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7 Binary Options
We have found out that TopOption has shut down their operations.
We recommend choosing one of our top binary option brokers instead:
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Try also Binary Option Robot if you are looking for automated binary trading.
It’s a good thing to have a nice selection of choices when it comes to finding a broker for you to trade binary options with. Some people claim there are just too many choices out there and it makes hard to choose a reliable broker. That is where we come in and we can help make your decision easier. We try to narrow your list of choices down by searching and finding good brokers like the one we will review today, TopOption.
Why do we like TopOption? We like them because we think they are a fair web broker that has a good reputation, consistently gets good reviews and they offer a lot of benefits to those that trade with them. They also have a lot of experience in binary option market because they were the first one who offered online binary options trading to their users.
Don’t take our word for granted, check out our detailed review and find yourself as we thoroughly cover this popular binary options trading site.
Online since: 2008
7 Binary Options Rating:
Signing up for the website could not have been easier. All we had to do was fill out a very short questionnaire, prove our identity and then make the required minimum deposit of $100. A low deposit like that makes entry into the binary options trading market easy for just about everyone.
Types of accounts
There are three distinct account levels with TopOption. They are designed to fit the needs and knowledge level of different traders; some traders just do it as a hobby while others do it as a serious profession. There are account levels that fit all types of traders. Each account type has special features too and each higher level account gives you access to all the features that the lower account levels have also. Take a look.
Includes deposits from $100 up to $249
Best Binary Options Brokers 2020:
Includes deposits from $250 up to $999
In addition to all of the benefits that come with a Standard account, this level account holder will also receive the following additional benefits:
Includes deposits from $1000 up to $5000
In addition to receiving all of the benefits that come with a Standard and Pro account, this level account holder will also receive the following additional benefits:
There are a variety of very good learning tools that everyone who trades with TopOption has access to. The most significant of which is their handy demo account. This helps those that are new to the site get acclimated to the trading platform before risking their hard earned investment dollars and it also helps novice traders learn a little about binary options trading before they start risking their own money.
In addition to being able to access the free demo account, all level account holders will receive:
One of the best things about the TopOption web broker is the tremendous amount of assets their traders get to choose from. There are around 180 assets in total. Among these are some of the most popular stocks in the world, matched currency pairs, heavily traded commodities and some of the better stock indices. That is enough variety that anyone can find a few assets that they are familiar with and find comfortable trading.
The choices of assets that can be traded include such ones as gold, google, apple, Coca-Cola and the NASDAQ. Trading with stable assets such as these makes placing winning binary options trades much more likely.
Investors with TopOption will have the benefit of trading on one of the most popular platforms that there is when it comes to trading binary options. They use the really good SpotOption trading software that has been modified and improved over the years to give those who use it a very simple to use and satisfying trading experience.
The platform is well laid out, logically menu driven and it takes just a few points and clicks with a mouse to surf the website and place trades. There is a lot of peace of mind that comes with using this quality web platform.
Not only does the platform itself make trading simple and easy to understand but the variety of options that the customer has to choose from helps a lot too. They offer such option choices as High/Low options, One Touch options, 60 second options, Long Term Options, Meta Charts and Pair Options. With that type of variety a traderis sure to find an option choice that will be appealing to them and they can have success with.
One of the most unique things about placing trades with TopOption is their unique ‘option builder’ feature. Here customers can kind of mix and match their favorite options with their favorite assets and create an option choice that is custom for themselves. A little customization is always welcomed by investors, especially if it helps them make more profitable trades on a consistent basis.
Return on Investment
There are two reasons that investors like to trade binary options.
TopOption gives those that trade with them an opportunity to earn as much as 82% for every dollar that they spend. Return on investments like that can add up to a whole lot of money in your trading account in a hurry.
There is one very unique feature that reassures TopOption’s customers when it comes to the safety of their investment account. Many people see they are based out of Cyprus and worry about the once unstable banking situation there. No need to worry here because TopOption has that problem solved; all of their banking transactions are done through reputable banks in England, Switzerland and Germany; your money will never even enter into the banking system in Cypress.
