OptionField.com is a relatively new broker claiming to have the best customer service and guaranteed withdrawals. The company is owned by Optionfield Limited, a company registered in St. Vincent and the Grenadines, reg. # 24466 IBC 2018, and operated by Zurbaran Limited, a company registered in the Republic of Cyprus, registration # HE 375609.
Minimum Deposit: $100
Payout: up to 85%
Bonus: 100% deposit bonus, risk free trades, demo contest (T&Cs apply)
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The trading platform is arguably a decent one, it is based on the MT4 desktop application and powered by the MT4 Binary Options Plug-in available through the broker. (the plug-in is proprietary to OptionField and does not work with other brokers). To trade simply click on the asset in the MarketWatch window to open a chart, double click to open a new trade window. When the trade window is open you can choose expiry and direction, then click enter and your trade is set. They also have a mobile app so you can trade on the go.
Expiry is set up just like the old-school binary brokers, the shortest is 60 second and goes up to several intraday and end of day type expiries, There are no long term options available. The asset list is OK, if you like trading forex, but all you will be able to trade is forex (that’s what MT4 is set up to do) and a pair based on gold/USD. They have had at one time Cryptocurrency trading but they disabled it because “ interest was not as high as we expected, we suspended them for now”.
The best part of the platform is that it is MT4 and comes with all the bells, whistles and tools you would expect to find. The binary platform even allows you to trade with Expert Advisers.
Demo trading is available but you have to give them a full sign-up in order to use it. The plus is that they have demo contests where you can win real money (no deposit required).
OptionField is registered as an IBC, an international business company, and is not licensed to offer forex, binary options or cryptocurrencies. IBC’s are able to engage in any business they want provided they do not impinge upon the licensed and regulated financial sector. Payments are processed by Zubaran Ltd who is also the parent company of OptionField Ltd, registered in Cyprus but not regulated or licensed to offer binary options, or any kind of trading vehicle.
The St. Vincent & Grenadines Financial Services Authority website clearly says that they do not license or regulate forex, cryptocurrency or binary options brokers, that many frauds exist and traders should beware of offers that sound too good to be true. They also warn about a clone site, www.SVGAFSA.com, that claims to be affiliated with the Financial Services Authority.
Deposits And Withdrawals
Deposits are super easy as they always are, and facilitated by credit cards, wire transfers, eWallets and cryptocurrency. You can deposit in BTC, LTC and ETH among the many other methods available. In all cases save wire transfer the funds are available for immediate use. The minimum deposit is $100 with a $5 minimum trade but it comes with almost no features. The next highest level, the Pro level, has a minimum deposit of $2000, a $10 minimum trade and some features.
Withdrawals are guaranteed, but timings can vary. Though the firm aim to process withdrawals in a few hours, they can take up to 5 days. Withdrawals can also be impacted by a number of different bonuses that will require a 50X turnover of the bonus amount. So consider the full T&Cs before opting into a bonus.
Bonuses include a 100% sign up bonus, 5 risk free trades and others at their discretion. Terms and conditions apply, including turnover requirements – check them carefully to ensure any bonus will work for you and not cause you to over-trade. The bonus schemes require you to “opt in” to them – they are not compulsory or automatic.
As a relatively new brand, OptionField have not attracted any complaints to us yet. As ever, check all T&Cs for bonus offers or competitions, and supply all the relevant ID for a withdrawals well before time. These remain the two biggest causes of disputes between trader and broker.