Note: Option888's official site - https://www.option888.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is Option888？
Option888, operated by Celestial Trading Ltd, was founded in 2014 and is registered in Malta. It currently holds no regulations.
Pros & Cons
Pros
Demo Accounts Available: Option888 offers a demo account with $500 in virtual funds, allowing traders to practice and refine their trading strategies in a risk-free environment before committing real money.
24/7 Multilingual Customer Support: The platform provides round-the-clock customer support in multiple languages, so users can contact them without the limits on languages and regions.
Cons
No Regulations: Option888 operates without regulatory oversight, which poses significant risks to traders as there is no formal authority ensuring the platform's compliance with industry standards and protecting customer funds.
Dead Official Website: The official website is no longer active, which is a major red flag for credibility and accessibility. Traders will face difficulties in accessing the platform or obtaining necessary information.
Lacks Info on Key Trading Features (on leverage, spread & commission): The platform does not provide detailed information on essential trading features such as leverage, spread, and commission, which are crucial conditions is trading.
Is Option888 Legit？
Regulatory Sight: Option888 is currently functioning without any regulation, meaning it does not fall under the supervision of any financial regulatory bodies and does not possess any licenses to operate in the financial market. The absence of any such oversight raises concerns about the firms adherence to financial standards and regulations, increasing the risk for investors.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
Option888 offers a certain range of market instruments. These include:
Forex Currency Pairs:
Major Currency Pairs: These include the most traded currency pairs in the foreign exchange market, such as EUR/USD, GBP/USD, USD/JPY, and USD/CHF.
Stocks:
Individual Stocks: Option888 offers trading on shares of individual publicly traded companies. Investors can trade well-known stocks from major global markets, such as those listed on the NYSE, NASDAQ, and other prominent exchanges.
Stock Indices: These are composite measures that track the performance of a group of stocks. Commonly traded indices include the S&P 500, Dow Jones Industrial Average, NASDAQ 100, FTSE 100, and others.
Commodities:
Precious Metals: This includes gold and silver, which are popular among traders for their stability and safe-haven status during market volatility.
Energy Commodities: This includes crude oil (Brent and WTI) and natural gas.
Binary Options:
Definition: Binary options are a type of option where the payoff is either a fixed monetary amount or nothing at all.
Underlying Assets: Binary options can be traded on various underlying assets, including currencies, commodities, indices, and individual stocks.
Indices:
Global Indices: These track the performance of the markets from different regions, offering exposure to economic trends and conditions globally.
Trading Indices: Trading indices allows investors to speculate on the overall direction of a market or sector rather than individual securities.
Account Types
Option888 provides a standard account only. The standard account requires a minimum deposit of $200 and has a maximum deposit limit of $5000. For those looking to practice without financial risk, Option888 also offers a demo account with $500 in virtual funds.
Trading Platform
Option888 provides traders with its browser-based trading platform known as Tradologic. It does not support the popular MT4/5 trading platforms. This platform offers a user-friendly interface, making it easy for traders to navigate and execute trades. Tradologic also provides essential trading tools and features such as real-time market data, charting capabilities, risk management tools, and customer support.
Deposit & Withdrawal
Option888 provides several convenient methods for depositing and withdrawing funds from investment accounts. Traders can deposit and withdraw funds via VISA and MasterCard credit cards, wire transfer, Skrill, and Paysafecard. The platform does not mention whether there are any withdrawal fees or not, so traders need to be cautious about the hidden fees.
What's more, Option888 offers a welcome bonus program where new traders can receive a 30% bonus on their first deposit, up to a maximum of $1500, offering an incentive for new users to start trading.
Customer Support
Option888 offers 24/7 customer support, so users can contact them at any time, regardless of their time zone. Support is provided in multiple languages, including English, French, German, Swedish, Norwegian, Finnish, and Danish. Traders can reach out to the support team through various channels: by telephone at +357 25262710, via email at support@option888.com, and through social media on Facebook.
Conclusion
As a broker, Option888 allows demo accounts and provides 24/7 support. However, it lacks information on key trading features and is currently without regulations either. Its official website has already closed. In this case, we do not recommend users to trade with this broker.
Frequently Asked Questions (FAQs)
Question: Can I use a demo account to practice trading？
ANswer: Yes.
Question: Does it support MT4/5？
Answer: No, it supports neither.
Question: Is Option888 regulated or not？
Answer: No, it is not regulated currently.
Question: What is the minimum deposit required？
Answer: The minimum deposit required to open an account is $200.
Question: Is my money safe with Option888？
Answer: Not at all. It is not regulated and its official website has shut down already.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
