Honest Review – My Experience Trading With Omega Options
After dealing with a number of problems dealing with certain binary options trading brokers, I want to give my honest take on trading with Omega Options.
They’re bonus structure was decent. As with most binary options brokers, Omega Options offers a bonus amount that is the percentage of the initial amount you deposit. The amount you deposit also determines which account type you will have, so choose it carefully. Omega Options emphasizes the fact that your bonuses will not be restricted from withdrawals as long you place the correct number of trades.
Before I deposited any real money with Omega Options, I was naturally skeptical, so I did my research. While the majority of the reviews were positive, I found one or two reviews from traders who weren’t happy with their experiences. But overall, I found nothing substantially negative about them.
I decided to invest the minimum $500, and use their smaller trading account type until I was satisfied with the results.
I was glad to see that Omega Options uses the Panda trading platform to execute its binary options trades. The Panda platform is known to have better execution speeds compared to others, such as the SpotOption platform.
More on Trading With Omega options
Through Panda’s trading system, traders are offered four types of binary options trades: High/Low, Hyper, One Touch and Range options. They also makes candlestick charts available, rather than just simple line charts, which makes it easy to read price action and place a trade immediately. This allowed me to cut back on the amount of time spent switching back and forth between browser tabs.
- High or Low – Traditional high or low binary options. The Omega Options interface made it easy to see all the information I needed to make intelligent trading decisions regarding the potential direction of market price.
- Hyper – The Hyper trade type is essentially the same as regular high or low binary options. The only difference is the length that the trades will run. For Omega Options, this included the smaller time-frames, such as 30 seconds, 60 seconds, 120 seconds, 5 minutes, and 10 minute trading options. Hyper options do come with a slight catch: The payout percentages for each trade are reduced to around the 65% return area, depending on when you trade and what the market looks like. For this reason, I tended to trade longer option time-frames under the traditional high or low option trades.
- One Touch – I preferred the One Touch trading over the Range options since Omega Options made it easier to find value trading levels through this trade type. The rules of One Touch are simple: Decide whether or not price will touch the given strike price within the next 15 minutes. If you believe it will, select Touch, if you believe price will not, select No Touch.
- Range – Because of my poor personal experience trading with Range options, I tend to stay away from this trade type. But because I wanted to fully test Omega Options features, I placed two trades. I won the first trade but lost the second. With Range options you determine whether you believe price will stay within the given price levels. With this option type, seek value range areas when the markets are calm, but just know that the ranges will be much tighter during the slower moving market hours.
I made the bulk of my profits through Omega Options by trading traditional high or low binary options. Primarily because longer intra-day time frames, such as the 15 minute, 3 hour and end-of-day options align more with my trading style.
After depositing the minimum $500, my account eventually reached $1,270, so I decided it was time to make a withdrawal to test out the legitimacy of Omega Options. My withdrawal method was the same as my deposit method, which was through bank transfer and typically takes two to three days.
Omega Options Customer Service
On the third day I still did not see the withdrawn funds in my bank account, so I contacted Omega Options binary customer service team. I gave them my information and informed them of my situation. They told me I should see the funds in my bank account by the next day. The next day I was relieved to see the funds were in fact sitting in my bank account.
Overall I had a solid experience with Omega Options trading, and I do recommend that binary options traders try them out.
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