ExpertOption Review 2023

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ExpertOption was founded in 2014. ExpertOption claim they process over 30 million trades each month. It is available in over 150 countries worldwide.

During the China Trading Expo in Shenzhen in May 2017, ExpertOption was named “Best Trading Platform.” In this Expert Option Review, we're going to discuss whether ExpertOption is legit, and how you can find out whether it's the right platform for you.

Expert Option Overview

Pros and Cons

ExpertOption has many pros to count, but its cons might be a real deal-breaker for many.

Compared to Similar Brokers

We listed below a brief comparison between ExpertOption and its competitors to give you a better idea about the broker.

ExpertOption Payouts

Below we gathered some payout percentages and the average payout on some popular assets.

Regulation

ExpertOption is registered with the Vanuatu Financial Service Commission (VFSC) license number 15014. The Financial Market Relationship Regulation Center oversees the operations of this broker (FMRRC). This is a non-governmental organization in Russia that offers volunteer monitoring.

We advise extra due diligence as Expert Option is not regulated by top tier authorities.

Trading Platforms

ExpertOption's platform is easy to use and offers educational material, allowing clients to employ powerful analytical tools to make better decisions. It also provides traders with an accurate feed and fast trade execution.

While the majority of brokers opt for existing platforms like MetaTrader 4 and MetaTrader 5 to save time, ExpertOption built its own platform that is fully customizable and can be adjusted to the demands of any client. This means that all of ExpertOption's features are easily integrated, regardless of whether the user is trading on a desktop or mobile device.

But with such an easy-to-use interface, clients are unlikely to need additional materials to maneuver ExpertOption. The platform supports social trading, which helps clients monitor top traders’ deals, even copying their strategies.

Mobile App

Just like ExpertOption's other platforms, the mobile app provides clients with access to a large selection of stocks and more than 100 different assets, as well as quick trade execution. It offers live, real-time quotes, it is custom-developed, user-friendly, and has comprehensive analytical tools at the same time.

Account Types

ExpertOption makes it easy and simple to create an account. You can also register using your social media or Google accounts. All you have to do is provide an active email address and create a password. The amount of money you need to deposit varies depending on the account you wish to create, but in general, a genuine account with ExpertOption demands a minimum deposit of $50. Below is a comparison list of the six different accounts you can have on ExpertOption.

Demo Account

ExpertOption clients can use a demo account to test their abilities and get a feel for the platform before investing real money. Demo accounts come with a virtual balance of $10,000, and there is no need to register to use the account.

This is great as many new clients are put off by having to give documentation and personal information to try out a demo account, and it also means that the broker does not have any personal contact information with which to pressure you into registering for a real account after you have tried it out.

Overall, the ExpertOption demo account is very helpful as it gives clients access to all of the basic features and pricing available on a live account. This allows new users to experiment and see if their trading style is compatible with the platform.

Available Deposit Methods

Expert Option offers many deposit methods. Here is the full list:

• Wire Transfer
• MasterCard/Visa
• Maestro
• PayPal
• eo.finance
• QIWI
• WebMoney
• Yandex Money
• Skrill
• Neteller
• PM
• UnionPay
• fasapay
• epayments

Available Cryptocurrencies

ExpertOption offers a good variety of cryptocurrencies that are all listed below:

• Bitcoin
•  Ethereum
• Bitcoin Cash
• Bitcoin Gold
• Ripple
• Dash
• Ethereum Classic
•  IOTA
• Monero
• Litecoin
• Tether
• Zcash

Deposit and Withdrawal

ExpertOption offers a quick deposit and withdrawal process. This broker accepts a good number of different payment options – more than 20 different payment methods. Clients can pay with a MasterCard, Visa, Maestro, or UnionPay credit or debit card. It is also integrated with Skrill, Neteller, FasaPay, Perfect Money, and other electronic payment systems. ExpertOption also owns eo.finance, a platform for payments and funding transactions that you can use.

Withdrawal

ExpertOption accepts the same payment methods as it does for deposits, including credit cards, e-Wallets, cryptocurrencies, etc. Until you have withdrawn your initial investment amount, you must withdraw cash from your account using the same payment method you used to create your account. After that, if you want to, you can pick a different payment method for the remaining funds. This is a common practice among brokers since it reduces the possibility of  money laundering.

The broker’s minimum withdrawal amount is $10. In most cases, requests are completed within two business days. Depending on the withdrawal type, you may be required to provide extra documents to ExpertOption through scanning. The request for those documents will be made by email in this case. 

Before you can request any money, ExpertOption requires you to submit some form of identity verification. This is a security feature that prevents your account from being hacked. There are no commissions or fees associated with ExpertOption’s payment processing.

Minimum Deposit

The minimum deposit with ExpertOption varies from $10 for the micro account up to $5,000 on the Platinum account.

Major credit and debit cards, including MasterCard, Visa, Maestro, and cryptocurrencies and other methods, are available for deposit. UnionPay, WebMoney, Neteller, Skrill, Perfect Money, QIWI, Fasapay, and Yandex Money are some of the other choices.

Here is a list of each one with their respective deposit:

Research

Four types of charts, Trend lines, and eight indicators are among the technical analysis tools available on ExpertOption. You can also access more resources via the platform's Analytics page. A tab dedicated to important news is found there, followed by tabs dedicated to Assets and Stocks. The Stocks page shows a world map with time zones that shows the various supported stock exchanges.

When you click on any of the stocks, you will get a quick overview of the exchange, including its headquarters, founding year, working hours, and revenue.

