OptionXP was launched in 2011 and you can tell it has been around for a while, because it still “provides investors and traders the ability to trade stocks, currency pairs, commodities and indices on the exotic options market,” as they put it.
Starting off with the fundamentals, the site states that the OptionXp brand is operated by Novox Capital Ltd., a Cyprus-based investment firm licensed by the Cyprus Securities and Exchange Commission (CySEC) – license number 224/14. The trading platform is supported by Tradologic, one of the leaders in the industry.
While there are certainly brokers who offer a larger number and more exotic assets for trading, this asset list is definitely not short. OptionXp’s platform is simple, well- constructed and easy to use.
It has to be said, though, that the home page is not newbie-friendly. It could be described as business-oriented, rather than trader-oriented. This can potentially scare off traders who want to start or diversify with binary options. Also, below the chart, what appears to be the trader’s sentiment, looks out of place and entirely unnecessary.
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But looking past that and when you get to the demo account, OptionXP offers digital, turbo, touch and range options. From 1, 2 and 5 minute turbo options to long-term weekly, monthly and even 6 month options on the more liquid assets, all traders are sure to find what they want. Payouts vary between 67% and 80% for the digital, turbo and range options and between 120% and 140% for the touch options.
The broker has also made available an educational section full of videos covering the basics and the more advanced aspects of binary options trading. When we take into account that OptionXP is not big on giving large bonuses, up to 50% being the most common, the broker seems to bet on smart investors rather than gamblers.
The Close and Extend trading tools are also available as expected, as well as AutoTrade, and they will enable the utilization of many trading strategies, while investing in this “exotic” market.
Overall, there are several more issues left to be fixed since being launched in 2011, but they aren’t necessarily trade-related and can be placed in the background. OptionXP is a tested and proven binary options broker that will cover most trader’s requirements for such a market. It remains to be seen if it can reignite its appeal and compete with larger and more dynamic brokers.