Optionfield review and ratings

COMPANY INFORMATION

Optionfield is a legally registered binary options broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.

AVAILABILITY

Optionfield accepts clients from all over the world, excluding USA, Afghanistan, Austria, Botswana, Bulgaria, Cote d’Ivoire (Ivory Coast), Cuba, Cyprus, Egypt, Gambia, Germany, Ghana, Guinea Bissau, Guinea Conakry, Iraq, Iran, Kyrgyzstan, Lesotho, Liberia, Libya, Mali, Niger, North Korea, Sierra Leone, Somalia, Syria, Tajikistan, Togo, Turkmenistan, The Democratic Republic of Congo The former Liberian Regime of Charles Taylor, Uzbekistan, Yemen, and Zimbabwe.

DISTINCTIVE FEATURES

• Simple registration and verification process.
• Various binary options available for trading.
• Specific binary options extension for MT4 platform.
• Cryptocurrency funding accepted.

TRADING INSTRUMENTS

Binary options broker offers the following underlying assets for trading.

COMPREHENSIVE REVIEW

Optionfield is a relatively new broker that was set up in 2017 under the name Optionfield Limited, and based out of Saint Vincent and the Grenadines in the Caribbean. As many other nations in the region, Saint Vincent and the Grenadines does not regulate forex and binary options brokers. As a consequence, traders should be aware that there is no government agency to turn to in the event of a dispute with this broker.

Additionally, it’s also worth noting that Optionfield is not a member of any private dispute resolution organizations, like some other unregulated brokers are. With that said, however, it should also be added that a lack of formal regulation comes with certain benefits such as a much simpler account registration and verification process. In addition, more flexible trading conditions are often offered by unregulated brokers.

As opposed to most other online brokers, Optionfield is exclusively focused on binary options, and does not offer traditional forex & CFD trading at all. However, binary options trading with this broker still takes place on a platform that should be familiar to most traders, namely the classic MetaTrader 4 (MT4). This makes the transition from most other brokers to Optionfield hassle-free, while also making it easy for traders who are used to traditional forex trading to take the leap into binary options.

As far as underlying assets on the binary options goes, Optionfield offers a selection of 27 currency pairs, in addition to gold and the popular cryptocurrencies Bitcoin, Ethereum, and Litecoin. Sadly, this is a smaller selection of assets than most other binary options brokers offer. In particular, we suspect that some traders will miss the opportunity to trade binary options based on the most popular stock indices in the world such as Nasdaq and the S&P 500.

With regards to account types, Optionfield offers their clients the choice between three different trading accounts; Classic, Pro, and Elite. These account types require minimum deposits of USD 100, 2,000, and 10,000, respectively. As their main perks, the two more elite account types offers free withdrawals once per week.

In terms of funding methods, the choices are relatively standard for Optionfield, with bank wire transfer, major debit & credit cards, as well as the popular e-wallet services Skrill and Neteller accepted. Fortunately for cryptocurrency fans, the broker also accepts deposits made with both Bitcoin, Ethereum, and Litecoin. Interestingly, the broker also promises to cover any deposit fees incurred by clients up to 40 USD/EUR/GBP for deposits greater than 500 USD/EUR/GBP.

On cryptocurrency deposits, Optionfield offers an attractive 3% cashback promotion “for every eligible cryptocurrency deposit.” In addition, there are no deposit fees and free withdrawals for using this payment method.

Optionfield’s customer service is available via either live chat or email. Unfortunately, neither any phone numbers nor opening hours for support is listed on the broker’s website, which undeniably gives a somewhat bad first impression.

Presumably in an effort to better serve traders around the world, the broker’s website also appears to be available in Portugese, Spanish, and Vietnamese, in addition to English. Unfortunately, this functionality did not seem to work when we at FX-List tested it, with only the English version of the website being displayed regardless of the language selected.