As I mentioned earlier in a previous article, perhaps the single most important decision to be made before trading binary options is to choose a good binary options broker.
I have been browsing the web for a while looking for a good broker, and have recently run across Anyoption (http://www.anyoption.com). I registered with them and started trading. The following Anyoption test is the review of my experience with them.
For user reviews and to discuss Anyoption feel free to visit our Anyoption forum
|Normalized profit||Up to 86%|
|Trading assets||Stocks, Forex, Commodities, Indices|
|Min. Account size||$ 200|
|Min. Trade size||$ 20|
|Special features||Call / Put, Option+, Onetouch, Live, 0 to 100|
AnyOption is a Cyprus based binary options broker. They are perhaps one of the first binary options brokerage entities, and claim to be in the business since 2008, which is actually more or less when binary options started trading on the major markers when it was recognized by the CBOE as a fully tradeable entity. They also claim to have hundreds of thousands of loyal users from around the globe. The fact that they’ve been around so long and have managed to sustain business and maintain their customer base for this long goes a long way in terms of credibility.
So, how are Anyoption as a binary options broker?
Well, one of the obvious downsides to binary option trading is that you cannot trade on all securities, and are limited by what the broker has on offer. A big advantage of Anyoption is that they offer a very large selection of securities available for trade. As of writing this review, there were a total of 104 securities available to trade in their “binary options bank”:
- 31 Indices
- 4 Commodities: Silver, gold, crude oil, copper
- 9 Forex currency pairs
- 60 NASDAQ and NYSE stocks
Registering an Account
Registering and setting up an account with Anyoption is pretty straight forward. You just choose your login details and enter some personal details and voila, your account is ready and setup. If you need any assistance or help, they have online customer support which is readily available in a number of different languages, but I’ll get into that later.
I cannot emphasize enough on how important customer support is for a binary options broker. So many things can go wrong and it is crucial to have someone to talk to immediately should you need assistance. The term time is money takes on a whole new meaning in binary options trading.
I was actually blown away by Anyoption’s customer service. Not ten minutes after I registered and started getting myself set up, and I got a telephone call from their service department! They asked if I had any questions and took the time to introduce the company a bit. According to them, they have over 160 people in their support staff, providing assistance via telephone, email or chat, 24 hours a day, 7 days a week. During my trading with Anyoption I’ve put their support to the test a number of times, and I can honestly say that I’m VERY impressed with how good they are.
For the sake of this review, I decided to randomly clicked the chat button that appears on the trading screen. Some brokers have it there for show and as soon as you click it you just get an offline message and they say they’ll get back to you. Not with Anyoption. The chatbox said I was second in queue and my wait time should be 38 seconds. I was in chat within less than 10 actually.
I asked a few short questions. Their answers were fast and to the point. When the support representative didn’t know how to answer my questions (which was about withdrawals), he immediately transferred me to another rep who quickly gave me the answers I was looking for. The transfer to the other rep also just took a few seconds, which in itself is pretty impressive.
Anyoption use a very straight forward and user-friendly proprietary web-based trading system.
Earlier, I mentioned that I tested out their customer support by clicking on the chat button. The chat button in question can be seen here on the right side of the screen. I feel that it’s important to have the chat button readily available, as you might need some quick assistance if you’re in the middle of a trade and not quite sure about something.
Regular binary options
In the default window for trading you have four widows where you can choose which securities you want displayed. Each security has the current price (live), and the correlating chart for the last 30 minutes. Putting in a trade is very easy and takes mere seconds, with a negligent lag. This is of utmost importance and the ultimate meaning is that there is no slippage on Anyoption’s trading system. Once you click on the call or put button, the price that was on the chart when you clicked is what you get.
Being an active stock trader myself, I also know the significance of having accurate live stock pricing. In this review I used my live trading software, which includes level 2 quotes, to check the accuracy of the Anyoption stock quote system.
As you can see on the below screenshot, considering that it is a web-interface, the results are surprisingly accurate.
While the current price is understandably not millisecond accurate because the interface is web-based, so it cannot be compared to a live feed-based trading software platform, I tried to figure out how the price is calculated. After looking at a number of charts at different times, I determined that the price shown is the average of the level 1 bids and asks weighted in with the number of bids and asks on each side. This seems to me to be a more than fair calculation since all the stocks listed on Anyoption are very high volume with a lot of movement. Any spread between the bid and ask will cause very erratic price fluctuations, which could be easily manipulated in binary options trading. The price quoting was always spot on with this calculation, and did not change according to the type of options I purchased, or for that matter, upon expiration.
Another nice feature that Anyoption has is the profit line feature. After you put in an order, you can visit the profit line screen to closely monitor where your open positions stand and whether or not you are in the money:
All in all, I’m more than impressed with the trading interface here. I wasn’t expecting it to be so refined and, for less of an accurate term – this legit. All quotes were spot on coinciding with my live trading software. For me that’s half the ticket right there.
All binary options brokers offer additional features besides the standard binary options trading. These features can be rather useful at times, so they are definitely worth a mention in this review. So, in addition to the standard trading features, Anyoption also offer some unique features, which they call Option+ and Onetouch.
Option+ is a welcomed and great feature, that I wish more brokers would implement. One of the biggest downsides of Binary Options is that unlike regular stock options, you cannot sell them prior to expiration. Even if you’re deep in the money, you still have to wait it out until expiration. Meanwhile anything can happen and you could still expire out of the money in the end. With Option+, you can sell your binary options back to Anyoption before the expiration. If you’re out of the money, you’ll get less than you paid of course (but you still get some returns), but if you’re in the money you can lock in profits this way. There is a huge benefit to being able to reduce losses and lock in profits, and to be honest, it is something that is quite rare with Binary Options.
If you have had any experience with Anyoption, be it good or bad, feel free to share it in the comments discussion below