The Binary options market has seen substantial growth over the past few years. This has also, in turn, led to the birth of many new trading brokers, making it all the more difficult for any one of them to stand out unless they really offer something unique. This is why we decided to look for something unique in our latest Binary Options broker review. Topoption is a broker that definitely stands out from the rest, but I’ll get to that later in the review.
For user reviews and to discuss Topoption, feel free to visit our Topoption Forum
|Normalized profit||Up to 85%|
|Trading assets||Stocks, Forex, Commodities, Indices|
|Min. Account size||$ 200|
|Min. Trade size||$ 10|
|Special features||Call / Put, Option Builder, One Touch, 60 sec, Pro Trader|
Topoption is owned and operated by SafeCap Investments, the renown owners of the famous Forex broker Markets.com (just think about how much that domain cost them). They are, like many other binary options brokers, registered in Cyprus. Unlike many other brokers, Topoption is fully regulated by the Cyprus Securities Exchange Commission (CySEC) and authorized by the FSA, Banque de France, CONSOB, and AFM . The first thing I noticed when going into their website is the sheer amount of information that they make available to their customers.
The live trading account will appear active and you can see the trading platform even before you make your first deposit. The minimum deposit is relatively low compared to other brokers, at a relatively low $200. While I wouldn’t recommend initially depositing only such a low amount, it is of course a nice feature to have that as an option.
Customer support is of course really important as you want to be able to talk to someone if you don’t understand something or need assistance. Topoption offer live chat during regular trading hours, and telephone support at 9 toll-free locations, and 11 additional regular telephones, so that’s a total of 20 locally supported countries with telephone support(!).
So, as usual, I decided to torment the support people a bit to see how good they were.
Unfortunately, I did not fall off my chair from Topoption’s chat acknowledgment speed. I clocked a good 2 minutes before the support lady answered. Mind you I did get an update that they are dealing with other customers so as to verify that the chat was still connected. After asking my question, the lady asked me for my account details so she could look me up in her system. I think that this is a waste of time, as she could have answered my question just the same without that info. That’s gonna lose them some points as time is often of the essence when you need a quick answer during a trade.
Like many binary options brokers, Topoption have made their own implementation of Spotoption’s straight forward and user-friendly web-based trading platform.
Regular binary options
Topoption’s main trading page consists of 5 trading options, with regular binary options trading of course being the first.
The default page displays two trading graphs with selectable assets. The prices are of course live, and trades can be initialized from any of the two windows simultanesously.
As always with the Spotoption platform, putting in a trade is very easy and takes mere seconds, with no noticeable lag. More importantly, one you click to enter a trade, you reach an approval screen which locks your price for the next 3 seconds. You will need to click on the approve button to finalize the trade order. This of course means that slippage on Topoption’s trading system is minimized.
All of your open positions will always be neatly displayed on the bottom of the screen for monitoring. You will be able to see the current price compared to your strike price, and what your total current profit/loss is, as well as profit/loss of individual trades.
You can also always click on the graph for any of your open positions, and get a live graph showing you very clearly whether you are in or out of the money. This is all of course very important, as if you decide to open multiple trades, it is always important to know where all your trades stand. Having this degree of transparency helps.
So, what do Topoption offer besides the standard binary options trading? Quite a bit actually.
While the pair trading interface may not be as sleek as Stockpair’s, it is a welcomed option to have. With pair trading, the trader chooses between a pair of two assets, and predicts which of the two will perform better during the trade period. If you checked the chat log from the support check I did, you’ll notice that I asked about their pair trading interface. With Topoption, you trade the ratio between the price of the two stocks. The higher the price of the first stock, the higher the ratio (I hope that’s clear). To make it simpler, see the charts below. The top chart means price of BNP/Barclays = .014355. If you can determine which of the two stocks will perform better, you can get payouts of up to 80%.
Option builder is a great feature for seasoned traders. It adds a great deal of freedom to the trader. In order to perform a trade you first need to choose the asset that you want to trade. There are unfortunately less tradeable assets on the Option Builder than the regular binary options platform, which I think is a pity. However, this is still a great feature.
After you’ve chosen the asset, you need to choose the exact time that you want the option to expire. After that, you choose what the payout is if you are in the money or out of the money. Wait, what?!
Yep, that’s right, with the Option Builder you can choose the ratio of the payout for ITM and OTM! Now that’s what I like to see
Topoption also offer the 60 second speed trading feature. This is personally not my cup of tea, but there are many traders that love this. It kinda gives an adrenalin rush. I personally don’t like it, but for those who want to give it a shot, there’s not much to lose since the minimum trade amount for the 60-second option is only $5.
Topoption also offer the Ontouch option. These options are usually longer term than standard options, but also offer higher returns for successful trades. The idea behind the One Touch is that option needs only touch the strike price once during the option lifetime for it to become in the money (and stay there).
- Additional feautures
Topoption also offer Rollover, Double up features on existing trade.
Payouts and Commissions
All in all, from the 3 trades I did today, I had 2 wins and 1 tie. For me this proves that Topoption do not sway the expiration prices or times to their favor, as it would be more than easy to change a tie to a loss by adjusting the expiry rate by 1 pip. I mean who would be able to argue over a single pip. Anyway, my overall experience with Topoption has been quite positive to be honest.
UPDATE: I requested payout after finishing a few more trades after this review. I was just under $100 in profit. They asked me to submit a few more documents, which is more than understandable considering the regulations that they need to adhere to, and I got my payout 2 days later. Not too shabby.
Payouts and Withdrawals
Payouts are generally on the high side and are usually 80% and above. I found some trades like the 60 second options to be slightly lower at between 70% – 75%, but that’s understandable. The regular and pair options usually offered 80-80% regardless of whether a call or put was chosen. What I did like however was the Option Builder that allowed you to choose your payout. I mean, letting you decide whether you’d prefer a higher payout or the safety net of getting back some of your investment should you make a bad trade – that’s priceless!
Update:As mentioned above, I’ve tested an verified that they don’t give any problems with withdrawals. This is perhaps one of the most important features of a binary options broker.
Topoption is definitely one of the top binary options brokers currently running. Having the huge backing of Markets.com means that you can rest assured that you money is safe there and there will be no monkey business when you ask for a withdrawal. Offering a demo account is also a big plus, as many traders like to get a feel before going full in.Topoption have really gone all-in with their platform, and offer one of the largest varieties of trading tools out of any of the brokers around.
The only gripe I might have with them is that at times they felt a little clunky, but maybe that was just my internet connection. I didn’t however feel that it changed any trading results, and in fact I ended the day in the green). I’d also like it if they put a bit of work in on getting better support on their chat team, giving faster replies.
In short, Topoption are another GREAT Binary Options Broker, and can definitely be recommended!
Preview of the Topoption homepage:
If you’d like to check them out, just visit http://www.topoption.com/