EmpireOption Bonus

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EmpireOption

Broker Name: EmpireOption
Platform: SpotOption
Founded: 2020
Bonus: 100%
Return/Refund: 70-82%/0-5%
No. Of Assets: 100+
Regulated: No
Demo Account: Yes
Minimum Deposit: 100
US Traders: Not Accepted

EmpireOption Review

EmpireOption was launched in late 2020 by Riverjor SA, located in Montevideo, Uruguay at 1294 Luis Bonavita, WTC. Processing is provided by Brighton Digital Services Ltd with registered address 11A, Arcade House, Temple Fortune, London, NW11 7TL, United Kingdom. U.S. traders can reach them at phone number (212) 845-9749, French clients can call +(33) 975 181671 and their contact e-mail is: [email protected] EmpireOption is not regulated.

Is EmpireOption a Scam?

EmpireOption does not appear to be a scam. An area of concern include some of the banking requirements. They are a little unconventional and designed to keep you trading and drain your account of money. Smaller accounts are discouraged from making withdrawals by minimums and maximums, trading requirements and FEES. The smallest account tier is the Micro. It allows a minimum balance of $200 and goes up to a maximum of $500, withdrawals cost $30 each and you must trade at least 20 times, with at least $25 per trade in order to be eligible for withdrawal. The largest account size is the VIP with a minimum balance of $30,000. This account has no withdrawal fees, no minimum and no maximum and only a 5 trade requirement. It also comes with unlimited free and immediate withdrawal as long as you maintain the monthly requirement. Is this a scam? Maybe not, it may be a way to reward traders who are trying to build account equity, not just skim a few bucks out of the market, because it allows you to build your account up to earn more rewards and is not dependent on deposit size. The flipside is that these requirements and fees, along with a bonus, will make it very hard for you to make withdrawals.

Editor’s Note – Why EmpireOption doesn’t Suck in 50 Words

EmpireOption doesn’t suck because it is changing the way binary options are traded. As simple as that. The broker is based on SpotOption, but unlike other SpotOption brands has retained control of its own brand and banking practices, it is not part of the SpotOption payment network. This broker is based in Montevideo, Uruguay(we think) and is regulated there as a legitimate business under the country’s commerce code (but not really, it doesn’t provide any protections). Empire has recently changed many things about its operations that have increased its value to binary traders, especially those located in the U.S. The most important thing to note is the way it handles trader accounts (*Update: No US clients accepted) There is a progressive system that rewards traders for building account balances with things like immediate, free withdrawal.

Why does EmpireOption Suck in 50 Words

EmpireOption has gone to a lot of trouble to hide who and where it is. It using a network of front companies with international registrations, pretending to be located in London, and is not regulated. After that, the banking practices are onerous. At first they seem like they’d be pretty cool but in the end what they mean are fees, trading volume and restrictions. You just don’t need that.

Should I Open an Account with Empire Option?

It’s no secret new binary options brokers are opening to business almost every month since 2020, but some of those brokers are quite shady and therefore suspect of binary options scam (a big problem with white label brokers). The difference with this broker is that it is not a white label like the others. Most SpotOption brokers have less than 60% control of their websites and are tied into the SpotOption cashier system. Not EmpireOption. This broker has remained independent and in control of their own business, because it is an independent business, not a spin off. Empire provides its own banking and cashier services, among other advantages. Many brokers are using a prepared trading platform as their trading system and change a little their web site design to distinguish themselves from other binary options brokers, but they are actually more or less the same, or just a copy of a successful binary options broker. It took me only a quick glance at Empire Option to understand that EmpireOption is trying to do things differently and they don’t want to be “just another” SpotOption brand. Their website is well structured and the entire experience is pleasant because you don’t have to spend time to search for information which is scattered all over the place. Everything is where it’s supposed to be. And the more I learned the more I liked it. The trading platform is very user friendly, there are many trading tools and options and the payouts are good. The whole trading experience and graphic design are top graded, similarly to all SpotOption based brokers, but with the new Spot2 platform they have gone above what the average broker is doing. Empire uses the platform to its full potential, offering one of the most complete lists of assets around and make for some of the best binary options trading when coupled with the available expiries.

Update August 2020: Although their website is one of the better-looking ones, some information is missing. For example, we couldn’t locate their FAQ section, their Asset Index and more importantly, the clear name of the owning company (we gave you their name above, but it took some “detective” work).

