Optionfield - a new Binary Options broker

OptionfieldOptionfield Posts: 5
Hi, everyone in this forum. We are Optionfield, a relatively new Binary Options broker. We were founded in 2017 and we offer trading on the MetaTrader 4 platform. We have a monthly Demo contest which is entirely free to join, fast order execution, high payouts, funds segregation, fast withdrawals and a very flexible and automated IB(partnership programme).

We will be glad if you check us out on www.Optionfield.com. We will be actively monitoring for questions from traders in this forum and will be happy to address them.

Thanks!

Comments

  • The_Geek_MHThe_Geek_MH Posts: 560 mod
    Hi, glad to have you with us, I hope you are able to contribute to the forum positively.

    What kind of binary options do you have on Metatrader4? are they the simple high/low binary everybody used to know and love or are they more like ladders and CFDs?
  • The_Geek_MHThe_Geek_MH Posts: 560 mod
    I just looked at your website and I have to be honest, it doesn't look good. You're not regulated, you are offering 100% sign up bonus to double accounts with a 50x turnover... sure you allow the deposit to be withdrawn but only after a significant run up in profits, this is not the kind of broker I like to send people to. Sorry. Others here may like it though, we'll see.
  • OptionfieldOptionfield Posts: 5
    Hi, Geek, sorry to hear that you don't like our website very much. Some tears were shed. As a matter of fact, we can still hear the cries of one of our developers locked in the second-floor bathroom for a few hours now, but he is a weirdo anyway, so I guess it's OK. By all means, if you have any suggestions on how to improve our website (and put an end to our developer's misery), please PM me. Joke aside, we have weekly meetings where we discuss feedback from our traders, visitors and partners and depending on the feedback, we usually adjust ourselves to people's expectations. So your feedback is extremely important for us. Please don't hesitate to PM me with any ideas/suggestions, I would love to discuss them with you.

    The 100% bonus was actually created upon request from a few trading groups. As a professional in Binary trading, I'm sure you've noticed traders who specialize in developing strategies for 100% bonuses. I was left with the impression that ours was actually one of the least restrictive offers available on the market. But at the same time, I definitely agree with you that such promotions are not to everyone's liking. That's why we have a lot of other offers such as the currently most popular 3% cashback on crypto-currency deposits. Our free Demo contest is also very popular as it is organized each month with cash prizes and easy rules.

    With regards to regulation, it's actually a very tricky topic, especially right now. Undoubtedly the most popular BO Brokers are and always have been EU based. It was actually our management's plan to go after EU regulation as well during this year, but that had to be put on hold due to the recent ESMA decisions. As you know, EU brokers will have to stop offering Binary Options to retail traders effective from next month. This virtually means that all EU brokers have to either.
    1. Leave the EU and drop their EU regulation or
    2. Find a way to classify all(or most) of their traders as "professional investors", which as we all know automatically means that these clients will no longer receive the same level of protection from the regulator. (Yes, a curious fact, in case you are not aware, Professional Clients are not protected by the EU regulators as much as Retail Clients. For example, you can't complain to the Financial Ombudsman, you are not covered by the Investor Compensation Scheme, etc.)

    My personal opinion, even though I don't expect everyone to agree with me, is that it is better to go offshore instead of force your customers to agree to "professional" classification, where they simply lose all their protection.
    Additionally, as we all remember, I'm sure, the biggest complaint that led us all to these new restrictions did come out of EU Binary Brokers, even though they were regulated. Anyway, that's turning into a rant and it is really not my goal. What I meant to say in short was that Optionfield.com is operating out of St. Vincent and the Grenadines where Binary Options are not subject to regulation. We are a new company, we believe that all things considered, Saint Vincent and the Grenadines is a good starting jurisdiction for us and as our happy traders' community grows, we would be looking to expand into regulated jurisdictions. But for the time being, as everyone does, we will wait to see what happens with the restrictions in Europe and how they may propagate to the rest of the "regulated" world.

    Again, I would like to thank you for your feedback. Please feel free to ask any question, I would love to reach out to this forum's members.
  • OleboboOlebobo Posts: 108
    I have been with Optionfield (demo) for a while now. I like the BO on the MT4...works nice.
    But a friend from Canada joined your competition, trading only Crypto 60 sec. When he was nbr 1, you shut down trading with crypto ???
    He was testing a signal advisor he made himself, that only work with 60 sec crypto....

    He ended up nbr 3 in your May contest anyway..

    Maybe you should grab hold of a guy like that, and make him make money for you, instead of "shutting him off" like you did !!!


  • OptionfieldOptionfield Posts: 5
    Olebobo said:

    I have been with Optionfield (demo) for a while now...

