33option

Overview of 33option

33option, established in 2013, is a forex and CFD broker based in Cyprus. Appealing to a various clientele, the broker offers trading in a variety of instruments including forex, indices, and commodities. It provides multiple account types to suit different trading needs: Standard, ECN, and Islamic accounts, along with a Demo account for practice. 33option operates on the widely-used MetaTrader 4 platform, allowing traders to utilize its comprehensive tools and features.

While 33option appears to offer a range of services, its license from the Cyprus Securities and Exchange Commission (CySEC) was revoked. Moreover, it has been identified by the British Virgin Islands Financial Services Commission (FSC) as not licensed or regulated for investment or financial services in their jurisdiction. This lack of regulation raises concerns about the broker's credibility and the safety of funds for traders.

Pros and Cons

33option offers a range of trading instruments, including Forex, Indices, Commodities, and CFDs, appealing to a wide array of trading preferences. The availability of multiple deposit and withdrawal methods, including modern options like cryptocurrencies, adds to its appeal.

However, the broker's revoked regulatory status raises concerns about its reliability and adherence to financial standards, which is a significant drawback for those prioritizing secure and regulated trading environments. The withdrawal fee of $5 per transaction, while standard in the industry, could be a point of consideration for active traders who make frequent transactions.

The lack of educational resources presents a noticeable gap in the broker's service offerings, especially for novice traders or those seeking to expand their trading expertise. Additionally, fees like swap charges and currency conversion fees, along with a $10 inactivity fee post 6 months of inactivity.

Is 33option legit or a scam？

33option, established in 2013 and based in Cyprus, has experienced significant shifts in its regulatory status. Once under the regulation of the Cyprus Securities and Exchange Commission (CySEC), the broker now finds its regulatory status revoked. This change was instigated by the British Virgin Islands Financial Services Commission (FSC), citing the broker's lack of licensing for investment or financial services activities within the British Virgin Islands Territory.

Originally operating under a Straight Through Processing (STP) license, known for facilitating transparent trade processing, 33option's current lack of regulatory oversight casts doubt on its reliability and adherence to financial norms and client protection.

Market Instruments

33option offers a various array of trading instruments suitable for various trading strategies. Their Forex offerings include a wide range of currency pairs, from the commonly traded majors and minors to the more volatile exotics, appealing to those interested in the global currency market. In the indices category, they offer access to major stock indices, reflecting the performance of different global markets. For commodities, traders can explore options in precious metals, energy commodities, and agricultural products, which are ideal for diversification and hedging strategies. Additionally, 33option's CFDs allow traders to speculate on the price movements of various assets, providing flexibility and a wide range of choices for different trading preferences.

Account Types

33option offers a variety of trading accounts to suit different trader needs, including Standard, ECN, and Islamic accounts, plus a Demo account for practice.

• The Standard Account requires a $200 minimum deposit, offering leverage up to 1:200 and spreads from 1.2 pips, with no commission.

• The ECN Account, appealing to more experienced traders, has a $500 minimum deposit, provides leverage up to 1:300, spreads from 0.4 pips, and a commission of $6 per lot.

• The Islamic Account, compliant with Islamic finance principles, requires a $250 minimum deposit, offers leverage up to 1:200, spreads starting from 1.5 pips, with no commission. It's swap-free in accordance with Islamic finance principles

• A Demo Account is also available for risk-free trading practice, especially beneficial for novices learning the ropes of forex and CFD trading.

How to Open an Account with 33option？

To open an account with 33option, follow these steps:

1. Website Visit: Go to the 33option website to begin the account opening process.

2. Complete Registration: Find and click the registration button on the website. Fill in the necessary personal information on the provided form.

3. Select Account Type: Choose from Standard, ECN, or Islamic accounts based on your trading preferences and needs.

4. Undergo Verification: Submit required identification documents for account verification, a standard practice for regulatory compliance and security.

5. Deposit Funds: Once verified, deposit the minimum required amount for your chosen account type. Various deposit methods are available including bank transfers and cryptocurrencies.

6. Begin Trading: With your account funded, you can now access the trading platform and start trading activities.

Please trade with caution and awareness, particularly considering the regulatory issues associated with 33option.

Leverage

33option provides different leverage options in its account offerings:

• The Standard Account features leverage up to 1:200.

• The ECN Account offers a higher maximum leverage of 1:300.

• The Islamic Account also allows for leverage up to 1:200.

