We ventured into our search to find this out. We have gathered that this broker rates average and has been around for quite some time in the industry. We display their low results in the graph which can be found below.
Since we are still researching about this broker, we cannot say for sure that this broker is 100% legit. In order to be sure of our traders’ satisfaction we recommend you to Proceed to SafetyProceed to Safety OR choose one from the list of Top Trustworthy Binary Option Brokers:
Top 3 Brokers April 2017
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OptionsXO is a binary options broker that is owned and operated by a company called Omni Capital Ltd. The broker is not new as they were founded in 2012. What this basically implies is that there are many traders who have actually traded on their platform and made use of their services.
Our in depth review of OptionsXO digs into details about their trading platform and the features they offer. Another thing that we were curious to know was whether they are legit or not. The investigation that we carried out allowed us to make some serious conclusions about Options XO.
So if you have been thinking about using this broker as your binary options trading partner, read this complete review first.
How To Trade with OptionsXO?
According to several online sources, the platform has been designed to be easy to use. It is claimed that their trading platform is smooth, fast and offers a high rate of return on investments. But our investigation proved otherwise. OptionsXO may not be your ideal broker because they have not been able to live up to their promise.
Their claims are quite unreasonable and our findings reveal that trading with them is quite complicated. To start with the investment process, you need to set up an account with the broker. The steps are basic, but after you add a deposit and try to make investments, you may be faced with technical glitches. The platform supports standard options only and there are often delays when executing trades meaning that traders always end up putting their money on wrong options.
OptionsXO operates on the Tech Financials trading platform. Generally, this platform is not the preferred choice for many brokers. The reason is that the user interface is not easy on the eyes. Top brokers in the industry avoid using this trading platform.
The choice of options and assets are also limited. There are only 4 option types including One Touch, Short Term, Boundary and High/Low. The trading platform is very basic and it doesn’t even have features to enhance trading experience. The most important thing for traders when investing in binary options is profits, but from what we can see and what users have experienced, this trading platform doesn’t have the capability to yield significant profits for its users.
Is OptionsXO a Scam?
When searching for information about OptionsXO, we came across several complaints regarding the way they conduct their business. It appears that OptionsXO employs unethical business practices. Many traders have faced locked and suspended accounts after requesting withdrawals. For some traders, their withdrawal requests were cancelled without any explanation or reason.
In addition, the broker makes unauthorized trades using the funds that traders deposit in their accounts. They refuse to refund losses and they also refuse to honor the promises they make to their clients. Our personal opinion of OptionsXO is that they might turn out to be a scam broker. They are not honest and they cannot be relied on as a safe option for trading.
How To Get Started?
The process of getting started with OptionsXO requires traders to complete 3 steps. Here’s a look at what these steps entail.
- Sign Up – complete the form available on the website.
- Make a Deposit – the minimum deposit requirement is $250, but there are several different account types with different deposit requirements.
- Trade – traders can choose assets they want to invest in, but there is no guarantee that they will earn money from their investments. Even if profits are made, the broker will make the withdrawal process complicated to prevent traders from getting their money transferred.
Another aspect of the broker that really raises suspicion about it being a scam is their customer support service. The team is highly inefficient and unreliable. They hardly make any effort to respond to emails and queries. When traders contact them via phone or live chat, their response time is very slow and they also don’t provide proper solutions. It appears that the team doesn’t have adequate knowledge on the subject of binary options trading.
We are not at all impressed with this broker because our investigation indicates that they could be a scam service. The broker has many complaints under its name and they don’t even take any effort to resolve the issues that traders are facing.
We would like to advise our traders that there are better platforms available which they can opt for. OptionsXO is not a good choice because they are unsafe and unreliable.