Expert Option Review 2024
Highlights of Expert Option
Expert Option is a binary options trading platform known for its convenience and flexibility.
With educational resources, analysis tools, and social trading capabilities, it is ideal for beginner traders looking to deepen their knowledge and experience in trading. Experienced traders may also find the platform appealing due to its competitive asset selection and innovative trading tools.
However, traders seeking opportunities to trade a wide range of financial instruments or looking to partner with a broker that has stringent regulatory licenses might find Expert Option less suitable.
Pros and Cons of Expert Option
Pros
- Diverse account types and trading contests.
- Flexible deposit and withdrawal options.
- Multifunctional trading platform.
- High-quality educational materials.
Cons
- Lack of licenses from strict regulators.
- Trading is limited to binary options with a maximum expiration of up to 5 minutes.
- Lack of in-depth expert analysis.
- Limited customer support channels.
Expert Option reviews
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Expert Option Broker Overview
| Foundation Year | 2014 |
|---|---|
| Official Website | https://expertoption.com |
| Regulated in Countries | Saint Vincent and the GrenadinesMore Details |
| Minimum Deposit |
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| Spread | from 0 points |
| Max Leverage | 1:1 |
| Trading Assets |
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| Trading Platforms |
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| Email Support |
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| Hotline Phones | — |
| Social Media |
Facebook
Instagram
Telegram
YouTubeExpertOption is an innovative trading platform that aims to radically change the traditional approach to financial markets, making them maximally accessible to many users.
One of the company's significant achievements was that in 2020, the ExpertOption application entered the world's top 3 most downloaded financial applications on the Google Play platform. This success confirmed users' high interest in the company's services and reflected its contribution to the development of accessibility and transparency of financial operations for a broad audience.
A key feature of ExpertOption is the social trading function, which allows users to copy each other's trades and share experiences within the community. This not only facilitates the education of novices but also creates conditions for forming a leading social trading network on a global level. With more than 70 million registered users and a wide range of innovative trading and investment tools, ExpertOption continues to strengthen its market position, offering effective trading solutions.
Expert Option is in the top 10 of the following ratings:
Expert Option Review Summary
- Membership in The Financial Commission.
- Insurance up to €20,000 per client.
- VerifyMyTrade audit confirms transaction transparency.
- Lack of licenses from strict regulators such as CySEC, FCA, ASIC.
- Registration in an offshore jurisdiction.
In reviewing the Expert Option, we relied on a strict and transparent broker evaluation methodology developed by our team of experts. This methodology includes analyzing critical aspects of the broker's activity, such as its regulatory environment, the security of client funds, the quality of trading conditions, the range of available instruments, the level of customer support, and the platform's ease of use.
We invite you to continue reading our review to determine whether ExpertOption meets your requirements and expectations.
Reliability and Regulation
| Legal Entity | Regulator |
|---|---|
EOLabs LLC EOLabs LLC | SVGFSA SVGFSA |
The issue of regulation and the reliability of a broker are vital considerations when choosing a trading platform. Expert Option emphasizes its commitment to high customer service standards and business practices, as evidenced by its membership in The Financial Commission. Joining this organization indicates the company's effort to ensure transparency of its operations, as well as to guarantee accurate execution of trades and efficient resolution of any arising customer issues through an independent mediator.
A significant advantage for ExpertOption clients is the presence of The Compensation Fund insurance policy, which provides an additional layer of investment protection, covering up to €20,000 per client if the broker refuses to comply with a decision by The Financial Commission. Furthermore, undergoing a VerifyMyTrade audit and adherence to quality standards based on verifying 5,000 executed trades underscore the platform's transparency and reliability of trading operations.
However, it is essential to note that ExpertOption is registered in an offshore jurisdiction, which may raise specific questions among traders accustomed to working with brokers regulated by stricter authorities, such as CySEC (Cyprus), FCA (UK), or ASIC (Australia). The absence of licenses from these regulators does not directly imply a risk to traders. Still, it can affect the perception of the broker's protection level and reliability.
Account Opening
The account opening process on the Expert Option platform stands out for its simplicity and convenience, making it accessible to a wide range of users.
Registration
The registration process on the Expert Option platform is characterized by its simplicity and convenience, allowing new users to start trading quickly. To create an account, you must enter your email, create a password, and read and accept the platform's Terms and Conditions and Privacy Policy.
