In this ASKoption review, we will dig into an established Binary Option broker out of London. Operating since 2014, ASKoption has revolutionized a discipline called “social trading”. This is because the broker uses Social media more regularly than most other brokers.
The business model of ASKoption is that of large broker involvement. The management of ASKoption regularly get in touch with their clients on platforms such as Facebook. One of the members of the team here at FXaxe decided to get in touch with ASKoption management and test the platform as well as responsiveness.
ASKoption has a number of account options to suit any trader from beginners to more experience ones. All accounts had the option for the discretionary bonus with some accounts offering risk free trades instead.
Basic. The Basic account requires an investment of $250. Included with the account is the option of a 30% sign on bonus. Traders are also offered two live training sessions as well as market reviews and an eBook. With the basic account, the trader will be subject to standard withdrawal times.
Mini. The mini account requires a minimum deposit of $500. With this account, the trader is entitle to many of the benefits offered in the Basic but is also assigned a dedicated broker as well as Daily market reviews and 2 live trading sessions. Here, the trader can also get one risk free trade included with the 30% bonus.
Standard. Next on the list is the standard account. This has all of the features of the mini account but also includes 5 risk free trades as well as 5 live trading sessions. Upon opening the account, the trader will also get an Ebook and is entitle to expedited withdrawal privileges. This account requires a minimum investment of $1,000.
Premium. When you deposit $5,000 then you are entitle to the premium account. With this account, you may elect to receive a 70% bonus or 7 risk free trades. You are also able to benefit from 10 Live training sessions as well as daily market reviews. For those traders who always want to get signals sent on a regular basis, they can take advantage of the SMS and email alerts that are on offer.
Ultra. This is one of the top tier accounts on offer at ASKoption. If you deposit more than $15,000 you are granted this client status. Apart from all the benefits given with the premium account, you are also offered risk management tools in order to monitor your positions and control your account risk. This account also entitles you to an expedited withdrawal (usually a maximum of 2 days). With the Ultra ASKoption account, you have no limits on the amount of Live training sessions you can make use of. You are also given an 85% bonus and 10 risk free trades.
VIP. Available to only a few clients, this account incorporates all the benefits of the Ultra account but offers same day withdrawals as well as specific ASKoption rewards. For professional traders, this account requires an investment of $50,000.
If you are considering which account is right for you, either contact the broker themselves or reach out to us at FXaxe. It is also very important that you read all the terms and conditions that apply to the bonus and risk free trade.
What we found quite interesting about ASKoption was their trading platform. ASKoption uses a platform called Panda TS which is less regular than most other platforms. Our first impression of the platform is its simple to understand but is advanced enough for traders to use the tools they like. As one will notice, navigation on the platform is effortless as it has a similar tab layout to standard we browsers.
What you will also notice about the platform is the social trading aspect. This will allow the trader to copy the successful trades of other users on the platform. This can give the trader the confidence that is required when making trading decisions. Another interesting feature that is built into the platform is the option builder. With this, the trader can build an option portfolio that best suits his or her risk / return objectives.
In terms of tradable options, the platform allows the trader to invest in over 100 different underlying assets. Unfortunately, the platform only has 4 types of options that one can trade. However, the range of possible investment returns makes it still attractive. For example, when using the one touch options, the investor could possibly earn a 500% return on their investments.
The Panda platform has a range of expiry times too. They range anywhere from 30 seconds to 45 minutes. In terms of additional trading materials, there is also a live news stream section which allows traders to trade based on Fundamental analysis. The Panda platform also has financial calendars as well as a range of tools to teach people the science of technical analysis.
Through doing the research for our ASKoption review, we found there customer support to be quite impressive. They had support staff available 24/7. When registering a trial account, they helped us with all the additional queries that we had via live chat.
There is also the option to call one of the ASKoption service desks from the various international numbers provided (in native languages). Of course, one can never be sure with the level of customer support one will obtain once they have funded an account. We decided to examine ASKoption’s social media accounts in order to get a better idea of the word on the street.
What came to our attention was the impressive trader reviews on the their Facebook page. We reached out to one of the traders and asked them key questions about the service. All of these individuals that we spoke to gave us positive recommendations.
Deposits and Withdrawals
ASKoption accepts deposits in a number of currencies including USD,CAD,AUD,GBP and EUR. ASKoption only allows a maximum deposit / withdrawal of $20,000 when paid by credit card. They accept Visa and Mastercard payments. If you made a deposit with credit card, the minimum withdrawal amount is $30.
If you were to make a wire transfer, this can be done in 2 days and there are no limits placed on the maximum deposit / withdrawal amount. There is, however, a minimum withdrawal amount of $100.
In our ASKoption review, we found them to be quite an innovative broker. The social trading aspect was an interesting concept that our reviewer found refreshing. We also found the customer service to be quite responsive and confirmed this with a number of traders. It appears to us that unlike many brokers, ASKoption really valued their customer’s feedback.
One issue that we had was that this broker was not registered in a regulated jurisdiction such as the UK or Cyprus. Although their head office is in the UK, they are not legally registered there. Usually, this would be an issue for us however the online reputation of ASKoption assuaged our fears somewhat.
The lack of a demo account was a bit of a let down but when we actually set up a trading account, its functionality made up for that.
One thing that did stand out for us was the amount of educational material that we could make use of. These include numerous learning resources such as trading tools, risk management tools, trading tutorials eBooks and trading videos.