Forex Brokers in South Africa
Expert Option may be a popular online broker offering digital options and fast online trading. This review covers the trading platform, mobile trading app, withdrawal and deposit process and details of the demo account. We also review each account type and offer strategy on binary trading and digital options.
The goal of Expert Option is to deliver a totally transparent online trading experience. to realize this, it provides its users with an intuitive trading platform and many of educational materials.
Customer service is clearly a priority here, and therefore the brand has over 100 account managers which specialize in a variety of various client needs. Expert Options also pledges to deliver the fastest possible trading within the industry via its own dedicated platform.
Expert Option provides users with a spread of intuitive trading platforms, with the choice to trade via the online , mobile app or dedicated desktop app.
While many brokers prefer to make use of an existing platform (typically MetaTrader 4 or MetaTrader 5) to save lots of time, Expert Option instead created its own platform which is fully customizable and may be tailored to the requirements of every client.
This means that each one features on offer from Expert Option are easily integrated, whether the user is trading via a desktop or mobile device, although the downside is that there are not any exterior support resources available.
However, with such an intuitive interface, it’s unlikely that users are getting to need outside resources to know the way to trade with Expert Option.
Spreads & Commission
Expert Option charges a commission of £5 on any winning trades. When it involves payouts, the brand can take up to five on winning trades, which is below the industry standard which may often be as high as 15%.
Spreads can vary hooked in to the sort of account the user opts for and may be as low as 0.1 points.
While spreads generally start higher on standard accounts, Expert Option remains a competitive broker to trade with.
It is worth noting that spreads can increase or decrease during specific periods, hooked in to market conditions.
ExpertOption is totally liberal to join and completely liberal to trade with. There are not any fees related to trading, apart from the aforementioned commission on winning trades.
Leverage rates with Expert Option can vary counting on the trades the user is considering.
For most forex pairs, like EURUSD, leverage is about at 1:30. This level is imposed by officially sanctioned regulation and is that the same across all regulated brokers.
Minor forex pairs like EURNOK, NZDUSD, AUDCAD, USDSGD and EURPLN have a leverage set at 1:20. Max leverage on other trades on the Expert Options platform is 500:1.
Expert Option has dedicated mobile apps for Android and iOS devices. These are often downloaded from the Google Play Store or Apple App Store.
Alternatively, users can download the Android .apk install file direct from the Expert Option website.
Each mobile app comes highly rated in their respective stores, and it’s easy to ascertain why.
With quick withdrawals, access to a free demo account and access to over 100 different trading instruments complete with professional trading conditions, Expert Option goes above and beyond to supply mobile users with complete control.
Perhaps the sole drawback is that the tiny screen size of a mobile device can limit the utilization of the platform’s useful technical analysis features.
Those who want to urge a touch more technical are advised to use the dedicated desktop app or web version of Expert Option.
Opening an Account at Expert Option
The minimum deposit needed to open an Expert Option account will vary supported your chosen account type, but absolutely the minimum is $50. Expert Option also has KYC procedures in situ to verify your identity to stop fraud and concealment .
Most of the time, Expert Option asks new clients to submit documentation verifying both their identity and address.
The broker doesn’t list specific requirements on its website regarding these documents, but it’s safe to assume that Expert Option has an equivalent requirements as other brokers. The proof of identity presumably must be government-issued and include your photo, name, and birthdate at a minimum.
The proof of address likely must be a politician document or bill together with your name and address clearly displayed.
Account Types and Minimum Deposits
While many brokers only offer one account type for clients or possibly two, Expert Option has an exceptional range of accounts.
It is also interesting to notice that rather than creating account tiers supported verification levels as many brokers do, Expert Option creates tiers supported the dimensions of your investment, with the power to upgrade to a better account level.
There are five sorts of accounts available from Expert Option, with each adding benefits but increasing the minimum investment.
- The Basic account only requires a deposit of $50 but allows you to upgrade to a better status once you are able to do so.
- Silver accounts are the foremost common start line , requiring a $500 minimum deposit.
- Gold accounts start at $2,500, and Platinum accounts start at $5,000.
- Exclusive accounts are by invitation only.
The Basic accounts get access to all or any the tutorial materials. you’ll have a maximum of 10 deals open at a time with a maximum deal amount of $25. Silver accounts include an introduction to a private manager.
They upgrade the utmost deals to fifteen and therefore the maximum deal amounts to $250. They also add access to daily market reviews also as financial research. The Gold accounts allow 30 simultaneously open deals of up to $1,000 per deal.
They also add priority withdrawal and increased asset profit of up to 2 percent. Those with Gold accounts and better also get priority withdrawals.
Platinum accounts have a maximum deal amount of $2,000 and no limit to the amount of simultaneously open deals. The increased asset profit becomes up to 4 percent, and you furthermore may get an account manager.
Those with Exclusive accounts get a senior account manager, increased asset profit of up to six percent, and maximum deal amounts of $5,000. This account type also adds access to strategies.
Note that no matter the account type, the minimum investment amount for one trade is $1. it’s also important to notice that certain account benefits require the client to request activation of that feature via email, at which point it’ll be manually activated.
Expert Option Bonuses
In a significant new update ExpertOption recently began to supply 100% bonuses to all or any first depositors. The introduction of a bonus system owes largely to popular demand, and see’s traders claiming a way needed boost to start trading.
The 100% bonus are often claimed from deposits starting at $30, and traders will have one hour following the creation of their account to require advantage.