In addition, Expert Option offers alternative ways of registration through social networks and services such as Google, Apple, or Facebook. This significantly simplifies the platform's access process, allowing the use of existing accounts in these services for quick registration.
After creating an account, it is recommended that you complete the profile with the necessary data for future verification: first name, last name, date of birth, postal code, city, and address. This will facilitate the account verification process in the future and expedite the fund withdrawal procedure.
Enabling two-factor authentication immediately after registration is also highly recommended. This will significantly increase the security of your account, protecting it from unauthorized access.
Verification
To initiate the verification process, the user must make a deposit first. This requirement is because the verification method may depend on the chosen account funding method.
Required documents for verification:
Primary identity document. Users must provide a color photo of a valid passport or national identity card. The document must contain the user's photograph, full name, date and place of birth, expiration date, and country of issue.
Card confirmation (for card deposits). If you fund the account using a credit or debit card, a card statement may be required for verification.
To avoid delays in the verification process, it is essential to ensure that the provided documents are clear and easily readable.
Why does verification occur after the deposit?
The verification process at Expert Option begins after depositing because it adapts to the payment method used for account funding. In many cases, the possibility of withdrawing funds without verification remains. However, certain withdrawal limits may apply.
If, for any reason, the account cannot be verified, Expert Option guarantees a full refund of the deposited funds to the original payment method.
Minimum Deposit
On the Expert Option platform, the minimum deposit is set at a very accessible level—just $10 or the equivalent amount in your local currency. This makes Expert Option an attractive choice for novice traders who wish to try trading on a real account without the need to deposit large sums of money.
Account Types
Expert Option offers a variety of accounts and services, catering to the needs of many traders, but limits their choice to only binary options with a maximum expiration time of 5 minutes. Unlike competitors, where long-term trades and CFD trading are available, this may narrow opportunities for traders seeking a broader range of trading options.
Binary Options
Trading binary options on Expert Option offers traders a unique opportunity to profit from short-term market fluctuations. With expiration times ranging from 30 seconds to 5 minutes, the platform caters to fans of fast-paced trading, providing the opportunity for dynamic and efficient capital investment.
The minimum trade size is just $1, making trading accessible even with a minimum deposit of $10.
| - | |
|---|---|
| Trading Assets |
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| Expiration times | 30 seconds - 5 minutes |
| Profitability | 25-91% |
| Minimum Trade | $1 |
The platform's flexibility in trading is enhanced by the ability to choose the "Strike Price"—the price relative to which the trade will be executed and settled. As this price changes, so does the option's profitability.
However, comparing Expert Option with other binary options brokers reveals that the platform lacks longer-term options. The absence of options with expiration times from 1 hour to the end of the day can be a significant drawback for traders who prefer less risky and more thoughtful trading strategies.
Trading Accounts
Traders can gain additional benefits by choosing a specific account type on ExpertOption. Benefits include market overviews, priority withdrawal of funds, increased profitability of binary options, etc. A complete table of accounts is provided below:
| Account type | Micro | Basic | Silver | Gold | Platinum | Exclusive |
|---|---|---|---|---|---|---|
| Minimum deposit | $10 | $50 | $500 | $2 500 | $5 000 | By invitation |
| Study materials | Yes | Yes | Yes | Yes | Yes | Yes |
| Daily market reviews | No | Yes | Yes | Yes | Yes | Yes |
| Priority withdrawals | No | No | No | Yes | Yes | Yes |
| Maximum number of trades | 5 | 10 | 15 | 30 | No restrictions | No restrictions |
| Maximum trade amount | $10 | $25 | $250 | $1 000 | $2 000 | $3 000 |
| Higher profitability | 0% | 0% | 0% | up to 2% | up to 4% | up to 6% |
It is important to note that some advantages of trading accounts are activated upon the client's request via email, allowing the trader to tailor the account to his or her individual needs.
Demo Account
Broker Expert Option offers a unique opportunity for all registered users — to start trading on a demo account with a virtual capital of $10,000. This is an excellent chance to test trading strategies and familiarize oneself with the platform's functionality without any risk to personal funds. It is important to note that the trading conditions on the demo account fully correspond to real ones, including current quotes and trading parameters, allowing for a maximally realistic experience of trading in the financial markets.
Tournaments
Expert Option offers its users a unique opportunity to participate in exciting tournaments called "Battles." These competitions allow traders to compete against each other in real-time, with the winner being the participant who achieves the highest profit.
Tournaments are available on both demo and real accounts, allowing traders at any stage of their development to experience the thrill of competition without risking their funds or with the opportunity to increase their capital.
