In this QuickOption review we will look into the latest broker out of the Rodeler group of brands. From first impressions, it seems as if they are tried to break certain broker conventions.
As you may have noticed, more and more Binary Option brokers are providing mobile trading as ancillary to their web platforms. It seems as if Quick Option just jumped straight into mobile trading. Quick option is quite a unique broker in the sense that they started out as an all mobile platform.
Needless to say, a broker that started as a complete mobile offering must have an extremely powerful application. Our reviewers were keen to get down to the testing.
|Support Features||Live Chat, Contact Form and Email
|Deposit & Withdrawal Methods||Visa, Mastercard, Bank Wire
|Option Types||High / Low
|Option Expiry Times||30 seconds to 24 hours
|Mobile Trading||iOS & Android
What is interesting about QuickOption is that each trader is assigned a personal assistant. This assistant takes you through a few questions when they set up your account. These questions are designed to assess what account is best suited to you. There are 4 account types at QuickOption.
- Basic. This is the entry level account at QuickOption which requires a minimum investment of $250. It allows up to an 83% payout on each trade. New traders are also entitle to a number of introductory educational videos which allow them to better refine their trading skills.
- Silver. This account level has all the benefits of the Basic account but includes a live stream of the latest financial news. With the silver account, traders can also achieve up to an 85% payout on their trades. The silver account also has additional educational resources which are aimed at the more advanced stage. In order to make use of the silver account, the trader should invest a minimum of $2,500
- Gold. With the Gold account, traders get access to their own exclusive VIP manager. This manager is available regularly to help the trader with any questions. They also have the benefits of expert signals coming to them straight onto the platform from reputable data providers. Payout ratios can go as high as 87% when trading on the Gold account. The gold account also gives the trader access to expert trading courses. A trader requires a minimum of $15,000 deposit to make use of the Gold account level.
- Platinum. The platinum account level has all the benefits of the gold account but allows the trader to generate returns on trades of up to 89%. Traders who invest $35,000 are entitle to the platinum account.
- Diamond. Requiring a minimum investment of $50,000, the diamond account is the top tier account at QuickOption. It has all the benefits of the platinum account but has a payout percentage of up to 92%
QuickOption do also offer a number of bonuses that their traders can make use of. For example, they have the 100% match deal bonus. However, there were restrictions placed on sign on bonuses by ESMA so it is unclear how these bonuses can be offered. We would advise the trader to make certain that they are fully comfortable with the trading turnover required before they accept any bonus.
As mentioned, QuickOption is a brand of Rodeler Ltd. They are regulated by CySec or the Cyprus Securities and Exchange Commission with License Number 207/13. This means that they are in full compliance with MiFID directives.
Traders can take comfort from knowing that Rodeler has another well-known Binary Option brand in their portfolio, 24Option. Rodeler is also a member of the Investor Compensation Fund which means that traders at one of it’s brokers are covered in the event of any financial eventuality.
Although this license entitles traders in a number of EU countries to trade with QuickOption, individuals in jurisdictions such as the United States, Canada or Australia cannot trade with them unfortunately.
As mentioned, QuickOption was the only Binary Option Broker to launch with an emphasis on Mobile Trading. QuickOption uses the Tech Financials platform in its application. Despite the mobile only feature, we were greatly impressed with the complexity of the App. It was well laid out and easy to use. For Forex Scalpers who use Binary Options, the app allowed for quick and easy one click trade execution. For the chartists, the App includes dynamic graphs which can be placed on multiple screens.
QuickOption also provides signals right onto the platform. These signals are generated by taking a look at a number of technical analysis indicators. They also have social trading feature which allows you to copy the strategy that is being implemented by other traders. They also provide economic news straight onto the platform which could help traders who use Price Action trading and Fundamental Analysis.
In terms of the amount of tradable options available, there are over 70 underlying assets with which one can trade. These include most of the major forex pairs as well as some stocks, commodities and Indices.
For traders who usually keep a record of their trading returns and run analysis on their previous trades, the App has a handy statistics feature. This allows a trader to take a look back at their historical win rates on the various pairs they traded and build a fuller picture of the effectiveness of the strategy.
Deposits and Withdrawals
When it comes to funding your account at QuickOption, the app has a simple top up option. They accept Visa and Mastercard credit cards. They also allow deposits via wire transfer from your bank. There are no restrictions on deposit amounts for Wire transfer yet credit card deposits are limited to $10,000. Of course, if initially funding you need to make a minimum deposit of $250.
There are no restrictions on withdrawals from your account and they appear to offer instant withdrawals. However, in the terms and conditions it claims that the trader should allow for at least 5 business days. To request a withdrawal off of the App requires you to quickly scan your card and provide some form of identification.
It was not clear to our reviewer whether there was a withdrawal fee. It seems as if there are none yet the terms and conditions claim that they may apply. Deposits can be taken in USD, EUR, GBP and JPY.
When it comes to payment safety, we noticed that QuickOption uses SSL 256Bit encryption which means it is able to securely deal with payments.
Quick Option assigns you a personal assistant right on the App that you can reach via chat. If they are not logged into their chat, then you can contact them via email at firstname.lastname@example.org. Their support times are Monday to Thursday 7am-3pm, Friday 7am-3pm and Sunday 8am-5pm GMT.
Unfortunately, at this stage it seems as if there is no call back option or direct line into the brokers. However, this appears to be in line with their motto “no spam, no calls, no ads”. So they are trying to make the trading experience less pushy and annoying. They want the trader to feel comfortable trading on the App without the interference of regular sales calls.
The personal assistant assigned to you are supposed to offer you advice on particular trades through the App however we would advise against this. We could not verify the professional record of these assistants so it would be better to improve your trading skills individually.
For the traders who would like to hone their trading skills, the additional educational material will no doubt help these traders. Depending on the account level, the trader has access to three tiers of trading courses. These are the Basic, Advanced and Expert.
These include a video library with information on how to make the most of the platform and which strategies to implement in order to maximise returns. These courses are arranged in a simple form and are easy enough to understand for beginners. They also progress in difficulty such that even seasoned traders can gain something from it.
Overall, we were relatively impressed with QuickOption. Being under the guise of Roderer Ltd assuaged our fears. Not only were they regulated by CySec but were participants in the Investor Compensation Fund.
The trading application itself was indeed very powerful and was one of the most functional that we have seen to date. For traders who are usually on the go, the application would indeed suit their needs.
Of course, one of the biggest drawbacks at this stage is the lack of a desktop trading platform. For many advanced traders, the need for full traditional computer screens for charting etc was essential. However, we were told that a web based version will be available soon.
Another downside for traders in countries such as the U.S., Canada, Australia and a few other jurisdictions is that QuickOption is not available in these jurisdictions.
Yet, if you are a trader who does not fall into these restricted areas and you enjoy mobile trading, we can indeed recommend QuickOption.