There seems to a tree theme to many binary options brokers as newer brokers such as Sycamore Options try to build off the success of brokers such as CedarFinance and Redwood Options. Sycamore Options doesn’t quite live up the standards of those other brokers, however, as they offer very little to excite modern options traders. But the high-quality SycamoreOptions.com platform along with a couple of unique features such as fundamental analysis training do warrant a second look.
Software and Features
The Sycamore Options platform runs on the older SpotOption software which is quite intuitive and powerful, yet lacks a couple of the newer features such as the Pro Trader platform or mobile apps. With that said, the older SpotOption program is still much better than many other platforms. The website educational resources are fairly average with a few articles, guides, and videos to help traders learn how to trade and use the platform. A demo account is sadly but predictably not available. In addition to market analyses, Sycamore Options does have one cool, unique feature in their fundamental analysis section, which teaches traders how to use fundamental analysis to make better trades. Live chat support is theoretically available around the clock, though it takes ages to get a response, while local phone numbers are provided for a number of different countries.
Option Types Offered
At the time of our Sycamore Options review, the asset list totalled nearly 90 stocks, commodities, currencies, and indices, which is impressively high for a broker of this caliber. The assets can be traded as call/put options, one-touch options, or 60-second options. The SpotOption Option Builder is also supported so that traders can customize their trades. In-the-money payouts are lower than with comparable brokers, topping out at a mere 75% while losing trades only return about 5%.
Account Types Offered
It is vital that you contact a customer representative when you create an account at Sycamore Options, because while many account benefits such as a Sycamore Options bonus and a personal account manager, you have to ask for them. It takes a fairly large deposit to get additional account benefits such as faster withdrawals or a dedicated account manager. All major credit cards are accepted, and accounts can be funded by wire transfer as well.
Not everything at Sycamore Options is perfect, and they still lag far behind many of the leading brokers in the industry. But with that said, there are a few cool features and reasons why SycamoreOptions.com might be an attractive broker for certain traders. Taking a few minutes to take a longer look at Sycamore Options will end up being time well spent.