Our team was not able to gather enough information to indicate if OptionTime is a scam or not. We were hardly able to find any trader comments in many of the trading forums and even those we found didn’t seem to be genuine. As you can see on the graph below they do not rank high on Google Trends.
Top 3 Brokers January 2017
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OptionTime was founded in 2013 which means that it is a relatively new player in the market. The company was established by Safecap Investments Limited which has good reputation on the market and among a number of brokers. OptionTime is a regulated broker and its operations are governed by CySEC. Their main offices are located in Nicosia, Cyprus. Although OptionTime is a regulated binary options broker, does this mean that your investment is 100% safe with them?
We cannot say that this broker is a scam because it is regulated, but at the same time we also cannot say that there are no financial risks associated when dealing with this broker. Based on our investigations and findings, OptionTime is backed by a reputable financial trading company and it offers an education centre, banking options and a support service.
Is OptionTime a Scam?
In the world of binary options trading, there are a lot of scams and most of them come to light when it is already too late. There are many ways in which scams take place in the world of binary options trading. When the trading company has all the wrong motives, this is the time when traders end up being cheated. But, there are also times when traders do not have a good experience due to their own mistakes and they consider that they have been scammed by the company.
When it comes to trading with OptionTime, it cannot be considered as a trustworthy broker. Customers are not guaranteed of complete satisfaction even if they are familiar with the rules of trading as well as the policies of the trading company. However, whenever you are trading with an online broker, you must always save documentations, email history and take screenshots to protect yourself.
OptionTime Withdrawal Methods
Withdrawing with OptionTime is not very easy. The approval time usually depends on the type of account you have. The methods for withdrawing funds include credit card, bank transfer and other methods that you use to deposit money. There are no fees to withdraw your winnings, but the minimum you must have in your account to request a withdrawal by card is $10. For wire transfer, you must have minimum of $100 in your account. You shall also note that it may take more than 7 days for you to get your money in your account. Our investigation has also revealed that OptionTime holds the right to keep your deposits in accounts outside of Cyprus. So if your money is not held within a European bank account, you are not protected by the regulation and this also means that there could be financial risks.
OptionTime Demo Account
It is not wise to invest your money if you are not familiar with the basics of trading. This is the reason it is essential to trade using a demo account. OptionTime demo account gives you the opportunity to trade free of cost and learn about their platform. You don’t have to invest any real money to make use of their demo account. The four different types of assets that you can start trading with include Stocks, Currencies, Commodities and Indices. Before you invest your money, you must find out whether the broker is the best choice for you or not.
OptionTime Promotions and Bonuses
Before accepting OptionTime’s bonuses and promotions, you must learn about their terms and conditions. This is because OptionTime does not allow traders to withdraw their bonus until they have fulfilled the minimum trading volume requirement which in this case is 40 times. Basically, if you want to qualify for a bonus of $500, you must generate $20,000. So before you accept a bonus, you must read their rules and regulations.
We came across a number of complaints about this broker when we searched the internet. However, most of these complaints are related to withdrawal of funds. There are terms and conditions which must be met in order for traders to withdraw their money. Failure to understand these terms and conditions often result in an unpleasant trading experience and this is from where many of these complaints seem to stem from. Traders must understand that there is a different between processing time and the time it takes for the money to show up in the account. The processing time is mentioned as 3 days, but the funds may take more than a week to show up.