An Overview Of The OptionFair Currency Trading Platform
Finding a reliable currency trading platform can be quite difficult as the needs of each individual trader differ greatly.
OptionFair is a relatively new trading platform that specializes in financial binary options.
The company is based in the British Virgin Islands with offices located worldwide.
OptionFair Trading Platform Review
OptionFair is a little different to other forex trading platform software available, largely because its focus is binary options rather than purely forex trading. In addition to trading currencies, OptionFair allows trades on stock, commodities and indices.
The trading section of OptionFair is organised based on the expiry times of assets, and trading is based on a prediction regarding the price of an asset at expiry time. While this can produce higher high returns, it comes with a higher risk factor as such small price modifications on assets are generally very difficult to predict.
The concept of binary options trading can be simpler and more straightforward for novice traders, whereas currency trading for beginners requires a steeper learning curve.
OptionFair provides a simple and straightforward trading platform for binary options, with a shorter learning curve and higher returns available even for beginner currency traders.
OptionFair Trading Account Options
When opening an OptionFair account each user has the choice of standard, gold, or platinum accounts.
With a standard account you need at least $250 to keep your account open and active and the amount needed for each higher level account is slightly more. It is possible to have returns of up to 85% with a standard account.
The benefits of a VIP or higher level account are higher returns on your money, though while you do get higher returns, a gold or platinum account is recommended for only professional traders. You have a daily limit of $5000 and a monthly limit of $80,000.
OptionFair provides a trading simulator to help familiarize users with the program and platform prior to commencing live trading. Trading is conducted online through a web interface and also via OptionFair’s mobile site for mobile devices.
Trading Costs and Fees
Some forex trading sites offer a limited range of trading options like stocks or currencies. OptionFair offers multiple trading options on a wide variety of financial instruments, with high/low, one touch and boundary instrument types.
Their technology allows for advanced pricing which makes using so many different options possible and helps you gauge the best way to grow your investment.
The company trades in indicies, commodities, currencies, and stocks from several different countries. OptionFair allows trading of a number of currency assets, including EUR/USD, GBP/USD, EUR/JPY, USD/JPY, AUD/USD and USD/CHF.
Not only does the site offer a wide variety of trading options, but they also feature an easy to use interface that helps make trading easy for the beginning trader.
Deposits can be made in Euro, USD, British Sterling or JPY, with a minimum deposit of $250 in the respective currency (though depending on the payment method, some have a higher minimum deposit), and can be made via credit card, wire transfer, Western Union, Liberty Reserve, MoneyGram and MoneyBookers.
Similarly, withdrawals from the OptionFair currency trading platform are made through the original funds source. OptionFair allows one commission free withdrawal per month, with a minimum amount of 100 USD, EUR or GBP for wire transfers. Subsequent withdrawals during that month will incur a fee of 30 USD, EUR or GBP.
Currency Trading Resources and Support
The company offers a variety of different tools to help you make your important trading decisions, including helpful resources on their website, and a live chat facility if you require personalized support. OptionFair also provides support via email and a phone helpline, with multilingual support available to Spanish, Italian, French and Arabic speakers.
Overall, OptionFair provides a relatively simple trading platform, and trading with binary options is a more straightforward choice when it comes to currency trading for beginners. This shorter learning curve and potential for high returns needs to be weighed up against the higher risk factor.
Practice and experience over time will enable even novice traders to trade more effectively using the OptionFair currency trading platform.