General Information
Established in 2022, SharkOption is an online forex broker registered in Australia, offering its clients access to diversified trading instruments, such as forex, CFDs, Metals and more through its in-house platform. Four trading accounts are available on this platform and the minimum deposit to invest with this broker is USD/EUR 250.
Is SharkOption safe to trade with？
When it comes to regulation, SharkOption disappoints us due to the lack of authorization and licenses to operate forex and CFD trading services. The regulatory status of SharkOption on the WikiFX website is marked as “No License” and it only receives a quite low score of 1.08/10.
Bear in mind that trading with an unregulated and offshore forex broker contains a high level of risk. Before you deciding on any broker, you are strongly recommended to check out a forex brokers regulatory licenses on WikiFX.
Market Instruments
SharkOption claims to offer its clients access to a massive financial market. Different types pf trading assets, such as Forex, Cryptocurrencies, Commodities, Indices, Shares are all available through this brokerage platform.
Account Types
Four trading accounts are designed for both retail traders and professional traders, namely Field Account, Hill Account, Mountain Account and Sky is the Limit Account. To open a Field account, the most basic one, a minimum deposit of $250 (or equivalent amount of other currencies) is required and the Pro account asks for an initial deposit of $250.
Please note the minimum deposit for another three accounts is relatively high in comparison to its peers, with the Hill account from $1,000, the Mountain account from $10,000 and the Sky Is the Limit Account from $50,000 respectively.
Some account services applicable for these four account include Professional Support, Account Manager.
Islamic accounts are available.
Margin Call: 80%
Spreads & Commissions
SharkOption offers a commission-free trading environment, and trading accounts ultimately determine spreads. Spreads offered by the Field account start from 1.3 pips, the Hill account from 1.5 pips, the Mountain account from 0.1 pips and the Sky is the Limit Account from 0.1 pips.
Trading Platform
SharkOption provides its clients a proprietary trading platform called SharkOption Webtrader, instead of the famous MT4 or MT5 trading platform.
Deposit & Withdrawal
The minimum deposit amount varies depending on payment options:
VISA/MasterCard
Bank Transfer
Skril
Neteller
The minimum deposit is $250 or equivalent amount of other currencies. SharkOption claims that it does not charge any service fee for deposit and withdrawal.
As for the processing time, it varies depending on payment processors, and it takes up to 5 business days for funds to appear in your account through Wire Transfer.
Customer Support
The “FAQ” page of the website contains answers to frequently asked questions.And Traders with any inquiries or trading-related issues can get in touch with SharkOption through an email it gives: support@blazemarkets.com.
Risk Warning
There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved, and it is not suitable for all investors.
The information presented in this article is intended solely for reference purposes.
