Is Expert Option Legit in South Africa

Expert Option South Africa is arguably one of the most popular binary brokers in South Africa. Is it because of the unique services it renders to binary traders? These are just some of the questions we have summarized in our extensive review that will help you answer this query.

One very unique feature provided by Expert Option South Africa and not readily found with other binary options brokers is social trading platform. With social trading , you can see what trades other traders are making and what strategies they are making use of. There is a leaderboard for the most profitable traders, and you can get to “follow” them. As such, in essence, it works like a “social media” for traders.

This provides a crucial avenue for new traders who are not yet in the art of trading to become profitable as they can copy veterans’ trades; they also add to their knowledge as they learn by experience.

Expert Option has an affiliate known as EO.finance. EO.finance, a separate service, is a cryptocurrency wallet and exchange platform. Here, unlike Crypto Genius, you can get to exchange both cryptocurrencies into fiat and to other cryptocurrencies. There is a pretty large selection of coins (up to 40 major coins) that you can buy with this wallet. As such, you can invest with cryptocurrency brokers South Africa and in case of Expert Option, right with the same broker through which you trade binary options, as such Expert Option functions like a one-stop-shop for your investing and trading services.

The EO.finance office is based in Estonia and is regulated by European authorities.

One crucial factor you have to consider when choosing a binary options broker is how secure their trading platforms are. This is because of the increase in the menace of hacking, as seemingly minor cyber attacks can lead to some of your sensitive information like your bank card details landing in the hands of the wrong persons. As such, in today’s time and age, every broker or financial services provider should be able to provide encrypted communication.

Expert Option makes use of the latest SSL encryption, which is evidenced in the green padlock that you see in the browser window when you are on its web, and you can see this by observing the green padlock in the browser window. This means that all of the information that you send to Expert Option’s servers is encrypted using AES 256 encryption.

What is Expert Option South Africa?

By way of introduction, binary options South Africa trading involves speculating on the direction of prices of assets listed on global financial markets. In essence, it involves betting on the movements of prices of financial instruments such as stocks, currency pairs, commodities, indices, amongst others. If you believe that prices will go up, you go for a “Buy” trade; and if the opposite is the case, you choose a “Sell” trade. You “stake” or “bet” a fixed amount for the trade; if your trade turns outright, you are paid a fixed percentage of this amount you put up. If, however, your trade turns out incorrect, your potential loss is limited to this amount as well.

However, to be able to trade binary options, you need to register with a binary options broker, who then gives you access to its platform, from which you can then trade. One of the most recommendable is Expert Option.

Expert Option, one of the most recognised names in the binary options brokerage space, was founded in 2014. Headquartered in  St Vincent and the Grenadines, it boasts a trader membership of 9 million.

Expert Option provides one of the broadest arrays of markets that are tradable on its platform. With Expert Option, you can access trade markets such as company stocks, currency pairs, commodities, equity indices, cryptocurrencies, and even ETFs. In between these assets are 100+ instruments that are tradable on Expert Option’s trading platform.

Expert Option is present in a lot of countries all over the world. However, it does not provide services to traders in certain countries such as the USA, Switzerland, Austria, Canada, Israel, New Zealand, North Korea, Puerto Rico, Singapore, Bangladesh, Yemen and the Republic of Sudan. Its services are, however, available to traders in all other countries, including South African traders.

One more remarkable thing about ExpertOption is the quality of its trading platforms. Boasting an excellent user interface, Expert Option’s trading platforms are built in a way to offer traders good trading experience, and evidence of this is seen in the favourable reviews that its mobile applications have garnered on the Google Play Store and the App Store. Its application has garnered 4.0+ ratings (out of 5.0) despite being downloaded millions of times on both platforms.

Expert Option Login South Africa

Similar to Binary Login, you can access Expert Option’s trading platforms via a variety of channels, including web and desktop apps, as well as mobile applications available on Android (downloadable from the Google Play Store) and iOS devices (downloadable from the Apple App Store). Alternatively, Android users can download the mobile APK file from the broker’s website.

If you are an Android user, you can also download the APK file from the Expert Option website.

All of these platforms work together, and if you trade with any of the channels, you can easily switch to another channel as they are all integrated in real-time.

Signing Up for Expert Option

To sign up, you can go through the website, the desktop app, or binary trading apps.

This is for the binary options Demo Account. With ExpertOption, you don’t need to go through any registration process to start trading with its demo trading account.