Now that you know your investment deposit will be safe and secure with TopOption, you need to also know that the banking system is very straightforward and they try to make things such as depositing and withdrawing money as seamless as possible. They offer a variety of ways in which you can make a deposit including Visa, MasterCard, Bank Wire, Diners Club and WebMoney. Many of these same methods can be used for withdrawals as well.
Customer service is a big plus with the TopOption web broker. They offer excellent support in a variety of different languages such as:
That is a sign of a company that goes the extra mile to take care of those who trade with them.
We also found nothing but minor complaints when we searched for reviews of the TopOption broker on the internet. As a matter of fact, most of the reviews we came across were overwhelmingly positive ones. That is another sign that the customer service team is resolving questions and concerns in a satisfactory manner.
To sum it up there were several key features that we liked when using the TopOption web platform. We liked the fact that they were confident enough in their business practices that they chose a strict regulatory agency like CySEC to oversee them. They also offer those that trade with them a variety of excellent learning tools to choose from.
There is absolutely no doubt in our minds that the experience that TopOption brings to the table plays a big role in the quality of their website. We found very few things not to like about them overall. Everything was straightforward right from the initial account setup all the way to banking and placing trades. I guess we don’t have much else to say except we have no problem putting this broker on our list of recommended websites to trade on, right on par with Banc de Binary, IQ Option, Nadex, 24Option, Boss Capital and Olymptrade for example. We also recommend checking out Binary Option Robot for automated trading with the top brokers.
Customer Service: Live Chat / Email: [email protected]
7 Binary Options review: TopOption : 4,5 stars.
TopOption are no longer offering Binaries. For a list of alternative brokers, and full comparison reviews, visit our brokers page.
Alternatively, these are our Top 3 brokers based on Ratings:
TopOption Archive Review
TopOption is a leading binary options broker that is owned and managed by the holding company Safecap Investement Ltd (formerly Arbat Capital Ltd). The broker is one of the few binary options brokers around the world that accepts skrill and is fully regulated by EU approved binary options regulatory agency CySEC.
|No. Of Assets:||150+|
|US Traders:||Not Accepted|
TopOption is owned and operated by Leadtrade Ltd, a company that was authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 296/16 licence date 16/02/2020. Leadtrade Ltd. Leadtrade was also EEA Authorised by the British Financial Conduct Authority (FCA) under Reference number: 749356. The listed address for this company is Treppides Tower, 5th Floor, 9 Kafkasou Street, 2112 Nicosia, Cyprus. The previous name of Leadtrade Ltd. was Spot Trading S.T. Ltd.
Leadtrade Ltd has renounced its CySEC license (Voluntary Renunciation) and is no longer authorized by the British FCA. The brokerage TopOption is now closed (as well as some other Leadtrade brands)! Read more in our Regulatory Warnings And Announcements section below.
Is TopOption a Scam?
TopOption, as well as the other brands operated by LeadTrade Ltd closed shop. The website is inaccessible. I guess we will never know if they were a scam or not because the renunciation of the CySEC license was voluntary and not due to a lawsuit or major fine. However, if things were rosy, I don’t think Leadtrade would close several of their brands.
Editor’s Note – Why TopOption doesn’t Suck in 50 Words?
Even if they’ve recently changed their owning company, this still remains a regulated brokerage. On top of that, Leadtrade Ltd (the new owning company) has its feet well planted in the binary options industry and I say that because they own and manage a few other notable brokerages, such as Prestige Option and OptionsClick. That being said, I don’t think that CySEC regulation is such a big deal nowadays because it’s not very difficult to get and we’ve seen lots of regulated brokers do “bad” things.
Why does TopOption Suck?
When TopOption first launched, we had high hopes for them. Unfortunately they’ve disappointed more or less: they are not the worst, but definitely not one of the top tier brokers (and complaints are munching into their reputation). We’ll see… a new company, new management, new policies and maybe better reputation in the future, but right now their reputation kind of sucks. Oh, and one more thing: their Social Trading… what’s up with that? I can’t follow, I can’t copy automatically, I see trades that are half an hour old (and even longer). All I can do is “like” the trade. Come on, this is not FaceBook.
Should I Open an Account with TopOption?
