Dove Options Review 2022
Dove Options is a multi-asset binary options broker. Customers can trade thousands of assets across various platforms including MT4 and MT5. Our 2022 review will cover trading fees, EMEA regulations for retail investors, how to request a live account, software features and more.
Dove Options Headlines
Dove Options is a binary options trading platform designed by a group of industry experts. The company claims to be one of the leading online brokers with an average payout of 81% vs the industry average of 65-75%. Traders also benefit from real-time data streams from Thomson Reuters, the broker’s data provider.
The brand is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC).
The Dove Options proprietary platform is available as a web trader only. There is no download option for Windows or Mac devices. The platform is relatively basic, though it does provide an easy-to-use interface, which will appeal to inexperienced traders. On the downside, it was disappointing not to find a user guide or YouTube video tutorial with demonstrations of basic features.
Dove Options offers access to 4500+ trading instruments across forex, stocks, cryptocurrencies, commodities, indices are more. This includes 80+ forex pairs such as the USD/GBP and global shares from the likes of Amazon, Facebook and Microsoft Inc.
There are also some unique proprietary products available:
The One Touch binary options trading feature enables investors to trade during the weekends. Customers win if the price of an asset hits a predetermined point. The contract is then automatically closed out and any winnings are credited to client accounts. Each trade is measured at 5 PM GMT on each weekend day.
For example, let’s say the EUR/GBP currency pair has a current price of $111.11. The broker could offer two choices. The first is a ‘call’ option, meaning you believe the price of the asset will reach a predetermined price level of $113.00. The other would be a ‘put’ option indicating the price could fall to $109.50. Traders win if the price hits the respective price point during the contract term.
An increasingly popular binary options product, with up to 1500% profit available in as little as 30 minutes. Traders are tasked with predicting the degree of price movement. Put simply, you must decide if the price of the asset will finish over or under specific price levels at the expiry.
Imagine you are given five different price strikes of an asset, with various payout levels. Potential payouts increase as you move further away from the current price. Customers can also use ladders as part of hedging strategies.
iFollow is a relatively new addition to the Dove Options platform. The function allows investors to follow and copy the trades of selected investors. It is a good tool for new or inexperienced investors. Simply select a trader, a time frame and a maximum investment amount and let the programme automatically duplicate positions. You can replicate trades across several assets or follow a specific instrument.
Dove Options is not particularly transparent when it comes to trading fees. There is no pricing list, charges explained or useful profit calculator. The limited information we could gauge were that spreads start at 0.8 pips for major forex pairs and from 1 point on leading global stocks such as Facebook.
The installation of third-party trading software or additional features within the broker’s platform also incurs a 7.6% fee on profits. This can be paid before or during the withdrawal process.
Note, for UK investors, returns from binary options trading are currently viewed as tax-free by HMRC.
Buying with borrowed capital enables larger investments. However, trading with leverage is a high-risk strategy and you are responsible for paying associated interest rates and costs to borrow the money. Also, not all assets are available with a margin account and maximum borrowing amounts may apply.
Dove Option does not offer mobile app compatibility. Traders cannot download the platform to a mobile or portable device meaning you cannot manage your portfolio, open positions, view price history or interpret bar charts and graphs while on the go.
It may be possible to access your account via the web on a mobile device although the features and functionality are not user-friendly. In contrast, Robinhood and TD Ameritrade’s thinkorswim platforms can both be accessed via iOS and Android devices.
The broker has a $500 minimum deposit requirement for all new trading accounts. Dove Options accepts payments in GBP, AUD, CAD, EUR and USD. To fund an account, simply log in and select the ‘deposit’ tab within the platform interface. The broker accepts the following payment methods:
- Western Union
- Credit/Debit Card
- Bank Wire Transfer
- MoneyGram Transfer
- Maestro (Switch) and Solo
No information is provided for processing times, however, credit/debit card payments often provide the quickest times. Proof of identity is also required before depositing to comply with AML requirements.
Withdrawals back to the original payment method can take up to five working days to be processed. There is also a $100 minimum withdrawal amount. There is no fee for credit card transfers, although third-party charges may apply. Wire transfer withdrawals incur a $500 charge, which is extremely uncompetitive.
When reviewing the broker’s terms and conditions, we also identified a withdrawal clause requiring all new users to purchase a withdrawal permit at the cost of $500 or equivalent currency. This documentation must be bought before customers are entitled to a fund transfer to a bank account. This is a major drawback versus competitors.
It was disappointing to see no free demo account offered to new Dove Options traders. Quotex, Pocket Option and Race Option all provide access to a virtual trading environment with simulated real-life market conditions. A paper trading solution is a great way to practise strategies risk-free and learn platform features.
Deals & Promotions
At the time of writing, there were no live promotions or bonuses available. This is aligned with CySEC and ESMA rules preventing the use of financial incentives to attract new customers.