Education

ExpertOption offers educational materials to assist clients in making conscious decisions. You can find articles, and on the trading platform's Education page, you'll discover a number of videos under the “How to get started” heading. You will find Glossary as well as education about technical analysis, fundamental analysis, graphical analysis, trading strategies, and trading psychology. Online webinars, video tutorials, and daily market analysis can also be found.

ExpertOption's educational materials are comprehensive. Engulfing Candlestick, Tweezers, Squat Candlestick, Three Methods, Reversal Moving Average, Breakout, Bollinger Band, and Alligator Trading Methods are just a few of the trading strategies covered. With strategy explanation, you will benefit from a how-to guide and examples in the form of charts.

In the technical analysis category, you can benefit from guides for Moving Averages, Alligator, Bollinger Bands, and Trend, support, and resistance lines within the technical analysis area. Once again, each guide contains a thorough description with charts and pictures and instructions on how to apply the analysis. Trend Continuation Patterns, Trend Reversal Patterns, Candlestick Analysis, Fibonacci Retracements, and Elliot Waves are all examples of graphical analysis topics. A guide to basic fundamental indexes can be found in the teaching resources for fundamental analysis.

The section on the psychology of trading is especially interesting, as this is an educational category that is not offered by most brokers. You can find topics on Trader Psychology, Successful Traders, and Individual Trading Psychology.

Fees

ExpertOption is a fully free platform to register and trade with. Apart from the commission on successful trades, there are no associated fees with trading. However, Your payment system or payment aggregator may charge a fee.

Commissions & Spreads

Any successful trades at ExpertOption are subject to a $5 commission. As for payouts, the broker can take up to 5% of successful trades, which is lower than the industry standard (up to15%). Spreads vary depending on the account type selected by the user and can be as low as 0.1 points. It's worth mentioning that spreads decrease or increase depending on market circumstances at different times.

Leverage

ExpertOption's leverage rates change based on the trades the investor is considering. Leverage is fixed at 1:30 for most forex pairs like EURUSD. This standard is set by officially sanctioned regulation and applies to all authorized brokers. The leverage on minor forex pairs such as EURNOK, AUDCAD, NZDUSD, USDSGD, and EURPLN is set at 1:20. On ExpertOption, the maximum leverage for other trades is 500:1.

Bonuses

ExpertOption recently started providing 100% bonuses to all its first-time depositors. The bonus system is primarily due to high demand, with traders claiming a needed boost to get started trading. The 100% bonus is available on deposits of $30 or more, and traders will have one hour from the time their account is created to take advantage of it.

Unlike with other brokers, accepting bonuses from ExpertOption does not limit your ability to withdraw. If you choose to take the bonuses on offer, you will still be able to withdraw at any time. Existing traders can also take advantage of the bonuses, but the percentage offered differs from that of first-time depositors.

Customer Support

ExpertOption has made it pretty clear that customer service is a priority to them. The representatives, or agents, are accessible, knowledgeable, and pleasant to deal with. They are dedicated to delivering excellent customer service and acting as a trustworthy broker by going above and beyond to meet the demands of their clients. You may reach out to customer service by phone, email, or live chat. The online chat service is available 24 hours a day, seven days a week. Over 100 account managers work for the broker, focusing on a variety of client needs. ExpertOption also promises to provide fast with its own dedicated platform.

You'll need to fill out the website's query form if you want to send an email. Simply provide the required information, such as your name, phone number, email address, and message. After that, a professional agent will contact you. The phone number is another way to reach ExpertOption. Simply choose the country you want and dial ExpertOption. All outgoing calls will be charged according to the city's tariffs indicated in brackets. These will differ depending on your phone operator.

Customer support of ExpertOption is available in several languages: English, Hindi, Chinese (2 variations), Thai, Indonesian, Malaysian, Filipino, Korean, Vietnamese, Spanish, Polish, Portuguese, Arabic, and Turkish. These languages are available for ExpertOption’s web version, but there are only 2 languages available for the mobile version: English and Hindi.

Contact Details: 

• English Phone Number: +44 20 3868 3160
• Hindi Phone Number: 000 800 443 0002
• English Email Address: english@expertoption.com
• Hindi Email Address: hindi@expertoption.com

Is Expert Option a Scam?

Expert Option is not regulated by any top-tier authorities. They list VFSC as their regulator, which is a low tier regulator. We recommend starting with the demo account or a smaller starting capital to test the platform thoroughly and its business practices.

Expert Option ensures client security via Mastercard and Visa SecureCode status. Additionally, the broker is Cert Trusted Secure and PCI DSS Complaint. All data is should be encrypted using cryptographic algorithms. The website employs SSL encryption, which encrypts any data passed over it using AES 256 encryption. You can verify this by looking at the lock icon next to the URL in the browser, as well as the fact that Expert Option utilizes an https:// address rather than an http:// address.

During the China Trading Expo Shenzhen in May 2017, ExpertOption was named “Best Trading Platform.” Despite the fact that the broker does not display any additional accolades prominently on its website, it has received generally favorable feedback from traders and independent websites.

Conclusion

ExpertOption uses a simple trading platform to allow traders to buy and sell a variety of financial assets. Traders get access to educational material, trading tools, and a helpful customer service team. With a minimum investment of only $10, you can pick from various trading account types. However, it does not deal with clients from the US, Canada, and EU countries.

Do note that Expert Option is not regulated by top-tier financial regulators.

FAQ

Expert Option – Quick Facts

Visit ExpertOption >>

• Deposit Bonus: up to 100%
• Regulated by VFSC & FMRRC
• Payouts: up to 95%
• Assets: Commodities, Crypto, Forex, Stocks
• Minimum Deposit: $10
• Demo Account: $10,000