Is ExpertOption a legit broker or a scam? ExpertOption review

Many rumors circulate about the binary options broker ExpertOption. On one hand, the company offers many attractive trading conditions; on the other, it has received several contradictory reviews. Want to know where the truth lies and where it's all fiction? This Expert Option review will provide a comprehensive answer to this question. We will analyze all aspects of this binary options broker's activities so you can decide whether to trust it.

Table of contents:

• Is ExpertOption legit?
• What is ExpertOption?
• History and statistics of the ExpertOption broker
• Regulation

1. Jurisdictional considerations
2. Restricted jurisdictions 

• Security of Funds and User Data
• User Satisfaction
• Account Types
• Trading assets

1. ExpertOption trading hours (GMT)

• Deposit and Withdrawal

1. Accepted Payment Methods
2. Currencies 

• ExpertOption fees & commissions 
• Demo account
• Trading platforms
• Mobile app
• Technical platform issues
• Tournaments
• Bonuses and Promotions
• ExpertOption affiliate program
• Customer support
• Research & Education
• Is it easy to open an ExpertOption account?
• How to trade on ExpertOption?
• Who should consider using ExpertOption?
• Pros and cons of ExpertOption
• Should you trade binary options on ExpertOption?
• FAQ

Is ExpertOption legit?

ExpertOption is a fully legal platform for trading binary options. Its user-friendly interface and a limited number of built-in technical indicators make it especially appealing to beginner traders. In this Expert Option review, we thoroughly examined all aspects of this broker, and here are the key points we want to highlight:

• The broker supplies diverse trading assets, including currency pairs, stocks, indices, commodities, cryptocurrencies, and ETFs.
• Traders generally praise the ExpertOption platform for its intuitive interface and useful features, such as four types of charts, social trading, and a mobile app.
• The availability of a demo account helps beginners get to know the platform and practice trading strategies without the danger of losing actual funds.
• ExpertOption offers bonuses for deposits, promotions for new clients, and incentives for active traders.
• Many users highlight the quick execution of trades, essential for successful intraday trading.
• ExpertOption provides a wide selection of payment systems, making it easier for traders to deposit funds and withdraw earnings.

Numerous positive trader reviews confirm that ExpertOption is one of the best online binary options trading platforms in 2024.

What is ExpertOption?

The binary options broker Expert Option started its operations in 2014. The brand belongs to EOLabs LLC, a company registered in Saint Vincent and the Grenadines. From the beginning, the company attracted traders with its reliable operations, high-quality customer support, and regulatory oversight by the self-regulatory organization, The Financial Commission.

Another advantage of ExpertOptions is the ability for traders to participate in social trading. According to the broker's statistics, more than 70 million registered users will use ExpertOption trading tools by the end of 2024.

History and statistics of the ExpertOption broker

Expert Option actively develops, adding new features to its platform every year.

Regulation

The binary options broker Expert Option is a member of the self-regulatory organization The Financial Commission. The commission's primary purpose is to resolve disputes that may arise between traders and its member brokers. However, the Financial Commission is not a government regulatory body and does not claim to serve as one

.

Despite this, Expert Option's participation in this SRO greatly benefits traders. In 2023 alone, the organization resolved over 2,100 disputes and awarded traders compensation totaling more than $783,000. The Financial Commission accepts appeals within 45 days of the disputed situation, but only after the trader has attempted to resolve the issue directly with their broker.

Jurisdictional considerations

EOLabs LLC owns the broker Expert Option, registered at First Floor, First St. Vincent Bank Ltd., James Street, PO Box 1574, Kingstown, St. Vincent, and the Grenadines.

Restricted jurisdictions

You cannot start trading on Expert Option if you reside in or hold citizenship from the following countries: Australia, Austria, Belarus, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Iran, Ireland, Israel, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Myanmar, Netherlands, New Zealand, North Korea, Norway, Poland, Portugal, Puerto Rico, Romania, Russia, Singapore, Slovakia, Slovenia, South Sudan, Spain, Sudan, Sweden, Switzerland, the United Kingdom, Ukraine, the United States, or Yemen.

Security of Funds and User Data

Expert Option insures all trader funds with The Compensation Fund policy for up to €20,000. The fund pays this amount to a trader if the broker refuses to comply with a decision made by The Financial Commission. It highlights the importance of Expert Option's participation in this self-regulatory organization.

VerifyMyTrade, a partner of The Financial Commission, oversees the platform. This auditing company reviews 5,000 executed trades to ensure customer service quality standards.

To enhance the security of your data, activate two-factor authentication on the platform. Go to the "Security" menu in the "Profile" section and select "Two-Factor Authentication."

Then select your authentication method: email or Google Authenticator app.

