FAQ - Answers about OptionFair accounts and Binary options trading

My Account

How do I register to become an OptionFair trader?

To register please complete the OptionFair new user registration form.

What happens if I lost or forgot my password?

If you forget or lose your password you can go to the password retrieval page and follow the simple steps there. Your password will be sent to the email that you enter, provided it matches your registered email address.
Forgot your username? Please contact our Customer Services team by phone or by email:customercare@optionfair.com

How can I edit or change my personal details?

If your address or other personal details have changed, please login to your account and update your details online. Alternatively you can contact the customer service team for assistance.

Where can I view my account balance and transaction history?

Your account balance and completed transaction history are available in the “My Account” section accessible to registered users.

What happens if I do not trade?

Your money is safeguarded and maintained in segregated accounts with major European banks. You are able to withdraw your funds at any time.

In the event that there is no activity with your account for one calendar year, the account shall be considered to be inactive and will be subject to a monthly handling fee of 35 USD/GBP/EUR or the equivalent in local currency.

Deposits & Withdrawals

How do I make a deposit? Do I need to deposit to start?

No deposit is required in order to complete the registration process. However, to begin trading Binary Options with OptionFair, a minimum initial deposit of 300 USD, EUR GBP or local equivalent needs to be made.
Please note that all deposits and withdrawals will appear as www.OptionFair.com on your bank or credit card statement.

OptionFair offers traders several methods for depositing funds:

  1. Credit Card: (Minimum 300 $, €, £ or the equivalent in local currency).

  2. Bank and Wire Transfer: (Minimum 500 $, €, £ or the equivalent in local currency). Traders must receive the Transfer Request form from Customer Care.

  3. MoneyGram: (Minimum 1000 $,€ ,£ or the equivalent in local currency).

    OptionFair gives you the option to fund your account through one of our worldwide authorized MoneyGram offices. Depending on your country you may also be able to transfer your funds online through MoneyGram’s website. For the nearest MoneyGram office, please click on “Find a MoneyGram Agent”.

    Please contact OptionFair’s customer service desk to complete the transfer.

  4. Western Union: (Minimum 1000 $,€ ,£ or the equivalent in local currency).

    OptionFair gives you the option to fund your account through one of our worldwide authorized Western Union offices. Depending on your country you may also be able to transfer your funds online through Western Union’s website. For the nearest Western Union office, please click on “Find a Western Union Agent”.

    Please contact OptionFair’s customer service desk to complete the transfer.

  5. Electronic Wallets: (Minimum 300 $,€, £ or the equivalent in local currency).

    A variety of E Wallets are supported including Neteller, WebMoney, Qiwi, CashU, Abaqoos. Available wallets may vary per location

What are the maximum and minimum deposit amounts?

The limits for depositing are as follows:

Daily Limit: 30,000 USD, EUR, GBP or local equivalent

Weekly Limit: 80,000 USD, EUR or GBP or local equivalent.

Monthly Limit: 150,000 USD, EUR or GBP or local equivalent.

OptionFair reserves the right to change these limits without prior notice and to request proof of ID in the event of substantial deposits, or in the event a credit card appears on more than one account.

The minimum investment amount for a single option is 25 USD, EUR, GBP or local equivalent.

What is the minimum withdrawal amount?

There is no minimum withdrawal amount. OptionFair provides traders with one withdrawal per month that is exempt from commission fees. Any additional withdrawal within the same month will be charged a fee of 30 USD, EUR, GBP or local equivalent per withdrawal.

How do I make a withdrawal?

All requests for withdrawals will be sent to the same account used to make the initial deposit: wires back to wires, credit and debit cards back to credit and debits cards, bank account transfers back to the bank account, etc. Withdrawals on deposits made by Western Union will be paid by a wire transfer to a bank account held in the name of the depositing customer. For in-depth details regarding how to make a withdrawal please refer to our banking page. For a withdrawal to be successful, traders must have said funds available in their account (not including bonus cash). Withdrawals may result in the cancellation of bonuses or promotions which have not been used or submitted before the time of withdrawal.

To make a withdrawal request, please sign in and then go to the banking page located on the trading platform. In order to comply with anti-money laundering policies, OptionFair requires all accounts to be verified before the first time withdrawal. Traders will be notified by Email regarding documentation required.

In a case where the value of a withdraw request to a credit card exceeds the value of the amount deposited by credit card, the remaining value will be transferred by wire transfer to a bank account held in the name of the depositing trader.

Which currencies can I use to make deposits?

It is possible to make deposits on OptionFair® with EUR, USD, GBP or RUB. The trading currency is selected as part of the registration process and once selected cannot be changed.

Is there a charge for depositing or withdrawing money?

OptionFair does not charge traders for depositing, however their bank or wire service may.

All traders have one fee free withdrawal every 31 days. Additional withdrawals are liable to a withdrawal fee of 30 USD, EUR, GBP or local equivalent depending on the trading currency. Wire transfers made by OptionFair are made using the “shared” charges method where corresponding bank charges are borne by the receiving party.