For example, using a demo account, we participated in the "Social Race to Success" contest. Immediately after confirming our participation, the system assembled a group of 8 competitors, and a 10-minute competition began.
Thanks to our quick responses to market changes, we outperformed our rivals and took first place, scoring the most points. As a reward for winning the contest, Expert Option credited us with $109, which constituted 50% of the total prize fund.
Commissions
The commissions charged by Expert Option can be described as average for the market. On one hand, ExpertOption, like many other binary options brokers, does not charge trading commissions. On the other hand, there is a commission for account inactivity and, under certain circumstances, a fee for funds withdrawal. These conditions are pretty standard practice in the binary options market.
Account Inactivity Fee
If an inactive account does not trade for 90 days, a fee of 50 USD per month is automatically charged. This measure encourages continuous trading activity on the platform.
Withdrawal Fee
Expert Option reserves the right to charge a commission of up to 20% on the withdrawal amount if the trading volume on the client's account is less than the amount of deposits made. This condition is intended to prevent online fraud and cover transaction costs, emphasizing the importance of maintaining active trading to avoid additional commissions.
How does the broker make money?
As with many binary options brokers, Expert Option's main source of income is the outcome of clients' trades. In the case of traders' unsuccessful deals, the funds are transferred to the broker. However, Expert Option focuses on its clients' success, offering extensive educational resources and quality service to attract new and retain existing traders.
It is essential to be aware of the risks associated with binary options trading and to approach the process thoughtfully, considering all the terms of service on the Expert Option platform.
Account Funding and Withdrawal
Expert Option offers convenient and diverse methods for depositing and withdrawing funds, including bank cards, e-wallets, and cryptocurrencies, with adaptation to local payment systems of different countries. The broker does not charge a withdrawal fee; however, payment systems may apply their tariffs. The processing time for withdrawal requests is up to two business days, a standard term. These conditions make the financial operations process on the Expert Option platform transparent and accessible for traders of all levels.
Methods of Account Funding
Expert Option offers traders convenient and flexible ways to fund their accounts, including credit cards, online banking, e-wallets, and cryptocurrencies.
| Payment System | Currencies | Deposit Fee | Operation Limit |
|---|---|---|---|
 Skrill |  USD | 0% | from 10 USD |
 Neteller | USD | 0% | from 10 USD |
 Binance Pay | USD | 0% | from 10 USD |
 Google Pay | USD | 0% | from 10 USD |
 | USD | 0% | from 10 USD |
 Credit and Debit Cards | USD | 0% | from 10 USD |
 Online banking | USD | 0% | from 10 USD |
| Cryptocurrency | Blockchain | Deposit Fee | Operation Limit |
|---|---|---|---|
 USDT
(Tether) | TRC20 | 0% | from 10 USD |
 BTC
(Bitcoin) | BTC | 0% | from 10 USD |
 ETH
(Ethereum) | ERC20 | 0% | from 10 USD |
A distinctive feature of the platform is the support of local payment systems, making the deposit process even more accessible for clients from different countries. As a result, traders can fund their accounts in their local currency, avoiding additional conversion fees.
Payments are processed instantly, allowing traders to start trading without delay and to take full advantage of the platform.
Withdrawal Methods
To initiate a withdrawal request, navigate to the "Finance" section and create the appropriate request. It is important to note that the amount deposited through a specific payment method (for example, a bank card or electronic wallet) will be returned through the same source. Profits exceeding the deposited amount can be withdrawn to one of the electronic wallets of the user's choice, available in the finance section.
| Payment System | Currencies | Withdrawal Fee | Operation Limit |
|---|---|---|---|
| Neteller | USD | 0% | from 10 USD |
| Skrill | USD | 0% limitscommission limits | from 10 USD |
 Perfect Money | USD | 0% | from 10 USD |
| Credit and Debit Cards | USD | 0% | from 10 USD |
| Online banking | USD | 0% limitscommission limits | from 10 USD |
The platform does not allow third-party accounts or cards for fund withdrawals; all transactions must be carried out from the account registered in the user's name. Withdrawals are only available to the card used for the deposit, and the withdrawal amount is limited to the sum of the deposit made through that card. To withdraw the remaining funds (profits), users can choose any available electronic wallet, such as Skrill or Neteller.
Withdrawal requests are processed within two business days, a standard timeframe for most brokers. Expert Option does not charge a fee for withdrawals. However, it should be considered that payment systems may apply their fees for transaction processing.
