BetexOptions Review 2020
BetexOptions is an innovative broker that offers CFDs and forex for trading over the internet via its online platform and MetaTrader 5 (MT5). The brokers proprietary online trading platform features its CrowdTradingTM technology which supports traders by giving insights and data on how other traders approach the markets. Other trading tools such as ‘Trading Central’ analysis and an economic calendar are also provided.
BetexOptions Review 2020, Pros & Cons
- Regulated by CySEC
- Trading on robust platforms; MT5 & the brokers proprietary online trading platform
- CrowdTradingTM technology which gives the trader useful information on other traders sentiments
- Multiple account types & deposit options
- Dedicated customer service team
- Very high spreads when compared to other brokers
- The minimum deposit required to open the basic account type is $100
In this detailed BetexOptions review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
BetexOptions Review: Summary
BetexOptions is an online forex and CFD broker that was founded by experienced technology experts. Established in 2008, the broker has gained popularity with its innovative technology and proprietary trading platform. It offers over 400 trading instruments on its online platform as well as the advanced and powerful MT5 platform. It is a regulated brand located and lists its addresses in United states, UK and the Marshall Islands.
In its ‘Best execution policy’ document, BetexOptions states that its liquidity provider is ‘PX Exchange’ and it is the sole execution venue for all client orders. BetexOptions only acts as agents to all clients’ transactions.
BetexOptions has been honoured with awards on a few occasions. The awards were in recognition of its excellent services in the area of innovation. In 2016, BetexOptions was awarded the “Forex Innovator” award . Again in 2017, BetexOptions won the “Most innovative Social Trading Technology” award given at The European Global Banking & Finance awards.
BetexOptions Review: Regulation
BetexOptions is the trading name of ‘ST Services Ltd’ which is registered in the Marshall Islands. This company operates the global website.
The European arm of BetexOptions is operated by Crowd Tech Ltd, which is a company registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC). This license permits it to offer its services to other clients in line with the provisions of the MiFID II directive.
Clients’ deposits should be maintained in segregated bank accounts as directed by the regulator. These funds cannot used by the broker for its day to day operations; rather they can only be used to fund traders’ positions. They must not be used by the broker irrespective of its financial position.
The European clients are protected by the Investors Compensation Fund (ICF) which is like an insurance scheme for Cypriot investment firms. If for any reason, BetexOptions becomes insolvent, the ICF pays eligble investors some compensation of up to €20,000 per client.
In strict compliance with its Anti-Money Laundry policy, all clients must be verified before their withdrawal requests can be approved. ‘Know Your Customer’ procedures are used for this verification exercise. It entails providing a ‘proof of address’ and a ‘proof of identity’.
Secured Socket Layer (SSL) encryption technology has been implemented by BetexOptions to provide digital security to its platforms, website and payment processing portals. This is to deter hackers and cyber identity thieves who might want to steal clients’ login details, credit card info, or other sensitive information.
BetexOptions Review: Countries
BetexOptions does not offer its services to residents of Australia, New Zealand, Canada, Iran, North Korea, Belgium, Cyprus and the USA. Some BetexOptions broker features and products mentioned within this BetexOptions review may not be available to traders from specific countries due to legal restrictions.
BetexOptions Review: Trading Platforms
BetexOptions Online Trading Platform
This is the proprietary platform that uses an innovative technology known as ‘CrowdTradingTM’. This technology is based on wisdom of the crowd and data analysis from traders. It believes that traders can excel when they know exactly how other traders are approaching the markets in real time. This platform is web based and can run on any operating system that has a web browser. It also has mobile apps and it is available in 10 languages. It is the default platform available to all clients upon registration.
Here are some of the features of the BetexOptions platform:
- The ‘buy’ and ‘sell’ prices of all the instruments are displayed in real time.
- Account management options including deposits, withdrawal requests and account verification documents upload.
- Traders’ trends are displayed for every instrument showing percentage of ‘buy’ and ‘sell’ orders, known as the sentiment.
- Advanced charting using 6 chart styles on 10 timeframes from 1 minute to 1 month.
- The live ‘feed’ section shows the crowd generated events such as trend spotting, trend reversal, surge in opening, growth in trading, going up, etc.
- About 115 technical indicators and over 20 analytical tools are available.
- Trading Central analysis is available from the platform.
This is an advanced trading platform built for professional trading of forex and CFDs. The platform is sophisticated, fast and loaded with essential tools for trading and analytics. It is also user friendly which makes it a popular choice for traders of all experience levels. Its capabilities can be extended through the use of plugin apps developed with the MQL5 programming language which is based on C++. BetexOptions provides MT5 as a downloadable windows desktop application.
Here are some of the key features of the MT5 platform:
- The market watch window displays the fluctuating values of the ‘bid’ and ‘ask’ prices of all the instruments in real time. This market watch is customizable.
- Advanced charting using multiple chart windows; up to 100 at the same time.
- 3 chart styles display each asset price on up to 21 time frames.
- It has 38 inbuilt technical indicators which can be extended with plugin apps.
- It has the ‘Auto Trading’ feature which activates Expert advisors (EAs); trading robots scripted with the MQL5.
- The ‘Market’ tab gives access to the MQL5 market where traders can buy EAs, indicators, etc.
- The calendar tab displays the economic calendar.
BetexOptions Mobile App
This is the mobile version of the BetexOptions proprietary platform. It is developed for iOS and Android devices. The app is user friendly and very convenient for monitoring the markets and trading on the go.
The following are some of the features of the app:
- Live quotes of all tradable assets.
- BetexOptions innovative CrowdTradingTM technology is fully featured.
- Switch between practice and real accounts with one tap.
- Deposit funds, request withdrawal and view account history.
- Place orders using multiple orders, modify or close orders.
- Set price alerts for favourite instruments.
- Up to 8 chart styles displayable on 10 timeframes.
- Over 115 technical indicators.
BetexOptions Review: Trading Tools
This calendar is an important tool in fundamental analysis. It is available on the website and also on the two trading platforms. The economic calendar shows the dates and times of important economic events and their forecasted effects on the financial markets. Traders speculate a lot before and after these events. The calendar also shows the history of past events and their impacts.
BetexOptions Review: Trading Instruments
BetexOptions offers multiple instruments for trading online. They are as follows:
- 48 Forex Pairs
- 7 Indices
- 39 ETFs
- Over 420 Stock CFDs
- 5 Commodities