The second option is more reliable, and we advise you to choose it.

Also, remember to create a robust and complex password to ensure a secure and reliable trading environment.
 

User Satisfaction

We researched user reviews on reputable platforms to form an unbiased opinion about ExpertOption. Here's what we found.

Account Types

Expert Option divides its accounts into seven types: Micro, Basic, Silver, Gold, Platinum, Exclusive, and DEMO. The table below describes each type.

Expert Option offers micro accounts for newcomers to the financial markets. These accounts allow you to learn the broker's knowledge base and practice trading. The maximum transaction size at this account is only $10.

If you're ready to move on to the next level, the Basic account is available. We recommend it for beginners who have already gained some trading experience but still need the ExpertOption platform's responsive customer support.

Most ExpertOption clients prefer the Silver account because it provides access to free consultations.

More experienced users can opt for the Gold account, which offers access to numerous tools and platform features.

The platform designs the Platinum account for more prominent investors who prefer personalized service and direct communication with a personal account manager.

The Exclusive account is available only by personal invitation. Please contact your manager for further consultation regarding the terms of this account.

Start with a Demo account if you find it difficult to start trading binary options. By trading different assets on Expert Option demo accounts, you will get unlimited access to the company's educational resources, significantly improving your trading skills.

Trading assets

Expert Option clients have access to over 70 financial instruments for trading. These include currency pairs, commodities, stocks, indices, and other assets. When writing this review, the broker Expert Option offered digital options only on assets with accurate quotes. The instruments with OTC quotes were not available in the list of tradable assets.

The maximum payout per trade is 85%.

ExpertOption trading hours (GMT)

The trading instruments on the Expert Option platform follow an unusual schedule. Each underlying asset has specific trading hours. For instance, on Thursday, November 28, 2024, the EUR/USD currency pair trades from 5:00 to 18:00 GMT, while AUD/CAD trades from 0:00 to 18:00. The next day, Friday, November 29, 2024, EUR/USD becomes available from 5:00 to 20:50 GMT, and AUD/CAD trades from 0:00 to 20:50.

The trading schedule for instruments changes daily. Check the "Assets" section on the trading platform to stay updated on the current trading hours.

Deposit and Withdrawal

Before submitting a withdrawal request for genuine funds, we remind you to complete the identity verification process and provide scanned copies of the required documents to Expert Option's financial department. This is necessary to combat potential fraud and money laundering.

Accepted Payment Methods 

Depositing and withdrawing funds via payment systems such as Skrill, Neteller, or cryptocurrencies is very popular among Expert Option's clients. In addition to these methods, each platform user can use credit/debit cards, Rapipago service points, or the innovative payment system from the Binance cryptocurrency exchange – Binance Pay.

You can make a low minimum deposit of $10 into your account. While trading, you must invest at least $1 per trade, although you can increase this amount to $3,000 depending on your account type.

You can submit a withdrawal request to customer support from your account. At this point, your request will have the status "Requested." The status will change once the financial department processes it to "In Progress."

During this time, the broker's staff will deduct the requested amount from your trading account and transfer it to your account using the payment system you used to fund your balance with the broker. Once the system completes the financial transaction, the platform will change your request status to "Processed."

Usually, Expert Option processes withdrawals within two days. The minimum withdrawal amount is $10.

Currencies

US dollars are the primary account currency for the binary options broker Expert Option. The company's support team also confirmed that you can only choose the currency when depositing it into your trading account. After that, you cannot change it. You will see the available currencies for your region on the deposit page. If your currency is unavailable, you can use any currency for the deposit, and the system will automatically convert the payment to USD.

ExpertOption fees & commissions

The broker Expert Option does not charge fees or commissions; different payment systems, such as e-wallets, may charge them. Therefore, check the costs they impose before using these payment methods.

Demo account

Any brokerage firm client can use a free demo account. Whether you are a beginner or an experienced trader, virtual money will help you familiarize yourself with the trading platform's user-friendly interface. Additionally, the demo account allows you to test your trading strategy without risking real funds.

You should learn to perform technical analysis in addition to testing strategies under realistic conditions. By conducting market analysis, you can identify trends. The technical indicators and other tools available on the trading platform will support you in this process.

Trading platforms

All clients of this broker can choose a trading platform on a particular operating system.

Trading terminals are available for Windows and MacOS operating systems. They are functionally identical and work similarly, allowing traders to interact successfully with the financial markets.

If you are planning intensive binary options trading, pay attention to the speed of operations in different operating systems and your computer's hardware requirements.

The two versions of this broker's trading platform have remained the same.

The web platform also works seamlessly with all browsers.

Mobile app

The Expert Option mobile app lets traders quickly and conveniently track market changes. The developers designed it for devices running Android and iOS. The application has an intuitive interface and is identical to the trading terminal's browser version, which is convenient if you work on different devices.

