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SiamOption - Broker Review and Trader Feedback

regulation
Regulated by VFSC Financial Commission
region
Accepts traders from
United Kingdom
rating
4.0
/ 5
Rating: 5
Reviews: 0
bonus
Bonus on first
deposit
Register within 10:00 minutes and receive a gift
Established in 2016, SiamOption is a binary options broker that is owned by Iron Trade & Investment Ltd. The broker is based on the island of Vanuatu and is regulated by the Vanuatu Financial Services Commission (VFSC). It has an extremely strong positioning in South East Asia and in particular in Thailand. Full review
Trading conditions
Tradable assets:
Option profitability:
Minimum deposit:
Minimum trade amount:
70
up to 90%
$10
$1
Demo account:
Online registration:
Call support:
Chat with support:
yes
yes
-
no
Tradable assets:
70
Option profitability:
up to 90%
Minimum deposit:
$10
Minimum trade amount:
$1
Demo account:
yes
Online registration:
yes
Call support:
-
Chat with support:
no
Deposits and Withdrawals
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Review of SiamOption
Broker rating: 4.1 / 5

1. General Information About SiamOption

SiamOption was specifically created to cater to the binary options traders that are based in Thailand with their own specific trading needs. The entry threshold to be a client of SiamOption is one of the lowest requirements in the binary options trading industry that we have come across. With just a mere $10 minimum initial deposit, a trader can set up a live trading account and begin trading the financial market almost immediately. In addition, the entire trading process has also been simplified to ensure that beginner traders can start depositing and withdrawing funds with minimal effort.

Although SiamOption is a relative newcomer to the binary options trading industry, this broker has managed to achieve a following of loyal traders from the Thai binary options market. The main factor that has helped to contribute to SiamOption’s relative success in the Thai market, is due to the broker’s ability to cater to the local market conditions. For example, as the majority of the population in Thailand does not speak English, SiamOption has made its website available in both English and the Thai language. The broker has also taken the initiative to make binary options trading affordable to the bulk of the local population by requiring only a minimum initial deposit of $10 to open a live trading account. In addition to ensure that their clients have a safe and secure trading environment to trade binary options, SiamOption has invested in a robust trading platform that is powerful and easy to use.

2. Advantages and Disadvantages

Regulated by VFSC: this is the Vanuatu based regulatory authority which provides oversight to the financial service industry.

Low Minimum Deposit of $10: this means that users have the ability to test out the broker at relatively low risk. For some it’s perhaps an alternative to using a demo account.

24/7 Trading: this broker offers trading across all market sessions from Asian opening, to Europe right through to the US market close.

Free Demo Account: an excellent way to test drive a broker is by using a demo account. This removes your exposure to risk and of course reward too.

Only High/Low Binary Options Available: - only one trading type is offered by this broker the standard binary options platform.

3. Trading Conditions

By comparison to European based binary options brokers, SiamOption is able to offer better trading conditions for traders who are based not only in Thailand but also across South East Asia. Furthermore, SiamOption is also able to offer their traders incentives such as a referral bonus each time they introduce their friends to become a client of SiamOption. At SiamOption, traders have the chance to trade in the classic High/Low binary options. The company doesn’t differentiate between their options by expiration time. Nevertheless, traders can still select different expiry times ranging from one minute to 240 minutes for their options.

4. Underlying Assets

There are more than 70 different underlying assets covering different asset classes such as currencies, commodities, market indices, precious metals and international stocks. While the range of available underlying assets might be considered modest when compared to that of what most other leading binary options brokers are offering, we also have to take into account the fact that SiamOption is a relatively young broker in the industry. As such, we can hope to expect more underlying assets to be added to the current asset index as time goes by.

5. Trading Platform

Rather than relying on white label trading platforms, SIamOption has opted to provide traders with their own proprietary trading platform. Developed by their team of programmers, the web based trading platform is efficient and free of bugs and even downtime. The price feeds are fed in directly from large liquidity providers ensuring that traders receive some of the most competitive quotes.