    Hi, Olebobo. Thank you for mentioning this. We've had cryptos available for trading just to test how popular they were but since interest was not as high as we expected, we suspended them for now.

    We've written quite a few emails, personal messages through our website and Livechat messages to your friend from Canada, but our communication with him is hitting a wall. You would do us a great favor if you tell him that his award is credited in his Live account so he can go ahead and use it. Better yet, if you can PM me his Skype as we have been at the initial stages of setting up a partnership with your friend, but we believe our messages might be going to his Spam box. We think we can do great things together.

    Thanks!
  • OleboboOlebobo Posts: 108
    Okay, i will tell him..
  • The_Geek_MHThe_Geek_MH Posts: 560 mod
    You give a good response, I will give you that, even the funny part at the beginning. What I find odd is that all of the respectable brokers are choosing to go along with the ESMA instead of fleeing offshore where we all know the shady, scammy brokers exists, as you have done.

    speaking to your comments about Professional Traders vs retail traders, …. retail traders (the vast majority of them) can not be expected to understand the dangers and risks of trading the way a professional can. This is why they get better protections, and why professionals have access to higher spreads and riskier contracts. The ESMA and Europe in general have been flooded with complaints and claims from retail traders they can't satisfy (thanks to all you scammers out there who took advantage of binary options and the unsuspecting public). A pro trader knows the risks and understands trading in a way that doesn't require the same protections, they know how to limit losses, lock in profits and what they are trading.

    You say retail traders need protections, but you offer none and do offer the same old tricks to lure them into your platform.


    I'd like to believe in you, I would, but you don't inspire confidence or trust. But please, keep active in the forum and maybe one day you will. ;-)
  • OptionfieldOptionfield Posts: 5

    You give a good response, I will give you that...

    Hi, Olebobo,
    Thank you so much!

    Hi, The_Geek,

    Thank you for replying! It is actually a pleasure to discuss these topics with you, as we believe that any trader who's been around the block would most probably be asking the same things. We hope we are not annoying you.

    Please don't think that we're arguing with you or anything like that. We know we can't make everyone like us and we've decided not to push too hard in that regard, as it is always better for people to make up their own mind, especially in this "high risk" business.
    Nevertheless, we are interested in continuing the discussion, as we believe that it is constructive and we might as well get some ideas out of it.

    In general, we are on the same page with you, even though we are looking at things from a different (actually completely opposite) perspective.

    Just to get one thing out of the way. With regards to " thanks to all you scammers out there...", just to clarify, are you referring to Optionfield, or in general? If so, it would be a bit unfair, as we definitely haven't scammed anyone. We are too new for that. As for the future, we don't intend to. As we don't have an expensive regulation to make us look nice in these early stages, we are left with only one option in order to develop and that option is to be a good company. My being here is part of that strategy but if that is annoying you and you think that I am a scammer, please let me know and I will not bother you anymore.

    With regards to Retail Investors vs. Pro Investors, yes, you are completely right, of course, just one notable addition. Professional Investors are also not covered in case the broker goes belly-up. Retail Investors' deposits fall under the protection of the respective EU Regulator country's Investor Compensation Fund, while those who have declared themselves Professional Traders do not, so if your broker goes insolvent, you will not be covered and you will have to stand in line with the rest of the creditors. From personal experience, I can tell you, that you will recover 18 Cents on the Dollar after a year or two...if you are lucky. If you want to learn more about which EU Regulated brokerage lost me my balance, as I had been declared a Professional, I'd be happy to continue the discussion on PM, as it is related to my personal bad experience... And yes, brokers do go belly-up every now and then. A few of the really large ones did so just in the last 2 years.

    I don't expect everyone to agree with me on this, but in my personal opinion, Investor Compensation is the biggest benefit of EU Regulation. That is why, I believe, it should be mentioned that by declaring yourself professional, you are losing something very important, which is keeping you safe where your experience would be of little consequence.

    Of course, everyone will agree with you that a professional investor is much better than a retail investor, however, our point was that by simply making everyone that signs-up on your website "fill-in" a test and click "I agree that I am a professional", doesn't make them a professional. We are not saying that EU brokers are doing that. We are just mentioning that we've seen such comments online already. Things like "I asked the CS and they told me - Don't worry, you'll just have to fill in a test to classify as professional and you can continue trading.". I'm sure that you'd agree with me that if such a practice really becomes common in the EU, it would literally defeat the purpose of ESMA.

