Optionfield Forex Broker

Optionfield Broker - Complete Information Guide

1. Broker Overview

　　Optionfield is a binary options broker established in 2017. The company operates under the name Option Field Limited and is headquartered in Kingstown, Saint Vincent and the Grenadines. It is a privately held entity and primarily serves a global client base, excluding several countries such as the USA, Germany, and others due to regulatory restrictions.

　　Since its inception, Optionfield has aimed to provide a distinct trading experience focused exclusively on binary options, differentiating itself from traditional forex and CFD brokers. The company has positioned itself as a solution for traders disillusioned with the binary options market, which has faced significant scrutiny and regulatory challenges in recent years.

　　Optionfield operates independently without affiliation to a larger group, and its business model primarily revolves around retail forex and binary options trading. The broker offers a simplified registration process and a variety of trading instruments, catering to both novice and experienced traders.

2. Regulation and Compliance Information

　　Optionfield is not regulated by any major financial authority. This lack of regulation is a significant consideration for potential clients, as there are no governmental bodies overseeing its operations. As a result, traders should be aware that there is no formal recourse in case of disputes with the broker.

　　The company claims to be incorporated under registration number 24466 IBC 2018 by the Registrar of International Business Companies in Saint Vincent and the Grenadines. However, verification from the regulatory authority's official website is not available.

　　In terms of client fund protection, Optionfield does not participate in any investor compensation schemes, which means that client funds are not insured against broker insolvency. The broker implements basic KYC (Know Your Customer) and AML (Anti-Money Laundering) measures to verify the identity of its clients, although the effectiveness of these measures in practice is unclear.

3. Trading Products and Services

　　Optionfield offers a limited range of trading products primarily focused on binary options. The broker provides access to:

• 27+ Currency Pairs: Including major and minor currencies.
• 3 Cryptocurrencies: Options based on Bitcoin, Ethereum, and Litecoin.
• 1 Metal: Gold is available for binary options trading.

　　The range of trading instruments is relatively narrow compared to other brokers, especially as it does not offer traditional forex or CFD products. The broker's emphasis is on binary options, which are available for various expiry times, including 1, 2, 5, 10, 15, 30, and 60 minutes, as well as longer terms up to one day.

　　Optionfield has not indicated a frequent update of its product offerings or the introduction of new trading instruments, which may limit opportunities for traders seeking a diverse trading experience.

4. Trading Platform and Technology

　　Optionfield primarily utilizes the MetaTrader 4 (MT4) platform for its trading operations, which is widely recognized as one of the best trading platforms available. The MT4 platform offers a user-friendly interface, advanced charting tools, and support for automated trading through Expert Advisors (EAs).

　　In addition to MT4, Optionfield also offers a proprietary web-based trading platform, which allows traders to access their accounts without the need for software downloads. The platform is designed to be accessible from various devices, including desktop and mobile applications for both iOS and Android.

　　The broker does not specify the execution model it employs, whether it be ECN, STP, or Market Making. However, it does claim to provide fast order execution times, which is an essential aspect of trading efficiency.

5. Account Types and Trading Conditions

　　Optionfield provides three types of trading accounts:

• Classic Account: Requires a minimum deposit of $100 and allows a minimum trade size of $5.
• Pro Account: Requires a minimum deposit of $2,000 with higher payouts and a minimum trade size of $10.
• Elite Account: Requires a minimum deposit of $10,000, offering the highest payouts and a minimum trade size of $100.

　　The broker offers leverage up to 1:200, depending on the asset class, which can enhance trading potential but also increases risk exposure.

　　Additionally, Optionfield provides a demo account option for traders to practice without risking real money. However, details on overnight fees or specific account features for Islamic accounts are not provided.

6. Fund Management

　　Optionfield supports multiple deposit methods, including:

• Bank Wire Transfer
• Major Credit and Debit Cards
• E-wallets: Such as Skrill and Neteller
• Cryptocurrencies: Including Bitcoin, Ethereum, and Litecoin

　　The minimum deposit requirement varies by account type, starting from $100 for the Classic account. Deposits are typically processed quickly, although specific processing times are not detailed.

　　Withdrawal methods are similar to deposit options, and the processing time for withdrawals is generally 1 business day, although it can take longer depending on the method used. The broker charges a withdrawal fee of $10 regardless of the amount withdrawn, but Pro and Elite account holders benefit from one free withdrawal per week.

7. Customer Support and Educational Resources

　　Optionfield offers customer support through various channels:

• Email: support@optionfield.com
• Live Chat: Available on their website
• No Phone Support: There is no listed phone number for direct contact.

　　Customer service is available 24/7, but the lack of a phone support option may be a drawback for some traders.

　　The broker's website is available in multiple languages, including English, Portuguese, Spanish, and Vietnamese, although there have been reports of functionality issues with language selection.

　　Educational resources provided by Optionfield appear to be limited, lacking extensive materials such as e-books or comprehensive trading tutorials. The broker does offer a demo account, which can be beneficial for beginners to practice trading strategies.

8. Regional Coverage and Restrictions

　　Optionfield accepts clients from various countries worldwide, with notable exceptions including the USA, Germany, and several others due to regulatory issues. The broker does not have regional offices beyond its headquarters in Saint Vincent and the Grenadines.

　　In summary, while Optionfield presents itself as a viable option for binary options trading, the lack of regulation and limited range of trading products may pose risks for potential clients. As with any trading platform, it is essential for traders to conduct thorough research and consider their individual risk tolerance before engaging with the broker.

　　This comprehensive overview of the Optionfield broker aims to provide potential traders with the necessary information to make informed decisions about their trading options.