Update February 2020 – This is one of the better SpotOption spin-off’s and includes all the bells, whistles and frills you could want. It’s also not regulated, hiding behind a front company and has a poor reputation among traders and regulators so is not on our list of recommended brokers.

EmpireOption Complaints

One small but important step before depositing into any broker is checking a few search engines such as Google for any broker complaints. It’s very simple, Bots.com are doing the work for you. The thing is that all brokers have complaints on the internet – if one doesn’t, something fishy is going on – and Empire Option is no exception but considering that they are in business since 2020, the amount of complaints is very few and during the last couple of years they are even fewer so it’s fair to say this company was indeed improved in terms of client’s support.

Update August 2020: According to most of our readers that took the time to comment on our EmpireOption review page, this broker is heading into shady territory. Clients complain about problems with withdrawals and poor communication with the broker, unprofessionalism, and risky practices.

Update February 2020: The complaints have really piled up since the last time we updated this broker. EmpireOption is accused of many things including bad signals, shady brokers, pushy sales people and worst of all, inability to withdraw.

EmpireOption Regulatory Announcements and Warnings

14.12.2020: EmpireOption is on CySEC’s list of unauthorized domains. Source: CySEC Warning list

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29.2.2020: Spain’s CNMV blacklisted EmpireOption for operating without a license. Source: Leaprate

2.9.2020: France’s AMF has them on their blacklist as well. Source: FinanceMagnates

EmpireOption

Rating Payout Min Deposit Bonus Regulated
» Visit
80% £200 30%

Yes Payout: 80% Min Deposit: £200 Bonus: 30% Regulated:

Yes

Empire Option have not sought to register with the FCA to provide Binary options trading to UK residents. They are therefore not legally allowed to accept UK traders.

EmpireOption are an established binary options brand based in Montevideo, Uruguay. They are regulated domestically and have also lodged an application with CySec in Europe (and related MiFID compliance). They were voted Best Binary Options broker in 2020 by FX Magazine.

The firm are looking to expand their operation in Europe and bring their flexible and trader-tailored platform to a new market. There are a range of account types offered, that deliver a different set of benefits – each level offering more tools, such as reduced fees, a signals service, access to simulator accounts and quicker withdrawals. They range from the ‘micro’ account, up to the ‘Empire VIP’. The account type is dictated by the size of the initial deposit.

Here are some of the key details about the EmpireOption brand;

  • Demo Account – Simulator available at a certain account level (Empire+ and upwards)
  • Minimum Deposit – £200
  • Minimum trade – £5
  • Signals service – Yes, from Empire+ Account level upwards
  • Bonus details – Exclusive 100%.
  • Mobile App – Yes. Android and iOS catered for.

Trading Platform

EmpireOption provide a good looking trading platform, that delivers all-round, but also has one or two ‘extras’ that traders might find useful. The layout can be amended to display multiple trading windows, but defaults to two large windows initially. It can be amended to a table style, with each asset displayed in a row, or a ‘multiple’ view which displays up to sixteen trading boxes. Lastly, there is a view with just one large asset window – nice and simple, but lots of detail. Each view will suit a different trading style, but the flexibility is good to have.

Using the trading window is a similar experience to rival broker platforms. The type of option is the first decision. EmpireOption have a superb choice of trade types (seven, plus the iFollow feature) – each is covered in more detail below. Traders are then able to select the asset they are interested in. The asset lists available at EmpireOption are comprehensive with indices a particular strength. First traders select a category of asset – the trading area defaults to the ‘hot assets’ being traded most, but commodities, stocks, currencies and indices can all be selected. The drop down list within the actual trading area can then be used to select the specific asset.

Alongside the asset choice, is the expiry time and trade amount (the minimum trade with Empire is just £5). Again, both can be amended as desired. Beneath these is the price graph for the asset selected. It can be toggled between the default view and a candlestick, and the time frame can also be changed as needed. Along the top is a ‘trader sentiment‘ bar, illustrating the direction that traders are currently leaning.

