Option888 appears on the blacklist of Britain’s Financial Conduct Authority (FCA). The Swiss Financial Market Supervisory Authority,, FINMA, has warned that Option888 is “selling” services it cannot actually provide as described on its website.
Online since 2014, Option888 was the first binary options broker to operate in Scandinavia and Germany. It is operated by Celestrial Trading Ltd, whose address is Global Gateway 8, Rue de la Perle, Providence Mahe, Seychelles. The telephone numbers are +442038685921 in the UK, +4932231095745 in Germany and +46731214350 in Sweden. The email address is [email protected].
Depending on which report you read, Option888, however, is owned either by Altair Entertainment N.V., a gaming company whose address is Drive M.J. Hugenholtzweg Z/N, UTS Gebouw, in Cueacao, together with a second gaming company called Pacific Ltd., or by Capital Force Limited, whose address is 13 Novasage Chambers, Level 2, CCCS Building, Beach Road, Apia, Republic of Samoa.
Credit card payments are processed by Celtin Pay Ltd, Dept. 1308, 43 Owston Road, Carcroft, Doncaster, DN6 8DA, England.
Option888 uses the Tradologic web-based platform, which has a simple, intuitive interface. The platform is also available for on mobile and tablet by installing an app that can be downloaded from Apple’s App Store or Google Play.
Option888 says that it invests considerable resources to protect its customers’ personal information while they interact with the site and utilizes the most advanced and powerful security procedures and encryption systems available. Access to the site is secured and controlled by a firewall that only enables access to those services that are required by the system.
Information transmitted between the site and the customer’s personal computer is encrypted using a 128-bit SSL (secure socket layer) encryption certificate. Option 888 supervises and controls the system’s communications and records all activities taking place over it. Routine security checks are carried out by its information security experts.
The web site is available in English and German.
Option888 offers only one standard trading account, which requires a $200 minimum deposit before a trade can be placed. The maximum deposit that is permitted is $5,000 in any one account. The minimum trade amount is $10 and the maximum is $1,000. Payouts are said to range from 65% to 81%, depending on whether the Loss Return function is used, as well as the prevailing market conditions at the time the trade contract was initiated.
The site features a long list of trading assets that include currencies, commodities, indices, and equities, as well as over 20 currency pairs. Trading can be conducted around the clock. In addition, Option888 also trades bitcoin.
Binary options choices at Option888 include high/low with expiries from 15 minutes to six hours. The touch and range options have payouts that are said to hover between 75% and up to 81% on traditional binaries. The call/put turbo option features a shortened expiry time.
Payments can be made with Visa, MasterCard and Maestro charge cards, wire transfer and four e-wallets. Currencies accepted are the U.S. dollar, euro, pound sterling, Turkish lira, Danish krone, Norwegian krone, and Swedish krona.
The Terms & Conditions page states that while Option888 offers a number of attractive reward features to its new and regular customers, they are one-time trading credits rewarded to customers as part of its promotions program. Bonuses are limited time offers and their terms are subject to change. Customers are “required to execute a minimum trading volume of 30 times for every €/£/$1 bonus” before profits can be withdrawn.
A demo account is available with $500 of play money so clients can practice with the software before moving on to live trades.
An online Trading Academy presents 11 courses. An economic calendar, assets list and FAQ page are also available. A past expires list, which appears on the drop-down menu, was not available when we visited. Account holders also have access to an extensive video library that features a series of interesting videos for traders of all levels. Topics covered range from the basics of binary options trading to more complex tools and techniques. Questions can be sent to the customer support email address. An e-book on how to trade binary options is also available for downloading.
Customer support is available 24/7 via telephone or email.
Option888 is not registered or regulated as a brokerage. It operates under a gaming (i.e., gambling) license issued by the Malta Gaming Authority. That license, however, was actually issued to a parent company, which also uses it in conjunction with dozens of online gaming sites, including but not limited to lottery and jackpot games.