Expert Option is an online trading platform which allows you to trade a range of financial instruments in a well-designed and easy to use interface. You can trade via their website or by downloading one of their apps.
The platform began providing services in 2014 and executes more than 30 million deals every month. So far, more than 37 million accounts have been opened. ExpertOption makes clients a priority, making customer service its primary value. There are more than 100 account managers, each of which focuses on meeting client needs.
The company also aims to be reliable and simple, making it possible for anyone to start trading. Finally, it aims to deliver the fastest trading via innovative technologies.
Opening an Account at ExpertOption
The minimum deposit needed to open an expert option account will vary based on your chosen account type, but the absolute minimum is $50. ExpertOption also has KYC procedures in place to verify your identity to prevent fraud and money laundering.
Most of the time, ExpertOption asks new clients to submit documentation verifying both their identity and address. The broker does not list specific requirements on its website regarding these documents, but it is safe to assume that ExpertOption has the same requirements as other brokers. The proof of identity most likely needs to be government-issued and include your photo, name, and birthdate at a minimum.
Related - What are the risks of Expert Option?
Account Types and Minimum Deposits
While many brokers only offer a single account type for clients or possibly two, ExpertOption has an exceptional range of accounts.
It is also interesting to note that instead of creating account tiers based on verification levels as many brokers do, ExpertOption creates tiers based on the size of your investment, with the ability to upgrade to a higher account level.
There are five types of accounts available from ExpertOption, with each adding benefits but increasing the minimum investment.
- The Basic account only requires a deposit of $50 but lets you upgrade to a higher status when you are ready to do so.
- 1. Silver accounts are the most common starting point, requiring a $500 minimum deposit.
- 2. Gold accounts start at $2,500, and Platinum accounts start at $5,000.
- 3. Exclusive accounts are by invitation only.
The Basic accounts get access to all the educational materials. You can have a maximum of 10 deals open at a time with a maximum deal amount of $25. Silver accounts include an introduction to a personal manager.
They upgrade the maximum deals to 15 and the maximum deal amounts to $250. They also add access to daily market reviews as well as financial research. The Gold accounts allow 30 simultaneously open deals of up to $1,000 per deal. They also add priority withdrawal and an increased asset profit of up to 2 percent. Those with Gold accounts and higher also get priority withdrawals.
Platinum accounts have a maximum deal amount of $2,000 and no limit to the number of simultaneously open deals. The increased asset profit becomes up to 4 percent, and you also get an account manager. Those with Exclusive accounts get a senior account manager, increased asset profit of up to 6 percent, and maximum deal amounts of $5,000. This account type also adds access to strategies.
Note that regardless of the account type, the minimum investment amount for a single trade is $1. It is also important to note that certain account benefits require the client to request activation of that feature via email, at which point it will be manually activated.
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