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Is it safe to trade binary option with SiamOption? Let us tell you what we know. Is the broker reliable and will you make money with it?
Considering the latest popularity trend, SiamOption started to really gain attention from traders in 2016. As it’s very recently there’s very little information and reviews from real platform traders. We believed that it’s important to take a closer look so we’ve analysed the broker on Binary365 as well. In this review we’ll go through the most important aspects of the broker so that you could understand is it safe for binary option traders.
We’ve identified that the broker is likely not regulated by any third party institution! Based on the following review, we believe that it’s better to choose Binomo, Olymp Trade or IQ Option instead of SiamOption. Read further to find out more.
- Low minimum deposit. SiamOption has set the minimum required deposit to $10.
- Free demo account. There’s an option to try the platform for free before investing real money. It’s very convenient to familiarize yourself with the platform. We’d recommend to open a demo account first.
- Payment options. Relatively large selection of payment options, i.e. credit/debit card, bank transfer or PaysBuy.
- Large selection of assets. Traders can choose from at least 70 different assets: currency pairs, stocks, indices and commodities.
- Quick registration. Very fast and easy registration on the platform. Traders can choose either a real trading account or a demo.
- Tutorial section. On the website, users can find multiple videos about binary options trading that teach the basics.
- No regulation! Based on the available information we haven’t identified any third party institution that would regulate broker activities. Lack or regulation is a high risk in the binary options trading industry.
- Very young broker. The company seems to be registered in the end of 2015, which is a very short period of time in binary options industry.
- Poor language selection. The website is only available in two languages: English and Thai.
- Bad customer support. During our checks we’ve reached out to the customer support but haven’t received any replies.
- Minimum withdrawal set to $30. The minimum deposit is set to $10 so if you’d like to get it back you’d need to either invest more and then withdraw the whole amount or to trade until you reach $30 in your account.
- Bonus cannot be withdrawn. Most brokers let you withdraw a bonus that you receive from a platform. Obviously you’d need to reach a certain deal volume until it’s possible. With SiamOption, bonus offers cannot be withdrawn and traders are only able to take out profits that are generated from the bonus.
During our tests we haven’t deposited any money into the platform because there’s lack of information available on the broker regulation.
Trading platform and Option types
SiamOption trading platform is very basic. There are not many features available so it would be a good choice for beginners, however, once you understand the basics, lack of features may be a reason to move to another broker.
It’s probably the most basic platform in the industry because it covers only minimum features in order to trade binary options. There’s also no selection of option types because the only standard High/Low binary options are offered on the platform.
SiamOption Account Types
- Demo – demo accounts are free of charge and you can easily open one in couple steps. Once you open the account you’ll be able to fully test the platform without risking real money.
- Real money account – real money account can be opened from $10 and it’s the minimum required deposit to begin trading process on the platform.
- VIP – if you’d like to withdraw your funds quicker than it is with the basic account, you can open a VIP account which requires at least $300 initial deposit.
How to Get SiamOption Demo Account?
To get a demo account with SiamOption you need to go to their website and select a demo account on the sign up form. It’s very simple and free of charge. The only things you’re going to be required to do is enter your email, phone number, password and accept the T&C.
The platform is available in the following languages:
Is SiamOption a scam?
Based on the information available, we believe that it’s not safe to trade with SiamOption. Our conclusion is based on:
- a potential lack of broker regulations
- we haven’t heard back from the broker when we reached out to them
- the company seems to be registered very recently (December 2015).
First appeared online on the Web
Based on the Internet archive information, the broker has actively started to market the brand and attract customers in the beginning of 2016. It means that SiamOption is one of the new comers in the industry because binary option trading is already available since 2009.
Withdrawals usually take up to 5 working days. If you have a VIP account then up to 2 working days (in order to get a VIP account you need to invest at least $300 in the platform).
The minimum withdrawal amount is set to $30 so make sure you have enough funds when you decide to take out your money.
As with most brokers, you’re required to provide the broker with your personal information when taking out your funds.