What is EmpireOption?
This is one of the world’s most popular binary options brokers.
It was created in 2010 in the British Virgin Islands, which is where it has its headquarters. However, the broker has an office in the World Trade Center of Montevideo in Uruguay, which is a plus when it comes to choosing the broker by Spanish-speaking traders.
This broker, however, is not regulated, which is not highly recommended in modern financial markets, although it gives us some advantage for it.
The parent company is Lubona Enterprises Ltd.
Is EmpireOption a scam?
Although it is a broker not regulated by any of the regulatory entities in the market, this broker is not a scam and is also one of the most popular brokers in the binary options market.
It has been on the market since 2010 and hundreds of thousands of traders have tried its services, with better or worse luck.
However, it would do well to get a license from a major regulator, especially in Europe, if you want to continue to be considered as one of the brokers to take into account, since the market is becoming more competitive and many people only want to use brokers. that are regulated.
Online there are many people who think that the binary options business is simple and that they can earn a lot of money quickly, when the harsh reality is that to win long-term binary options, you need to have special skills and talent, it is not an easy market to dominate.
That is why there are many people who say that this broker can be a scam and others, but the first thing they have to do is learn about the world of the Stock Market and what and when they have to operate.
At the end of the review you can see our opinion about the broker.
- More than 250 assets to choose from
- Quick and easy registration
- Permanent advice
- Platform friendly
- Limited access to demo accounts
- Slow support via email
Open account with EmpireOption
Opening an account with Empire is quite easy since we only need to enter our data and deposit the money.
Being an unregulated broker we can make this transaction much faster than normal.
The minimum deposit is 200 USD or EUR and it has a minimum amount of operation of 5 dollars , which is quite good for beginners.
The amount to open an account will increase with the type of account we want to open, up to 30,000 in the Empire Vip account.
The payment methods that we can use are: card, transfer, Neteller, Inpay, Skrill.
An important detail is that to withdraw the money you have to do a series of minimum operations of at least 25 EUR or USD in the classic options.
We assume that this is to avoid people who open the account and decide to close it without having negotiated with the loss of time and resources that this entails for the broker. This ensures that customers have used the account and have paid at least some commissions.
Although it is not something that we behave in itself, it is something relatively understandable.
A curious detail is that the company that manages the payments is a Spanish company based in Barcelona.
The customer service with this broker is typical that we can find in the sector, with a contact service by phone at 932202011, by contact form or by email. The cost of the call would be that of a local if it is made within Spain.
Training with EmpireOption
This broker offers various training channels, such as:
- There are several e-books with which we will learn the basic concepts of binary options, as well as the most useful strategies and tips to learn how to trade in the financial markets.
- Empire Tv . Those who prefer videos can see one of the many options that this broker has and with which you can learn almost the same as with books but in a more dynamic format.
- It has a series of seminars on a fairly regular basis and they are free.
- One by one. These are private individual learning sessions with one of the broker’s advisors who will answer all the questions you have.
- Trading simulators . This is similar to having a demo account. With them we can carry out practice operations and see how they would have turned out without risking money.
- Trading signals. With this service the broker offers signals to traders who are interested in trading following its advice.
Being an unregulated broker you can afford to offer the typical welcome bonuses with no problem.
This is something that Cyprus brokers, for example, cannot do as before due to the harsh new CySEC regulations.
The most popular bonus is 100% of the initial investment.
You can use the bonuses to try to earn more money, but don’t forget that to get them you will always have to trade with a minimum of trading, which is much more difficult than it seems at first glance in the world of binary options.
Social trading with EmpireOption
This broker offers the iFollow service with which we can follow the investments of those traders who have the best performance on the platform offered by the broker.
This tool allows us to copy with a certain amount of funds and risk in such a way that we can manage our risk when using it.
A very useful tool for those who think that following market leaders have better options to win.
A particular tip is that before using it they should see what are the operations carried out by these winning traders and try to see what they are doing to learn.
The platform of this broker is, as usual in the sector, web-type, with which we will not have to download any other platform on the PC and we will be able to negotiate from any corner of the world in order to have an internet connection.
Therefore, it is a broker with which we can negotiate from the mobile either Android or iPhone, or from the tablet.
The platform is very simple to use, without really having to do much training on it.
In other words, it is easy to negotiate; now, the difficult thing will be to win.
Types of binary options with EmpireOption
This broker offers the following:
- The typical ones from above or below, in which we only have to guess which direction the asset is going to take and determine our position. That is to say: it rises or falls.
- Options Builder, in which we can choose various assets and the time in which we want the operation to close. They are much more dynamic and advanced options, which we really only recommend if you have a good understanding of trading and investment.
- ProTrade options: with these you will be able to follow up more visually, meaning that with the same you will negotiate with the chart.
- Long-term options: These are more focused options for trading for several weeks or even months, which is liked by many traders.
The typical performance that we can find in EmpireOption ranges from 70 to 85% in typical options and up to 500 in some of One Touch and others.
Accounts with EmpireOption
This broker has several specific accounts, which are the following:
- Micro Account. This is for traders with less capital, since the minimum is 200 USD and you do not have access to the most advanced sections, although it is more than enough to be able to do the necessary and basic trading.
- Classic Account. It can be opened with 500 USD and unlike the previous one we can have a personal advisor of the account, in addition to other options such as the market simulator, which would be an option to operate in demo, that is, without money.
- Plus Account: to open it we have to deposit 1,000 USD and it will give us the option to use EmpireTv, in addition to the daily financial reports.
- Preferential account. The minimum deposit is 5,000 USD and with them we can use the One to One service.
- Empire VIP account. This is for the most demanding investors with the most capital. The income for it is 20,000 USD and it gives all the VIP advisory services that the broker can offer.
This is a broker with many opinions on the network, as usual, quite mixed.
There are people who complain that the number of assets is low, others that the periods of operations are usually very high in certain instruments.
We also have the typical complaint about the bonus, because the fact is that many think that it is about depositing the money, receiving 100% and taking it out with it, when in reality it is not, and whoever thinks it was so easy is who doesn’t use common sense.
As the broker rightly says, in order to withdraw the bond you must trade a minimum volume of 30 times it.
Others think that since the broker is not regulated in the United States, this is a problem, but the truth is that the United States does not accept clients from other countries in the world and global binary brokers do not accept clients from that country, but it is because of nothing more than a legal issue and is for all binary brokers, too.
Being a broker located in Uruguay, it is very popular with investors from that country and the rest of the Spanish-speaking world.
I recommend that before opening an account driven by the greed of wanting to get the supposedly free bonus, they form a little more in this hard world of online investment, and especially when it comes to short-term trading.
For the rest, highlight the fact that the broker is not regulated, and this is an important handicap to be considered as one of the brokers to consider in the binary options market.
This is something that should undoubtedly be improved.
As for the trading and payout conditions, they are in the sector average, without being anything to really highlight.