When it comes to the big guns of the new boys to the market they don’t come any bigger or better than Magnumoptions. Founded only back in 2014 and based in London they have very quickly shot up the rungs to become possibly the most unique binary options trader around. And this is not an easy thing to say because in the grand scheme of things most options brokers are very much alike in the services that they offer but somehow Magnumoptions always seems to find that little something else that makes it just different enough to be both new and exciting. Primary on this list of new features would have to be the fact that they chose to run the latest version of the Spotoption software which means that they can compete with the bigger brokers. Second would definitely have to be the ‘adviser’ service located at the bottom of the main page. Using this service gives you access to a whole host of relevant information such as asset moving averages and RSI but more than just the information the service also offers trading suggestions based on this information making it especially appealing to new traders. Be advised that these are only trading suggestions and the accuracy cannot be vouched for at this stage but as a new and individual feature it puts Magnumoptions above the rest.
One of the refreshing features of Magnumoptions account system is that everyone is considered equal in regards to the features offered. While most brokers out there tend to be rich client focused and only offer their best features to those with the means to make them happy Magnumoptions has chosen the better path. Even though their accounts are broken down into the typical formation of Standard, Professional, Elite, VIP, this feature is simply there to signify investment contributions that in tern receive advanced bonuses. The available information and services is the same for everybody which means that they are the best choice for new traders while more experience people enjoy the wealth of information they have at the touch of a button.
Magnumoptions payouts fall into the average to high category maxing out at around the 81% mark however the range of options that they have available means that this number really only applies to the more standard option types with more advanced features such as Ladder options and One Touch receiving much larger returns. For more detailed information about the returns on specific option types please refer to their informational pages or contact customer support.
One of the great benefits to Magnumoptions is the thought that was put behind the asset choices. While many brokers are content to go with the standard selections of indices and commodities this broker has gone one step further. With more than 75 stocks to choose from including some very impressive big names, 36 indices including some rather rare offerings, 33 currency pairs and 8 commodities they have more than enough to temp traders of all kinds into seeing an opportunity. So if you are looking for something a little different alongside the right information at your fingertips them Magnumoptions is going to be the place for you.
Deposit and withdrawals
For the minimum deposit amount ($200) Magnumoptions went with something of an industry standard for once on the basis that it is the right figure to be appealing to both new and experienced traders. Deposits can be made to you account via the usual credit cards (Mastercard, VISA, Maestro, VISA Electron), Bank and wire transfers and e-wallets (cashU, Skrill).
Withdrawals are completed within 3 working days providing that you have supplied all relevant documentation with a further 5-7 days for the funds to reach your account. There are no fees or commissions on withdrawals via credit/debit card or for the first bank transfer, subsequent transfers are subject to a $30 processing fee.
Be aware that withdrawal currency types are linked to the currency of the selected account and cannot be changed.
As with all things financial it is important to check the usability and functionality of the customer support service as they do more than just troubleshoot. With professional experts at the other end it is their role to provide help and useful information to clients with speed and accuracy. Throughout our testing of this service we used everything they had on offer i.e. phone, email and the live cha service. We noted that response times were somewhat slow but the information we received was both substantial and relevant and rather insightful. The only complaint we had was the language limitation. For an international binary options trader only having support in English was somewhat disappointing and in our opinion needs to be worked on.
In closing I have to say that reviewing this broker was actually something of a pleasure. Being able to access features which are normally reserved for VIP level accounts made it feel like we were using something different for a change, something better. We were of course saddened by the lack of language choices but as far as trading goes we were very surprised at how smoothly everything went from the account set-up stage through trading and even the withdrawal process. It is our opinion that Magnumoptions are one to watch out for in the near future. Once they have their regulation license from CySec which is coming in early 2016 they will soon become the go to broker for many traders.