The platform's main features are available in mobile and web versions, making it highly convenient. However, the mobile app has a drawback: the small screen size limits the number of charts you can view simultaneously.

In addition to standard apps, you can download the APK file (Android Package Kit), which contains all the necessary components of the mobile app. It lets you install the broker's trading terminal while bypassing official digital stores like Google Play and the App Store. This option is handy in regions with installation restrictions or when an outdated app version is available from official sources.

Technical platform issues

Active development of ExpertOption software sometimes leads to malfunctions. Traders report such technical problems:

• Some believe the demo account operates differently from the real one, creating a misleading impression of potential profits.
• Users report multiple rejections of their documents without clear explanations for the reasons.
• The company often cites violations of the terms of use but fails to provide specific details.
• User inquiries frequently receive standard, uninformative responses.
• Some traders have experienced issues where their deposits did not appear in their accounts.
• There are suspicions that demo account results are intentionally optimized to attract investors.
• Users from certain countries report being unable to use the platform even after successfully making a deposit.

The active adoption of new technologies initially disrupted the trading platform's performance. However, thorough software testing and prompt issue resolution successfully eliminated all problems.

Tournaments

To make trading on a real account even more exciting, Expert Option invites its clients to participate in tournaments. The winner is the trader who earns the most within a specific period. Similar tournaments are also available for demo accounts.

This broker stands out by offering short tournaments that last only 10 minutes. All you need to do is choose a battle and start trading. Earn thrilling rewards and trading benefits. Take the chance to showcase your trading skills and enjoy the competition.

The table below shows the conditions of participation in the tournaments and the distribution of prizes.

The percentages in the table above represent the share of the tournament's prize pool. For example, if the prize pool for the Social Race to Success [LIVE] tournament is $500, the first-place winner receives $250. In the demo account competition Infinity Battle [DEMO], the top 30 participants get rewarded: the first-place winner earns 38%, while the 30th place receives 2% of the prize pool.

Bonuses and Promotions

We noticed that trading with ExpertOption becomes more engaging and profitable when traders take advantage of bonuses. Below is a list of bonuses the broker offers to all its clients.

Achievements

Along with the welcome bonus on the first deposit, the Expert Option allows traders to enhance their trading conditions by completing particular tasks and earning additional bonuses. The table below lists achievements ranging from risk-free trades to exclusive promo codes.

Profit boost: Increase your earnings over a specified time frame.

Mystery box S: Discover unique trading benefits, from risk-free trades to exclusive promo codes.

ExpertOption affiliate program 

It doesn't matter whether you have your traffic source, work in traffic arbitrage, or offer binary options and forex trading services – you can earn well with the ExpertOption affiliate program.

The broker pays up to 4% of the company's revenue and $10 per referral. On average, you will earn $200 for each client you refer to the company.

How can you start earning with the ExpertOption affiliate program?

To get started, follow these simple steps:

1. Invite your friends by sharing a unique referral link.
2. Friends must register to use the Promo code on the platform.
3. They get a 120% bonus on 1st deposit with your link.
4. As soon as they start trading, you'll begin earning.

Customer support

Every ExpertOption client can contact the company's support team with any questions. We found it best to do this through the online chat within the trading platform or the broker's website.

Additionally, you can email your question to the official email address.

Some users need help interacting with customer support. However, we cannot confirm this, as we received quick responses to all our inquiries.

Research & Education

The broker's website and trading platform offer educational materials like articles, videos, and webinars. The Education section contains information on technical, fundamental, and chart analysis, trading psychology, strategy development, and many other valuable learning resources.

Is it easy to open an ExpertOption account?

Opening an account on the ExpertOption platform is quite simple. However, before you begin the process, we recommend double-checking that the broker operates in your country. Additionally, we remind you that only individuals at least 18 years old can open an account.

How to open a trading account

To begin, you must fill out all the necessary registration forms, which usually require you to provide your first and last name, email address, and secure password. Next, we strongly recommend completing the identity verification process. For this, you must provide scans of your passport or another identification document and verify your address (for example, with a bank statement).

Don't worry – this is a standard procedure for all brokers and aims to prevent fraudulent activities. Once you complete the verification, you can fund your trading account. Never do the opposite. Always complete the identity verification first, and only then deposit funds using available payment methods.

Otherwise, you may end up in a situation where you've deposited funds. Still, you can't complete the verification for various reasons: the broker does not support your country, which you might have overlooked, your documents need to be more suitable, etc.

In this case, you won't be able to get your money back, as the broker only allows withdrawals with verification according to the terms of the user agreement.

