Table of Contents:
- 1 Expert Option mobile app – Is it legit or not?
- 1.1 Expert Option òverview
- 1.2 Expert Option mobile application review
Expert Option mobile app – Is it legit or not?
There are a number of ways to profit from global financial markets – currencies, stocks, commodities, ETFs, cryptocurrencies and indices. But as average retail traders, we can’t have access to most of them. For instance, purchasing gold – in reasonable quantities – is quite expensive. As a retail trader, it is almost impossible to purchase crude oil. Even if you do, there is the storage problem. Similarly, shorting of stocks is mainly a venture for the large fund managers.
Does that mean we can’t participate and profit from the markets? Certainly not. Technology advances are making it possible for us to speculate on the price movements of these financial assets without actually owning them. These innovations are called “derivatives” and one of the most popular type of derivatives is binary options.
Trading binary options simply entails betting on the direction of prices of financial assets such as currencies, commodities and stocks, amongst others. For this, you get a fixed payout when your “bet” goes right, and you lose a fixed amount if it goes the other way. To, however, be able to trade binary options, you need a broker. Although there are several brokers that offer binary options trading, the importance of going for one which is credible and trusted cannot be over-stated; and one of such is Expert Option.
Expert Option òverview
Present across at least 4 continents, Expert Option is one of the most recognised names in the binary options brokerage industry, with about 52 million traders on its platform. With headquarters in St Vincent and the Grenadines and global outlets, it is regulated by the Financial Markets Regulatory Commission (FMRC) and also registered with the European Services and Markets Authority (ESMA). As a testament to the quality of its services, Expert Option has bagged numerous industry awards from reputable institutions, including the Best Trading Platform award at the prestigious China Trading Expo, Shenzhen 2017.
Although relatively young, it has been noted to be one of the world’s fastest growing binary options brokers.
Expert Option services
Expert Option provides an array of quality services to its clients, which are hereby discussed:
Expert Option Markets
With Expert Option, you have access to trade a number of markets including currencies, commodities, stock indices, amongst others. It is worth noting that Expert Option has a vast collection of individual stocks on its platform. Expert Option also provides Over-the-counter (OTC) digital options that are tradable on weekends.
Expert Option account types
Just like most binary options brokers, with Expert Option, you have access to a variety of account types provided by ExpertOption. Here, we divide into 2 groups: the Demo Account on one hand and the Live accounts on the other.
One of the most important services that every credible broker must make available to all its traders is a demo account. The demo account is an account that is filled with virtual currency, provided by a broker to traders who use its services. There are different roles a demo account plays.
One of them is that it enables new traders to practise trading skills. Expert traders can similarly use it to perfect any trading strategies that they want to test. Then, both expert and newbie traders can make use of the demo account to test out a broker’s trading platform before committing their capital to such a broker.
There are different types of real or live accounts provided by Expert Option. These account types are in levels, so we have the Micro, Basic, Silver, Gold, Platinum and Exclusive levels. The perks and benefits attached vary from one account type to the other. However, the higher the account type, the more the benefits that are attached to that account.
The minimum deposit required for your Expert Option account is a question of which account type you go for.
Expert Option deposit and withdrawal
As can be seen above, the minimum amount to deposit with Expert Option is dependent on which of the accounts you choose. However, the least is 10 USD, which gives you access to the Micro Account.
You can make deposits through bank wire transfer; credit or debit cards powered by any of MasterCard, Visa or Maestro; and e-wallets such as Neteller, Skrill, Payguru, WebMoney, amongst others. Withdrawal channels are also the same as listed above.
Expert Option mobile application review
You can access Expert Option’s trading platform through the web (on PC) and via mobile applications. Expert Option’s mobile apps are one of the best in the industry, as shown in the number of awards that Expert Option has clinched for it.
Expert Option reports hundreds of thousands of trades are conducted daily on its mobile platforms, and the app currently has over 6 million users. The mobile apps are available for Android (and downloadable on the Google Play Store) as well as iOS devices (accessible on the App Store).
For a trader making use of Expert Option’s mobile app for the first time, the description below provides a guide. Upon downloading, you are required to register. The default registration option is via an email and password. However, just below the page, there is the option to sign in through either of your social account with Facebook or Google. If you choose the email method, you have to verify your email immediately. For the social accounts option, you can do the verification later.
Upon opening the Expert Option app, you are confronted with the charts. For those opening for the first time, you see the EUR/USD chart, bearing the fact that it is the most traded forex pair. Note that you are automatically given a $10,000 demo account which can be replenished. At the top of the charts, you have the icons of markets you are currently following. The “+” sign leads you to where you can add more markets. Upon clicking each new market, you are shown an introductory video to teach you how that particular market is traded.
At the upper right corner is your live account current balance, which is presumably $0.00. Next to it is a “DEPOSIT” sign.
On the right bar, you have icons telling you the current time in the markets based on your local time-zone. Below it is the INVEST sign which shows the amount you have selected to risk per trade. The default is $1 which is the minimum allowable. Below it are 2 big signs bearing “CALL” in green colour and “PUT” in red. CALL simply means Buy and PUT means to Sell.
At the bottom of the charts, you have icons for customizing your chart, setting your preferred chart type and timeframe.
On the top of the left bar is an icon with 3 thick lines. It opens up to your account profile where you can make settings to personal information. Below it are icons for Deposit, Withdrawal, trading history, Settings, Support, and Terms and Conditions.
Below the profile icon is a “Bag” icon which signifies your trading portfolio. It shows all your trades – both closed and ongoing.
- MARKET ANALYSIS
Below is a calendar-like icon that stands for Market Analysis. Here you have access to real-time market-moving news globally.
- PRICE MOVEMENT
Below the Market Analysis icon is a bell-like icon that leads to Moves and Alerts. The “Moves” show you assets that have experienced significant market movements. The “Alerts” side allows you to set notifications for prices reaching a particular point.
- VIDEO TUTORIALS
Next is the video-like icon that opens you to educational resources covering trading basics, CFD trading, fundamental and technical analysis and market news.
The message-like button stands for chats. In this case, you have a live chat where you can communicate with customer service 24/7. Then there are trading rooms – English Chat, and Forex, Stocks and Crypto chats. However these are not widely available; you must hit up to $300 trading turnover before you can chat in any of them. Thankfully, you can view the chats of the eligible traders.
Conclusion on the Expert Option app
Trading binary options becomes much more pleasant and hassle-free when you trade with the right platform. The Expert Option Mobile trading app is one of such.