StockPair is arguably a company that has revolutionized the binary options trading industry. As a matter of fact, this broker is the first in the binary options space to offer pair binary options. Today, we'll take a look at several factors that binary options traders should look for when seeking out a new broker. In the end, we'll see how well StockPair stacks up against the competition.
When I first made it to the platform, the first thing I thought was the word “oversimplified”. Throughout the platform, there were several empty places on screen, colors were bland, and it just wasn't very visually appealing. However, as I dug through functionality I started to become more and more impressed. While the visual appeal isn't there, the ease of use is definitely top notch. Also, I noticed that the simplicity did not lead to lack of features. As a matter of fact, the trading platform at StockPair offered all of the features expert traders would come to expect. So, while it wasn't the most impressive platform I've seen in the binary options space, the platform offered at StockPair was definitely effective.
Deposits & Withdrawals
- Minimum Deposit – No matter what form of investing you look into, one of the biggest issues that create a deterrence for beginners is a high minimum deposit. However, that isn't an issue at stock pair. At 200 USD/EUR/GBP, their minimum deposit is definitely understandable. Moreover, you can trade in USD, EUR, GBP, JPY and CHF.
- Deposit & Withdrawal Options – When it comes to deposit and withdrawal, I was far from impressed. Unfortunately, only two options were available, credit cards or wire transfer. The minimum withdrawal amount is 20 depending on your currency. Also, most brokers will offer at least one fee free deposit per month. However, that's not the case at StockPair for Silver account holders. They will have to pay $25 dollars for each withdrawal.
Customer Support & Education
Two of the biggest factors to look at when choosing a binary options broker are customer service and education. After all, binary options are financial tools and when you're dealing with money, it's important that someone is there to answer your questions and information is provided with regard to how to be effective. Here's how StockPair stacks up in these areas…
- Customer Service – In terms of customer service, I was incredibly impressed with what I saw. Few brokers offer service around the clock, 24 hours per day. However, StockPair is one of those brokers. Also, the customer support team at StockPair is well trained and capable of answering even the toughest questions about binary options.
- Education – I was also incredibly impressed with StockPair in terms of educational materials. In their education center, traders will find hundreds of articles that are designed to teach the beginner how to become an expert and even show experts new strategies! All in all, this was one of the best education centers I've seen from a binary options broker in quite some time!
Not all binary options brokers offer pair options, however, that's what StockPair was built around; which makes them unique in and of itself.
All in all, I found StockPair to be a quality broker. Although I didn't like the visual appeal of their platform or the fact that some traders have to pay for every withdrawal, I think that the benefits offered far outweigh these issues. If you're looking for a new binary options broker, you may want to strongly consider taking a look at StockPair.
- Ease Of Use – 8
- Features – 8
- Value for Money – 7
- Support – 10
- Other – 5 score hurt by withdrawal fees and poor design quality in the platform.
- Overall Score – 7.6