The user interface of the trading platform is user friendly and easy to comprehend. The trading chart is centrally positioned in the middle of the trading screen allowing for a clear line of sight. Traders can also select if they want the chart to be displayed as a line chart or as a candlestick chart. To help traders with their analysis of the price chart, they also have the option to apply popular technical indicators such as Bollinger bands and the Moving Average line directly onto the chart. Other features of the trading platform include adjustable time frames for the price chart from 5 seconds intervals to one-minute intervals.

6. Mobile Trading

To support traders who want to trade with their smartphones or mobile devices, SiamOption has also made available a mobile trading app that is optimized for Android powered devices. This means that traders are no longer bound to their desktop computers but can trade the markets from anywhere they have internet access. The mobile platform while smaller in terms of layout is as functional as the full-blown desktop version of the trading platform. Provided free of charge, the mobile trading app is available for download on the Google Play store.

7. Demo Account

For potential clients of SiamOption who want to try out the services offered by the broker without risking their money, there is also a free demo account available. The demo account comes with a deposit of 10,000 baht virtual cash which is more than sufficient to fully test the performance of the trading platform. To gain access to the demo account, you can either register and sign up or log in using your Facebook or Google+ accounts.

8. Account Types

SiamOption offers 2 types of trading accounts for their traders to choose from, a Silver account and a VIP account. To open a Silver account, a minimum deposit of $10 or 500 baht is required. VIP accounts require a minimum deposit of $900. The benefits of the VIP account include personalized service and faster processing of deposits and withdrawal requests.

9. Opening an Account

There are 2 ways to open a live trading account at SiamOption. The first method is by filling out the registration form online and making a deposit. The second method of opening a live trading account is by converting the demo account into a live trading account by depositing funds. To register for an account, simply provide your email address, phone number and desired password and click on the green “Register” button on the home page of SiamOption’s website. To convert the demo account into a live trading account, simply click on the green “Deposit” button at the home page and make your deposit using your credit card such as your VISA, MasterCard or bank card.

10. Funds Withdrawal

Withdrawal of funds at SiamOption can be conducted through the same methods in which you initially deposited. To initiate a withdrawal, a withdrawal request has to be made to SiamOption. Depending on the type of trading account that the trader has, the processing of the withdrawal request can take from 1 business day to 3 business days. It should be noted that the minimum withdrawal amount must be $30. On the plus side, there are no fees associated with making a withdrawal at SiamOption although there may be an administrative fee imposed by the third party payment processor.

11. Trader Training

To help increase the trading awareness and skills among their clients, SiamOption has also provided a comprehensive library of educational videos targeted towards both beginner and experienced traders. For beginner traders, the short video tutorials cover essential topics such as how to use the trading platform and trading psychology. For the more experienced traders, the tutorials focus on essential financial management skills to advanced trading strategies. While most of the video tutorials are just under a minute for easy comprehension, for more advanced topics the tutorials can stretch to as long as 5 minutes. Although we were quite impressed with the extensive collection of video tutorials which SiamOption has provided to their traders, we noted that there is a lack of any educational reading materials which traders can download and read offline when they are not trading. We hope in the near future, SiamOption will be able to rectify this deficiency so as to give their traders a complete trading educational package.

12. Should I Trade With SiamOption?

At the very first glance, SiamOption seems to be no different from the hundreds of binary options brokers that exist on the internet today. But when you look closer you will see that this particular broker has specifically tailored its services for traders that are based in Thailand. They make it easy and affordable for a non English speaking client to sign up and start trading in an industry which is largely dominated by European based brokers. They also make learning about binary options trading easy and fun by using short video tutorials. The fact that they also provide a free demo account which is easily accessible is also a strong plus point for SiamOption. In other words, SiamOption is made for traders that prefer a broker that is more in tune with the local conditions and trading needs of their traders.

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User rating: 4.0 / 5

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