Markets and Products
Expert Option offers a sufficient selection of trading assets for binary options. However, while the range of assets is comparable with other binary options brokers, it may seem limited compared to Forex brokers, mainly due to the absence of cryptocurrencies and soft commodities and fewer currency pairs and stocks.
Which markets are available?
Expert Option offers its clients a variety of trading assets:
| Broker | Olymp Trade | Expert Option | Binomo |
|---|---|---|---|
| Forex | 28 | 17 | 28 |
| Precious Metals | 2 | 4 | 2 |
| Energy Carriers | 1 | 1 | 1 |
| Indices | 11 | 11 | 5 |
| Stocks | 33 | 25 | 28 |
| ETF | 6 | 16 | — |
| Cryptocurrency | 19 | — | 6 |
This range of assets makes the platform attractive for traders interested in binary options trading, allowing them to diversify their investments.
Compared to other binary options brokers, Expert Option stands out with a comparable arsenal of assets, offering traders a wide selection for trading. However, Expert Option's offering may seem limited compared to that of Forex brokers. This is particularly true regarding the absence of cryptocurrencies and soft commodities in the list of available assets and a relatively small number of currency pairs and stocks.
Trading Platforms
The ExpertOption trading platform stands out for its ease of use and extensive functionality. It offers traders a variety of tools for in-depth technical analysis. The platform is available in a web version, mobile apps, and desktop applications, providing traders with flexibility and instant access to trading under any conditions. This makes ExpertOption one of the leaders in providing technologically advanced and user-friendly trading solutions.
ExpertOption Platform
The ExpertOption trading platform is distinguished by its functionality and ease of use, offering traders a wide range of tools for analysis and trading. Users can choose between charts, including area, line, Japanese candlesticks and bars, and timeframes from 5 seconds to 1 month, allowing for deeper analysis of market trends and making informed trading decisions.
The platform offers 8 main indicators, such as Alligator, Awesome oscillator, Bollinger bands, Fractal, MACD, Moving average, Parabolic SAR, and RSI, which are essential tools for technical analysis.
Additionally, traders can use drawing tools, including horizontal and vertical lines and rays, to identify support and resistance levels more precisely.
One of ExpertOption's unique features is the ability to split the screen into two charts, arranged either horizontally or vertically. This facilitates comparing assets or monitoring two different markets simultaneously.
The Trends feature shows the direction and strength of the trend for various time frames based on technical analysis, aiding traders in decision-making.
Social trading on ExpertOption allows traders to follow the trades of other investors in real-time, analyze the results of VIP traders, and even compete for leadership in their country, adding an element of competition and learning.
ExpertOption mobile applications are available for Android and iOS, offering full functionality of the trading platform and convenience of use on the go. Applications for PCs on Windows and macOS are ideal for in-depth market analysis thanks to high performance and various analytical tools. The web platform is compatible with all browsers, providing instant trading access without downloading additional software.
Analytics
Analytical materials on the Expert Option platform provide traders with tools for independent analysis, including the Trends tool, social trading feature, trading schedule, and daily market reviews. These resources allow traders to navigate current trends and make informed trading decisions. However, the lack of in-depth expert analysis and forecasts from the company's specialists may limit traders' opportunities for a more comprehensive understanding of the market and developing strategies based on professional assessments and recommendations.
What analytical materials are available?
Expert Option offers users a range of useful analytical tools and features to improve the trading experience and the effectiveness of trading strategies. Among the key features, the Trends tool should be highlighted, which helps determine the direction and strength of the trend and is an invaluable resource for making informed trading decisions. The social trading feature allows traders to monitor the trades of other participants in real-time, learning from their experience and even copying successful strategies.
The trading schedule for each asset on the platform provides traders with all the necessary information about trading session times, allowing for better trade planning. The daily ExpertOption® Market Overview offers brief videos analyzing the most important economic news and quotes for currencies, indices, commodities, and stocks, giving an overview of current trends and market opportunities.
What's Missing?
However, despite these tools, the platform lacks in-depth expert analysis from company specialists who could share their market vision and provide forecasts for various assets. Such analysis could significantly enrich the platform's resources for decision-making, especially for beginners and those traders looking for a confirmed expert perspective in the market.
Education
Expert Option offers an extensive set of educational materials aimed at enhancing its clients' knowledge and skills in various aspects of trading.
What educational materials are available?
