Is OptionXL a Scam?
SummaryAfter a detailed research we cannot confirm that this broker is safe. We recommend you to Proceed to Safety with Trusted & Approved Binary Options Broker. Alternatively you can Skip the content and See the Conclusion.
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Option XL Review
The binary options market is quickly taking hold among online traders with most promising to offer high returns. It is therefore essential to have adequate information pertaining to a specific broker before signing up. Scam websites are on the rise as they target online traders especially those who are new to binary options and how it works.
We reviewed Option XL broker by looking at the withdrawal procedures, trading platform and account types among others. Read the full article for more details on our findings.
Trading Platform & Features
The creators of this broker claim that it is a unique system designed to display the fluctuations in the stock exchange market in real time. The system observes the financial market from several data sources then analyzes and makes predictions. The auto trading option allows inexperienced users to trade without any trading knowledge. This broker currently has no website and therefore might not be reliable due to insufficient information on how their system operates. A correct prediction leads to profit generation while an incorrect prediction means you lose your investments.
The features provided by Option XL include the live trading signals. The signals are an important part of trading because the predictions are based on the data provided. They also provide charts that can be analyzed and used in placing trades. We however recommend that you choose an approved broker that provides other key features such as a demo account and a web based platform among others.
Deposit and Withdrawal Procedures
This broker allows a limited number of payment methods, which are used in both deposit and withdrawal. They include credit cards, debit cards and wire transfers.
You can only start trading after depositing a certain amount into your trading account using the supported payment methods. You will be requested to fill a sign up form that requires your name, address, phone number and password. The withdrawal procedure is lengthy, as it requires up to 3 days processing the request and an additional number of days for the funds to be displayed on your bank account.
Account Types and Bonuses
Once an investor signs up with this broker, one is introduced to the different account levels available. The standard account is for new traders who are not familiar with how the system works. The initial amount required increases with the account levels. We were unable to gather adequate information on the bonuses provided by this broker. We advise traders to choose brokers that have been tested and proved reliable.