In the world of online trading, ExpertOption has gained attention for its unique platform, prompt customer service, and high-quality educational material. However, before you dive into the world of trading with ExpertOption, it’s important to understand the pros and cons of this platform and determine if it’s the right fit for you.
ExpertOption: A Brief Overview
ExpertOption was founded in 2014 and has since become available in over 150 countries worldwide. The platform claims to process over 30 million trades each month, making it a popular choice among traders. While ExpertOption has received recognition, such as being named the “Best Trading Platform” at the China Trading Expo in Shenzhen in 2017, it is important to assess its legitimacy and regulatory standing.
Regulation and Security
One of the major considerations when choosing a trading platform is its regulatory status. ExpertOption is regulated by the Vanuatu Financial Service Commission (VFSC) with license number 15014. However, it’s worth noting that the VFSC is not considered a tier-1 regulatory body. Instead, it is a low-tier regulator, which calls for extra due diligence when considering this platform.
ExpertOption emphasizes client security through Mastercard and Visa SecureCode status, Cert Trusted Secure, and PCI DSS Compliance. The website utilizes SSL encryption, ensuring that data passed over the platform is encrypted using AES 256 encryption. While these security measures are in place, the lack of regulation by top-tier authorities is a factor to consider.
Pros and Cons of ExpertOption
Before deciding to trade with ExpertOption, it’s crucial to weigh the advantages and disadvantages of the platform. Here are some key pros and cons to consider:
Pros of ExpertOption
- High-Quality Educational Material: ExpertOption offers comprehensive educational resources, including articles, videos, webinars, and daily market analysis. These materials can help traders make informed decisions and enhance their trading skills.
- Low Minimum Deposit: ExpertOption allows traders to start with a minimum deposit as low as $10. This accessibility makes it attractive for beginners or those with limited funds.
- Prompt Customer Support: ExpertOption prides itself on its customer service, providing support through live chat, phone, and email. With over 100 account managers available, traders can expect assistance whenever they need it.
- Zero Transaction Fees: ExpertOption does not charge any transaction fees, providing traders with a cost-effective trading experience.
- Unique Trading Platform: Unlike many other brokers, ExpertOption has developed its own trading platform. This platform is fully customizable and can be tailored to meet the specific needs of traders, whether they are using a desktop or mobile device.
Cons of ExpertOption
- Limited Country Availability: ExpertOption does not accept clients from several countries, including the United States, Canada, and EU countries. This restricted availability may limit access for some traders.
- Regulatory Concerns: ExpertOption is regulated by the VFSC, which is not considered a top-tier regulatory body. Traders should conduct additional research and due diligence when considering this platform.
- No MetaTrader Platforms: ExpertOption does not offer MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. These popular platforms are favored by many traders for their advanced features and compatibility with various indicators and expert advisors.
- Not Regulated by Tier-1 Authorities: ExpertOption’s lack of regulation by top-tier authorities may raise concerns for some traders who prioritize a higher level of oversight and security.
ExpertOption Trading Platforms
ExpertOption prides itself on its user-friendly and customizable trading platform. Unlike many brokers that opt for existing platforms like MT4 or MT5, ExpertOption has developed its own platform, making it stand out in the market. The platform is available on the web, Windows, Android, iOS, and MacOS devices, ensuring traders can access it from their preferred device.
The ExpertOption trading platform offers a range of features and tools to enhance the trading experience. It provides access to a wide variety of assets, including stocks, commodities, forex, and cryptocurrencies. Traders can utilize powerful analytical tools, such as trend lines and eight indicators, to make informed trading decisions.
Social trading is another notable feature of the ExpertOption platform. This allows traders to monitor and even copy the strategies of top-performing traders, providing an opportunity to learn from successful professionals in the industry.
Mobile Trading with ExpertOption
In addition to its web-based platform, ExpertOption offers a mobile app for both Android and iOS devices. The mobile app provides traders with access to a vast selection of stocks and over 100 different assets. It offers live, real-time quotes and comprehensive analytical tools, ensuring traders can stay updated on market trends and make quick trading decisions on the go.
The mobile app is designed to be user-friendly and provides a seamless trading experience. Traders can execute trades quickly and efficiently, allowing them to take advantage of market opportunities even when away from their computers.
Account Types and Demo Account
ExpertOption offers various account types to cater to the diverse needs of traders. Here are the different account types available:
- Micro Account: The Micro Account is the entry-level account, requiring a minimum deposit of $10. It offers basic features and limited benefits.
- Basic Account: The Basic Account requires a minimum deposit of $50 and provides access to additional features and benefits compared to the Micro Account.
- Silver Account: The Silver Account is designed for more experienced traders and requires a minimum deposit of $500. It offers enhanced features and benefits, such as daily market reviews and research.