At the centre-top of this demo account page is a blue icon on which is written: “Real Account.” Click this, and you get taken to a registration page. There are 2 options through which you can register:

1. The Registration Form

In this case, the registration form is quite a simple one, only requiring your email address and a password. After entering this, you click the green button with the inscription, “Create Account.”

Although you can carry on with most services on the trading platform, to be able to do complicated things like make deposits, you have to verify your email by clicking the link in the mail sent to your inbox.

  2. Social Media

Alternatively, you can register through either of the social media options listed, Google+ or Facebook.

Navigating Through Expert Option Trading Interface

When you open the trading platform whether through the mobile app or on PC, you first encounter the trading home page, with charts and the trading buttons (at the bottom left corner is the Green button. This button signifies CALL in binary options lingo, which means “going long” or a  “Buy” trade). The Red button, on the other hand, signifies PUT, which means “going short” or a “Sell” trade).

Expert Option Demo South Africa

The benefits of a demo account are multifarious. With a broker’s demo account, you can test such broker’s platforms and services before deciding to trade with such a broker. A trader gets to know if the broker’s platform is worth committing one’s capital to.

Furthermore, as a newbie trader, a demo account gives you the opportunity to practise your trading skills before committing your hard-earned real money to trading. Trading a demo account as a beginner trader gives you the ability to test and trade real market conditions with fake money without incurring any risks to know how trading works before actual capital is put on the line.

Even as an experienced trader, you may still want to make use of demo trading accounts to test new trading strategies to ascertain if they are practical and profitable, with fake money before applying such strategy to a live account, where there are chances of losing real money.

With Expert Option South Africa, and similar to IQ Option Demo, you have access to a $10,000 binary options demo account, packed with almost the same features that you get with its Basic live account.

ExpertOption provides you with the benefits of a demo account outlined above without needing you to sign up or register on its platform. With other brokers, you always have to sign up and submit your personal data.

Expert Option Trader Education and Training

Alongside a binary options demo account, Expert Option also freely gives you access to other services such as a training programme.

Features of Expert Option South Africa’s training programme include:

• educational materials are made accessible to all interested persons. You can get it on any of its platforms without needing to go through any registration process whatsoever. Another angle to this accessibility is the fact that the course content is presented in video format. This sorts of caters to almost all categories of learners, as almost everyone is comfortable with video learning.
• the contents provided by Expert Option South Africa are quite all-encompassing, as they cater to the needs of both the beginner and expert traders. The educational resources cover fundamental and technical analysis, charts, trading psychology, and trading strategies.

Expert Option Minimum Deposit South Africa

Apart from the demo account discussed above, and like Expert Option South Africa gives traders access to a live account, to which you must deposit your capital. The live account, however, falls into categories, and the category you desire determines the minimum deposit you put up. These categories are outlined below:

Expert Option Micro Account

Required Deposit: Between $10 and $49.

Benefits include:

• Access to educational materials and training.
• The maximum number of 10 trades allowed to be opened at a single time.
• $10 maximum trade value for each trade.

Expert Option Basic Account

Required Deposit: Between $50 and $499.

Benefits include:

• Access to educational resources and materials
• You can open a maximum of 10 trades at a particular time;
• Maximum trade value of $25.

Expert Option Silver Account

Required Deposit: Between $500 and $2,499.

Benefits include:

• Access to educational resources and materials.
• Access to daily market reviews and financial research.
• Increase in the number of trades to 15 at a particular time.
• Maximum allowable trade value of $250 for each trade.

Expert Option Gold Account

Required Deposit: Between $2, 500 and $4,999.

Benefits include:

• Access to educational resources and materials.
• Access to daily market reviews and financial research.
• Access to priority withdrawal.
• Increase in maximum allowable trades at a single time to 30 trades at a particular time.
• Increase in maximum trade value per trade to $1,000 per single trade.

Expert Option Platinum Account

Required Deposit: $5,000 and above.

Benefits include:

• Access to educational resources and materials.
• Access to daily market reviews and financial research.
• Access to priority withdrawal.
• You can open an unlimited number of trades at a single time.
• Your maximum deal amount is now increased to $2,000 for every single trade.
• Access to dedicated account managers.

Expert Option Exclusive Account

For this, you don’t require any deposits whatsoever. To, however, have access to it, you will get invited by Expert Option South Africa themselves.