Essential educational resources include:
- Glossary. Essential terms and definitions are needed to understand the processes in financial markets.
- Articles. These detailed articles, with illustrations and screenshots, cover important topics such as Technical Analysis, Chart Analysis, Fundamental Analysis, Trading Psychology, and Trading Strategies. These materials provide valuable knowledge and practical tips that can be applied in practice.
- Tutorials. Short videos demonstrate the platform's features and the process of account funding and explain the principles of working with indicators and strategies. Videos are an excellent way to quickly master the critical functions of the platform and start trading.
- Webinars. Recordings of past webinars in various languages, allowing for a deeper dive into the specifics of trading and learning about new strategies and analysis tools from experienced traders.
These educational materials make Expert Option attractive for novice and experienced traders seeking to expand their knowledge and improve their trading skills. The broker emphasizes the importance of education and provides all the necessary resources for successful trading in the financial markets.
Customer Support
Expert Option's customer support is available through online chat and email, but the absence of phone support and messaging apps narrow the communication channels. Reviews show a mixed experience: traders note the speed of responses, but sometimes, there are delays and ambiguous answers, highlighting the need for service improvement.
Contact Options
Expert Option's support service is available to its clients 24/7. Assistance can be obtained through:
online chat;
message submission form;
email help@eo.support.
These communication channels provide convenient access to support at any time. However, it is essential to note that the list of available contact methods does not include a phone line or messengers, which may be inconvenient for some users who prefer a more direct method of communication.
Support Reviews
Reviews of Expert Option's technical support are polarized - positive and negative.
Some users note the decent quality of support. Others express satisfaction with the speed of support, emphasizing its efficiency.
However, some reviews point to inconsistencies in the support service's responses, especially when resolving specific issues such as delays in the withdrawal process. In some cases, users encounter a lack of satisfactory answers to simple questions, which can lead to frustration and a sense of insecurity during trading operations.
Conclusion
Expert Option represents an attractive platform for traders seeking convenience and flexibility in trading binary options. Given the educational resources provided, analysis tools, and social trading features, the broker is particularly suitable for novice traders wanting to expand their knowledge and experience in trading. Thanks to a competitive selection of assets and innovative trading instruments, the platform may also be of interest to experienced traders.
However, those looking for opportunities to trade a wide range of financial instruments beyond binary options or aiming to work with a broker holding stringent regulatory licenses might find the Expert Option less suitable.
FAQ
Is Expert Option legal?
Yes, Expert Option is a legal trading platform. It operates under the jurisdiction of the St. Vincent and the Grenadines Financial Services Authority.
Which country is Expert Option from?
Expert Option is based in St. Vincent and the Grenadines.
How does Expert Option make money?
Expert Option generates revenue primarily through the outcomes of client trades. In the case of losing trades, the broker retains the funds. Additionally, the platform may earn from spreads between buy and sell prices, as well as through fees and commissions associated with trading activities.
Is Expert Option good for beginners?
Yes, Expert Option is good for beginners. It offers a range of educational resources, user-friendly tools, and a demo account to help new traders learn and practice.
Does Expert Option offer a demo account?
Yes, Expert Option offers a demo account that allows users to practice trading with virtual funds before investing real money.
How can I open an account with Expert Option?
To open an account with Expert Option, visit their website, click on the "Sign Up" button, and fill in the required information. You will need to verify your email address and provide some personal details to complete the registration process.
How can I delete my Expert Option account?
To delete your Expert Option account, you need to contact their customer support team via email or live chat and request the account deletion. Follow their instructions to complete the process.
What is the minimum deposit for Expert Option?
The minimum deposit for Expert Option is $10.
How do I deposit funds in an Expert Option account?
To deposit funds into your Expert Option account, log in to your account, go to the "Finance" section, select "Deposit," choose your preferred payment method, and follow the instructions to complete the transaction.
How do I withdraw money from Expert Option?
To withdraw money from your Expert Option account, log in to your account, go to the "Finance" section, select "Withdraw," choose your preferred withdrawal method, and follow the instructions to complete the transaction. Withdrawals typically take a few business days to process.
Is Expert Option halal or haram?
Determining whether Expert Option is halal or haram depends on its adherence to Islamic finance principles. Expert Option offers trading accounts that exclude Riba (interest) and minimize Gharar (uncertainty), aligning with Shariah law. However, they do not explicitly market these accounts as "Islamic accounts."
For a detailed analysis and more information, you can visit Expert Option Halal or Haram.