- Gold Account: With a minimum deposit of $2,500, the Gold Account provides even more features and benefits, including priority withdrawal and increased asset profit.
- Platinum Account: The Platinum Account is tailored for advanced traders, requiring a minimum deposit of $5,000. It offers exclusive benefits, such as unlimited maximum number of deals open at the same time.
- Exclusive Account: The Exclusive Account is invitation-only and provides personalized benefits and services tailored to the specific needs of high-volume traders.
ExpertOption also offers a demo account, allowing traders to test their abilities and familiarize themselves with the platform. The demo account comes with a virtual balance of $10,000, providing a risk-free environment for traders to practice and refine their trading strategies.
Deposit and Withdrawal Process
ExpertOption aims to provide a quick and seamless deposit and withdrawal process for its traders. The platform supports a wide range of deposit methods, including wire transfer, major credit cards (MasterCard/Visa/Maestro), PayPal, e-wallets (Skrill/Neteller), and various other electronic payment systems.
When it comes to withdrawals, ExpertOption accepts the same payment methods used for deposits. However, it is important to note that until the initial investment amount is withdrawn, traders must use the same payment method for withdrawals. After that, they have the option to choose a different payment method for subsequent withdrawals.
The minimum withdrawal amount on ExpertOption is $10, and most withdrawal requests are completed within two business days. Additional documents may be required for certain withdrawal methods, and ExpertOption may request these documents via email. It is essential to comply with these requirements to ensure a smooth withdrawal process.
Research and Education Resources
ExpertOption offers a range of research and educational resources to help traders make informed decisions and improve their trading skills. The platform provides four types of charts, trend lines, and eight indicators for technical analysis. Traders can access additional resources through the platform’s Analytics page, which includes important news, assets, and stocks information.
The educational materials provided by ExpertOption are comprehensive and cover various topics, including technical analysis, fundamental analysis, trading strategies, and trading psychology. Traders can access articles, videos, webinars, and daily market analysis to enhance their knowledge and understanding of the markets.
The platform also offers a unique category dedicated to the psychology of trading, providing insights into trader psychology, successful traders’ mindset, and individual trading psychology. This focus on the psychological aspect of trading sets ExpertOption apart from many other brokers in the industry.
Fees and Bonuses
ExpertOption is a free platform to register and trade with, and it does not charge any commissions or fees for deposits and withdrawals. The company generates revenue through bid-ask spreads and fees on successful trades. However, it’s important to note that your payment system or payment aggregator may charge a fee for transactions.
ExpertOption recently introduced a bonus system, offering a 100% bonus to all first-time depositors. This bonus is available for deposits of $30 or more and must be claimed within one hour of creating an account. Unlike some brokers, accepting bonuses from ExpertOption does not restrict traders’ ability to withdraw funds. Existing traders may also be eligible for bonuses, although the percentage offered may differ from that of first-time depositors.
Customer Support and Languages
ExpertOption places great importance on providing excellent customer support. Traders can reach out to the customer service team through live chat, phone, or email. The live chat service is available 24/7, ensuring that traders can get immediate assistance whenever needed.
Customer support is offered in multiple languages, including English, Hindi, Chinese, Thai, Indonesian, Malaysian, Filipino, Korean, Vietnamese, Spanish, Polish, Portuguese, Arabic, and Turkish. The availability of support in various languages enhances the accessibility of the platform for traders from different regions.
Is ExpertOption Legitimate?
When considering any trading platform, it is essential to assess its legitimacy. While ExpertOption has gained popularity and received positive feedback from traders, it is important to note that it is not regulated by top-tier authorities. The platform is regulated by the VFSC, which is a low-tier regulatory body. Traders should conduct thorough research and exercise caution when trading on platforms that lack regulation by reputable authorities.
ExpertOption Review Conclusion
ExpertOption offers a unique trading experience with its customizable platform, high-quality educational materials, and prompt customer support. While the platform has several advantages, such as low minimum deposits and zero transaction fees, it also has limitations, including limited country availability and regulatory concerns.
Before deciding to trade with ExpertOption, it is crucial to assess your individual trading needs and priorities. Conduct thorough research, consider the pros and cons, and weigh the risks and benefits. It may be beneficial to start with a demo account or a smaller initial investment to test the platform and its suitability for your trading goals.
Please note that trading involves risks, and it is important to understand and manage these risks effectively. Consider seeking professional advice and take appropriate precautions to safeguard your investments.
You might be interested in exploring more about online trading platforms. Speaking of trading, you might find it helpful to read about the concept of trading platforms on Wikipedia’s Trading Platform article. Additionally, if you are considering different types of trading accounts, it would be beneficial to learn about the various account types commonly offered. For a comprehensive understanding, I recommend checking out the Trading Account Wikipedia page. Lastly, to better comprehend the risks and management involved in trading, you might want to delve into the topic of risk management on
