types of charts, eight indicators and various graphic elements. 
  • Training and Education. The platform also gives traders the opportunity to learn to trade and improve their knowledge in this sphere with the help of free materials for education provided on the main website. Therefore, they may study basic information about working in financial markets and avoid many mistakes and unnecessary losses. There are such sections proposed as a psychology of trading, technical, graphical, fundamentals analysis and diverse effective strategies. 
  • Demo Account. The broker offers traders a chance to open a $10 000 free demo account and try their hand and knowledge in a virtual market. It allows them to test the capabilities of the platform and practice trading on virtual money there before investing their own money. Expert Option allows traders to open such an account in just a few clicks without the need to complete the registration. 
  • Available Cryptocurrencies. The platform allows users to trade plenty of cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dash, IOTA, Monero, Litecoin, Tether, Zcash. 
  • Account Types. The broker offers 6 different types of accounts, each of which has its own minimum deposit amount, bonus amount and other additional features. These are Micro, Basic, Silver, Gold, Platinum and Exclusive account types. 
  • Mobile Trading. Expert Option is accessible not only on computers but also on smartphones as there are special applications that can be downloaded on Android and iOS devices that offer instant access to all the functions of the broker. 

Expert Option Account Verification

Verification of user data is a required procedure due to the KYC (Know Your Customer) policy, as well as international anti-money laundering regulations. The main criteria of verification of the Expert Option account are the confirmation of the identity, residential address and email address. Every trader should complete this procedure because otherwise, he will not be able to withdraw money from the account later.

Therefore, first of all, after completing registration, users will receive a confirmation email containing a link that they need to click on to verify their email address. Then, they should provide a scan or a color photo of a valid ID card or a driver’s license on which all the personal data are available. What is more, traders will also be asked to confirm the deposit method with a photo of a bank card that contains the digits, the full name and the expiration date. 

Bonus Option

Expert Option proposes a welcome bonus of up to 100% for the first replenishment. The size of the bonus is determined individually depending on the amount of replenishment. The minimum amount of money that is required for replenishment is 30$. Bonus funds can only be used for trading and they are not subject to withdrawal. After the required volume of transactions is reached, according to the terms of the bonus, all the earned money can be withdrawn then. The broker may introduce some changes to the bonus policy from time to time and that is why it is crucial to study all the requirements carefully. 

Deposit And Withdrawal Methods 

Expert Option broker proposes diverse options for replenishments and cashouts. Traders may choose such deposit options as credit or debit cards, WebMoney, Neteller, QIWI, Skrill, UnionPay, etc. The minimum amount of the replenishment is contingent upon the type of account. For Micro account it is 10$, for Basic – 50$, for Silver – 500$, for Gold – 2500$, for Platinum – 5000$ and for Exclusive type of account there are individual limits established by the broker. When it comes to withdrawals, there are over twenty options proposed by ExpertOption. These are Visa, MasterCard, cryptocurrency, PM, Yandex Money, etc. The payouts on the trading platform may reach even 95% The minimum size of cashout is 10$. 

Withdrawal Times

The time that is required for transactions to be processed depends on the type of account and a chosen banking system. Usually, it takes from several hours up to 2 days to complete a payout. However, the owners of Gold, Platinum and Exclusive accounts may perform this operation in privileged conditions. 

Fees & Costs 

There are no fees for withdrawals funds on the Expert Option platform. The company does not impose any restrictions on the movement of traders’ funds because what matters for the broker is the convenience and user experience. 

Does Expert Option Scam Or Legit? 

Owing to the fact that the trading platform is owned by the officially registered company EOLabc LLC with its address in St. Vincent and the Grenadines, the broker may be considered absolutely legitimate. 

Regulation & License

Expert Option owns an official license from the official authority VFSC which means that the activity of the company is being carefully supervised by this institution. What is more, the trading platform takes care of the security of the users as it has the necessary encryption certificates that guarantee the protection of all private data. 

Advantages And Drawbacks 

If you are not sure whether this trading platform is worth joining, then here we gathered both benefits and drawbacks that will help you to make your decision. 


Advantages 

  • the platform is translated into 13 different languages
  • wide range of tools for analysis
  • free demo account available
  • simple interface
  • an affiliate program with numerous banners and other marketing tools
  • desktop and mobile applications 
  • an extensive selection of payment methods
  • multiple account types 
  • round the clock customer support
  • low minimum replenishment 
  • no fees for transactions

Disadvantages 

  • the broker is not accessible in some countries 
  • the customer support is only available in the English language 

Expert Option Mobile App

What is also worth mentioning in this Expert Option review is the presence of a special mobile application which allows traders to manage their finances on their mobile phones. The app is compatible with popular operating systems such as iOS and Android. The mobile version of the platform looks very much the same as its desktop version and allows users to access all the main features of the broker. Traders may download the mobile app either from the main website or from the official stores – Google Play and App Store. 

Final Thoughts 

ExpertOption trading platform has grown quite rapidly over a few years of its existence. It offers a high payout percentage which is 95%, a great choice of tools for technical analysis, several account types, multiple methods for payments and high-quality materials for self-education. All the aforementioned benefits make this platform a great place for trading. In this Expert Option review, we presented all the particulars of the broker such as the kinds of accounts, replenishment and payout limits, the processing time of transactions and the bonus policy. So, if you want to start trading safely, then this broker will be an appropriate place for that!

Frequently Asked Questions

Does an Expert Option Has Charge Commission?

No, the broker does not impose any fees on transactions. 

How To Verify An Account In Expert Option?

You should provide scans or quality photos of documents that confirm your identity such as passport, ID card or driver’s license. 

What Are The Advantages Of Expert Option Trading Platform?

The benefits of Expert Option are functionality, security, low size of minimum deposit, no commissions for financial operation and an effective client care team.Add question

 

Leave a comment

Your email address will not be published.

Up