OptionFair Review

Introduction

Mika Holdings Inc owns the OptionFair brand, but had to hand over the administration of the binary options operations to Tradefinancials in a move to secure greater geographical spread and regulatory approvals in certain regions. This coincided with a complete rebranding effort that saw the addition of new trade types and a makeover of the website. OptionFair is a Tech Financial Ltd partner and uses their trading platform for trading operations.

Trade Types

OptionFair is one of the brokerages that use the SpotOption Ltd white label trading platform. This provides the following option contracts to traders:

a)      High/Low Option: The High/Low and Above/Below contracts are the two variations of the classical digital options trade on this platform.

b)      60 Seconds Option: This is part of a new set of short term options that will also feature options with a 2-minute and 5-minute expiry.

c)      Boundary: Bet on either the classical In/Out trade or the boundary contract (Out) with a high yield of about 400%.

d)      One Touch: Choose between the classical Touch/No Touch or the Touch option with a high yield.

Asset Index

The asset listing on OptionFair is not as exhaustive as is the case with some of its peers. The following assets are available for trading:

a)      Currencies: A mix of major currencies and exotics can be traded: AUDUSD, CADJPY, EURCAD, EURCHF, EURGBP, EURJPY, EURNOK, EURTRY, EURUSD, GBPJPY, GBPUSD, USDCAD, USDCHF, USDJPY and USDNOK.

b)      Indices: CAC40, FTSE, NASDQ100, XETRA DAX, NIFTY-futures (Singapore), ASX-200, DJ30 (Dow Jones), Hang Seng, Nikkei 225, IBEX-35 (Spain), S&P500.

c)      Stocks: Apple, Barclays, BP, Google, France Telecom, Facebook, Sony Corporation, Sumitomo and Societe Generale.

d)      Commodities: Crude oil and the spot metals (silver and gold).

Trade Requirements

Depositing and withdrawing on OptionFair is quite easy as there is a variety of payment channels that can be used for this purpose. The minimum that is needed to start a trading operation on OptionFair is $250, except for bank wires that require a minimum of $500.

a)      Credit cards issued by MasterCard, Diner’s Club, VISA, JCB, Maestro and Discover are accepted. Others are those from Laser and CartaSi (European countries). Card verification is required before a trader can transact with this method.

b)      Moneybookers is another method that can be used. The trader must contact the finance department of OptionFair to get instructions on depositing and withdrawing on OptionFair using Moneybookers.

c)      Bank transfers are used for larger deposits and withdrawals.

d)      Though not very popular, Western Union and Moneygram can also be used but they come with larger funding requirements of at least $1,500.

Accounts can be held in USD, Euros or British Pounds. With as little as $25, a trader can purchase a position on OptionFair. A limit $1000 per trade is imposed as the maximum investment per trade.

Customer Support

Traders and propsects with inquiries about trading with OptionFair can reach the multi-lingual support department via live chat, email and by phone.

–      The Live Chat facility is accessible from all pages on the OptionFair website.

–      Email: Email address is at admin@optionfair.com

–      Phone: The operational centre of OptionFair can be reached at +35725503232.