Optima Trade has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I wanted to transfer my portfolio from another broker to Optima Trade. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Tax reports included|Great customer service
Cons: Alert system is basic
Optima Trade changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Economic calendar|Dividend tracking
Cons: No live chat on mobile|Withdrawal takes 1-2 business days
Optima Trade has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Transparent fees|Fast execution|Segregated accounts
Cons: Alert system is basic
The hidden fees at Optima Trade are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Portfolio tracking tools|Educational resources|Risk management tools|Copy trading available
Cons: Account statements could be more detailed
What really bothers me about Optima Trade is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them after a friend recommended them and I fell for the polished exterior. Never again.
Pros: Copy trading available|Social trading features|Instant funding|Transparent fees
Cons: Charting tools need more indicators|Spreads widen during volatile periods