In the event that corresponding bank charges exceed the withdrawal amount, the withdrawal will not be paid

How long do withdrawals usually take? Can I cancel a withdrawal?

Withdrawal requests received by OptionFair for a verified account are normally processed within 5 business days of the request. Withdrawal requests received by OptionFair for a non-verified account are normally dealt with in 5 business days of receipt of the verifying documents.

Pending withdrawals may be canceled from the pending requests section accessible in the ‘My Accounts’ tab located on the platform. Canceling a withdrawal will return the withdrawal amount to the balance available for trading. All withdrawal requests in pending state (awaiting documents) will be automatically cancelled by OptionFair after 14 days and the amount returned to the customer balance.

Can anyone trade on OptionFair? What type of verification is required?

All of OptionFair’s traders are required to complete our customer verification process which requires the submission of the trader’s passport, or national identification card, alongside an up-to-date and valid utility bill. Traders are additionally required to complete the client assessment form after depositing or by selecting the profile tab available from the “My Account” section

To ensure the safety of the site, trader credit card/debit card verification is required to allow unrestricted deposit and trading on OptionFair. To properly complete verification, traders must send copies of the front and back of the card of choice, with the first and last four digits of the card and the expiry date clearly visible. It is recommended to obscure the middle digits on the card.

Accounts which are not verified will be deactivated seven days after the initial deposit.

Trading Binary Options

What types of trading instruments does OptionFair offer?

OptionFair offers traders four financial instruments to make the most of their investment opportunities:

  • High/Low
  • Touch/No Touch
  • Boundary
  • Short Term

What is the ‘Target Price’ of an option?

Target prices are the purchase amount at which OptionFair sells the option. These amounts are predetermined by OptionFair’s market analysis, based on the most current data available. As an example for a High/Low instrument, traders can opt to buy an option above or below the target price, depending on how they anticipate the asset is likely to perform.

Can I close an option before the expiry time?

Once a trader invests in an option he/she has an opportunity to close the trade early. The window is available from three minutes after opening the trade, to until five minutes before the option’s expiry. Under certain conditions the early closure feature may not be available.

What are ‘in the money’ and ‘out of the money’ expiries?

An option which expires “in the money” is one which has met the trader’s predicted conditions. Likewise, an option which expires “out of the money” is one that has not met the traders predicted conditions.

What happens if my option expires at the target price?

If an option expires at the target price (which is possible for a High/Low and Boundary Instruments) 100% of the initial investment will be returned to the trader’s account.

What are the minimum and maximum investment amounts for a single option?

The minimum amount a trader can invest in an option is 25 EURO, USD, GPB or the local equivalent. The maximum amount is 15000 EUR, USD or GPB or local equivalent.

Is there a maximum number of options that can be purchased at any time?

There is no limitation placed on the number of options that can be purchased at any particular time. However, there is an ‘exposure limit’ of 20,000 USD, EUR, GBP or local equivalent. This limit represents the total value of open positions at any particular time.

OptionFair’s Services

Is OptionFair regulated?

OptionFair licensed by the Cyprus Securities and Exchange Commission: License Number 216/13 www.cysec.gov.cy

Is OptionFair a scam?

No, OptionFair is not a scam or a ‘con’ in anyway. At OptionFair we take great pride in not only ensuring a secure platform, backed by TechFinancials, but that all our services are reliable. Our Security and Privacy policies, alongside our professional customer support team, act as testaments to OptionFair’s dedication to our traders.
If you have any questions regarding trading with OptionFair, please feel free to contact our customer care centre.

How can I get help if I need assistance?

For any questions or concerns please feel free to contact our technical support centre.

Do I need anything special on my computer to start trading?

Any standard PC with an internet connection may be used with OptionFair® and no additional software download is required in order to start trading. OptionFair® recommends usage of Internet Explorer (IE7.0, IE8.0), FireFox (v3.5, v3.6) or Google Chrome (v4.0) as the internet browser. Java script must be enabled to trade in our site.

 

OptionFair® is an innovative binary options trading platform provider operated by B.O. TradeFinancials, a company located in the Republic of Cyprus and licensed by the Cyprus Securities and Exchange Commission: License Number 216/13 www.cysec.gov.cy

 

Risk Warning: All information in and on OptionFair.com is solely for informative means, and is not intended to be taken as financial advice on any issue or subject. No users, traders or site viewers should act, or not act, as a result of OptionFair’s content without first consulting the suitable financial expert advice. B.O. Tradefinancials and its affiliates publically repudiate all liabilities related to, or resulting from, any acts, taken or not, founded on any or all of the content on this site. It is recommended that traders should know that Binary Options trading is known as a ‘high risk’ monetary activity that has the potential to cause the trader to lose part of, or all of, the invested funds in a relatively short time period. All traders are kindly advised to decide if this activity will fit their needs, if they have the fiscal resources for it and if this is a worthwhile personal undertaking.

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