Introduction to GTOptions
Although GTOptions is considered a new broker by the standards of binary options industry, the broker has been gaining popularity among many traders lately. With its headquarter in Cyprus, the broker is regulated by the Cypriot Securities Exchange Commission (CySEC) under purview of the Investment Services and Related Activities Law of 2007-2009. Because Cyprus is an European Union (EU) member, this mean traders with GTOptions also get the added legal protection under the Markets in Financial Instruments Directive (MiFID) issued by the European Parliament. In other words, it is much safer for binary options traders to deal with licensed brokers who are based in Cyprus GTOptions.
GTOptions, as one of SpotOption’s the white label partners, the world’s leading provider of binary options trading platform, uses the same robust trading platform as many of the leading binary options brokers such as iOption and TraderXP. The platform has so far proven to be very reliable, secure and easy to use. The design of the user interface makes navigation a breeze. Types of trades are clearly labelled on the topmost row of trading interface. Assets and their expiry times are positioned on the drop down menu just below the navigation tabs for the types of trades. Action buttons are depicted brightly in either red or green making sure that traders will not mistakenly press on the wrong button.
Despite the same trading engine being used by many other binary options brokers, GToptions’ trading platform is customized with several unique features that is rarely found on the other platforms. One feature which is especially useful for traders is the charting tools provided by GTOptions for the benefit of their clients. With the charting tool, traders can easily interpose a wide selection of technical indicators to help them with their analysis of the price charts. The quality of the charts is almost as good as those found on the more advanced MetaTrader platform used in the trading of forex.
In addition, if traders wish to trade with a more professional flair, they can do so using the “Binary Meta” mode. In this mode, traders can perform more complex trading actions like “Roll-Over” or “Double-Up” on their trades. These two additional actions are especially useful for risk management and profit maximization.
Trading at GTOptions will never be a dull affair with the types of trades on offer. For fast and high risk actions, traders can go “60 second options”. For a more subdue trade, the classic “Up/Down Binary Options” trade fits the bill. But if traders want to have more control over aspects of their trades, then they can use “Option Builder” to customize their trades to suit their risk appetite. Lastly, there is the “One Touch Options” trade. This type of trade is geared towards situations where traders feel confident in the direction of the price movements but not their sustainability.
Opening a trading account at GTOptions is a simple process and traders can get to choose from 3 types of account that is available to them. With a minimum deposit of $200, they can already open a Mini trading account which already qualifies them to receive a welcome bonus of up to 100%. Alternatively, they can choose the standard Classic trading account or the more prestige Gold account with VIP privileges.
The payouts at GToptions depend on the types of assets traded as well as the types of trades made. On average, the payout ratios ranges from 70% to 90%. For riskier trades like One Touch Options, the percentages are usually pretty much higher running to as high as 620%!
Despite being a new player in the industry, GTOptions still managed to offer their clients a modest number of underlying assets covering the 4 major financial markets: They include:
- 13 Currency Pairs
- 24 Indices
- 28 Stocks on Major Exchanges
- 7 Commodities
Support at GTOptions can come through in the form of LiveChats, Emails or a telephone call. It is interesting to note that the level of support that GTOptions managed to provide to their clients surpasses those provided by some leading brokers in the industry. For example, the support line at GTOptions is available 24/7. Most brokers only provide support during the trading hours. Another thing is the fact that multilingual staffs are also on hand to provide support to those who are French or Russian speaking. With their prompt and efficient service in this area, most people are quite happy with the quality of GTOptions support services.
When it comes to reliability, most traders have very little to complain about as GTOptions is based in the only country in European community that bothers to regulate the binary options industry. As Cyprus is an European Union member, Cypriot financial regulations meet the same high standard of fiduciary duties as those of the U.K or Germany.
In line with anti money laundering procedural requirements, transfer of funds are only done through internationally sanctioned methods like credit/debit cards, approved web wallets and online payment processors. For more details on the methods supported by GTOptions, traders can check out their website.
