Empire Option did not seek to register with the FCA to offer Binary Options trading to UK residents. Therefore, they are not legally allowed to accept UK traders.

EmpireOption is an established binary options brand based in Montevideo, Uruguay. They are regulated in the country and have also filed an application with CySec in Europe (and are MiFID compliant). They were voted the best Binary Options broker by FX magazine in 2013.

The company is looking to expand its operations in Europe and bring its flexible and merchant-friendly platform to a new market. There is a wide range of account types on offer, offering a different set of benefits – each tier offers more tools, such as fee discounts, signal services, access to a simulator and withdrawals faster. These range from ‘micro’ accounts, all the way up to ‘Empire VIP’. The account type is dictated by the size of the initial deposit.

Here are some key details about the EmpireOption brand;

  • Demo account – The simulator is available at a certain account level (Empire + and above)
  • Minimum deposit – £200
  • Minimum trade – £5
  • Signals Service – Yes, Empire level + Account and above
  • Bonus Details – 100% Exclusive .
  • Mobile Application – Yes. Android and iOS cater for.

Exchange floor

EmpireOption offers a good looking trading platform that offers comprehensive coverage, but also has one or two “extras” that traders may find useful. The layout can be modified to show multiple trading windows, but the initial default is two large windows. It can be modified to a table style, with each asset displayed in a single row, or a ‘multiple’ view displaying up to sixteen transaction boxes. Finally, there’s a view with just one large asset window – nice and simple, but a lot of detail. Each view will suit a different trading style, but flexibility is good to have.

Using the trading window is an experience similar to rival brokerage platforms. The option type is the first decision. EmpireOption has a great choice of trade types (seven, plus the iFollow feature) – each of which is detailed in more detail below. Traders can then choose the asset they are interested in. The list of assets available at EmpireOption is comprehensive with indicators of a specific strength. Traders first choose an asset class – the default trading area is the most traded ‘hot asset’, but all commodities, stocks, currencies and indices can be selected. The drop-down list in the actual trading area can then be used to select specific assets.

Next to the asset choice, is the expiry time and the transaction amount (minimum trade with Empire is just £5). Again, both can be modified as desired. Below is the price chart for the selected asset. It can be switched between default and candlestick views and the timeframe can also be changed as needed. Along the top is a bar ‘ trader sentiment ‘, illustrating the direction in which traders are currently tilted.

To the right of the price chart are the trading buttons. The potential payout is displayed directly below the amount and will automatically update if the amount field is modified. Below that is the payout percentage – made very clear. Below are the amounts covered and this will show where it applies. Then the trading buttons are displayed. Like everything else, they are well defined, the Call and Put buttons are adjacent to the relevant arrows and the strike price is placed between them – This changes color to reflect the most recent price change, up or down.

Selecting one of the two trade buttons brings up the ‘ transaction approval ‘ window, which is an opportunity for the trader to check the transaction details. The approval confirmation will trigger the trade and it will then appear in the ‘Open Positions’ window of the trading area.

The Open Position / Expired Positions window is located below the trading window and allows traders to keep track of all their open and closed trades. They are grouped into transaction types with all relevant details for each transaction listed below. It is in this area that traders can use additional tools such as ‘doubles’ to increase investment in options or ‘Rollover’ to expand trades. Traders can also ‘Sell’ their positions from here or open the charts to gauge their positions.

Another feature available in the trading area is the calculator. This appears when the platform displays two trading windows. It allows traders to run three forms of technical analysis on the current price chart, to see what kind of analysis suggests analysis. Traders can choose the RSI, Moving Average or Bollinger Bands indicators to help them make calls.

 

 

Trader Selection

EmpireOption offers options on forex, commodities, stocks and indices. Their property list is very good. Indicators are the most comprehensive list. Coupled with the largest range of trading options of any broker, it means that traders who opt for EmpireOption will have no shortage of options.

They offer seven types of options:

Binary Options – Basic Binary Options. Will the property increase in value, or decrease?

Pairs – How will the two assets perform against each other? Generally, pairs are made up of two related stocks (e.g. Apple v Google), but can also be offered against commodities or indices.

Long Term – Like a traditional binary option, but with a much longer expiration time, usually weeks or months.

Short Term – As the name suggests, binary options are very short term with very short expiry times. EmpireOption offers 30s, 60s and 120s expiry times.

One Touch – Will the asset price ‘touch’ a specific value at least once before expiration?

Ladder – Ladder offers a wide range of prices that can be traded in either direction. As the gain rises or falls from the strike price, the payouts can be larger if a large price movement is required for the trade to end in the money. Especially useful in volatile markets.

Forex – This is an option offered by very few brokers, so it is a great addition to EmpireOption. It allows traders to trade currency pairs ‘per pip’, setting a stop loss and a target price. It is an innovation that brings traders closer to genuine Forex trading than the simpler form of binary options.

Mobile Application

EmpireOption offers a free, high quality, feature rich mobile trading platform ProTrader , compatible with Android (2.3.3 and up) and apple devices. It allows traders to trade the full range of options available on the full site and so does the full list of assets.

The chart has been expanded on the app and the full analysis is now available there as well. The latest version also sees assets listed alphabetically – indicating the companies’ commitment to the mobile platform, as they fixed this small – but frustrating – trader.

The EmpireOption ProTrader This application also allows full access to all open and expired positions, and certain account functions, such as deposits.

The trading platform is actually easy to use, and the layout is great too, making fast trading very simple. It is a solid addition to the EmpireOption offering.

Payout

Payouts at EmpireOption are very good. The most traded assets see payouts around 80%. As always, payouts will vary based on expiration time and chosen asset. Higher payouts are available with different trading options too. For example, ladder options will provide substantial payouts for larger price moves. Forex also works ‘per pip’, so can generate higher payouts if desired.

Deposit and Withdrawal Options

Deposits can be made via credit cards (all major cards accepted) as well as bank transfers and online trading services such as Skrill and Neteller. Minimum deposit is £200 – The initial deposit dictates the type of account the trader moves into. Win $200 into ‘ Micro ‘ account, while £30,000 deposit will mean ‘ Empire VIP’ account. See the account scope and related benefits in the table;

Withdrawals are also processed based on the account type. For example, an Micro account will have a withdrawal period of 10 days – the Empire VIP account holder will have their withdrawal processed within 1 day. Empire knows withdrawals are often the source of some frustration with their traders and brokers, and offer higher account types with better terms. This can be an issue that some smaller traders find extraordinary.

The size of the minimum withdrawal is also dictated by the account type, from £200 for Micro accounts, to £1 for Empire VIP accounts. Withdrawals are usually available through the same method as deposits.

Other Features

EmpireOption offers their clients the following features and benefits:

  • Computer – Technical Analysis Tool
  • Scope of educational materials – Includes seminars, books, financial reports and even 1-1 training
  • Market Simulator – To complete technical analysis. Available to Classic and higher account holders.
  • Social Trading – Empire revamped iFollow to allow traders to track other traders’ trades. Empire Funds can also be used through the ZuluTrade platform, for the same purpose.
  • Trading Tools – Double Up and Rollover provide traders with additional capabilities to improve profits and stop losses.