Since the inception of binary options trading as an instrument to trade the financial markets, several brokerage firms have started their binary options trading platforms that provide the traders the required platform to trade the financial markets. OptionFair is also one such platform that provides an opportunity to trade the financial markets. It is not just another platform on the internet, but has some distinct features, that make it stand apart from others.
On opening the OptionFair site, the user is confronted with a user-friendly and well-designed website. The usability of the program can be judged from the features by which one can distinguish between various trading platforms.
User experience: users are especially attracted to the well-designed and friendly website. The completely web-based program is quite inviting with large fonts and enlarged buttons to execute the order.
Option types: besides the standard binary options that are provided on various trading platforms, OptionFair provides two additional option types. One of these is the One Touch option in which the trader has to select whether the chosen asset would reach a certain target price or not. By choosing the up arrow, the trader can choose that the target price would be reached and with the down arrow, the trader selects that the target price would not be reached. The second additional option provided by OptionFair is the Boundary option. In this option, a trader selects whether the price of the chosen asset would be within the range or out of the range. For an in-the-range option, the trader presses the In button, whereas for an out-of-range option, the trader has to select the Out button.
Expiry periods: OptionFair offers expiry periods that can be hourly, daily and weekly.
Payout percentage: the payout percentage is somewhat similar to other platforms which is somewhere between 68% – 75% for a successful trade. Although in theory, an out-of-money, option does not attract any return, the platform offers a 5% – 10% return.
Minimum deposit: there is no requirement of any minimum deposit when registering with OptionFair.
Customer support: the customer support provided by OptionFair is comparatively strong as there are numerous phone numbers, email and even live chat offered to clients to put in their queries. The dedicated customer support team is extremely helpful.
Withdrawal methods: the withdrawal method of OptionFair is slightly on the haggard side since there is no Paypal to withdraw funds. Moreover, each withdrawal attracts a fee, which is not in the best interests of the trader.
Extra features: the website of OptionFair is well designed with drop down menus that provide an intuitive platform for the traders. The platform also provides the traders the opportunity to witness the open trade and the graph depicting the current trade status. The ease of use of the site is a feature that goes in favor of OptionFair. Additionally it provides a FAQ section that is informative and provides answers to quite many questions that a new trader might have before indulging in trade. Overall, a well designed platform, there is still room for improvement for OptionFair.