Binary Options Review: GTOptions

Important Facts 
  • Regulatory Authority: Operated by S.O Spotoption Ltd. (according to website, however live chat said it was a white label) who on the 9th August 2012 received a CySec licence. However no mention of CySec regulation to be found on site and the site appears to accept US clients in breach of regulatory statute. Regulatory status unclear.
  • Instruments: Forex, Stocks, Commodities and Indices 
  • Unique Features: Demo Accounts and 50% Deposit Bonus (Correct at time of writing
  • Minimum Deposit Required: None Stated, Wire transfers below $300 occur a $30 charge

The Platform 

As the platform is powered by the SpotOption software, the platform is similar to many of the other platforms provided by SpotOption. So anyone who has undertaken business with another platform powered by SpotOption will instantly recognize and be able to use the platform. As you can see from the screenshot of the Binary Meta view the platform is attractive enough and provides some nice graphs. Though the platform lacks any really tools for technical analysis. There is nothing much else to report as the website is a pretty standard affair. Disappointingly no provision is made for those who wish to trade on the move with the platform being unavailable in any of the major smart phone formats. 
Special Features 
At the time of writing GTOptions offered both demo accounts and very attractive first deposit bonuses to its clients. With up to 50% bonus being offered to those who made there first deposit, provided certain terms and conditions were met. And having a demo account option available is always a plus as it gives the individual the opportunity to try out Binary Options and see whether they are for them before making the full plunge into trading binary options for real cash. While not particular special the site also offers a number of resources aimed to help traders make decisions.  
Option Contract Returns 
The homepage advertises Option Contract returns of up to 90%, but looking around the site I didn’t find any contracts offering that higher return the majority of the contracts offered returns of around 70% which would require that you correctly predicted the movement of a particular instrument with an accuracy of over 60%. Whether this is realistic is questionable however, I do not feel that GTOptions offers returns any better or worse than the majority of the binaries industry. 
Customer Service 
The overall level of customer service seems to be satisfactory, though there is no 24/7 online live chat available often a staple of Binary Options service provision. Instead Live Chat is only available at certain times of the day and the queue for an operator However phone numbers are available on the website allowing the customer to ring up the company with ease. It is also refreshing to see the companies full address listed on the website as this gives greater transparency to what is actually going on. Also a number of email addresses are also provided if that is how you prefer to get into contact with the site. 
I’m slightly confused about the regulation of, as the site is the property of S.O Spotoption Ltd. which has a CySec licence which was granted on the 9th August of 2012, it appears that the website may be covered by that particular licence. However no mention of the site being regulated by CySec is made anywhere. To add to this confusion the site appears to accept customers from North America which technically it cannot do as CySec regulation only allows a company to accept clients from within the European Union. This has led me to be very confused about the actual status of GTOptions and my chat with the live support didn’t make this any clearer as it appears the site is not actually operated by S.O Spotoption Ltd. but another entity. I finally managed to get it out of them that they are a white label of Spotoption Ltd. therefore whether GTOptions is covered by CySec regulation is very unclear. They seem to feel they can operate under the regulation provided by SpotOption however I’m not sure that this is correct.  
Overall, I would avoid GTOptions as I am confused about where they stand from a regulatory point of view.


Leave a Reply

Your email address will not be published. Required fields are marked *