- Why it is a risky selection?
- The pitfalls in the account types
- Does not offer services to the US traders
- Not regulated
- Withdrawal issues
- Support issues
500Option is yet another broker that you cannot trust by any means. This broker emerged on the forefront in 2014. As a trader, you need to think twice before confiding in this broker.
We dug out the facts about this broker. It has four different account types. This platform offers a micro, silver, gold and platinum account. Well, if you decide to go for the micro account, then you need to keep one important thing in mind. You will not be able to get access to signals or an exclusive account manager if you decide to go for the micro account.
Ideally, a platform provides account types that address the needs of the professional and the new traders alike, but it is not the case with 500Option.
One of the biggest shortcomings of 500Option is that it does not cater to the US traders. This is a big issue because most of the binary options traders are based in the US.
Another loophole that we cannot ignore by any means at all is that 500Option has credibility issues because it is unlicensed. Now, the reputation of this broker is hanging in the balance because of the license issue.
If a broker wants to win credibility, then it is vital that it should be regulated by the CySEC.
The withdrawal is also a difficult task if you decide to opt for 500Option. You need to have a trading volume of 30x the original bonus if you want to withdraw money using this platform. Another problem is that the investors have to provide identification documents before the withdrawal.
This can be a big hassle and frustrating for most of the traders out there.
If a broker wishes to become global, then it is mandatory that it should offer languages that the customers can understand without an issue. 500Option operates in the Middle East and the English speaking countries. This is why it is mandatory that it should employ languages that the users can understand without an issue.
For example, apart from English and Arabic 500Option should think along the lines to introduce German, English, and French.
If 500Option wants to fight the massive competition that exists in the binary market, then it is essential that they should address their loopholes. As a trader, it is not a wise decision to sign up with this broker till they decide to become regulated.
The best approach is that before signing up with a broker like 500Option you should ask for exclusive excess to the demo account. You should try trading with the demo account for a significant period before deciding whether you want to opt for this broker in the long-run or not.
If the platform deprives you of this facility, then it is essential that you should say no to 500Option because you cannot put your trading career along the line. At the moment 500Option may not be the best choice for you to avoid it.