BeeOptions started their operations in 2012. This binary options broker uses the new and improved Spot 2.0 platform and has more than 100 assets. Sounds promising but are they really a good brand?
A minimum deposit of $250 is required to open an account and start trading with BeeOptions. This is higher than 43% of the brokers in the industry which require a minimum deposit of $200.
The type of account and the benefits will depend on the amount that was deposited:
Personal account manager: It is better to rely on a third party signal provider who is unbiased and not with the account manager because they still work for the broker.
Senior analyst: basically the same as #1.
Free iPad: requires a high minimum deposit of $5,000 and a- trading volume of $50,000 that is very hard to reach.
This is a little above the normal deposit amount that other brokers require from their clients. What’s even more disappointing is that the perks that they offer are really not that rewarding.
Design and Layout
Although the layout is organized and the graphics are just minimal, I find the chosen theme to be less engaging due to the lack of appealing colors and the very plain design.
They support all major credit cards, Wire transfer, Boleto, Webmoney, Giropay, Sofort and Neteller. They even have their very own Beeoptions e-payment card for making purchases and withdrawals. The majority of the brokers today only support credit cards and wire transfer so generally, BeeOptions has the advantage because traders have more options for transferring funds to their account.
The $25 minimum trade size is not the best but belongs to the normal range. 32% of brokers in the market today also require the same minimum trade size. A much lower amount would have been better though.
BeeOptions has a total of 130 tradable assets which is competitively higher than the average number of total assets in the market today which is 76. The 4 types are all beefed up, particularly the stocks and indices categories. It’s possible to trade assets that in Asian and Middle Eastern markets which are not usually offered by other brokers.
BeeOptions belongs to the rare 12% of brokers in the industry today that are using the new and improved Spot 2.0 platform which is more powerful than its predecessor. However, I’ve noticed that they haven’t fully taken advantage of this feature due to the long loading time whenever I access the web-based interface.
The accuracy of the quotes is very important and should be showing real-time market figures. When I tested their quotes, I found that there was a lot of difference with the numbers that were showing on the platform and on the actual market feeds. This indicates that they are way behind other platforms that are capable of providing real-time quotes.
The whole purpose of trading binary options is to make profits and this is the reason why the payout is important because this will measure how much money you can earn. With BeeOptions, the highest payout rate is 85% which I found out to be true after browsing through the different assets. Aside from being in line with the 33% of brokers who are also offering the same maximum payout rate, the majority of their assets have payouts that are around 80% to 85% which is at the high side.
Withdrawal Processing Time
It’s a common dilemma of most traders to have a broker that takes a lot of time to process withdrawal requests. Some take days while some can even go as far as a month.
With BeeOptions, withdrawal requests are processed in just 1 week while the review is done 4 business days in advance. It is important to remember though that this is only done once a week so the request must be submitted earlier than the cut-off to avoid any hassles. 21% of the brokers today process withdrawals in 10 days which means that BeeOptions’ withdrawal processing time is a little faster.
Withdrawal Processing Time
Many traders want to make sure that the broker they are dealing with is honest and trustworthy more particularly with the bonuses. Some are very transparent in giving all the facts about the terms and conditions while others tend to avoid these questions. Below is an extract of questions and answers that I had with customer support.
Unfortunately, BeeOptions removed their live chat feature and replaced it with a Skype support which I find to be a terrible replacement. I never used this messaging platform so I was forced to sign-up for an account only to be disappointed that they never responded to any of my messages. Even assistance over the phone is not praiseworthy because it takes more than 15 minutes to get an agent on the line. This is definitely not the type of service that binary traders are looking for.
BeeOptions belongs to the 59% of unregulated brokers which means that your funds are at risk in the event that this broker decides to stop their operations. The company’s lack of interest to get a license from a financial authority is no doubt alarming.
Aside from being an unregulated broker, BeeOptions has been unable to maintain a good record in the binary options trading community. Based on the research that I did, the majority of online traders are unhappy with the services that they provide. This reflects a bad reputation which is definitely below the average grade.
BeeOptions has been in operation for a few years already but it seems that this brokerage firm has failed to improve their services and features. They are unable to meet the industry standards and failed to get a passing grade especially on the most important categories. With a tarnished reputation and the lack of a license to operate from a financial regulator, it’s definitely hard to entrust your trading funds with this broker.
UPDATE: BeeOptions is no longer operational