Beast Options was a super dodgy bitcoin binary options platform that has thankfully closed. Interested in adrenaline pumping, highly leveraged bitcoin action? Just use a big leverage on bitmex. Not sure why anyone would want to read it, but below is our review from 2015.
Opening an account
If we were to put registration difficulty on a scale from 1-10, in which secondstrade was an example of one and opening a new bank account were an example of 10, beastoptions would come in at around a four. 10 fields – including telephone number, country and birthday, but not address stuff – and two tick boxes are all that stand between you and a world of options so outrageous, one can only call them beastly.
Additional KYC information – proof of address and proof of identification- are required upon withdrawal, both for bitcoin and standard payment alternatives. Please note that withdrawals can take up to five days for processing, and only one free withdrawal is allowed monthly. Subsequent withdrawals come with a charge of $30.
How to trade
Beast Options offers a web-based trading platform, which also serves as the site’s homepage. A list of assets graces the center of the screen, along with a chart showing asset movements, and a trading slip. The trading slip consists of a “call” and a “put”, the former representing a trader’s belief an asset will expire at a price above the current “our rate” price, the latter suggesting the opposite. The expiration times are also shown on the trade slip, and may be adjusted to the trader’s liking. Generally speaking, the closer an expiration, the lower the payout percentage.
There are four different trading types available at beastoptions.
Digital: An option with a fixed payout, regardless of expiration time. Please find below the payout and expiration table.
Turbo: Similar to digital options, but with very fast expirations. All asset classes offer one, two and/or five minute expirations, with 176% payouts.
Touch: Touch options allow traders to predict whether an option will touch a particular price point prior to expiry. More liquid instruments offer expirations every quarter of an hour up to 45 minutes, while others offer only 30 minute options. Options with later expirations will require a higher or lower touch point, depending on whether the order is a call or a put.
Range: A range option allows traders to predict a range within which an option will be “in or out” of at the time of expiration. Range options offer payouts of 160%, and are expire every 30 minutes, on the hour and half past. they can be purchased up until 10 minutes prior to expiration.
There are two additional trading tools that are of use to beast options traders. The “close now” functionality allows a trader to liquidate his position prior to expiration – this might happen if a trade is in the money but feels that a reversal might occur prior to expiration, or if a trade wants to cut his losses on a position that looks as if it will end out of the money. Basically, closing early either takes a smaller profit or smaller loss.
The “roll over” allows an options trader to extend the expiration for an additional fee. A trader might use this functionality if an option is about to expire outside the money, but the trader still believes the position will eventually prove correct.
The site is surprisingly not optimized for mobile. While trades can be entered on touch devices, it is not very comfortably done.
Support seems to be somewhat lacking. There is a little icon in the lower left hand corner of the site which signifies live chat. In two attempts to contact support, which required inputting email and telephone, I was left waiting for over 30 minutes. To add insult to injury, a message reading “if you do not wish to wait any longer, click the button below to end your chat”. (thanks, really need instructions on how to close a friggin chat box). No indication if my question, which was input ahead of opening the chat box, would be answered by email. As a matter of fact, the only response I’ve since received is a “thank you for leaving your contact details” message. So yeah, live chat feels more like data collection than actual support.
Wanted to like beastoptions, but I’m not wholeheartedly committed. The support is pretty poor I think, and the general content seems at times a bit amateurish. However, the product is quite nice, and there is a wide selection of instruments. Jury is still out for me on this one – would be happy to hear experiences from any BitReviewers out there who have had a go.