    Now on the lighter side of things. You mentioned " What I find odd is that all of the respectable brokers are choosing to go along with the ESMA instead of fleeing offshore where we all know the shady, scammy brokers exist, as you have done. "
    Actually, preparation for the ESMA has been a long process for the whole industry with some companies acting sooner, and others waiting for the last minute (which happens with any other major legislation change in any other industry, I guess). Some of the largest just closed down for good (or maybe they've changed brands already and gone offshore, who knows); Others stopped offering BO and switched to CFDs, FX, ETFs and so on; And finally there are those who are waiting for next month and we are all very curious what exactly they would decide to do. I guess we'll all (the industry) wait and see and hopefully learn something new.

    [continuing in my next post]

  • OptionfieldOptionfield Posts: 5
    [continuation]

    We do agree with you that going with ESMA is a credible decision if you are a respectable EU regulated broker. As we are a new company, however, we never really got the chance to be a part of that process. First, we needed to start from somewhere, then (and currently) we need to work on building the reputation (as no one is born respectable, I'm sure you'd agree) and one day, why not. BUT at the very least we need to see how ESMA will evolve, as in three months it will be reevaluated. What if BO is banned in EU altogether as the next step? What would be the respectable thing to do then? Would moving off to the new world be a bad thing then, or is it just now? I'm not trying to ridicule in any way. My point is that the situation is very complicated and we shouldn't jump to conclusions. At the very least, establishing a new company in the EU exactly at the time when the entire industry might get shut down is poor planning, to say the least. If you are a business owner, I'm sure you'd agree with me.

    Regarding the bad brokers,
    Shady, scammy brokers do exist offshore, by all means, absolutely can't disagree with you there, but we are sure you will agree that good BO brokers also do exist offshore. I'm pretty sure I've seen members of this forum commenting that fact and giving positive reviews to such companies. Fingers crossed that we will be among them as well one day. As a matter of fact, shady scammy brokers existed in the EU as well for quite some time (maybe still do) and were among the biggest, won't you agree? So wouldn't it be fair to say that shady scammy brokers exist everywhere, regardless of regulation or region and people should always be careful no matter what license, or whatever is waved in front of their face?
    At the end of the day, it is one's actions that set him apart, not where he is from, nor the color of the skin, right? Why should it be different for a company ;)
    I'm sorry if the above was annoying. It was not my intention. I'm just saying that all things considered in these turbulent times for the industry, we believe we have chosen the best possible starting jurisdiction.

    With regards to: "You say retail traders need protections, but you offer none..."
    We do offer read-only access to our online banking to account holders with big deposits and trading groups, so they can keep an eye on their funds and the fact that they are kept separate from the company's operating capital and NOT used to pay our bills. As it is quite expensive from an operations point of view, we can't offer it to every single trader with a 10$ deposit, but we are working on that as well.

    It will be extremely helpful for us if you give us your suggestions as a professional, what would you like to see that would make you feel more protected?
    As I mentioned before, we really do appreciate the current discussion (except for a certain web developer, but no one likes him anyway), as it can give us valuable feedback.
    Please do not hesitate to send me a PM with any ideas regarding trader protection. What would make you feel protected? We are open to all ideas. At the end of the day, it is learning what people like/don't like about us that can help us improve and for that we all really do thank you!

    With regards to: " ...and do offer the same old tricks to lure them into your platform. "
    We develop all our offers together with traders and Affiliates, based on their demand. There is a demand for a trading bonus, so we talk to our regulars and we develop mutually agreeable conditions together. We think that is the best way to develop in this business.
    Of course, if there is anything in particular that you don't like, please, by all means, give me your feedback and we'll discuss it at our weekly meetings. For example, this Month's Demo contest was completely redesigned based on the feedback of our most active participants. We really do take all of your feedback into consideration and we are quite thankful for it.

    Additionally, when speaking of luring people onto certain platforms, we believe that the biggest source of public outrage in the EU came from the "automatically assigned bonuses", which went hand in hand with withdrawal restrictions.
    http://www.thisismoney.co.uk/money/experts/article-2835857/TONY-HETHERINGTON-Banc-Binary-charges-750-withdraw-2-500.html Would you agree with us? One thing we would like to assure everyone from the get-go is that we never assign any restrictions-bearing promotions automatically to our traders. We stick to simple and easy to understand T&Cs and are always open to discussions and customization.

    The_Geek, really, thank you for your comments! You've given us very interesting "food for thought". Keep on the good fight and we'll love your suggestions over PM, if you have the time, of course.
    We hope one day we will be worthy of you, even though some of Cpt. Cook's crew were probably roasted on a stick and eaten by the natives within a three hundred mile radius of where our company is registered.

    Sorry for the long post! There is a binary Potato on this link-> https://tinypotato2006.deviantart.com/art/Binary-Potato-697390741
  • boiboi3boiboi3 Posts: 2
    What's the withdrawal like with this company?
    Anyone can answer except optionfield... as I would like real feedback from users.
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