We do not recommend this broker. The broker is regulated by CySEC and operates out of Tel Aviv. Read the below links to the Times of Israel prior to opening an account. No links to the broker are provided.
Times of Israel
The Times of Israel’s Simona Wingless has pretty much single-handedly exposed the Tel Aviv-based binary options for the corrupt and fraudulent industry it is. The first and third articles below make pretty uncomfortable reading.
- The Wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed
- Why hasn’t Israel shut down binary options scam? A former MK describes how she tried
- Ex-binary options salesman: Here’s how we fleece the clients
- 2,500 victims of binary options fraud to sue in London
- Jobs boards for immigrants wise up to binary options fraud
- Cheated out of €13,000 ‘trading’ binary options, a victim fights back
- Are ‘regulated’ binary options companies any better?
Optionally is owned by Optionrally Financial Services Ltd, a company with CySEC regulation license no. 220/13 which they received on the 7th November 2013.
The address on their CySEC page is given as:
1, Griva Digeni Street
ZAVOS KRIEL COURT
Optionrally Financial Services appear to have a clean sheet at CySEC with no fines or slaps on wrist.
The OptionRally Platform
When reviewing this platform the charting area (quite important!) didn’t work. Their affiliate manager brought in their IT department who all scratched their heads but could not come up with the answer. I took a flier and loaded up Adobe Flash and lo-and-behold it worked. 1 out of 10, and that was for effort…..and they did try! Having got the site working, it is good as the platform appraisal below will testify.
OptionRally is owned by a Cyprus registered company and has been regulated by the Cyprus Securities and Exchange Commission since 07/11/2013 and have ‘exercised its right to passport its services to all EU member states’. In effect, according to the rules of the EC, OptionRally can take clients from anywhere within Europe.
The staple diet of ‘Over’ and ‘Under’ trades are provided in the usual simple SpotOption manner offering the client clarity in their trading. Other instruments offered are Pairs, One-Touch and the Ladder. The Ladder is becoming an increasingly important piece of armoury to the trader who wishes to place higher risk/higher return trades.
Here are the assets and expiry times on OptionRally.
1) Stocks: Google, Lukoil, HSBC Holdings, Sberbank, Citi, Barclays, Coca Cola, Petrobras, Microsoft, ExxonMobil, British Petroleum, Teva Pharma, Deutsche Bank, BIDU, BNP Paribas, State Bank of India, Total, Gazprom, Dow.
2) Currencies: USDRUB, EURGBP, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDUSD, USDCHF, USDJPY, USDSGD, USDPLN, USDCAD, USDTRY, USDZAR, AUDUSD.
3) Commodities: Oil (light sweet), silver, gold, coffee, sugar and platinum.
4) Stock Indices: Dow Jones, Nasdaq, S&P500, CAC40, DAX, FTSE100, IBEX35, Kuwait, RTS Futures, MICEX10, MSM30. RTS, DSM20, Dubai Financial General Market Index, Tadwul, ASX200, SSE180, Straits Times, TOPIX500, Tel Aviv25, Kuwait General Index, KL Future, Bombay SE.
The lowest expiry time on OptionRally is 15 minutes, and this is with the Binary Pro and Binary Meta trade types. The expiry times for this trade can be increased in multiples of 15 minutes to a maximum of two hours. The High Yield Touch trade has a one week expiry. The 60 second option has an expiry of one minute, while the trader can set the expiry to the hours and minutes of the daily clock with the OptionBuilder trade type.
The payouts on OptionRally depend on the trade type.
a) The High Yield Touch option pays between 150% and 500% for every successful trade. The exact payout within this range will depend on the asset traded.
b) The Binary Options Pro (Call/Put) has a payout of 78%, and this is the same with the 60 second option and the OptionBuilder trade type. This can be reduced by 10% if the trader uses the loss return function to recoup some of his investment if the trade is out of the money.
c) The Binary Meta has a variable return which is determined by how close to the expiry the trader decides to close the trade manually.
Bonuses and Promotions at OptionRally
The welcome bonuses on OptionRally are awarded according to the type of account the trader operates. Here are the following account types that can be operated on OptionRally along with the bonuses that are awarded on the first deposit:
a) The Mini Trading Account attracts a bonus of 15%. Each further deposit attracts a bonus of 10%. This account is for traders who fund their accounts with a minimum of $200 and a maximum of $1000.
b) The Standard Trading Account attracts a minimum deposit of $1000. The first deposit gets a 20% bonus and further deposits attract a bonus of 10%.
c) The Executive Trading Account is for those who can muster at least $5000 into their trading accounts. Such deposits attract a 25% bonus on first deposit and 10% bonus on re-deposits.
d) The VIP Club Account is for the high rollers. Traders aspiring to own this account class must deposit at least $10000. This attracts a first time bonus of 30% and a re-deposit bonus of 15%. A free iPad/Samsung Galaxy tab is given to traders with this account once their trade volume has hit the $15,000 mark.
Trading Tools of OptionRally
The following special trading tools are available on OptionRally:
a) Traders can get access to live financial news that can be used for fundamental analysis. The news comes direct to the platform from the servers of Reuters news agency.
b) There is a comprehensive educational library on how to trade binary options on OptionRally. The library includes video tutorials, webinars, and a glossary. There are also sections on trading of other financial markets and trading strategies.
c) OptionRally has developed apps for the iPhone, iPad and Android devices so that traders can trade binary options on the go.
OptionRally Deposits and Withdrawals
Deposits and withdrawals on OptionRally can be performed using the following methods of transaction:
a) E-payments: The only e-payment method that can be used is CashU, and this is usually via the use of their debit cards.
b) For those who prefer to use the credit card option, the following card brands are accepted: Visa, MasterCard and American Express. A special brand of ATM cards called the Knet ATM cards, are also allowed. CashU also provides cash cards that can be used as a method of debit card funding.
c) Bank wires can also be used.
The minimum deposit requirement for trading on OptionRally is $200. Any further deposits into the trading account must be from a minimum of $200.
There are no maximum deposit limits, and there are no withdrawal limits. However, withdrawals made with bank wires attract a service charge of $25.
Customer Support provided by OptionRally
Here’s how to contact OptionRally:
- Phone number: +41-43-5507311.
- Fax: +41-44-2742790
- Email: Using the online contact form on the Contact Us page.
- Live chat using the pop-up box that comes up on the home page intermittently.