Video HighLow Review
As a reviewer of binary options brokers, sometimes it is utterly frustrating trying to review some of the brokers that I come across on the internet. Why? Some of these brokers are so frugal with information about their corporate background that it makes you think you are actually dealing with some ultra secret government intelligence agency and not a binary options broker! But nevertheless there are occasions that you come across a broker that is above board and transparent with everything that they do. One such broker that I happened to stumble across recently is the Australian based binary option broker HighLow.
Established in 2010, the HighLow trademark is owned and managed by HighLow Market Pty Ltd, a company regulated by the Australian Securities and Investment Commission (ASIC). Their head office is located at Level 14, Macquarie House, #167 Macquarie Street, Sydney. They also have an office in London located at Milton Gate, #60 Chiswell Street.
The platform that HighLow has adopted is the Markets Pulse platform. This is one of those white labeled trading platforms that only recently became more widespread. The navigation interface is well designed and brightly colored making it easy to use. The platform supports 4 types of option contracts namely High/Low, High/Low Spread, Turbo options and Turbo Spread options.
The High/Low option is actually the classic Call/Put option where you determine if the current price of the underlying asset will end up higher or lower by the expiration of the option. As for the High/Low Spread option, it works in the same manner as the High/Low option except the current price must closed above or below a certain spread range. As for the Turbo option, it is basically a High/Low option with an expiry period ranging from 30 seconds to 300 seconds. The Turbo spread option also works in the same manner as High/Low Spread options but with a shorter expiry period.
Although the choices of option types are limited to only 4 types of contracts, the broker makes up for this deficiency by offering payouts as high as 200% for a successful trade. Nevertheless, you need to bear in mind that the typical payouts are much less at around 85%.
To cater for traders who are constantly on the move, High/Low has also provided them with mobile trading apps which can be downloaded from Google Play or Apple’s App Store. These apps are designed especially for the smartphones small screens hence ensuring optimal visibility of the trading platform.
While I admit that the platform is easy to use, it does suffer from two major limitations. For starters, you can’t change the chart type. The only view of the chart is in the form of a line chart or area chart. Secondly, the trading platform doesn’t offer any additional tools such as technical indicators which you can overlay over the price chart to give you a better idea of the price movements. Most of the white labeled binary options trading platform used by the majority of the brokers have these two capabilities. So in this respect, High/Low is a little behind time in terms of platform technology.
Account Types and Asset Index
In terms of trading account choices, High/Low has only 2 types of account available, a demo account and a standard account. Some of you may think that this is rather limited but you have to bear in mind that you only need one trading account to trade. Given the kind of trading conditions offered by High/Low, the standard account is more than sufficient to accommodate the needs of both beginner and experienced traders. For example, the minimum deposit requirement for the standard account is only $50 which affordable for everyone. In addition, the minimum trade size is just $10. The maximum trade size is $2000 which more than sufficient to satisfy even the most prolific trader.
As mentioned earlier, HighLow also offers a demo account facility in addition to the standard trading account. To be honest, their demo account facility is something that every broker in the industry should emulate. This is because the guys at HighLow have done a great job with their demo account facility that you don’t even have to sign up to access it. With just a single click on the “Quick Demo” button located at the top of the webpage, you will be taken directly to the trading area with $10,000 virtual cash to play with.
As for the range of underlying assets which are available for trading at HighLow, it is rather modest. Currently, there are only 17 currency pairs, 7 market indices and one commodity to trade with. Nevertheless, it doesn’t represent a deal breaker as there are still many other positives about High/Low’s services.
Deposit & Withdrawals
For deposit and withdrawal options, HighLow support the following methods:
- Bank Wire Transfer
Take note that there is a minimum withdrawal amount of $50. In addition, for withdrawal through bank wire transfer, there is a service fee of $20. This is understandable as HighLow has to deal with the charges imposed by the bank processing the fund transfer.
Customer support at HighLow is by email or through the telephone. However the telephone number provided is for Australia and is only available from 9am to 4pm (Australia). There is no live chat support which is a big letdown. However, their email support is extremely professional and responsive, making you feel that they are really trying their best to help sort out your problem. Even their educational resources section is quite impressive with a wide range of materials that are available.
Is HighLow a Scam?
Definitely not. To begin with, they are regulated by ASIC which has strict regulatory guidelines on how financial services providers should operate in Australia. Furthermore, the broker has been around since 2010 and that is a long time for a binary option broker to exist in the ultra competitive binary trading industry. So although HighLow isn’t perfect, given the large number of scam brokers existing on the internet today, I’d rather go for an established broker like High/Low that is fully transparent with the way it operates. After all, they don’t need all the fancy bells and whistles to attract clients as their reputation precedes them.
Pros & Cons HighLow
- Affordable account opening requirements
- ASIC Regulated broker
- High Returns on Investment
- Professional and Trustworthy broker
- Quality Demo Account
No Live Chat support