OptionMint is a binary options broker based in Toronto, Canada. It was founded in the year of 2012 and owned by a company based in the UK. The broker offers several types of options including binary options, high/low, pairs one touch and 60 seconds. It also offers double up and rollover options for experienced traders. There are 55 different assets for traders to choose including stocks, indices, commodities and bonds. Lets see in this Option Mint review, what this broker has to offer new traders.
Opening an Account
To start trading, you must first register an account at OptionMint. Just like other brokers, you need to provide your personal details when registering for an account. After you submitted the online registration form, you will receive a welcome email. You will have to deposit some funds into the account through credit card or bank wire in order to start trading.
The funds can be deposited in several currencies including EUR, AU$, NZ$, INR and USD. You can find your transaction history by clicking on the portfolio button in your account. OptionMint is offering a $50 bonus for every friend you refer. In the terms and conditions, they state that the friend you refer must make a minimum deposit of $200.
They offer a 100% web based SpotOption platform that allows you to trade wherever you are. It supports the Option Builder and Pro Option platform. Both trading platforms offer features such as sell early, double up and roll over. The rates on the trading platform is highlighted with green and red colors. Green color indicates the rate is higher than the close in the previous day while red color means the rate is lower than the close in the previous day.
The trading platform has an organized layout. You can easily find the trading tool you need on the menu. You can use the drop down menu to select the asset, expiry time, and invest amount. The Asset Index provides information on each of the assets including trading hours, and Reuters Code. The Today’s Open Positions offers up to date information on the expiry of the options.
The maximum amount you can invest for per option is $1,500 in US$, GB£, or EU€. It does not has any limit on how many options you can invest. The payout percentage is in between 68% – 75% for most of the assets. The One Touch options offers a payout of up to 500%. Other types of options can reach a payout percentage of up to 75%. The refund rate percentage is about 10% of the funds you loss.
Types of Accounts
OptionMint offers a number of accounts including starter, standard, advanced and the mint account. The standard Account is for people who want to make a deposit in between $2500 – $4999. You will get a 50% welcome bonus when you sign up for the standard account. The standard account features 3 days expedited withdrawals, personal account manager and 1 risk free trade.
Traders who want to sign up for the Advanced account must make a deposit in between $5,000 – $25,000. You can receive up to 75% welcome bonus when you sign up for the Advanced account. Traders will have access to a one on one mentoring program in the Advanced account. The Mint account is designed for traders who want to invest more than $25,000.
OptionMint offers 24/7 customer support through email, live chat through Skype and telephone. It has several international toll free telephone numbers including USA, UK, Australia, and Canada. The customer support representative handles all customers’ queries promptly.
The OptionMint Education offers a wide range of educational resources including ebooks, videos and articles. The free demo account is provided for traders who want to test their trading skills in the OptionMint trading platform. The free demo account is pre-loaded with $50,000.
Deposits and Withdrawals
OptionMint allows you to deposit your funds through a variety of methods including credit card, debit card, CashU and Skrill. CashU is used by customers in the Middle East and North Africa. The minimum deposit amount to open an OptionMint account is $250. The maximum amount you can deposit into your account is $10,000.
You can withdraw the funds in your account through credit card if the fund is also deposited through credit card. Your account must have at least $100 before you can make a withdrawal. Credit card withdrawal is free of charge. Wire transfer withdrawal will be charged with a fee of $25.
OptionMint is awarded with the Fastest Payout award. You will have to make a withdrawal request if you want to withdraw the funds. After you submit a withdrawal request, you can expect to see the funds in your account within 72 hours.
Is Optionmint a scam?
No, they are probably not a scam broker, even though there are rumors and complaints that their office is in Costa Rica and not Toronto (Toronto office is fake?) and they insulted me when I tried signing up as affiliate.
Overall, Option Mint seems to be a ok broker, that offers all the tools and features a trader need to trade in binary options. The easy to use website interface and award winning customer support makes it suitable for beginner traders.