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Optionfield
Rating:Rated with 2 stars
Binary Option Programs Award
Min. Deposit
$100
Min. Investment
$5
Regulated Broker
No
Your capital is at risk

Optionfield Review South Africa

  1. Binary options are financial instrument that give their traders the opportunity to bet on the directional movement of prices of tradable financial assets. In essence, what you do is speculate on whether you believe the market will go up or down, and then you place a trade in accordance with your choice.

    If you speculate that price will go up after a particular time, you enter a ‘BUY’ trade. However, if you believe the market will go the other way, you choose a ‘SELL.’ If your trade turns out right, you get a preset percentage of the capital you put on the line from the broker. If, on the other hand, your prediction turns out incorrect, you lose the capital you put in.

    This brings us to the topic of brokers. You need to sign up with a broker to be able to trade binary options. There were a lot of brokers in this binary options space, but not all are still operational. However, one of the brokers that are still operational is Optionfield. Optionfield is relatively new in the binary options brokerage space, but is fast gaining ground. Optionfield’s services are available to traders worldwide, including South African traders.

    Optionfield Broker South Africa

    Optionfield, despite being new to the binary options brokers space, is fast gaining ground as evident in the positive reviews and awards it has garnered so far. This is attributable to its provision of commendable brokerage services to clients. Optionfield, for one, has been noted for not being a coercive broker that does myriad things to get traders to do certain things.

    This is unlike many brokers in the industry whose customer support representatives essentially harass brokers into depositing funds into their trading accounts or to start making trades by stalking them via phone calls, SMS, emails, banner ads, amongst many other channels. Optionfield is not known for involvement in such predatory brokerage services, and has made that fact quite public.

    Still on customer support, Optionfield’s customer service is noted for really being efficient, as you will discover. We believe this is a bit attributed to the fact that its customer service representatives are a part of the firm itself. That is unlike the third-party customer service that most brokers do. Traders also have the privilege to contact customer support almost throughout the day, unlike the norm where they are restricted to “working hours.”

    Furthermore, Optionfield is noted for offering juicy regular bonuses to traders, similar to IQ Option deposit bonus. What is however worthy of note is the fact that bonuses offered by Optionfield (although not the most lucrative you can find) are devoid of any ridiculous conditions.

    Optionfield Webtrader South Africa

    You basically have 3 options through which you can access the Optionfield trading platform, depending on the type of service you have access to. Optionfield South Africa has a binary options mobile trading application accessible on Android and iOS for smartphone users; an MT4 platform accessible via web; and a WebTrader equally accessible by the web as well.

    Optionfield WebTrader is Optionfield’s trading platform that you can make use of via a web browser on your mobile (or computer, as the case may be). It is said that the WebTrader was based on MetaTrader’s infrastructure, but we have to admit that Optionfield’s WebTrader is far much more modern and packed with up-to-date trading resources, all displayed on some pretty good user interface.

    Across all 3 platforms, you really have access to trade only currency pairs and a few other crypto coins as well as Gold (designated as XAU/USD). For now, there is no opportunity to trade other financial markets such as indices, stocks and many other commodities.

    It is important to note that you really can operate a single trading account on all 3 options as your account history automatically and immediately gets synced all across the platforms, so you can easily switch between platforms. You however have to be careful how you go about this in order to ensure the security of your personal information.

    Optionfield MT4 Binary Options South Africa

    One of the remarkably innovative features that Optionfield South Africa offers is making it possible to trade binary options using the widely acclaimed MetaTrader 4. MetaTrader 4 is widely regarded as the most popular tool used by retail traders to speculate in financial markets, through the use of derivatives such as CFDs. MT4’s wide acceptance is quite justified considering the varied number of features it boasts.

    For one, the MetaTrader software has adapted and has made it quite possible for the adoption of some new financial derivatives. Originally designed to trade forex and CFDs and used by best forex brokers in south africa, MT4 has allowed spread-bet trading, and now binary options, amongst other instances. Furthermore, MT4 has been noted for being focused on end-user, i.e. retail traders, and has taken steps to protect them. For instance, it has made it impossible for a broker that wants to get listed on it to edit or configure some basic settings on the platform. This is to ensure that brokers don’t make any settings geared towards manipulating traders.

    MT4 gives end-users a lot of freedom to customise their trading space using its  programming language, the MQL. For instance, it allows traders to make use of expert advisors (trading bots) to make trading decisions. They can add advanced charting and technical analysis tools and indicators. They can also connect their MT4 to secured third-party sites, amongst other features. It should be noted that Optionfield is one of the very few brokers that offer binary options trading through MT4 and can be addressed as a pioneer, as MT4 binary options are still a novel service. However for now, it is only available for Windows PCs.

    Optionfield Minimum Deposit South Africa

    When it comes to opening a live account with actual money, Optionfield South Africa has different types of accounts, and each account type requires its own expected minimum deposit, however all accounts relatively high minimum deposit when compared with minimum deposit for binary.com. In practice, these account types operate like “levels,” and each account level comes with its own benefits. However, expectedly, the higher the level, the higher the benchmark in terms of minimum deposit required, but also the higher the benefits attached. Optionfield has Classic, Pro and Elite account types.

