Grand Option Review
Grand Option were established in 2012 and are based in Limassol which is in Cyprus. Currently we do not have a live account with them but when we have finished using our demo account we will report back and let you know exactly what we think and we would love to hear from any of you that have used Grand Option or are using them now.
Anyway we contacted Grand option and asked them a series of questions regarding what they can ask their clients and this is what information they offered us.
Probably the most important question that you can ask any broker is what makes Grand Option unique when it comes down to choosing a broker over another broker and their response was that Grand Option are the only binary options broker which offer Stop Loss and Take Profit which is pretty self explanitory but there are restrictions when using this method but we must admit it does seem like a great way to help traders.
Unusually Grand Option do not use the popular SpotOption platform but use Optimus which they have developed themselves which we must admit is very slick and easy to use even if it is a little different for seasoned traders but they will probably enjoy the change. Because Grand option have developed the software themselves it means they do not have to pay a charge to SpotOption for the use of their platform and in turn can offer a higher payout to their clients which is a great thing as they have a payout of 89% which is certainly above average.
When asked regarding opening a new account they replied that it is a minimum of $250 to setup an account which is standard but there are brokers that offer their services for a lesser amount but always remember it doesn´t mean you are paying $250 to setup an account it just means you are putting that money into an account to use. The minimum trade amount is $25 which is quite steep for newcomers when some brokers do offer trades for as little as $5 or even $1 on cetain kinds of trades. They also offer a 100% bonus amount for opening an account but this varies depending on which kind of account you open and the usual terms and conditions come into play so always be sure to read the small print.
Grand Option offer you the opportunity to trade Forex, Indices, Stocks and Commodities but they dont seem to often too many different ways to trade as when they were asked: What types of trades can they make the response was only High/Low and Short Terms.
The maximum amount you can place on one trade is $75000 which is the highest that we think we have come across so if it is big trades you are interested in making them maybe Grand option are the broker for you. Unusally though Grand Option cannot accept clients from several countries these are: USA, Ontario in Canada, Morocco, Tunisia, Algeria which they then went on to explain the reason for this is because they are heavily regulated which surely is a good thing. They are regulated by CySEC, MiFid, BaFin, Consob, AFM, FMA, FCA, ATVP, CNMV
When asked regarding withdrawing your funds they responded with 3-5 business days but you will require proof of ID and residence for your first withdrawal. After this withdrawals should be considerably quicker and paid straight back to your card.
They have accounts available in the following currencies EUR, USD, JPY, CHF, GDP, TRY and languages supported through the software are Russian, English, Turkish, and French.
So as it stands at the moment Grand Option look like they have quite a lot to offer but dont have the greatest range of different types of trades. I´m sure we will open an account after we have use the demo account: If you wish you to try a demo account you can do so here: www.grandoption.com
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