Spreads & Commissions

33option offers a variety of account types, each with its own spreads and commission structures. The details are as follows:

1. Standard Account

1. Spreads: Starting from 1.2 pips

2. Commissions: No commission charged

2. ECN Account

1. Spreads: Starting from 0.4 pips

2. Commissions: $6 per lot traded

3. Islamic Account

1. Spreads: Starting from 1.5 pips

2. Commissions: No commission

Each account type is tailored to suit the needs of different traders, with the ECN Account offering tighter spreads for a commission, while the Standard and Islamic Accounts offer wider spreads but no commission. This allows traders to choose the account that best fits their trading style and preferences.

Other Fees

33option implements several additional fees:

1. Swap Fees

1. Charged at 0.2 pip per night for each standard lot. Swap fees are applicable when positions are held overnight and can vary depending on the financial instrument and market conditions.Note that the Islamic account is swap-free in accordance with Islamic finance principles

2. Inactivity Fees

1. A fee of $10 per month is charged for accounts that remain inactive for a period of 6 months or more. This fee is common among brokers to encourage active trading or account management.

3. Currency Conversion Fees

1. For transactions involving currency conversion, 33option charges a fee of 0.5% of the converted amount. This fee is applicable when traders deposit or withdraw funds in a currency different from their account currency.

4. Withdrawal Fees

1. 33option charges a flat withdrawal fee of $5, regardless of the withdrawal amount or method. This fee is applicable for each withdrawal transaction and is standard across various withdrawal methods including bank transfers, credit/debit cards, and cryptocurrencies.

These fees are an integral part of 33option's pricing structure and can impact the overall cost of trading.

Trading Platform

33option provides its clients with the MetaTrader 4 (MT4) trading platform, renowned for its ease of use, advanced features, and flexibility across devices.

MT4 is equipped with sophisticated charting tools, enabling detailed market analysis. It supports automated trading through Expert Advisors, allowing for the implementation of customized trading strategies. The platform's array of technical indicators is extensive and customizable to suit individual trading needs. MT4's compatibility with various devices, including desktop and mobile, offers traders the convenience of trading from different locations.

The interface of MT4 appeals to all levels of trading expertise, ensuring a seamless user experience. Additionally, traders have access to real-time market data, facilitating prompt and informed trading decisions. 33option's choice of MT4 underscores its commitment to providing a reliable and efficient trading environment.

Deposit & Withdrawal

33option sets a minimum deposit requirement of $250, and provides multiple deposit and withdrawal options, including bank transfers, credit/debit cards, and cryptocurrencies, appealing to a variety of trader preferences. The inclusion of cryptocurrency transactions underscores the broker's modern approach, offering advantages in speed and privacy, albeit with potential market volatility and network costs. The withdrawal fee of $5 per transaction is charged.

Customer Support

33option offers a range of customer support options to address the needs of its clients.

The broker's contact number, +357 25 040 120, is available for direct telephonic assistance.

For those who prefer using QQ, the broker provides support through the number 4008383733.

Email assistance is also available at service@33option.com, offering a viable option for clients seeking support for non-urgent matters or requiring detailed communication.

Conclusion

33option, established in 2013 and operating from Cyprus, offers a range of trading options like Forex, Indices, Commodities, and CFDs, with various account types, including the Standard, ECN, and Islamic accounts. Its support for cryptocurrency transactions and multiple customer support channels adds to its appeal.

However, the broker's compromised regulatory standing, with a revoked CySEC license and lack of FSC licensing, casts a shadow over its reliability. The absence of educational resources and additional fees, including swap charges, currency conversion fees, a $5 withdrawal fee, and a $10 inactivity fee post six months, further diminish its attractiveness. These aspects are critical considerations for traders assessing 33option's suitability for their trading needs.

FAQs

Q: What trading options are provided by 33option？

A: 33option provides trading in Forex, Indices, Commodities, and CFDs.

Q: Can you describe the account options at 33option？

A: 33option offers Standard, ECN, Islamic, and Demo accounts for varied trading needs.

Q: What are the initial deposit requirements at 33option？

A: Minimum deposits are $200 for Standard, $500 for ECN, and $250 for Islamic accounts.

Q: Are there withdrawal charges at 33option？

A: Yes, there's a $5 fee for each withdrawal.

Q: What is the regulatory status of 33option？

A: 33option's regulatory status is compromised, with a revoked CySEC license and no FSC license.

Q: Is there a fee for inactivity at 33option？

A: A $10 monthly fee applies after 6 months of inactivity.

Q: Which platform is available for trading at 33option？

A: 33option offers trading on the MetaTrader 4 platform.

Risk Warning

Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.

Additionally, the review's generation date is a critical consideration, as information may have evolved since then. Readers are strongly advised to verify updated details directly with the company before making any decisions, as the responsibility for utilizing the information herein rests solely with the reader.