Even from the first minutes spent on the website, clients can see they are dealing with a serious broker. The website looks polished and well designed, not like the normal white label platforms that look like mirror images of one another. The technology is provided by KeyStone, plus TopOption managed to personalize the platform and to repack it in a new form, paying a lot of attention to detail. There are no broken links and the whole experience feels totally uncluttered. Fortunately, there’s no trace of the overly used slogan “We focus on who really counts. You” and the education provided is more than just empty words or misleading information like “Binary Options are not risky…” They call things by their names and don’t hide behind words: they inform the traders that they are risking their money when trading Binary Options, just like the risk it when trading any other financial instrument.
The difference between an unregulated broker and TopOption is huge: all the information is publicly displayed and you can be sure it is real because they are constantly verified by CySEC. Ok, but the most important and appealing thing about regulation is that your money is kept separately from TopOption’s money. In other words, they don’t have access to it and cannot use your money as they please. Once an unregulated broker gets a hold of your money, it all depends on whether they are honest or not; if they are scammers, there’s not much you can do about it. The money is lost and you don’t even know who to sue or at least where to find them. This horrible scenario cannot happen with a regulated broker (well, the world may end tomorrow so I guess everything is possible) and more than that, because your money is held in a separate account from the broker’s, in case of bankruptcy, your money will be safe. There’s more: TopOption undertakes serious risk protection measures like the Investor Compensation Fund insurance protocol of up to 20K Euros per client. Do not mistake this insurance fund for the trading insurance some brokers offer you. It has nothing to do with protection against losses incurred from trading. That’s the trader’s problem. They protect your money against other non-trading related occurrences.
A lot of brokers offer daily market analysis these days but unfortunately, that analysis is anything but daily. Usually, it’s so old that spider webs and cracks appear on the page. That’s not the case with TopOption; the analysis is indeed a daily one, they have a good economic calendar with events ordered by importance and expected impact, “Breaking News” section and overall, they provide a professional environment, just how Binary options trading should be. Let’s just hope their eagerness to be professional doesn’t fade away when some time passes and this is not just an attempt to create hype around them.
Update October 2020: The trading platform is TradeSmarter and they no longer offer daily market reviews but they still have a well organized economic calendar. Given that more and more brokers are stepping up their game, TopOption has fallen behind a bit. Let’s hope that the new management will do a better job.
Team ThatSucks.com (former BinaryOptionsThatSuck.com) advices every newbie traders to make this search for themselves. It’s simple! Try Googling TopOption complaint, scam, fraud, etc, and make your own research. Here’s what we found: The only complaints I’ve come across till now have been about the platform lagging/freezing from time to time and I’ve experienced this myself. We’ll keep you updated on this matter when we know more.
Update October 2020: Unfortunately this brokerage suffers from a tainted reputation because more and more complaints have surfaced lately. It’s nothing really alarming but I recommend you keep an eye on our Comments section just below this review.
Update February 2020: Apparently, the new management is not doing a better job than the old one and TopOption has become one of the tops commented brokers… in a bad way. People complain about frozen accounts as soon as a deposit is made but also about blocked transactions and disappearing funds (. ) or deleted accounts. We cannot confirm the disappearing of funds but one of our readers has posted a YouTube short video where he/she clearly shows that all transactions are blocked; not one trade goes through, due to various reasons like high volatility or exceeding the upper limits of the investment amount. Clearly, volatility wasn’t very high and the invested amount was 100 ZL then 40 ZL (that’s about 10 USD and 25 USD respectively – clearly not too high). The thing is that we are not dealing with a singular complaint, but with many of the same type so we cannot dismiss them, thus we recommend caution when dealing with this brokerage. *To find the video, please go to page 9 of our Comments section below.
TopOption Regulatory Warnings And Announcements
06.07.2020: The Australian Securities & Investments Commission (ASIC) warned that over 40 binary options and margin FX providers are operating and soliciting Australian citizens without proper license or authorization. Out of all the providers contacted by ASIC, 21 including TopOption have agreed to co-operate and take remedial steps to ensure they are no longer providing investment services to Australians without proper license or authorization. On ASIC’s list, TopOption appears as the trading name of Nuntius Brokerage & Investment Services S.A. Source: ASIC Media Release 16-218MR.
