CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If you want to trade binary options, we recommend a platform that uses an exchange based model or has no conflict of interest, like SPECTRE, which offers a platform where you can trade directly against other traders or a decentralised liquidity pool. Normal binary options brokers are using a single market-maker business model where you are trading against the house like in a casino. This carries an inherent conflict of interest and many clients end up being scammed. Read our Spectre review >>.
QuickOption started out with a unique, yet not particularly well thought-through selling point: they would be the only binary option broker available exclusively through mobile. Voluntarily shutting themselves out of a very large and dynamic market never really made much sense though. In January, 2017, they decided to ditch the mobile-only angle, launching their desktop-based trading platform, at least partly at the request of their clients.
QuickOption have been licensed throughout their existence. Their operation is regulated by CySEC, and it is therefore fully MiFID-compliant. Using the TechFinancials platform, QuickOption offers access to no fewer than 70 tradable assets. Their business model is the single market-maker one, which is still accepted in the EU. The broker does not accept traders from the US. Upon registration, traders are asked whether or not they're US reportable persons though, and if they are, they're asked to provide their Tax ID number. It is obvious that QuickOption aren't keen on getting on the bad side of US financial authorities, which should come as no surprise since the downfall of Banc De Binary.
The company behind the QuickOption operation is Rodeler Ltd., which is actually running at least a few other binary option brokerages. It is based in Limassol, Cyprus. The company is a member of the Investor Compensation Fund for Cyprus Investment Firms, which means that its clients benefit from special protection in this sense. All details regarding the compensation scheme and the trader categories covered, are available at the QuickOption website.
The QuickOption website is still rather basic, and though it contains plenty of useful information, its minimalistic nature still harkens back to the mobile-only days.
Reputation-wise not everything is looking so good as there are some bad reviews about QuickOption and other brands the company operates. This should come as no surprise since clients are betting a lot of money on binary options and end up losing their entire deposit, which then has become the profit of the broker. There are also clients complaining about slow withdrawals or not getting their money back at all. The bonus terms and conditions are an explanation for a lot of these problems, which is exactly why CySEC has instructed all the brokers to stop offering these bonuses. As far as withdrawals go, according to new CySEC regulations the broker must process the client's withdrawal request on the same business day.
With these shortcomings in mind, let's take a look at what QuickOption has to offer.
QuickOption are currently powered by the TechFinancials platform. The platform is available for iOS as well as Android-based mobile devices and it looks very good indeed. The platform carries all the tools one could possibly need for binary option success. It offers social trading and trading signals, asset-specific alerts and access to financial news and statistics. There's an education section available as well, containing a detailed strategy guide and covering all the information to help beginners gain a quick grasp of the basics.
Despite some of the recent requirements of European regulators, QuickOption feature bonuses which actually encourage their traders to trade more, through the terms and conditions attached to them. The bonuses are all of the match type, and they range between 20-300%, depending on how much money one deposits. The bonus amount has to be traded 30 times in order for the money to be unlocked for withdrawal. Withdrawal requests can be made on deposits at any time, but if they're logged before the bonus requirements are fulfilled, all bonuses are immediately forfeited.
The terms and conditions of the bonuses are giving an incentive to the client to trade a lot, which mostly ends up in the client making a lot of bets and losing his entire deposit in the process.
The education features available through the QuickOption trading platform are indeed very solid and plentiful. The site itself doesn't seem to be as well-endowed in this respect, though there are some articles touching on the basics of binary options hosted there too. The site does feature a massive FAQ page though, which is extremely useful when it comes to point-specific information such as how withdrawals are made and how one can actually trade through the site. Information pertaining to asset-pricing is also available on the FAQ page.
The maximum on QuickOption payout rates is 92%, which is rather impressive indeed. That said, one has to bear in mind that this is a maximum. On most options, the rates will be slightly or quite substantially lower.
QuickOption feature 5 account types, starting with Basic and wrapping up with Diamond. With the basic account, we're looking at maximum payout rates of 82%. Those who opt for this account, will not gain access to financial news, expert signals or the VIP assistant. The minimum required deposit for this account is $250, and the minimum on investments is $25.
The Silver account offers returns of up to 85%, as well as access to the financial news section.
The Gold account allows traders to access all the features on offer, and it raises the maximum on payouts to 87%. Platinum account holders will enjoy payout maximums of 89%, while Diamond traders will get the full maximum of 92%.