Opteck is a broker that entered the binary options market in 2011 with the goal of helping traders around the world further their trading careers with the best educational and technological tools available. This broker is all about efficacy when it comes to the way traders can sign up, trade, and develop their skills. While I believe this broker is best suited for novice traders as opposed to more professionals ones, it does not mean that its offerings are subpar; in fact, it is quite the opposite as they carefully craft resources that can help propel even the most beginner of trader into profit-making mode rather quickly.
A Thoughtful Broker
Since brokers are in the business of attracting and retaining customers in order to make profits, one would think that all services offered would be optimized in order to offer the best experience possible. However, this is not always the case, especially in the binary options field where some brokers ultimately care more about their bottom line than happy customers. At Opteck, things are being done differently, and it starts with putting the customer first.
The team behind the company is made up of professional and passionate individuals who have a strong desire to empower traders to become better at what they do. Opteck is owned by Centralspot Trading Limited, a company located in Belize, and it has obtained licensing from CySEC in October 2014.
With a high level of attention to detail, this firm is, in my opinion, setting a precedent for how binary options newcomers should be served.
An Organized Platform
Opteck joins another group of brokers in the industry who have designed their own platforms. While relying on an established firm to power trading platforms is very popular among brokers, Opteck rather chose to use its own programmers. The result is a seamless, easy-to-navigate, and effortless platform that is truly built for novice traders. From the careful selection of colors to the placement of various functions on the user’s screen, all controls are laid out in an intuitive manner that makes it fun and interesting to browse.
The platform is entirely web-based so you do not have to fear having to download additional software on to your computer. In addition, traders who prefer to use mobile capabilities will be happy to know that they can safely and easily access the company’s platform via the App store for iPhone users and the Google Play store for those using an Android phone. Both versions of the platform have been optimized, which means they perform just as well as the regular web-based one.
Security is of the utmost importance for this company, which means they are using a system with 128-bit SSL encryption to ensure all customer data is kept safe and private. Opteck even enlisted the help of internet experts to test for potential flaws in the system. The result is an incredibly safe platform that is as glitch free as possible.
Lastly, Opteck’s platform is set up in a way that allows traders to execute quick trades directly from charts. This option is great for traders who know what they are looking for and just want to be able to enter a position without having to go back to the main menu.
There are over 50 underlying assets to choose from across all four categories: currency pairs, stocks, indices, and commodities.
With Opteck, traders have access to four different trading instruments.
- High/Low – A basic trading option, you simply choose whether you believe the underlying asset price will close above or below the strike price at expiry.
- On Demand – This type of trading instrument allows you to execute quick trades that range from 60 seconds to 1 hour. The whole objective in this case is to make quick returns on your investments.
- One Touch – This is very similar to the High/Low option except your goal is determine whether an underlying asset’s market price will reach a given value before the position expires.
- Range – Lastly, Opteck offers a Range option, which works much in the same way as the boundary trading instrument offered by many brokers in the industry. By setting an upper and lower price target, you create a range (or a boundary). You then execute a call or put option according to your price predictions.
Exceptional Educational Material
Opteck is well-known for offering excellent resources to novice traders and helping them develop their knowledge to their full potential in a timely manner. Called the Opteck Academy, this section contains detailed information that meets a remarkably high quality standard.
Upon signing up with the firm, traders receive an eBook containing all the basic theory behind binary options, how to use the trading platform, a few strategies and a crash course on fundamental and technical analysis. Opteck also has over 20 educational video tutorials in their database. Topics range from introductory videos to binary options to trading psychology, market analysis, and risk management.
Customer Service Reputation
Perhaps if there is one small downside to Opteck, it has to do with the customer service department. There have been a few complaints about the slow service, particularly when it comes to withdrawal requests. However, the company has already taken steps to remedy the problem, which has been much appreciated by traders. Opteck now has a complaint department to address any issues as quickly as possible so this shows how dedicated the broker is to improving on its support services. In recent times, complaints have largely decreased, which proves there has been major improvements.
Opteck offers customer support via three channels: live chat, email, and phone. Many local numbers are available to serve as many customers around the world as possible.
For traders looking to get a gentle introduction into the world of binary options, Opteck is an excellent choice. The broker’s educational component is truly what sets it apart from others so those who are eager to learn will be pleased with how detailed and comprehensive the resources are. Opteck offers simplicity without neglecting any of the attractive features traders look for in a broker. While advanced traders may find that the company is somewhat lacking in trading opportunities, novice traders should be very pleased without feeling overwhelmed.