    Optionfield Classic Account

    The Classic account is the entry level. It works pretty well for all binary traders in South Africa, but is highly recommended for trading newbies. There is absolutely no minimum deposit requirement set for this account, but Optionfield recommends that you start with at least $100. It has a maximum allowable deposit of $2000.

    The downside of this account type is that not all assets offered by Optionfield are available for trading.

    Optionfield Pro Account

    Optionfield calls this its most popular account type. It requires a $2000 minimum investment. With a Pro Account, traders can open up to 10 trades at a particular time and have higher payout rates for winning trades and also one free withdrawal per week. The maximum combined investment cap is $5000.

    Optionfield Elite Account

    The Elite account requires you to deposit at least $10,000. Perks that come with this include even much higher payouts, the ability to open up to 20 trades at a time and access to a 24/7 personal relationship manager.

    Optionfield Demo Account South Africa

    It is an unspoken rule for good brokers to provide binary demo account for their traders. True to this rule, traders are provided with a free $10,000 Optionfiled Demo Account. A demo account is simply an account provided by the broker to you for free. It typically contains virtual money which you can use to make trades. However, the money in the demo account is not real, and can never be withdrawn.

    We simply can’t overstate the importance of first trading with a demo account before you commit actual funds to a live account. For one, demo accounts help you practise your trading skills. They are also useful to test trading strategies to ascertain their profitability. Demo account allows you to get more familiar with the trading platform.

    One good thing about Optionfield’s demo account is that it comes with almost exactly the same services you will get with a live account. Furthermore, Optionfield South Africa runs a monthly Demo Account Contest. Here, the best three traders for that month are selected, and $2,000 real money is shared between them. Trades in the contest all have a 60-second expiry period with 93% payout rate.

    Similarly, Optionfield from time to time runs monthly bonus events on social media platforms where winners are credited with live funds. Such events include: Facebook Share Lottery, Risk-Free Trades Promotion, and Spread The Love. Several other brokers offer free demo account as well and the most popular one is IQ Option practice account.

    Optionfield Withdrawal South Africa

    Optionfield South Africa offers a number of options through which you can make deposits into your trading account. The popular options are outlined below:

    Local Bank Deposit: Optionfield South Africa makes it possible to make transfers from your local bank account in almost any country including South Africa.

    Credit Card: You can also credit your trading account with your debit or credit Visa or Mastercard.

    E-wallets: Such as Skrill & Neteller South Africa, WebMoney South Africa, PayPal, FasaPay and more are also accepted.

    Cryptocurrency: You can credit your trading account directly from your crypto wallet. However, the platform only accepts Bitcoin and Ethereum. So, if you want to use other coins, you might have to make some conversions before you can make a deposit.

    Whenever you deposit funds, you don’t incur any charges. In actual fact, if you make deposits of $200 and above with a cryptocurrency, you will be automatically given a 3% cashback. 

    On the other hand, your withdrawals attract charges. If you are on a Classic account, for example, they attract a $10 charge per transaction. Users of Pro and Elite accounts have access to one free withdrawal per week after which they are then charged.

    Finally, it is worth noting that the same channels through which you deposit are the same channels through which your withdrawals are paid. Most withdrawals are processed within 24 working hours.

    Optionfield Scam South Africa

    Asking the question “Is Optionfield a scam?” despite everything you might have read above, is not out of place. The binary options trading industry is one that has been ravaged by scams. In fact, we can say that these scams were partly responsible for the relative drop in popularity of binary options trading in recent years.

    It is not an exaggeration if we say that in the binary options brokerage industry and the binary options trading industry as a whole, there are more scammers than ethical individuals. This is mainly the reason several countries have banned binary options trading. There are different forms of scams in the binary options trading space but the scams committed by both fake and sometimes real brokers appear to be the most relevant.

    There are, however, some points to look out for when spotting binary options scams. First, fake brokers make unachievable promises such as payout rates in several hundred. Other red-flag promises include guaranteed wins and risk-free trades even when it is not a premium account. Another is unverified claims and lack of proper contact, such as using a Gmail or Yahoo account.

    Also, although this is not always the case, if a broker engages in extraordinarily aggressive marketing, using controversial methods, then it may be a scam. Optionfield does not possess any of the above features and is in fact, highly regarded, as exemplified in the fact that the 3-year broker has bagged at least 2 awards.

    Optionfield Regulation South Africa

    Binary options broker can be regulated and unregulated. Being regulated means such a broker is registered with notable and relevant international financial regulatory authorities, and is thus subject to their regulations. International financial authorities include the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the International Financial Commission (FinaCom), the European Securities and Markets Authority (ESMA), and the local ones.

    This is because these regulators put brokers that are registered with them under strict rules in order to protect the interests of the trader, and prevent against the common broker scams. However, Optionfield, at the moment, is not regulated by any government financial institution. This is understandable, bearing the fact that it is a relatively new broker. Even though it is still unregulated, Optionfield has taken several steps towards regulatory compliance, one of which is the rule of account segregation. Nevertheless, at least, it is registered under the laws of St Vincent and Grenadines.

    Binary Option South Africa
    Conclusion: We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10! Between 74-89 % of retail investor accounts lose money when trading CFDs
    Your capital is at risk

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