Benefits include:

• Access to educational resources and materials.
• Access to daily market reviews and financial research.
• Access to priority withdrawal.
• You can open an unlimited number of trades at a single time.
• Your maximum deal amount is now increased to $3,000 per single trade.
• Access to personally dedicated account managers.

Expert Option Withdrawal Limit South Africa

Expert Option South Africa provides a wide number of options through which you can make deposits into your binary option trading account. They are summarised below:

• Bank cards: This can be a debit or credit card. However, they have to be powered by one of Visa, Union Pay or MasterCard. Deposits made through this channel should get reflected almost immediately.
• Electronic wallets such as Perfect Money, Neteller, Skrill, WebMoney, FasaPay, and PayPal, amongst others. This deposit channel should also get credited immediately.

• Bank Transfer: Expert Option South Africa makes it possible to make transfers from your local bank account in almost any country. However, the problem with this is that it might take longer periods for the deposit to reflect in your trading account.

The same channel through which you make deposits above are also the same available channels through which you get to withdraw your money.

You must note that once you have deposited into your trading account through a particular channel, that will be the same channel through which you make withdrawals. This is done by binary options brokers to protect you against potential fraud.

Expert Option South Africa does not deduct any charges for deposits made; however, when you make withdrawals, deposits do apply. Furthermore, a 5% commission is levied when you are to be paid for successful trades.

You must note that this is one of the lowest in the industry as it is far below the industry average of as high as 15% charged on payouts by most other binary options brokers.

Expert Option Leveraged Trading

Following the practices of the best forex brokers in South Africa, Expert Option also provides you with leveraged trading. Leverage enables you to take more risks by putting only a small amount of money. In essence, when your broker provides you with leverage, it is merely giving you additional capital to the one you put up so that you can take up larger trading positions when you are, in fact, only putting up only a fractional percentage of the risked amount. Leverage enables you to take more risks and potentially enable you to make more profits. However, this may work against you as well.

ExpertOption provides leverage of around 1:30 for major currency pairs and 1:20 for minor ones.

Expert Option Scam South Africa

Although there are many brokers out there, with many more being established up from time to time, it is quite important to go with only the reputable ones. And amidst the crowd, getting a broker that is reputable and worth the while is not quite easy. But some pointers can help. Some factors that can help guide you in deciding on a credible broker are outlined below:

This might not seem to make sense, but you can judge a binary options broker by what a lot of people say about it, and the best place to get quality feedback about people’s perceptions about a broker is none other than the internet. On the internet, you find actual persons who have tested your desired broker and their opinions about its services. An excellent place to start is your mobile application store – Google Play Store for Android devices and Apple’s App Store for the iPhone. Here, you search for the broker’s mobile application (if such broker has an app) you intend to trade with and read through the reviews dropped there by earlier users.

Furthermore, you can review sites online to see what the figures they give to your desired broker. Lastly, you can check trader chat-rooms and forums on real personal experiences with such a broker.

The broker under review, i.e. Expert Option, has quite some good reputation with its mobile applications posting decent reviews (over 4.0) both on the Google Play and App Stores.

A check across review sites reveals a similar fact, with Expert Option raking an average of 7.5/10 across most popular review sites.

It is crucial to trade with a broker that is regulated. And Expert Option still very much fulfils this criterion. It is registered with and regulated by the Financial Services Authority of St Vincent and the Grenadines (SVGFSA), where it is located, and the Financial Services Commission (FSC) of Vanuatu.

While this is not a blanket rule, it adds to the overall credibility of a broker if it has some age on its side. This helps to assure that overtime such a broker has evolved and improved on its services and has retained the trust of the trader public for it to keep existing. Expert Option South Africa, in this case, is also on good standing, having been found in 2014.

Another feature that Expert Option has included that could help to inform your trading is the analytics section. The analytics section is more for those traders who would like to have some fundamental analysis on particular assets and markets.

For example, the first section is a collection of videos that will take you through the latest market movements and news over the past week. We were quite impressed with these videos as they were well presented and had useful visuals and charts to support the data.

Another handy tab in the analytics section is the part that gives you an overview of the financial exchanges and what their trading hours are. This is more relevant for those traders that want to trade equities during the live market hours.

From the above, it is clear that the minimum amount you can put up for any type of live account with ExpertOption is $10; however, the minimum trade value that you can put up for each trade is $1.