Opteck practically has the same old features that can be found with most brokers. The downside however was that it was lacking any distinctiveness which I was very keen about. And although it is run by the TechFinancials platform which is known for its reliability, Opteck failed to make any improvements with the platform that was supplied to them and for this I am giving them a platform score of 6/10.
You will be required to make a minimum deposit of $200 after you sign-up for an Opteck account. This is higher than what other known brokers require from their traders which is why this might be a problem for those are not keen on forking out such a big amount especially if they are small time traders who are just beginning to enjoy the world of binary options trading. This is the reason I am giving this broker a 3/5 score for the minimum deposit
Having a significantly low minimum trade size is ideal because it can greatly affect your success rate with trading binary options. If a broker allows you to trade with a much lower amount then you have the chance to test out various strategies or techniques and determine which one is the most effective. With Opteck the accepted minimum trade size is $25 which is unreasonably high if you compare it with the more popular brands in the market today. That only gives you a maximum of 8 attempts to make a profit which is very risky and for this reason, Opteck gets a Minimum Trade Score of 3/5
Opteck features a total of 71 tradable assets which is considered to be average in the industry. Here is the current breakdown:
- 25 currencies
- 25 stocks
- 16 indices
- 5 commodities
Such a number is already acceptable but a quick look at the list shows that the assets that they offer are not the ones that have the potential to give you the best profits. In my opinion they should have included the hottest assets in the market rather than having an index that lists the less profitable ones. This warrants Opteck a tradable assets score of 3/5
Regular Binary Payouts
The higher the payout, the bigger the profits a trader can take home from his winning options. This is the reason why a lot of people choose to trade binary options. It allows them to make easy money thanks to the high payout rates that are promised by their brokers. Opteck promises a payout rate of up to 100% from a successful trade which is considerably the highest in the market which warrants this broker a perfect 5/5 payouts score
Average Withdrawal Time
Withdrawals at Opteck require a validation with an account manager prior to processing of such requests. This takes around 4 business days with an addition of several more days more before the funds are reflected on the bank account. This still falls within the tolerable waiting time although some Opteck customers have reported frequent delays which causes them to wait longer. This merits Opteck with a 4/5 withdrawal time score
Reputation Among Traders
It was in 2012 when Opteck started offering binary options trading services to the public and since then, this company has been plagued with lots of negative reviews from the online trading community particularly with the transferring of funds which is really alarming. There are some good reviews though but the number of bad feedbacks undoubtedly overshadows these few good remarks. For this I am giving Opteck a 6/20 reputation score
One of the best ways to test if your broker is really reliable is to check the quality of answers that they provide and how fast they are in giving you this information. Questions about bonuses and promotions are very common which is why it shouldn’t take that long for them to give you the information that you need.
Trying out their live chat feature turned out to be a major disappointment because no one was available to answer my queries. I perpetually waited thinking that someone will be there to assist me but the waiting time took its toll on me so I gave up after not getting any response from them for more than an hour. I even tried contacting them again the next day but still, no one from their customer support team went online. This certainly warrants Opteck a support score of 1/10
The exceptionally high payout rate would have been Opteck’s biggest advantage but learning that it was way lower only added more demerits to its long list of cons. So am I going to recommend this broker? Definitely not! Clearly, there are much better brands out there in the market that will give me more opportunities to profit without any strings attached.
This broker received a total score of 74/100.
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