OneTwo Trade Review
OneTwoTrade have ceased all operations. Please visit our recommended trading brokers list.
OneTwoTrade is a regulated binary options broker located in Cyprus. They operate under the Lotteries and Gaming Authority in Malta, license number MGA/CL2/744/2011. They received that license clear back in 2011 (as you probably guessed), so they have quite a bit of experience in the binary options field. When you visit their website, you will probably notice that it is a little bit different from other SpotOption white-label brokers. Even the platform looks distinctive, despite being powered by the same familiar SpotOption technology you see on so many websites.
OneTwoTrade does have a lot of exciting features, though they are not a perfect broker. They have high withdrawal fees, their customer service team is not the best, and they do not offer their services to traders in the USA. Nonetheless, for international customers, they have a lot to offer and they are certainly not a scam. Let’s take a look.
Quick Details about OneTwoTrade
- Official Website: https://www.onetwotrade.com
- LGA Regulated
- Account currencies: GBP, EUR, USD, CAD, AUD, JPY, CNY, and BRL
- Low minimum deposit: $250
- Minimum trade size: $10
- Maximum trade size: $3,000
- Average payout: 65-80%
- Out-of-money refund: None
- 250 assets available to trade
- Platform: SpotOption
- USA traders not allowed
Step 1: Account Creation
If you are located in the USA, you will not be able to create an account on OneTwoTrade. In fact, you will not be able to view the trading platform at all or any information about account types. If however you are located elsewhere in the world, you can click on “Open Account” in the upper left-hand corner of the screen. This will take you to the registration page, where you can fill out your first and last name, email address, and date of birth. You can also select your country, currency, and password. There are a ton of account currencies available, including GBP, EUR, USD, CAD, AUD, JPY, CNY, and BRL.
Step 2: Funding Your Account
You must deposit $250 or the equivalent in your currency to begin trading on OneTwoTrade. Available deposit methods include credit or debit card, wire transfer, Skrill, CashU, WebMoney, QIWI, iDeal, SOFORT, and Carte Bleue.
You will now need to choose what type of account you would like to open. While OneTwoTrade does not promote practice accounts on their site, I have seen indications that they do offer these, so that is something to ask customer service about if you want to try trading with virtual money before you trade with real money. You can open a standard account or a Privilege Plus account. Privilege Plus is a special VIP account which gives you access to a senior account manager 24 hours a day, more detailed market analysis, higher payout rates, a higher maximum trade amount, special promotions, and more. You will even be offered a free flight to London to meet the company’s CEO and receive a free iPhone 5 or iPad for mobile trading.
OneTwoTrade offers a ton of different promotions! Check the “Promotions” page to find all current offers. Right now, if you enter in the PromoCode “Welcome12T,” you can get a welcome bonus of 100%, no matter what type of account you open. You can also contact the company for free one-on-one training, and enter in an additional promo code for a 200% bonus on weekends. Special “Night Owl” promotions are available for traders who trade overnight. You can choose between a bonus of 100% and 5 risk-free trades. There is also a Winter Trading Raffle which you can enter for a chance to win a brand new MacBook Pro.
There are tons of free resources on the site, including a trading eBook, a set of video tutorials, some articles on trading, and strategy lessons. If you open an account, you can access additional resources, like the free one-on-one sessions. Not a lot of binary options brokers offer free one-on-one training to all customers, so this is pretty great.
One area where OneTwoTrade does not excel is withdrawals. Withdrawal fees are pretty hefty. You need to pay either a $50 fee (or the equivalent in your currency), or a charge of up to 1% for every withdrawal. You pay whichever amount is higher. If your account balance is under $250 or the equivalent, you may also be charged an additional $25 processing fee. On top of that, if you have not met your turnover requirement, you may be charged an additional 20% fee. This applies even if you have not accepted a bonus; you must meet a turnover of the amount you deposited in order to withdraw your money. This is true every time you deposit. In short, you have to really know what you are doing to make money trading on this site, or even to withdraw the money you invested.
Trading Binary Options on the OneTwoTrade Trading Platform
OneTwoTrade uses the SpotOption platform, but it looks a little different than you may be used to. OneTwoTrade have done a nice job rebranding the platform and making it look unique. It is very easy to navigate and see many trade opportunities at once.
Types of Binary Trades Offered by OneTwoTrade:
While OneTwoTrade has branded High/Low options as “SmartOptions,” they are essentially the same basic type of trade you will find anywhere. You pick a direction for an asset, and then wait for your trade to expire. If the asset goes the direction you predicted, you win. If not, you lose. There are no out-of-money refunds on this site.
These trades are just the super fast version of SmartOptions, and exactly what they sound like. You can make up to 85% in just 60 seconds.
Is OneTwoTrade a Good Broker?
OneTwoTrade has its drawbacks, especially when it comes to withdrawal terms, which are not very friendly. They could use more types of trades, but they do have a huge range of options to trade (250 in all), and they offer tons of great resources for their traders. Their live chat agents are not as helpful as they could be, but that may change if you have an account with them. With their awesome promotions, one-on-one training for all customers, well-designed website, and clear effort to stand out from the masses of brokers out there, we feel OneTwoTrade is well worth recommending to traders outside the USA.
They are extremely well respected across the industry from traders and business partners alike. I am confident you will find them to be a trustworthy broker that gives you fair trades and legit binary options.