PowerOption Review 2021

PowerOption review
PowerOption Fees Explained

• PowerOption withdrawal fees varies on payment method
• PowerOption does charge a fee for inactive accounts.
• PowerOption does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How PowerOption Fees Compare Against Other Brokers

PowerOption Minimum Deposit

PowerOption require a minimum desposit of 100 GBP/USD when opening an PowerOption trading account.

A minimum deposit is the minimum amount of money required by PowerOption to open a new online brokerage account with them.

Dont be scared off by brokers like PowerOption charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

PowerOption Withdrawal Fees

PowerOption withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your recieving currency, your payment provider.

PowerOption for example allow you to withdraw your funds to Credit cards, Skrill, Neteller.

PowerOption Inactivity Fees

PowerOption does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

PowerOption Desposit Fees

PowerOption does charge deposit fees.

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

PowerOption Commission Fees

PowerOption does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

PowerOption review
Trading on PowerOption web platforms and other applications

PowerOption offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

An PowerOption IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

PowerOption also offer mobile apps, for Android and iOS making it easier to keep an eye on and execute your trades while you’re on the move.

See PowerOption's platforms

Is the PowerOption Trading Platform Secure?

PowerOption safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. PowerOption also urges its clients through its web platform to always look for the SSL security sign (a lock sign) o the browser while operating PowerOption.

PowerOption Trading Platform Options

Once you have logged into your PowerOption account you will see the below trading platform options available to you.

• MetaTrader 4 (MT4)

PowerOption does not offer the MetaTrader 5 (MT5) trading platform. If you are looking for a online platform that does support MT5 click here

PowerOption does not offer the cTrader trading platform. You can find a broker that supports cTrader here

Lets explore each of these trading platforms in detail and what options PowerOption gives you.

PowerOption review
PowerOption MetaTrader 4 (MT4)

MetaTrader 4 also known as MT4 is the number one trading platform on the planet and has been in active use on financial markets since 2005. The MetaTrader 4 software delivers a feature-rich, user-friendly interface and an extremely customisable trading environment, designed to ful fill all of your trading needs and boost your trading performance. Charting functionality and advanced order management tools make certain you could monitor your positions quickly and economically.

Understand that the MetaTrader 4 (MT4) trading platform was developed primarily to trade Forex but you can also trade other types of financial instruments through CFDs and Spread Betting. You will not be able to trade Stocks, Indices, Commodities, ETFs, Futures on any MetaTrader 4 (MT4) platform unless they are CFD contracts or Spread bets. You will not own any underlying assets with CFDs or Spread bets as you are speculating on price movements with PowerOption. You can learn more about the MT4 Platform here.

You can start using the MetaTrader 4 platform with PowerOption in multiple formats including through an online web platform, Through a downloadable application for Windows PC's and Apple Macintosh computers. PowerOption MetaTrader 4 is compatible with the latest macOS Mojave. PowerOption allows traders to trade on mobile devices through Android and IOS devices like the iPhone.

Metatrader 4 Webtrader on PowerOption

MetaTrader 4 is the most popular trading platform in the world as most and more traders begin to trade online Metatrader 4 is available as a web based application available through your web browser. MetaTrader 4 web software provides the same easy to use performance as the desktop version using advanced charting, a highly customisable trading environment, easy to access online trading tools and many different indicators. You can enjoy our Raw Pricing trading environment without a Dealing Desk from anywhere in the world.

Trade PowerOption MetaTrader 4 on IOS Devices

You can download the PowerOption app or also trade with PowerOption through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program for free of charge from Apple's App Store. IC Markets customers have instant access to this Financial markets, with the ability to completely manage a Portfolio on the go.

Trade PowerOption MetaTrader 4 on Android Devices

Andorid mobile devices and tablets are used by millions of people globally. PowerOption provides its clients access to the MetaTrader 4 platform on Android supported devices so that customers can monitor the financial marketplace and trade directly from their Android-based Smartphones and tablets. The Android PowerOption MetaTrader 4 Android application enable traders to make the most of multiple advanced trading features which enables them to monitor and trade Forex quickly on the go, simply and securely.

Trade PowerOption MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators is a Bundle of three Major indicators including:

• Analyst Perspectives - A go-to resource for leadership and key levels.
• Adaptive Candlesticks - Identifies chart patterns which illustrate important changes in demand and supply.
• Adaptive Divergence Convergence (ADC) - Much like MACD however useful at shorter lengths and provides more timely signs.

