Expert Option Review 2021 – Is it a Scam?

Expert Option is an online trading broker offering digital & binary options and short-term trading. In the review, we will look at trading conditions, platform, deposit and withdrawal, mobile and pc app, demo account and reviews. We will also find out if Expert Option is legit and safe or scam, and show all its pros and cons.

Is ExpertOption a scam or legit and safe broker?

Company EO started working in 2014. ExpertOption is authorized by the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA)

In fact, SVGFSA isn’t a regulator. It can only register a broker and issue a certificate of registration. SVG is an offshore zone. Therefore, it is much easier and cheaper to obtain a certificate for the provision of financial services there. In either case, ExpertOption is legal and can provide brokerage services.

EO uses security standards that are verified by Visa and MasterCard. This means that all data is encrypted using the most secure cryptographic algorithms.

The reviews of traders on reliable Internet resources are almost all negative. Almost all clients say the broker is scam.

So, like almost all binary options brokers, Expert Option isn’t safe and it’s probably a scam. The broker specifically provides a demo account without registration on which you almost always trade with great profit. Problems start as soon as you create a live account and login. The demo account is gone and you will be losing money due to the fictitious movement of assets. The broker only provides an option expiry time of 30-5 minutes. Because of this, it’s much easier to manipulate quotes quietly and create sharp jumps.

Therefore, it’s better to choose another broker for binary options, such as IQ Option or Binomo. Or you can try Olymp Trade for Fixed Time Trades.

Trading platform & offers

Now to the review of the Expert Option trading platform.

You can get into the EO trading platform even without registration. As soon as you are on the main page of the Expert Option official website, the broker offers to start online trading on a demo account. From time to time you will be asked to open a real account with a 100% first deposit bonus. You can also open a live account at any time.

How does Expert Option work?

First, in the upper right corner, you need to select a trading asset and an option expiration time (30 sec – 5 min). As you can see, the broker only offers short-term trading.

Then, at the bottom, select the investment amount and you can open a position to buy or sell an option. If you don’t change the strike price level, then you are actually trading classic binary options.

Digital options allow you to manage potential reward and risk by adjusting the strike price. The closer the strike price is to the current price level, the lower the potential profit from the trade, but at the same time the lower the risk. Conversely, the further the strike price is from the current price level, the greater the potential profit from the trade and the associated risk.

At the top of the Expert Option trading platform, you can also change the type of chart and timeframe, add trading indicators and graphical instruments, remove the display of trades of other traders and configure the display of 2 charts in one window.

There are 2 disadvantages at once. Firstly, available chart time frames 5-60 seconds does not give a full assessment of even the daily movement of an asset and use some strategies. Secondly, there are only 8 trading indicators.

On the left side of the platform, there are tabs with access to trade, financial operations, profile information, apps, analytics, education, technical support and settings. The analytics section often posts market reviews, and in the education section you can find basic trading concepts and some strategies.

The right side of the trading platform contains information about your trades, as well as a section on current trends and social trading. Do not rely heavily on these 2 sections – trends and social sentiment can change very quickly in the opposite direction.

Account types and demo account

ExpertOption has 6 types of accounts: micro, basic, silver, gold, platinum and exclusive. The account type is assigned after a certain deposit, the image shows all their advantages.

Special offers depending on the account cannot be called very necessary and useful, it is more like psychological pressure for traders to make a larger deposit.

The company should think about more attractive terms, for example, 10% cashback every week at Binomo. Or at least make the profitability higher.

An inconvenient demo account can be called the seventh type. Why is the demo inconvenient? Because to trade on it, you need to log out of your profile each time, or open it in another browser. In addition, to replenish it, you will need to clear the browser history for this site.

Deposit and withdrawal

As has been noted, Expert Option has a minimum deposit of $ 10, just like the minimum withdrawal of $ 10, and has no withdrawal limit.

For deposit and withdrawal, the broker offers many major payment methods and options that are available in most countries.

These methods include:

• Visa / Mastercard / Maestro
• UnionPay
• Skrill
• Neteller
• Perfect Money
• Webmoney

Of course, there are individual deposit and withdrawal methods and options for each country. For example, PayTM, UPI are available in India, M-Pesa is available in Kenya, Boleto in Brazil and so on. In total, ExpertOption has more than 20 payment methods and options.

There is a rule when withdrawing funds.

First, you need to withdraw funds to a bank card or electronic wallet that was used to make a deposit. In case of withdrawal to a bank card, the withdrawal amount must be equal to the amount of the deposit. The rest of the funds (income) you can withdraw to any electronic wallet (Skrill, Neteller, Perfect Money or in any other way)

With Expert Option you can get a deposit bonus from 20% to 100%. Please read the terms of obtaining and using it first. In general, such a bonus program is used by many brokers, including Olymp Trade. The deposit bonus cannot be withdrawn, it can only be used for trading with a zero main balance.

The client cannot use bonuses for trading if there are available real funds deposited by the client. Bonuses can be used for trading only when the client’s real balance is equal to or less than zero.

ExpertOption app for mobile (iOS and Android) and for PC

ExpertOption has an app for mobile and pc (desktop), which provides quick access to trading.

Expert Option mobile trading app is available for download for iOS (App Store) and Android (Google Play). It has 10M + downloads and ranks first among financial apps in 47 countries (Perhaps this is just another deception). It has all the features of the web platform and can be used in portrait or landscape orientation.

The application for PC (desktop) for Windows and Mac can be downloaded on the official website Expert Option. It features higher performance and faster operation compared to the web version. You can also download apk there. It is not recommended to download these applications from third-party sources other than the official website, otherwise you may find viruses.

Pros and Cons

Conclusion

In general, it is clear from the Expert Option review that this is an unreliable and most likely a scam broker. It has some advantages in terms of trading conditions. But this is not so important in the absence of trust in the broker.

The broker provides an opportunity only for scalping / short-term trading. The movement of an asset can be unpredictable at low expiration dates. So, you may not even notice that the broker draws charts and interferes with the trade. Also ExpertOption provides few opportunities for technical / graphical analysis.

That is why it’s better to choose another broker for binary and digital options trading.

Accepted countries

Definitely the statistics on the home page about 60 million registered users are fake. But to some extent, the brand is famous in the world.

The broker Expert Option provides services and is most popular in Botswana, Namibia, Somalia, Kenya, Sri Lanka, Zimbabwe, Jamaica, Zambia, Nigeria, Egypt, Palestine, Dominican Republic, Guatemala, Ukraine, Morocco, Thailand, Brazil, Vietnam, Algeria, Colombia, Saudi Arabia, Peru, Argentina, Ecuador, Mexico, Iran, Turkey, Ghana, Pakistan, UAE, India and others.

Prohibited countries for Expert Option: the European Economic Area, the USA, UK, Canada, Switzerland, Israel, New Zealand, Australia, North Korea, Puerto Rico, Singapore, Bangladesh, Indonesia, Russia, Yemen and Sudan.

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