To complete the verification process, you may need the following documents:

1. Passport or other identification: The broker usually requires a scan or photo of a document confirming your identity.
2. Proof of address: You may need a bank statement, utility bill, or another document confirming your address.

The platform supports 19 languages, simplifying the registration process for users from different countries. You can always contact customer support if you encounter any questions or issues.

How to trade on ExpertOption?

Executing trades on the ExpertOption platform is as simple as on other binary options brokers' platforms, and the process is straightforward. It follows a standard algorithm:

1. Choose an asset: The trader selects the asset they want to trade from the extensive list provided by the platform.
2. Determine the direction: The trader predicts whether the asset's price will increase or decrease within the chosen time frame.
3. Set the expiration time: The trader chooses when the trade will automatically close.
4. Set the investment size: The trader sets the amount they are willing to invest in the trade.

5. Opening the trade: After confirming all parameters, the trade opens.
6. Waiting for the result: The trader waits for the option's expiration and sees the outcome of the trade.

Who should consider using ExpertOption?

The ExpertOption platform suits beginner and experienced binary options traders who apply various trading strategies and pursue different goals.

For Beginner Traders

This trading platform attracts novice traders with a demo account. It allows them to familiarize themselves with the terminal's most essential functions and test strategies without risk. Beginners can start trading with popular asset classes, such as currency pairs or stocks of well-known companies, which allows them to learn the basics of trading faster and minimize risks initially. Educational materials and a low initial deposit of $10 will help them do so.

For Experienced Traders

Experienced traders will appreciate ExpertOption's technical analysis tools, which allow them to develop and test complex trading strategies. We have tested the platform's speed and can confirm that it is sufficient for short-term strategies. In addition, experienced users have access to professional accounts with advanced features.

Pros and cons of ExpertOption

Should you trade binary options on ExpertOption?

ExpertOption represents a somewhat ambiguous platform for binary options trading. On the one hand, the broker offers a wide range of tools, low entry thresholds, and regular platform updates. On the other hand, restrictions on registration in certain countries and difficulties with verifying personal information may discourage potential clients. Binary options traders considering ExpertOption as their trading platform should pay attention to the available currencies for deposit (mainly USD) and the availability of a demo account to explore the platform without the risk of losing real funds.

FAQ

Who is the owner of ExpertOption?

The trademark ExpertOption belongs to EOLabs LLC, registered at First Floor, First St. Vincent Bank Ltd., James Street, PO Box 1574, Kingstown, St. Vincent, and the Grenadines.

Can you earn money in ExpertOption?

Of course, you can make money with ExpertOption. It is a binary options trading platform where traders speculate on price trends of an underlying asset at a specific point in time. If the forecast is accurate, the trader makes a profit.

Can I trade on ExpertOption from my country?

The ability to trade on the ExpertOption platform depends on your nationality and country of residence. Before opening an account, ensure your country is not on the list of restricted countries. You can find this list on the broker's official website's homepage.

What is the minimum deposit on ExpertOption?

The minimum deposit to create a trading account with the binary options broker ExpertOption is only $10. This amount is enough to explore the trading terminal, familiarize yourself with the technical indicators, and test your strategy without the risk of financial losses.

How does ExpertOption compare to other binary options brokers?

ExpertOption is one of many brokers in the binary options market. It offers unique trading conditions, a platform, and tools. Therefore, comparing this platform with other brokers is a personal choice. Each trader looks for advantages: some value a wide range of assets, others prefer low fees, and some prioritize platform convenience. To choose the best broker, we recommend thoroughly examining the offerings of several platforms and comparing them based on critical criteria.

Is ExpertOption a good or bad binary options broker?

Labeling ExpertOption as a "good" or "bad" broker is tricky. Traders' opinions vary. Some praise the wide selection of assets and the user-friendly platform. In contrast, other traders complain about withdrawal issues and unclear bonus terms. We advise you to study real traders' reviews thoroughly and only then decide to cooperate with this broker.

Does Expert Option have Bots?

Officially, ExpertOption does not provide bots and does not support their use. Therefore, all traders using bots to trade with this broker do so at their own risk, as this violates the platform's rules and may lead to the blocking of their accounts.

Is there a strategy for trading on ExpertOption?

Indeed, there are many strategies for trading on ExpertOption. Traders base these strategies on signals from various technical indicators., chart patterns, and fundamental analysis. However, it is crucial to understand that no strategy guarantees 100% profit. Therefore, before using any strategy, we recommend testing it on a demo account.

Is ExpertOption suitable for beginners?

Traders often recommend ExpertOption to beginners due to its intuitive interface and demo account availability. This feature allows newbies to become familiar with the platform without the risk of losing real money. Additionally, we advise beginner traders to study technical analysis and risk management basics.

Choose a reliable broker

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