PowerOption MetaTrader 4 Advanced Trading Tools

The PowerOption advanced trading tools for MetaTrader 4 are aimed at improving the total trading experience and providing traders with a competitive advantage. PowerOption offers access to 20 exclusive tools which includes feature rich trade execution & management programs, sophisticated notification alarms, messaging facilities, innovative market data & more.

Trade PowerOption MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal provides a intuitive easy to use dashboard where traders can administer and supervise several trading accounts. MultiTerminal will let you manage over 100 Accounts simultaneously allowing you to place market orders, pending orders, view live market prices and track all accounts and equity at real time. All Trading accounts must be in on the same MetaTrader server. MultiTerminal doesn't support Automated Trading scripts like Expert Advisors.

PowerOption MetaTrader 4 AutoChartist

PowerOption Autochartist provides the world's first Market Scanner available for MT4 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Gone are the days of launching a lot of graphs on which you can't remember which currency you're taking a look at. Autochartist offers a simple user interface that can be customized to suite how you like to trade.

PowerOption Trading benefits

• Low min deposit

PowerOption Trading Accounts Offered

Below we give an overview on the account types that PowerOption offer. Whatever you are looking to trade the varying PowerOption account types will be able to provide you with what you need.

• Micro account
• Islamic account

Can I try PowerOption before I buy?

PowerOption offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

PowerOption withdrawal and funding methods

Please note that the list of PowerOption payment methods below depend on the PowerOption Entity and the Clients Country of Residence.

All available PowerOption payment methods available to you can be found in your PowerOption members area checked on the PowerOption website.

PowerOption offer the below funding payment methods. You can use any of the below deposit options if available in your region. learn more about PowerOption

PowerOption Payment Methods

• PowerOption accepts Credit cards
• PowerOption accepts Skrill
• PowerOption accepts Neteller

How can I start trading with PowerOption?

When opening a trading account with PowerOption, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on PowerOption trading platforms here. You will need to provide some basic documentation to prove your identity as part of PowerOption onboarding and normal KYC identity checks. These checks are standard practice and help PowerOption provide a safe financial environment for their 10,000 users.

Your capital is at risk

Performing trades with PowerOption

PowerOption allow you to execute a minimum of trade of varies. This may vary depending on the account you open. PowerOption allow you to execute a maxium trade of varies.

As a market maker, PowerOption may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

CFD Trading on PowerOption

let's take a look at some of the basics of using PowerOption leverage.

PowerOption offer CFD which are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

PowerOption leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the PowerOption trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The PowerOption leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

PowerOption CFDs are typically used for short to medium term trades. For example PowerOption intraday CFD trading. Although high risk because CFD trades are separate from the financial markets, a CFD trade can be more flexible than a traditional market trade where you own the underlying asset. CFD trades give access to CFD fractional shares, CFD international markets and CFD short selling. More advanced traders can also use CFDs to hedge.

Always be aware that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk

Education resources at PowerOption

To trade effectively with PowerOption, it's important to get a have a good understanding of the PowerOption trading tools and the markets. Make sure you make full use of all education tools. This includes eduction tools with PowerOption and externally.

PowerOption offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy and sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing risk.

Having an analytical approach may be a good way to approach trading with PowerOption.

Take time to look around the PowerOption platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at PowerOption

As part of our PowerOption review we review customer service options, response times and PowerOption trading platform problem resolution effectiveness.PowerOption support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

PowerOption have a D grade support rating because because sometimes the response was slow or our query wasnt answered. PowerOption less customer support features compared to other brokers like live chat, phone and email support. Phone support supports a limited amount of Languages.

Livechat Support at PowerOption

PowerOption does not offer LiveChat Support.

Email Support at PowerOption

PowerOption does not offer Email Support.

Phone Support at PowerOption

We called PowerOption and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The PowerOption phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual PowerOption team by calling in varying languages. PowerOption made an effort to make sure our queries were answered.

Overall the phone support from PowerOption was okay.

See how PowerOption Support Compares Against Other Brokers

What you will need to open an account with PowerOption

As PowerOption is regulated by Cyprus Securities and Exchange Commission (CySEC), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under PowerOption Brand may be different.

• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore PowerOption's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with PowerOption you can visit the PowerOption trading platform here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.poweropt.com/ on April 16, 2021.

PowerOption review written by Andrew Blumer and Mark Hansen