True to the tradition of prevalent amount binary brokers, Optionfield has different types of ‘live’ accounts, and the account type you choose will determine your expected minimum deposit. These account types can effectively be seen as ‘levels’ and are largely dependent on how much you are able to commit to your trading account. Each account level comes with its own perks, but as expected, the perks increase with the level.
The Classic account is the most basic account, and works pretty well for newbies in binary trading. Optionfield sets a minimum deposit requirement of $5 for this account and a maximum of $2000. It should be noted that not all assets are available to be traded by traders with Classic Account.
The Pro Account takes the whole trading game to a pretty new level, requiring a $2000 minimum investment. With a Pro Account, traders can open up to 10 trades at a particular time. It also comes with a higher payout rate, free withdrawals and access to a personal account manager. The maximum combined investment cap is $5000 over multiple trades.
The highest level is the Elite account, requiring you to deposit at least $10,000 as trading capital. Perks that come with this level include even higher payouts, the ability to open up to twenty trades at the same time and access to the services of a dedicated relationship manager available 24/7. Others include regular bonuses.
Optionfield Demo Account
A good feature of a quality binary broker is making demo accounts available to clients. A demo account is simply an account provided by the broker to you for free. It typically contains virtual money which you can use to make trades. However, the money in the demo account is not real, and can never be cashed out. Demo accounts are useful for a number of things, some of which are:
Practicing trading skills
A demo account gives newbie traders the opportunity to practise their trading skills before they commit their hard-earned real money to trading. Demo trading accounts, as a beginner trader, give you the ability to test and trade real market conditions with fake money to know how trading works before actual capital is put on the line.
To test a broker’s platforms
With a broker’s demo account, you can test the broker’s platforms and services before deciding to trade with it. Traders should really get to know each other.
To test new trading strategies
Experienced traders may make use of demo trading accounts to test new trading strategies to ascertain if they are effective and profitable before applying such strategy to a live account where there are chances of losing real money. Optionfield gives traders to a $10,000 demo account. With this demo account, you have access to all Optionfield’s trading platforms, including MT4.
Optionfield offers a range of options through which you can make deposits into your trading account. Common channels include:
Bank cards: This can be debit or credit card. However, it is preferable and highly recommended that you make use of a card powered by either Visa or MasterCard.
Bank Transfer: Optionfield makes it possible to make transfers from your local bank account in almost any country. However, the problem with this is that it might take a long time for the deposit to reflect in your trading account.
E-wallets such as Neteller, Skrill, WebMoney, PayPal and much more.
Cryptocurrency: A feature that is not yet common in the binary world. You can deposit into your trading account using Bitcoin and Ethereum.
Depositing funds into your trading account does not attract any charges whatsoever. In fact, when you use crypto coins and deposit $200 and above, you are automatically given 3% deposit bonus.
On the other hand, withdrawals may attract charges. However, you only have one free withdrawal per week for the Pro and Elite accounts, but for the Standard account, you are charged a $10 fee for each withdrawal. Furthermore, you must note that the same channel through which you choose to make deposits is the same channel through which you receive your withdrawals. In addition, you must ensure that your account gets verified before you request withdrawals.
We don’t think you will be surprised by this headline. There are a lot of scams in the binary brokerage space, and as a trader, you have to be careful. In fact, it is not an exaggeration if we say that in the binary options brokerage industry and indeed the binary options trading industry as a whole, there are more scammers than there are genuine people.
Binary options trading scams range from binary brokers that defraud clients, to fake binary trading software sold to unsuspecting traders. There are, however, signs that can help you spot them.
Bogus Promises – If a binary broker makes obviously unattainable promises like 300% payout, risk-free trading, surely winning, then it is likely that such broker is a scam.
Constant Harassing of Traders – Although this is not a blanket rule, one feature common to fraudulent brokers is the way they over-market to traders. Even after you deposit in your account, they will still stalk you, urging you to quickly start trading or to deposit more.
Terms and Conditions – Most scammer-brokers do have difficult-to-read terms and conditions. Also, usually, their terms and conditions contain a lot of red flags. However, Optionfield does not possess any of these features. In fact, it has bagged at least 2 awards from FinancesOnline, a globally recognised software review platform.
One feature that is highly recommended to look out for in a binary options broker is its regulatory status. Being regulated in this sense means if it is registered with and recognised by notable and relevant international financial regulatory authorities, and is thus subject to their rules. That is because choosing to trade with a binary options broker that is regulated comes with a number of benefits. For one, these regulatory bodies issue strict rules to firms registered under them to ensure the security of clients’ money. One of such strict rules is that they must participate in a compensatory scheme. Here, a binary options broker is expected to dedicate a portion of its earnings to a scheme aimed towards compensating its clients in case it goes bankrupt or in case of fraudulent acts by it.
However, Optionfield does not appear to be regulated by any financial authority yet. This is understandable, bearing the fact that it is a relatively new broker. Despite not yet being officially regulated, Optionfield has taken several steps towards regulatory compliance, one of which is complying with the segregation of accounts rules. Company Optionfield Limited is registered under the laws of St Vincent and the Grenadines.