Similar to several other binary options trading platforms, QuickOption is a Cyprus-based company, known for being available solely as an app. It is also notable for its ease of use and multi-functionality. It provides several incentives and a relatively fair bonus system. Under the ownership and management of Rodeler Ltd, QuickOption is licensed under the Cyprus Securities and Exchange Commission (CySEC) and is the owner of several other trading platforms, including 24Option, GrandOption, and 24FX.
QuickOption has the goal of matching the pace of binary option trading. Relatively young, the platform was established in 2014. According to its website, the application was “born out of a need for binary options traders to be able to execute their trades with no delay, in time with market fluctuations”. This is why it puts importance on being available to you, so long as you have your smartphone or tablet, as well as an Internet connection, whether through Wi-Fi or mobile data. This makes it ideal for people like you who want to trade without spending too much time in front of a computer. All you have to do is get your smartphone out of your bag or pocket then start trading.
Since it is entirely app-based, it has a relatively easy and user-friendly interface, although it does answer to user preference. Users who choose the large PC screen will have no choice as QuickOption does not provide a desktop or web-based alternative.
As with any entity under the regulation of CySEC, QuickOption guarantees that its transactions are legitimate. It has the legal authority to provide the services it offers under license number 207/13. Its business address is 39 Kolonakiou Street, Ayios Athanasios, Limassol CY-4103. Their website does not list a phone number.
Visiting the website offers you with no actual means of trading. Instead, the website is mostly just made out of one page that lets you scroll down for more information. Although there are a few things you can click, most of what you will need is available on its homepage, including some of their legal information and the disclaimer that they are not liable for any money you lose.
Instead, the website makes it easier to download the QuickOptions app. While you can search for it yourself on the Apple App Store or the Google Play Store, the site gives you the choice to input your mobile phone number to enable them to just send you a quick link via SMS. When you click that link on your mobile device, you are instantly redirected on the page where you can download the app.
After downloading the app, you can open it and create an account. You will need to give some basic information, like your name and email address. You do not have to provide much else at the beginning, although you will be later asked to provide verification documents like proof of residency and an ID or passport. These can be scanned by the app using the camera of your device.
The next step is to enter your credit card information, as well as choose which account you would like to sign up for. The minimum initial deposit is $250, while the maximum is $2500. Initial deposits of $1000 and $1500 will give you a Silver VIP account, while an initial deposit of $2500 will give you a gold VIP account. You can always upgrade to a VIP account, either gold or silver, later.
Once you have an account you are greeted by a trading interface which is pretty easy to follow. The user interface is actually quite simple, although the dark tones may not satisfy you. A tab on the upper left side of the screen will display your account information, including your balance. It also gives you a lot of other options that are available with the app. It manages to squeeze a lot in that little smartphone screen and it does so in a way that makes it easy to use.
The non-VIP account comes with a few perks, including beginner educational tools and the ability to follow other successful traders. The silver account adds advanced educational tools, as well as financial news. The gold account adds advanced educational tools and expert signals.
If you want to experience any trading, you will have to put some money in, as they do not have demo accounts.
Initially, the bonuses depend on which account you sign up for. A normal account will not grant you any bonuses, while a Silver Account will give you a 10% bonus and a Gold Account will offer you 20% bonus.
After that initial deposit, there is a pretty complicated system of bonuses. You can take a look at it here. The bonus system is supposed to be fairer, but there have been unhappy customers that have claimed that their bonuses have been deducted upon trying to withdraw a certain amount. You can actually see in the link that there is a penalty for requesting a withdrawal.
Payment & currencies
QuickOption accepts a total of five currencies: US Dollar, British Pound, Euro, Chinese Yuan, and Australian Dollar.
Deposits and withdrawals can be done using your credit card or through wire transfer. If you already have your credit card verified in your account, this should be a really easy process. If not, then it is as simple as using the in-app camera to scan your credit card. Only VISA and MasterCard are accepted. For wire transfer deposits, it also comes hassle-free as it provides all the relevant information in a single screen. You can even have this information sent to your email with the push of a button.
The minimum withdrawal amount is $10. Again, for withdrawals, it is important to make sure that you follow the terms to avoid losing your bonuses.
The minimum amount for a trade is $25, while the maximum is $9000. The app boasts that you can get as high as 92%. The app is restricted to residents of the United States because the country has regulations specific to them when it comes to binary options. There are also several trading platforms that are not regulated in the U.S.
