Is ExpertOption A Safe Broker?
Regarding trading and investments, the legitimacy and safety of the broker you choose are paramount. The essence of this question revolves around the credibility, safety, and reliability of ExpertOption as a binary trading platform.
ExpertOption has been active since 2014 and it is trusted by 70,000,000 clients, but the company is not regulated.
Is ExpertOption legit?
ExpertOption is a binary options trading platform that was established in 2014. Over the years, it has garnered a solid clientele and gained popularity in the trading community.
Furthermore, ExpertOption's credibility is bolstered by verification from major credit card companies, Visa and Mastercard. This ensures that all user data is encrypted with stringent algorithms, enhancing data security. In 2017, the company received accolades for its platform, winning the Best Trading Platform award at the China Trading Expo.
Despite the positive aspects, it's important to note that ExpertOption operates without the oversight and regulation of government authorities. This lack of regulation implies that the company is not subject to the stringent standards and compliance measures imposed by regulatory bodies. While this doesn't necessarily mean that the company is a scam, it does introduce an element of risk for traders.
Is ExpertOption legit in my country?
ExpertOption is a globally acknowledged platform, but it's not available everywhere. For instance, in Europe, countries such as the Netherlands, Germany, France, and Spain, among others, don't have access. Similarly, the USA, Canada, North Korea, Switzerland, Israel, New Zealand, Australia, Puerto Rico, Singapore, Indonesia, Russia, Iran, and Yemen are also on the list of exclusions. If you're in these regions, be aware that using ExpertOption might have legal implications. On the brighter side, there are many countries where it's operational. For instance, South Korea, India, Taiwan, Thailand, South Africa, Brazil, Mexico, Argentina, Peru, Colombia, Venezuela, Chile, Pakistan, UAE, Vietnam, Malaysia, and Indonesia can access it. So, if we talk about continents, it's available in parts of Africa, South America, and Asia.
Is ExpertOption regulated by governments?
ExpertOption's regulatory foundation is rooted in its affiliation with The Financial Commission. This body is autonomous, focusing on financial sectors, and provides a medium for resolving disputes and self-governance. By being an enlisted member, ExpertOption underscores its dedication to upholding exemplary client service and business ethics.
Is ExpertOption a scam or safe?
Founded in 2014, ExpertOption has earned a notable 8/10 rating, showcasing its reliability. It operates under SVGFSA's guidelines and provides a leverage up to 1:500, attracting over 70 million users, which speaks to its credibility. Its association with renowned payment gateways like Visa and Mastercard adds to its legitimacy.
Prioritizing user security, ExpertOption encrypts all personal data. Its accolade from the 2017 China Trading Expo further underscores its industry standing. While ExpertOption presents diverse trading options and maintains a balanced risk approach, it's essential to understand that its regulatory framework might not be as robust as some would desire.
ExpertOption pros and cons
👍 Pros of ExpertOption:
• Accessible entry. ExpertOption offers an appealing start for traders with just a $10 minimum deposit. This approachable entry point attracts newcomers and seasoned traders, allowing them to explore the platform without a hefty initial investment.
• Adaptable trading. Tailored for today's traders, ExpertOption's interface is user-friendly across devices. Whether desktop or mobile, it promises a smooth trading journey, granting users the choice to trade wherever they are.
👎 Cons of ExpertOption:
• Regulatory concerns. One notable drawback is ExpertOption's lack of a formal regulatory license. This gap can lead to doubts regarding its trustworthiness and the security of traders' funds.
• Lengthy verification. While ensuring user safety is crucial, the verification duration at ExpertOption can be extensive. Some users might find the potential 30-day wait for account approval a tad long.
• Restricted user base. ExpertOption doesn't cater to everyone. It doesn't serve clients from key regions like the USA, Canada, and certain European countries, narrowing its global clientele.
• Fund crediting delays. The thrill of trading can be offset by waiting. At ExpertOption, depending on the payment method, traders might experience up to a 45-day delay before their funds are reflected in their accounts. This can be off-putting for those seeking faster transactions.
Expert Opinion
ExpertOption has grown in popularity among traders since its establishment in 2014, but its lack of regulation from financial authorities does introduce some element of risk. However, the company has earned generally positive reviews, suggesting most traders have had fair and secure experiences on the platform. For the average trader looking for a beginner-friendly way to get started in binary options, ExpertOption's low deposit threshold and user-friendliness across devices could make it an attractive choice. At the same time, it's important for all traders to be aware of the potential downsides, such as verification delays or withdrawal limits. Overall, ExpertOption seems reasonably safe to use for most traders as long as they proceed with caution and don't invest more than they can afford to lose.
FAQs
What is the minimum withdrawal from ExpertOption?
The minimum withdrawal amount from ExpertOption is $10. This means that once your account balance exceeds this amount, you can request a withdrawal.
Is ExpertOption safe to use?
ExpertOption is considered to be a secure platform for trading. However, it's worth noting that it isn't supervised by some of the top-tier regulatory bodies in the financial industry. As with any trading platform, it's essential to do your research and understand the risks involved.
Is ExpertOption trade legit?
ExpertOption trade is a legitimate trading platform that offers various financial instruments for trading. However, its regulatory oversight isn't as stringent as some other platforms.
Can I withdraw money from ExpertOption?
You can withdraw your profits using various methods, including VISA, MasterCard, PayTM, UPI, Skrill, Neteller, and more.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).