31.03.2020: CySEC announced they’ve suspended the licence of Leadtrade Ltd (operating company of TopOption) due to suspicions of alleged violations regarding the company’s own funds and capital adequacy ratio. Within 10 days the company had to take measures to comply with CySEC’s guidelines. Source: CySEC Decision
03.04.2020: CySEC decided to withdraw the suspension of Leadtrade’s authorization due to the fact that the company has already complied with the provisions of the Law (meaning they resolved the issues for which they were suspended in the first place). Source: CySEC Decision
28.04.2020: CySEC announced that Leadtrade Ltd renounced its authorization. Therefore, the CIF authorization with number 296/16 lapsed as from the abovementioned date. Source: CySEC Announcement
Update February 2020: Due to new CySEC regulations regarding Bonuses (source: CySEC Circular C168), TopOption ceased to offer a deposit Bonus. Instead, they now offer a “Loyalty Award” that consists of real money credited to the clients’ account based on trade volume. Once a predetermined volume is reached, the Award is released into the account and can be traded or withdrawn. The formula used for calculation is [Deposit amount + Award amount]*Trading Volume Multiple. This “Trading Volume Multiple” is a new terminology for the old Turnover requirement and varies from 20 to 25 and to 30. For more information, please read their Terms and Conditions.
TopOption does not charge any withdrawal fees but the money must be sent to the same source it was debited from. Once the withdrawal request is approved, the client may wait up to 7 business days until the account is credited. However, TopOption mentions that 7 days will pass only in “exceptional circumstances” which makes us believe that usually withdrawals take less than that.
Update February 2020: They have reverted back to the 7 business days timeframe for withdrawals: after a withdrawal request is processed and approved (they don’t mention how long that may last) it will take up to 7 business days for the funds to reach you.
User Friendly 18/20
The website is available in 20 languages, the information has an intuitive layout and the trading platform itself is both accommodating for rookies and complex enough for seasoned traders. Except the platform lag, another downside is the time displayed on the platform, it cannot be changed to your current time. Forgetting this time difference can become a major issue when picking expiries!
Update February 2020: The platform time now coincides with the client’s time or at least it did in my case.
Number of assets and expiry times 17/20
TopOption’s basket of assets is composed of 16 stocks, 13 currencies, 8 commodities, 16 indices and 3 pairs for a total of 56 tradable products. Although it is not an impressive number, the most traded assets are available so the trader can surely find a good opportunity among them. The expiry times range from 60 seconds to the end of the year, with an option builder feature which allows you to customize your trading. Roll Over, Double Up and Sell Option features are also available.
Update October 2020: Their asset index is now composed of more than 180 assets, a great improvement from last time we visited them.
Commissions, Support and Effective return 17/20
TopOption doesn’t charge any commissions or fees for opening an account or for withdrawing funds but there is a $5 monthly fee for Inactive Accounts. Their Live Support is helpful, quick and offered in more than 10 languages. The effective return goes up to 85% but unfortunately there’s no refund for OTM trades.
Update October 2020: Inactive accounts (no activity for 90 days) are now charged a $10 monthly fee.
Update February 2020: Live support was totally unhelpful: after waiting several minutes to get in touch with a representative, he/she did not speak to me at all. I asked a simple question (if they offer a bonus) and all I got in return was silence. First contact was made at 11:51 am and at 12:31 pm I decided to close the chat after several failed attempts to get a single word out of the representative.
Deposit, Payment and Bonus 17/20
The minimum deposit for a Starter account is $100, a Pro account requires $1000 and VIP accounts start from $5000. Deposits can be made via Credit Cards, wire transfers and e-wallets like Moneybookers, Neteller or WebMoney. Withdrawals must be made using the same source of the funds (if you use a certain bank account for depositing, withdrawals will be made in the same account). Once processed, a withdrawal takes up to 7 business days.
Update February 2020: The Bonus has been replaced by a Loyalty Award. For details, see section “TopOption Bonus” above and read their Terms and Conditions.
TopOption Extra 10/20
Regulation of the owning company is a rare thing when it comes to Binary Options. The owning company of TopOption is regulated by CySEC and this grants them entry in the exclusive club of the elite regulated Binary Options service providers. Could have more extras.
TopOption Overall Ratings **CLOSED** -/100
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