Following a review in 2016, the CySEC ruled that Cyprus Investment Firms (CIFs) ‘must avoid the practise of offering bonuses that are designed to incentivise retail clients to trade in complex speculative products such as CFDs, binary options and rolling spot forex as it is unlikely that a firm offering such bonuses could demonstrate that it is acting honestly, fairly and professionally and in the best interests of its retail clients’. The regulatory body suggests if a broker wishes to reward a new or existing investor, they may do so with lower spreads for example.
Regulation & Licensing
Dove Options is regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 248/14. Traders can be assured that this top-tier authorisation contributes to a safer and fairer investing environment, similar to that of the Financial Conduct Authority (FCA). This includes access to the Investor Compensation Fund (ICF), providing up to $20,000 compensation if the broker becomes insolvent. Other guarantees include negative balance protection for retail investors, segregated funds and access to the Financial Ombudsman for dispute resolutions.
Each account profile offers partial access to an education centre, with the Platinum account receiving full access. This involves keyword PDF glossaries available for free download, an overview of how to place binary options trades and a review of global stocks available including companies from the UK, USA, Japan and India. It would also be good to see newsletter subscriptions and an online blog with the latest news updates and price prediction information.
Interestingly, Dove Options also allows investors to sell their binary options before contracts expire. Early expiration can help deliver more profits through portfolios.
Retail clients can open one of five account options; Classic, Bronze, Silver, Gold or Platinum. The main determination of account type is the deposit value, with the minimum payment amount starting at $500. You can deposit using GBP, USD, EUR, AUD or CAD currencies. A simple online registration form is required with mandatory KYC verification documentation.
We outline the five account types below and their relevant benefits:
- Level 1 education centre
- Access to a junior broker
- Minimum deposit requirement $500
- Generic signals
- One hour of 1-on-1 training
- Access to an executive broker
- Level 1 and 2 education centre
- Minimum deposit requirement $1,000
- Three risk-free trades
- Generic signals
- Three hours of 1-on-1 training
- Access to an executive broker
- Level 1, 2 and 3 education centre
- Minimum deposit requirement $3,500
- Five risk-free trades
- Personalized signals
- Seven hours of 1-on-1 training
- Level 1,2,3 and 4 education centre
- Minimum deposit requirement $10,000
- Access to an executive broker and analyst
- Ten risk-free trades
- Personalized signals
- Full access to the education centre
- Minimum deposit requirement $15,000
- Access to an executive broker and analyst
- Unlimited 1-on-1 training and analyst sessions
- Several account funding methods
- Ability to sell binary options before expiration
- Proprietary terminal and third-party platforms
- Innovative binary options functions and products such iFollow and Ladder
- No demo account
- Limited fee transparency
- No mobile app compatibility
- Limited customer service options
- High minimum deposit requirement
- Expensive withdrawal charges plus a one-off ‘withdrawal permit’ cost
Dove Options offers very basic customer support. There is only an online contact form. It is disappointing to see no phone number, live chat service or FAQ page. It would be good to access quick self-help tools to answer questions such as why is the platform not working, do I have any outstanding fees to pay or understanding a price quote by volume.
A call-back function is also available although response times are unclear. The website does state customer and technical support employees are available from 6 AM to 9 PM GMT, Sunday to Friday. Alternatively, you can reach out to the customer service team by post: 20 Maple Avenue San Pedro, Los Angeles, California, 90731.
Traders using the Dove Options platform can be assured that third-party platforms such as MT4 and MT5 implement comprehensive safety protocols. Personal and financial data is exchanged with encryption between the broker and the terminals. Two-factor authentication (2FA) can also be added to accounts. This added layer of security uses a verification code every time you log in to your online account via an authenticator app or email address prompts.
Dove Options Verdict
The limited company information and basic website features are causes for concern. Additionally, the lack of demo account, mobile app, limited customer service and high minimum deposit requirement doesn’t help. We would recommend caution before opening an account. See our list of alternative brokers below.
Dove Options accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to Dove Options
If you are looking for alternatives to Dove Options we have compiled a list of the top 5 brokers that are similar to Dove Options below. This list of brokers like Dove Options is in order of similarity and only includes companies that accept traders from your location.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
- ZacksTrade – ZacksTrade: Built for the active trader. Stock & ETF trades from $3, 75¢ options contracts and 3.56% margin rate (lower on occasion)
- Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
What Is Dove Options?
Dove Options is a multi-asset binary options platform. Trade across 4500+ instruments including global stocks, commodities and forex. The brand now also offers a copy trading tool.
Does Dove Options Offer A Demo Account?
Dove Options does not offer a demo account. Paper trading is a great way to learn binary options tips and tricks before entering the live environment and is particularly useful if you are new to trading.
What Are The Different Dove Options Account Types?
Dove Options offers five account types; Classic, Bronze, Silver, Gold or Platinum. All provide access to trading instruments, education and brokerage services. Minimum deposits vary.
Is Dove Options Legit?
Our review has highlighted some concerns about the sincerity of the brokerage. Regulatory legitimacy and lack of company information are major causes of concern. Exercise caution before opening a live account.
|Dove Options offers binary options and copy trading.|
Dove Options vs Other Brokers
Compare Dove Options with any other broker by selecting the other broker below.