This binary options broker which is under the Omni Capital Ltd. is based in Ajeltake Island, Majuro, Marshall Islands. The company was established by a group of Internet technology pioneers and financial professionals. Everyone in the office contributes to and promotes an atmosphere of dedication and cooperation to offer investors with trading software that they can rely on and accurate prices. All of these amenities are packed in an effort to form a lucrative and comfortable trading environment for all of its clients.
OptionsXO’s Trading Platform
The company makes use of a comprehensive trading platform which they call “Tech Financials”, which contains numerous Forex options aside from the common indexes and stocks which are available for trading. OptionsXO provides boundary options apart from short term options in durations of 5 minutes, 2 minutes, 60 seconds and 30 seconds. The One Touch and No Touch binary options are also available for trading, and Forex CFD’s can be traded on the same trading platform. Finally, OptionsXO sends trading signals to clients via email, while the investors are provided with different options for automated trading software and trading signals.
The first red flag for us is the fact that this binary options broker is not licensed and regulated by CySEC.
What can new clients expect when they sign up with OptionsXO?
When clients invest with this company, they are promised a 50% bonus on their initial deposit and a trading volume which is 30 times the amount that was awarded a bonus. While OptionsXO presents special bonuses and promotions, they are only temporary and can change from month to month. Investors have to regularly get in touch with the customer service department just to get an update on the latest promotions. Apart from that, the time limits on most of the promotions are unpredictable, so it might not take effect in the client’s account at the time that he or she registers.
Majority of the complaints we have read about OptionsXO are about withdrawing funds from them. The client has to fill up a Withdrawal Request and verify his or her identity by submitting the usual documents (which is a standard procedure in the binary options trading industry). The problem is that requests are processed anywhere from 4 to 7 business days, and the cash will be paid to the account after another week of processing, but there are often times when this is delayed. Clients can start withdrawing funds after a minimum of $100 USD, and wire transfer withdrawals will charge a 25 GBP/EUR fee. If the client deposits over $500, the withdrawal fees could reach 5% of the invested amount!
These issues, combined with the lack of regulation and licensure from CySEC, force us to recommend that investors should avoid this online broker and trade with a better provider.