Considered a veteran of the binary options trading brokerages is Option Rally. In 2011, Optionrally Financial Services Ltd created the online binary option trading system called Option Rally.
In this review, we are going to provide information about Option Rally including their history, terms and conditions along with explaining if they offer a demo account and mobile applications. I will also provide my opinion on whether Option Rally is considered a scam.
Deposit & Withdrawal Methods
- Licensed and regulated by CySEC
- Great educational materials
- A plethora of withdrawal complaints
- Company:Optionrally Financials Ltd
- Platform:Spot Option
- Minimum Deposit:$250
- Minimum Withdrawal:
- Minimum Trade:
- Demo Credits:
- High/Low, Pairs, One Touch, Ladder, Forex
- 30 sec, 60 sec, 90 sec, 2 min, 5 min, 15 min, 30 min, 45 min, 1 hour, End Of Day
- iPhone, iPad, Android
About Option Rally
Option Rally uses the popular Spot Option trading platform. This allows traders to use several trading methods including:
- One touch
- Binary options probably
- Option builder
- and Binary META
Over the years, the Option Rally brokers have added a wide list of assets providing trader with an extensive base to choose from.
Option Rally is based in Cyprus, and they are licensed and regulated by CySEC.
Option Rally History
Binary options really started around 2008. In 2011, Optionrally Financials Ltd created an online binary option brokerage system called Option Rally. They started off slow with just a few assets available to trade on. Using the Spot Option platform, Option Rally began to grow their client base. As the client base grew, so did the available assets. Option Rally added more, and they also applied for a license.
In 2013, Option Rally was granted a CySEC license, and gained favor as a regulated binary options broker.
Option Rally continues to grow, by adding more assets and adapting their trading platform to current standards. While these changes are good, Option Rally has experienced a rash amount of complaints about withdrawal problems.
I would immediately say to anyone who has had issues with withdrawing their money, they should report it to CySEC.
Option Rally Terms and Conditions
When considering opening an account with a binary options broker, traders should always study all the terms and conditions before doing so. You can normally find a link to the terms at the bottom of the website. I decided to explore the Option Rally terms and here is some of what I found:
- Any account that has not been used for 3 months is considered dormant. Dormant accounts will be charged $99.99 per month.
- Option Rally can block use of the site for virtually any reason.
- Option Rally follows the laws of Anguilla. But, I thought they were in Cyprus?
These are just some of the terms on the Option Rally website.
Option Rally Withdrawal and Bonus Terms
Withdrawals require that full identity documents are presented to the company. Once those are presented, it will take Option Rally up to 7 days to process a withdrawal request. If the trader deposited via credit card, the withdrawal will be deposited back on that credit card.
When a trader receives a bonus, they must trade a total of 50 times that bonus with 100 consecutive days. So if a person receives a $100 bonus, they must make $5,000 worth of trades. In my opinion, this seems quite high.
Option Rally Demo Account
Option Rally does not offer a demo account, but I will say that you can view the trading platform and create your own demo system. Just follow the pattern and see how you would do. The platform provides what the payouts will be, so it really would not take much work on your part.
Option Rally also has “top notch” binary options educational materials so you can learn more before actually trading.
Option Rally Scam Watch
Option Rally has gained a terrible reputation. There are many bad reviews and comments about mishandled withdrawals, and traders not receiving their withdrawals.
I have also seen where some actually wonder if the CySEC licensing claim is a lie. Most binary options brokers will provide their CySEC license number on the front page of their website, but not Option Rally.
Also, why in the terms do they go by laws of Anguilla? Cyprus and London are a long way from Anguilla. That seems quite “fishy” too.
Sorry Option Rally, but I have to throw your name in the scam bucket. If you can prove differently, I will pull it out, but at this time, your binary options broker system seems like a scam. What really sucks about that is: you have a well designed website, but what good is that if I cannot withdraw my winnings?
Option Rally On Mobile
To my understanding, Option Rally was the first binary option broker to offer mobile trading applications. You can get the Option Rally app for your I or smartphone, or your tablet. This way, you can trade while you are on the go.