OptionTrade is an established broker in the forex marketplace. However, there are too many complains registered against it, and this concerns us. Therefore, following we are going to review this broker and explain how it loots its user, and why you should stay away from it. Do read the whole review.
OptionTrade first came into the forex scene in late 2013. It has become an established broker. OptionTrade is a subsidiary of HotForex Group. HotForex is a forex company that has been on the market since 2010. This broker is available in 14 different languages and entertains a massive clientele.
OptionTrade offers over 200 tradable assets including pairs, indices, forex, commodities, and equities. The minimum deposit is $100. It uses a Second Generation SpotOption trading platform. The options are a ladder, short and long-term binary, One Touch and Standard Call. There is live support as well
We found several issues with OptionTrade, and we are going to share them below. This broker is a fraud, and we are going to prove it below.
- Price Manipulation
Some brokers claim to be regulated, but the manipulate the forex marketplace to boost their profits. In a very volatile environment, this broker also manipulates the trader to use slippage. It is common when a position is executed at an average spread. It happens at newly released thanks to the increased volatility.
OptionsTrade doesn’t protect their client from slippage. It never notifies them or offers fixed spreads. The spreads are higher than average spread, but the traders are filled at the desired price even if the market is volatile. This is quite profitable for the broker.
- System is Faulty
OptionTrade is an established broker, but for some reason, there are many technical issues with its platform. These issues are very frequent, and we don’t believe the broker is interested in fixing them anytime soon.
Its common the user enters a position but the system has a quick fallout and when it reboots the price is changed. There are also some other examples.
- High Spreads
OptionTrade is among the brokers who cheat the clients by manipulating the bid and ask spread. The major currency pairs cost 1-3 pips in normal market conditions. However, it goes up to 6 pips in volatile market conditions.
Even worse, it can raise the spreads to 4-8 or even 10 pips. The point is, a small percentage of every pip is paid to the broker, as profit or compensation. Therefore, higher pips more money for him. A reliable broker does prevent them from protecting the trader. But this isn’t the case with OptionTrade.
Everything we found keeps us from recommending OptionTrade. Yes, we hardly found anything good about this broker. OptionTrade is a forex broker that never cares for the interest of its trader. Instead, it takes cash in every bankable opportunity to make money. Therefore, it will rip off your money in every way possible. So for your sake, stay away from it.