SternOptions Review

SternOptions is one of the newest binary options broker only launched in July, 2016. Being a new broker; it would be interesting to see if there is anything new it offers to the binary options trading community that current brokers do not offer. Unfortunately at the moment, Stern Options is yet to be regulated.

Trading Conditions

At SternOptions one can open a regular binary options trading account or a VIP account for more customized trading conditions. The deposit currencies allowed are EUR, USD, GBP and AUD.

The following assets are available for trading at Stern Options:

Tradable Assets       

SternOptions’ Economic Calendar

Stern Options also avails an Economic Calendar via its website showing Forex economic events by day of the week. One can customize the following options in the economic calendar;

• Day of the week
• Time zone
• Activate or deactivate certain currency pairs’ news
• Select impact (High, Medium and Low)

Economic Calendar

Registration

SternOption has a secure registration process (but not so quick and easy) that requires fill the registration form with no obligation to deposit funds immediately or provide credit card information. The required personal information includes; names, email address, country and the phone number. Users from some countries such as the US are not allowed to register with Stern Options. Users should also be careful while filling out the deposit currency since it is not changeable afterwards, available deposit currencies include; EURO, USD, GBP and AUD.

SternOptions Registration Form

Traders that are new to binary options trading can use SternOptions’ FAQ section to find some of the basic information. Alternatively, they can also visit the Glossarysection provided by Stern Options to understand most of the terms used in the Binary options trading community.

SternOptions Glossary Section
Apart from the Economic calendar and the Glossary section, Stern Options also provided a Market Review section. Unfortunately, a closer look at the market review section will reveal that it is yet to be populated with analysis making it out of date and not resourceful to Stern Options’ users.

Stern Options Out of Date Market Review Section

Deposits and Withdrawals

SternOptions provides both fast and secure deposit and withdrawal methods as described below;

Deposits

Deposits can be done via the following methods;

• Credit Cards (Visa, Delta, Master Card, Diners, Visa Electron, Maestro, Maestro UK (Switch), Solo)
• Wire Transfer

Alternative methods of deposit such as Skrill are also available. The minimum deposit is 250USD/EUR/GBP/AUD while the maximum deposit is 20, 000 USD/EUR/GBP/AUD via both credit card and Skrill and unlimited via Wire transfer.

Withdrawals

The withdrawal process at Stern Options may take up to 7 days to as less as 48 hours. Below are the steps that should be taken when making a first withdrawal from Stern Options;

• Fill out the withdrawal form
• Send a proof of identity (Passport or Driving license)
• Send a proof of address (Utility bill or bank statement sent to your current address)
• Scan and send a copy of the Credit card used to fund your account (only the name part and last four digits are required to be visible in the scanned document)
• Voice signature; contact your account manager

All documents should be sent to compliance@sternoptions.com. Fees associated with withdrawals are 3.5% of the withdrawal amount for credit card withdrawals and USD 15 for each Wire transfer. Wire transfers also require a minimum withdrawal of USD 500.

Trading Platform

SternOption uses the SpotOption Web based trading platform. (read our review of SPOTOPTION platform)

SternOptions Trading Platform

Below are SternOptions’ Web-based Platform Features;

Pros

• Line and Candlestick chart types are available
• Trader sentiment index
• Ability to tile windows
• Several Option types
• Forex/CFDs trading on the same platform
• Strategy advisor; Bollinger bands, RSI, Moving Average.
• Multi-timeframe charting
• Easy to use platform

Cons

• No technical indicators
• No technical analysis drawing tools

Education

Stern Options’ Education Section

SternOptions offers downloadable ebooks and video courses to its clients covering lessons such as trading strategies, trend analysis and market prediction.

SternOptions – Pros and Cons

Pros

• Offers Forex/CFDs trading on the same platform
• Several Option types to choose from
• 24/7 support
• Resourceful education section

Cons

• Non-regulated binary options broker
• No current bonuses or promotions
• US clients are not allowed
• No free demo account
• Limited account types to choose from
• Only two support languages; English and Arabic

Customer Support

• ‘Contact Us’ via web form
• Live Chat (24/7)
• Phones; +44(800)086-9172 UK, and +49(800)589-2703 Germany
• Email; support@sternoptions.com
• Address; Stern European Support Center, 272, Bath Street G2 4JR, Glasgow, Scotland

SternOptions in Social networks:

• facebook
• google +
• youtube
• twitter

Conclusion

SternOptions are relatively new in the binary options trading community hence not much information is available at the moment to rate it against other existing brokers. However, apart from the lack of regulation and limited account types; SternOptions has most of the features offered by other brokers.

Now, everything seems OK with SternOptions broker however “ProfitF team” will keep monitoring this broker and update this review if any changes take place.

Please post Comment/Review about “SternOptions”, if you have any experience with this BinaryOptions broker. Use tab “Comments” (top of the page)