To the right of the price graph are the trading buttons. The potential payout is displayed just below the amount and will update automatically if that amount field is amended. Beneath that is the payout percentage – made very clear. Below is the protected amount, and this will display where it is applicable. Then the trading buttons are displayed. As with everything else, they are clearly identified, the Call and Put buttons are adjacent to the relevant arrows, and the strike price is positioned between them – this changes colour to reflect the most recent price change, up or down.

Selecting either trade button will bring up the ‘trade approval‘ window, which is an opportunity for the trader to double check details of the trade. Confirming the approval will trigger the trade and it will then appear in the ‘Open positions’ window of the trading area.

The ‘Open Positions / Expired Positions’ window sits beneath the trading windows and allows traders to track all of their open and closed trades. These are grouped into the trade types with all the relevant details for each trade listed below. It is in this area that traders can use additional tools such as ‘double up‘ to increase investment in the option, or ‘Rollover‘ to extend a trade. Traders can also ‘Sell’ their position from here or open up the charts to assess their positions.

Another feature made available in the trading area is the calculator . This appears when the platform displays two trading windows. It allows traders to run three forms of technical analysis over the current price graph, to see what sort of trade the analysis suggest. Traders can select RSI, Moving average or Bollinger band indicators to help them make a call.

Trader choice

EmpireOption offer options on forex, commodities, stocks and indices. Their asset lists are very good. Indices are the most comprehensive list. Coupled with the largest range of trading options of any broker, it means traders opting for EmpireOption will not be short of choice.

They offer seven kinds of option:

Binary Options – The basic binary option. Will the asset rise in value, or fall?

Pairs – How will two assets perform versus each other? Generally pairs are made up of two related stocks (e.g. Apple v Google), but can also be provided against commodities or indices.

Long term – The same as a traditional binary option, but with much longer term expiry times, generally weeks or months.

Short Term – As the name suggests, very short term binary options with very short expiry times. EmpireOption cater for 30 second, 60 second and 120 second expiry times.

One Touch – Will an asset price ‘touch’ a particular value at least once before the expiry time?

Ladder – Ladders offer a series of price levels which can be traded in both directions. As the levels rise or fall relative to the strike price, the payouts can get larger if a large price movement is required in order for the trade to finish in the money. Particularly useful during volatile markets.

Forex – This is an option offered by very few brokers, so is a great addition for EmpireOption. It allows traders to trade currency pairs ‘per pip’, setting stop losses and target prices. It is an innovation that brings traders closer to genuine Forex trading than the simpler form of binary options.

Mobile App

EmpireOption provide a free, high quality, feature rich mobile trading platform ProTrader, compatible with android (2.3.3 and higher) and apple devices. It allows traders to trade the full range of options available on the full site, and the full list of assets too.

The charting has been expanded on the app and full analysis is now available there too. The latest version also sees assets listed alphabetically – indicating the firms commitment to the mobile platform, as they have fixed this small – but frustrating – trader gripe.

The EmpireOption ProTrader app also gives full access to all open and expired positions, and certain account functions, such as deposits.

The actual trading platform is easy to use, and the layout is also excellent, making quick trades very simple. It is a solid addition to the EmpireOption offering.

Payout

Payouts at EmpireOption are very good. The most traded assets see payouts of around 80%. As ever, the payouts will vary based on expiry times and the asset selected. Higher payouts are available with different trading options too. For example, ladder options will offer significant payouts for larger price moves. Forex also works ‘per pip’, so can generate higher payouts if desired.

Withdrawal and deposit options

Deposits can be made via credit card (all major cards accepted) as well as wire transfer and online transaction services such as Skrill and Neteller. The minimum deposit is £200 – The initial deposit will dictate which account type a trader moves into. £200 gains entry to the ‘Micro‘ account, while a deposit of £30,000 will mean an ‘Empire VIP’ account. See the range of accounts and related benefits in the table;

Withdrawals are also handled based on the account type. For example, a Micro account will have a withdrawal deadline of 10 days – an Empire VIP account holder will have their withdrawal processed within 1 day. Empire know withdrawals are often the source of some frustration with traders and their brokers, and offer higher account types better terms. This might be an issue that some smaller scale traders find galling.

The size of the minimum withdrawal is also dictated by the account type, ranging from £200 for Micro accounts, to £1 for Empire VIP accounts. Withdrawals are generally available via the same method as deposits.

