Getting the best binary options broker to start trading with can be overwhelming. The suggestions and recommendations are endless. One grave mistake you could make is to get into binary options trading with the wrong binary options broker. You need to ensure the binary options broker you settle for is legit. Maybe you have come across Empire Option, or someone has recommended that you get on it. Is Empire Option legit? How do you trade on Empire Option? Can you make money on Empire Option? These are fundamental questions that you need to have answers to before you decide to get involved with any binary options broker. This is an objective and honest Empire Option review.
About Empire Option
Empire Option is a binary options broker based in Uruguay. The broker was launched in 2010 by a company named Riverjor SA. Empire Option uses the SpotOption trading platform, and has an operating base in the UK. Empire Option is quite popular in South America. The two operation locations always make people wonder where empireoption located is. It has been trading for seven years now and has managed to carve out quite a name for itself. Empire Option is not regulated by any acclaimed regulatory body though. However, they have been successfully operating for a long time. It operates in a couple of languages including, English, Spanish, Portuguese, and French.
Empire Option from the word go seems like a legit broker. Before we get to the nitty-gritty of empire option trading, it is important to note Empire Option profits when you lose your trade. That’s the case with any other binary options broker. Regardless of how much support and services they offer you, it is not in their best interest that you win all your trades. That being said, it does not mean you cannot leverage the support to work for you. Binary option trading commercials might lead you to believe that you can just stumble upon a binary options broker and start making profits. That is laughable. Get to know the trade and the binary options broker you are working with first.
Empire Option Account
Just like on any other platform, you get started on Empire Option by signing up for a trading account. Empire Option does aims for the big account market. It aims for high amount investors. The empire option trading platform offers you five types of accounts. The small accounts are quite restrictive though, and you might not be able to withdraw your funds. Empireoption withdrawal costs $30. you might want to try it out on the empireoption demo account first. Empire Option offers you a demo account with $10000 of a virtual deposit so that you can get acquainted with how it works.
The five accounts are;
1) Micro Account – this is the smallest account on Empire Option regarding the minimum deposit. It requires a minimum deposit of $200. The account comes with weekly financial analysis and reposts too. Also, you get one trade book and one seminar. You have to complete 20 trades of at least $25 to be eligible for withdrawal. The withdrawal can take up to 10 days.
2) Classic Account – this account requires a minimum deposit of $500. The account has all the benefits in the Micro account, plus an economic calendar and a withdrawal time of 7 days.
3) Plus Account – this account attracts a minimum deposit of $1000, and the withdrawal time is reduced to 5 days. You get all the benefits in the classic account plus free trade signals.
4) Account Empire – this is the account for you if you are looking to trade seriously on Empire Option. The account requires a deposit of $5000. You get more educational materials, more seminars, and signals. The withdrawal period is reduced to three days.
5) VIP Account – this account requires a minimum deposit of $30000. It has no withdrawal fees, and the withdrawal time is reduced to one working day. The other benefits are similar to those on the account Empire. The maximum withdrawal empireoption is $5000.
Once you have the account, you can now start trading. We are going to look at the types of trade you can engage in on Empire Option next.
Types of Trade
Short-term options are the most popular on Empire Option, just like on the other binary options trading platforms. These are binary options trades that last for between 30 seconds and two minutes. These are great for someone looking to profit from micro movements in the money markets.
Long-term trades are more strategies and robust. These options allow you to predict the outcome over a long period. This is a more stable approach to binary options trading but it lacks the thrill and immediate results.
These are more advanced options than the latter two. They are quite simple too. You predict that the asset will touch a certain point before a particular duration. You receive the payout immediately it touches the said point.
Pair options allow you to trade simultaneously with two assets. It involves predicting which of the two pairs will perform better in the money markets.
Empire Option offers up to 82% profit on investment in payouts.
Empire Option has all the indicator of a legit binary options brokers. After all, there is no way it could have been trading since 2010 is it wasn’t. However, the trader is not regulated by any acclaimed regulatory authority. We believe in the need to trade with a regulated binary options broker. You get someone to run to in the unfortunate event that you are scammed. The other concern with Empire Option is the withdrawal fees and long withdrawal periods for traders on small accounts. These features will make it increasingly difficult for the smaller traders to profit. It seems like only the traders on the Account Empire and VIP accounts stand a chance to profit from Empire Option. If you have the minimum deposit for these accounts, Empire Option seems like it is worth a try. Tread carefully though. The brokerage is unregulated.