Platform & assets
You can trade several different Forex currencies, indices, stocks, and commodities using QuickOption. They are as follows:
- GBP/USD, EUR/USD, EUR/GBP, EUR/JPY, GBP/JPY, USD/JPY, USD/CAD, AUD/USD, USD/ZAR, USD/TRY, USD/CHF, EUR/TRY, EUR/CHF, USD/NOK, CAD/JPY, EUR/NOK, NZD/USD, EUR/CAD, EUR/ZAR, AUD/JPY, AUD/CHF, USD/RUB, EUR/AUD, NZD/CHF, GBP/AUD, GBP/CAD, CHF/JPY, AUD/NZD, GBP/CHF, USD/MXN, and CAD/CHF,
- CAC-40 Future, SMI-Future, MIB-40 Future, S&P 500-Future, Dow Jones 30- Future, DAX-30 Future, Nasdaq 100- Future, IBEX –Future, FTSE 100 –Future, TA-25, RTSI, MICEX, South Africa Future, ASX-200 Future, NIFTY-Future, Kospi 200, Hang Seng Future, Dubai, Tadawul, and Bombay 30
- Apple, Google, Vodafone, Barclays, BP, Coca-Cola, McDonalds, JPMorgan Chase, Microsoft, Intel, Gopro, Amazon, Orange France, Yahoo, BNP Paribas, Societe General, AXA, HSBC, NIKE, IBM, EXXON, Amex, Citigroup, Fiat, Netflix, Baidu, BBVA, Tesla, Gazprom, BMW, Beiersdorf, Deutsche Lufthansa, E.ON, Sberbank, ThyssenKrupp, Tesco, Disney, Royal Dutch, Alibaba, Tata Motors Ltd, Twitter, ICICI Bank, Sumitomo, Sony, Facebook, BHP Billiton, ANZ, Rio Tinto, and Westpac Banking,
Sugar, Oil, Silver, Gold, Platinum, Gold/EUR, Gold/JPY, Gold/Silver, Corn, Copper, and Coffee
At one glance, you can already see which of these assets are currently on their way up or down and by how much. You can also see the percentage return of each one without having to select it.
The trading platform is also very easy to navigate. Once you have chosen an asset to trade, you will see a line graph showing you the movement of the asset. Right below the graph, you have the expiries, which you can set depending on the asset. For some assets, you can select expiries of as short as one minute, while for others, the minimum can be as long as 15 minutes. The maximum expiry is usually around 45 minutes.
Below the expiry, you can choose the amount to invest. Just click the investment amount to change the amount; right below the amount is the projected payout. To the right and left side of the amount is the high and low button, respectively. Below these buttons, you can see what percentage traders choose.
Once you decide the amount and whether you select high or low, you just have to wait for the expiry to finish and see if you won the payout.
QuickOption is available both for Andriod and iOS smartphones. It has relatively high ratings on both mobile operating systems. Unfortunately, it is not available on the Windows Store and BlackBerry World.
Again, it is entirely app-based so without the app, you cannot trade with QuickOption. Even trying to open the website on your phone will just lead you to the link where you can download the app.
For a trading platform housed entirely on mobile, it is quite impressive how it has remained user-friendly. It has managed to cram all its features into the small space without it looking too crowded.
Unfortunately, both the QuickOption website and the app are available only in English.
When it comes to customer service, the only possible way to reach QuickOption is through their live chat feature. As part of its interface, the app will assign you to a personal assistant upon creating an account. This personal assistant will have an Anglo-Saxon name and face. However, you will eventually talk to people with more exotic-sounding names. The important thing is that he or she will be available 24/7 to answer all your inquiries and issues.
The website boasts that their customer service representatives will never call you to sell you anything. However, if they detect that you are having trouble with your account, they will call you to try and help out. The live chat comes complete with some usual questions, although you can type your own questions if you prefer it. The customer service representative will also send you a chat message once in a while to offer you something related to its service, such as an upgrade to a Gold VIP account.
If you would like to contact them without getting the app, you can contact them via email@example.com, which has a fairly decent response time.
Pros & cons
With no demo account and the fact that you have to actively download an app in order to use the platform, QuickOption is best used by those who have at least a little experience with binary options trading. However, using the app is quite rewarding as it is an intuitive platform that is easy to understand. Unless its color scheme bothers you, it should be quite easy to use. It also has multiple base currencies and a payout rate that is higher than standard.
In the end, it is a question of whether or not you want a completely mobile platform. Those who are comfortable using their smartphones will enjoy the simplicity that QuickOption has to offer. Those who want to use their desktop should find another app.
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