Other Features

EmpireOption offer their clients the following features and benefits:

  • Calculator – Technical analysis tool
  • Range of Educational material – Includes seminars, books, financial reports and even one to one training
  • Market Simulator – To perfect technical analysis. Available for Classic account holders and higher.
  • Social Trading – Empire have revamped iFollow to allow traders to follow the trades of other traders. Empire funds can also be used via the ZuluTrade platform, for the same purpose.
  • Trading ToolsDouble Up and Rollover give traders extra abilities to improve profits and cut losses.

EmpireOption Review

Introduction

Launched in 2020 in Uruguay, with UK based processing, EmpireOption is a broker that has been trading for 7 years. Using the SpotOption platform, they offer the trader a huge 180 assets. It is the use of the SpotOption trading platform which allows them to offer such a range of assets as brokers who provide their proprietary platforms are limited to much less.

With customer support available in so many languages, including Spanish and Portuguese, their Uruguay routes have led them to develop an offering that is very popular in South America in countries like Brazil and Chile. Their customer support is very accessible to anyone that trades with them offering not only the usual contact methods but also making use of social media platforms like Facebook, Twitter and Google+.

While many brokers using the SpotOption trading platform are limited to the constraints of the software, EmpireOption has managed to keep their cashier system and maintained their independence. They may be one of the more established brokers in the binary options trading space, but they have evolved with the times with tools like social trading and iFollow.

In this review, you will learn:

    Which different account types the broker offers The different types of trades available to you What features and customer support they offer

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

While smaller accounts are available in the EmpireOption offering, they aren’t aiming for the small account market. Withdrawals are discouraged with the Micro Account, and there is a fee of $30 for doing so not to mention that you have to make 20 trades of at least $25 per trade to be eligible for withdrawal. The minimum trade amount is a rather hefty $25, so this isn’t a broker for the less affluent trader.

On the upper end of the scale, the VIP Account, with its minimum $30k deposit has no withdrawal fees and only a five trade requirement.

Micro Account

The Micro Account requires a minimum deposit of $200 and offers a weekly report and financial analysis. In addition to this, it provides one trade book and one seminar. Withdrawals take up to 10 working days.

Classic Account

$500 is the minimum deposit required to open a Classic Account. It offers a few more benefits than the Micro Account, including an economic calendar and a reduced withdrawal turnaround of seven working days.

Plus Account

Opening a Plus Account with a minimum of $1000 further reduces the withdrawal turnaround to up to five working days and offers even more benefits than the Micro and Classic Accounts with the addition of trading signals.

Account Empire

For those more serious traders, the Account Empire requires a deposit of $5000 or more. For this, you get more trading books, more seminars, signals and one to one help plus a withdrawal deadline of just three working days.

VIP Account

$30000 allows you to open a VIP Account and reduces the withdrawal deadline to one working day and removes withdrawal fees. Of course, all of the same benefits of the Account Empire apply, but apart from the reduced withdrawal deadline, the benefits aren’t any more significant.

Trade Types And Payouts

Short Term Trades

EmpireOption offer Short Term options of 30 seconds, 60 seconds and two minutes. These options are suitable for taking advantage of micro-movements in the markets. They allow you to make a higher volume of trades with a quick turnaround and are ideal if you only have short space of time to trade.

If you work full time and only get short periods to trade, then short term options allow you to trade on your lunch break, this, however, relies on there being the right activity in the market. If you are a full-time trader, the short term option allows you to watch the markets and seize the opportunity.

Long Term Trades

If you have a more strategic approach and want a more robust, reliable plan, then Long Term options allow you to predict the outcome of an asset over a more extended period of time. Many traders prefer this and find it a more stable approach to trading. It may take longer to see results and not carry the same thrill as short term, but it does allow for more forward-thinking.

One-Touch Trades

One-Touch options allow you to trade even when the markets are closed. It is a little more advanced than Short or Long Term options but just as profitable. The objective with a One Touch option is to predict the price an asset will reach before the predetermined expiry time.

If the price is reached, you receive a payout if the predicted amount is not reached you don’t receive a payout and you lose your investment.

Pair Trades

Pairs require you to trade on the outcome of a pair of assets. Let’s say you choose Google and Microsoft as your pair. The objective is to correctly predict which of the two assets will perform better in the trading period.

The payouts offered by this broker are up to 82%.

EmpireOption offers a service called iFollow, allowing you to watch other traders.