- Free Advanced Charting Tools
- Free Daily and Weekly Market Analysis
- High Payout Ratios
- High Welcome Bonus
- Intuitive and Attractive Trading Interface
- Novice Friendly Broker
- Professional and Efficient Customer Service
- Free withdrawal is only available with credit cards
- Need to improve on the refresh rate of the trading platform
To conclude, GTOptions have shown itself to be a reliable and professional broker. Although they are still new on the binary options scene, they could still stand out from the crowd mainly due to the quality of service that they provided. It shows that they are dedicated to meeting the needs of their clients and not just be concerned with their bottom line. In my opinion, I would say they are worth giving a shot at.
Regulations Governing GTOptions
It used to be that when people talk about Cyprus, the first thing that comes to mind is “scammer haven”. Nowadays, a different story emerges. With the bold move by Cypriot Securities and Exchange Commission (CySEC) to regulate the binary options industry, the perception that people have about binary options brokers based in Cyprus have now changed. This is especially good news for new emerging brokers like GTOptions as they now have an easier task of convincing people about the legitimacy and reliability of their operations.
Regulatory Environment in Cyprus
The move by CySEC makes Cyprus one of the first countries in Europe to regard binary options as a financial derivative making fall under the provisions of the Investment Services and Related Activities Law of 2007-2009. It was a decision that was regarded as many as ground breaking for the binary options industry as prior to this, the market was totally unregulated as a financial market in the European Union (EU).
By putting the task of regulating the binary options industry under the scope of the CySEC, this mean investors or traders of Cyprus based binary options brokers like GTOptions are entitled to protection under the Markets in Financial Instruments Directive (MiFID). Until now, this level of legal protection had never been possible for binary options traders in any jurisdiction. Even in a developed economy like the U.K, binary options traders are not protected under the Financial Services and Markets Act 2000 but rather under the Gambling Act 2005. Because the Gambling Act 2005 was designed for an entirely different purpose, the legal protection given binary options traders are rather ineffectual.
Since binary options made their debut in the retail financial markets in 2008, there has been a proliferation of binary options brokers on the internet. Undoubtedly, without any sort of regulatory oversight in the industry, this had given rise to some questionable practices and attracted some rotten apples to the industry.
Now, with the industry being regulated in Cyprus, it is only a matter of time before the unscrupulous brokers are weeded out from the scene. For traders, this can only be of benefit to them as binary options brokers in Cyprus are compelled by law to be more accountable and transparent in their dealings.
Operational History of GTOptions
Despite the fact that GTOptions is a relatively new broker on the scene, it hasn’t suffered from any adverse feedbacks like some other brokers of similar age. In fact, GTOptions has been on the uphill since its inception in 2011. This growth rate implies that GTOptions has been providing their clients with reliable and quality services which in turn enable it to retain their loyalty. Had GTOptions been an unreliable and shady broker, it is unlikely that the broker would have able to keep their doors open for as long as two years.
Here’s what the users say :
1. Great Trading Platform
“Loaded with all sort of tools for market analysis”
Have economic calendar, Charts tools with technical indicators and free in-house market analysis.
I quite like the quality of their service
2. Offer Very High Bonus!
“They give out 100% welcome bonuses”
Easy to double your money with the 100% welcome bonus offer
As usual, there are the high requirements to meet before you can cash out the bonus
3. Not A Burden To Open A New Trading Account
“With the $200 minimum deposit requirement, I find it easy to commit to opening a live trading account.”
Low deposit requirement makes tryout an affordable affair
They seem to provide very little information on their website on the other types of trading accounts.
4. Can Make Trade With Even $5!
“The $5 minimum trade amount allows me to test my strategies without costing an arm and a leg.”
Small trades are possible with the low minimum trading requirement.
“They are the best broker that I have come across so far.”
5. Reliable Customer Support
I can always count on their customer support people to help me.
24/7 Customer support mean they are always a click of the mouse away.
They can add more support staff to cut down the waiting time.