Bonuses And Promotions

While there aren’t specific deposit bonuses offered for each different type of account, there are unspecified bonuses available for new accounts, this appears to be discretionary and requires that you speak to an account manager.

There is a very specific “refer a friend” bonus which is explained on the website. If you refer a friend, you receive 10% of the value of the friend’s first deposit, which will be deposited in your account. The friend also receives $50 to trade with.

Mobile Trading

When you arrive at the mobile site, you are immediately asked to download the app to open an account and start trading. It would appear that you can’t trade from the mobile version of the website and that the mobile site is purely an information tool to help you to decide whether you wish to trade with mobile option.

While traders can’t trade on the mobile version of their website; there are apps available for both Android and iOS and accessible from the App Store and Google Play. It is well worth browsing the mobile website, though to familiarise yourself with some of the information that the broker provides about their accounts and customer support.

Deposits And Withdrawals

As with most brokers, deposits can be made using recognised credit cards like Visa and MasterCard as well as wire transfer and several e-wallet and online payment solutions. The minimum deposit to open an account is $250, and all subsequent deposits must be a minimum of $100.

Withdrawals attract a fee of between $10 and $30 depending on the type of account. There are no withdrawal fees for a VIP trader. The time it takes to process a withdrawal ranges from one to ten business days, our test withdrawal took 4 days, and there were no significant withdrawal problems.

Special Features

With social trading being encouraged and supported by EmpireOption, they are offering a service called iFollow. This allows you to watch the success of other traders, often professionals, and then replicate this success yourself. To use iFollow, you select the traders that you wish to follow and then register, copy and make money.

Videos, online courses, webinars, trade books and customised classes are all tools offered on the training section of the EmpireOption website. This information is not openly available to all and depending on the account you open will depend on the level of information that you have access to.

Customer Support

There is no shortage of ways in which to contact the EmpireOption customer support team. There are several numbers to call for traders based in the following locations; USA, Brazil, Chile, Spain, France, Columbia, Mexico, Venezuela and Peru. Help is also available by email in English, Spanish, Portuguese and French. Online assistance can also be offered in the customer’s language.

As well as telephone, email, and chat the company is also available via the social media platforms Facebook, Twitter and Google+. This support is available 24 hours a day, 7 days a week, even outside of trading hours.

Here are the contact details for EmpireOption:

    Email – [email protected] Phone – +54 115 078 9783 Address – Baumann and Kraus Enterprises, Stoney Ground, Kingstown VC0100, St. Vincent and the Grenadines

Conclusion

While this broker may be unregulated, this hasn’t stopped them from making a name for themselves and establishing a good client base, especially in South America where the company began its journey. They offer a good range of accounts, an extensive range of assets and a variety of option types.

The payouts are competitive with anything else in the market place, and the education and tools that they offer are all designed to make the trading experience a good one. They provide a robust and accessible customer support service.

One thing we did observe is that they aren’t looking for the novice trader. The minimum deposit and minimum trade amounts, as well as the fact that there are withdrawal fees for smaller accounts, indicates that they are looking for the high rollers, those that know what they are doing and are prepared to turn over large amounts of money.

So if you are an experienced trader or have more money to play with, then this could well be the sort of broker that you are looking for.

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

Is EmpireOption legit, will they scam me?

EmpireOption would not have been able to trade for so long if they weren’t a legitimate broker. Having been established since 2020, they have built up a strong client base.

Do they have a decent mobile or tablet app?

Upon arriving on the mobile website, you will quickly realise that the mobile site is not built for trading and you will be redirected to the app. The mobile website is purely for information.

What bonus do they offer for new traders?

If you look at the account offerings, there are no pre-determined bonuses. To discover more about the bonuses offered you need to speak with an account manager to agree your discretionary bonus.

Can I start trading on a free demo account?

Yes, to use the demo account the trader has to ask for the virtual funds to trade with from their account manager when they are contacted.

What’s the minimum deposit and trade amount?

The minimum deposit required to open an EmpireOption account is $250. The minimum trading amount depends on whether you are trading Short or Long Term options and ranges from $5 to $25.

Robert has consulted for our website for five years and is a well-established member of the team. While he is passionate about the site, most of Robert’s time is focused on his current position as CEO of a professional coaching company.

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