CopyOp is an Android app powered by Anyoption that puts Binary Options trading into the hands of people all over the world while being one of the first to do so with social features. The idea behind CopyOp is to “copy” other successful traders and automatically have your money invested in successful options or indices that they’ve seen success with. Users can of course forge their own path and choose other options, currencies, commodities and other stocks to trade in, but the real draw of CopyOp is to connect with other likeminded traders and learn from some of the best. The Android app is nice and simple to use, and Binary Options are one of the easier ways to get involved in trading. So, let’s see if we can get started in the world of stocks and shares with CopyOp, shall we?
First thing’s first, users will need to download CopyOp from the Play Store. Also, users should be ware that Binary Options and any sort of trading like this can have a serious effect on their finances. With that said, users will be introduced to the world of CopyOp when they download and launch the app.
Users can either sign up with their full name and details or with their Facebook account, which further shows the app’s commitment to being a social solution.
Even so, I found that signing in with Facebook would ask for further details such as a phone number and such. Still, this is a trading app and CopyOp’s support is very good, and they’ll need a way of getting in touch with people if something should go wrong.
You’ll also be asked to add a valid debit or credit card to the app, and despite the fact that a $500 initial deposit is suggested, you can get started by depositing absolutely nothing. Once an account is all set up, CopyOp will give users pointers on how to Copy or Watch a successful trader.
CopyOp allows traders to take a look at the successful traders out there and see where and how they were successful through the Hot feed.
This is a good way of figuring out just what these traders made their money on and users can also click on a fellow trader to see their success rate and generally learn more about what they’ve been up to.
Forging your own path is fairly easy of course, and there are a couple of ways to do this, you can either go into the Explore menu and choose an option or index that’s up for sale that someone else has purchased like this:
Or you can choose to Explore and choose assets or options of your own from an extensive list:
Whenever you purchases something there are two important things to remember about Binary Options and CopyOp. One of those is that you can choose the amount to purchase and the other is that you’ll always be told – in rough terms – how much you stand to get back or how much you stand to lose.
Purchases even come with their own receipt, too!
A lot of what Binary Options is is trading on the value of different currencies against other currencies and CopyOp helps here by offering some helpful graphs and data to work with.
I’ll be totally honest, the world of stocks and shares certainly feels like a foreign one to me, however it didn’t take me long to understand just what Binary Options were and given a little more time and more courage to risk some cash, I think I could have made some money using this. As a tester however, I only ever used money from a test account. Even so, I can see why the social element here comes in handy. After all, people feel more confident if they can take a little advice or mirror the workings of someone else and this is a shrewd way of CopyOp getting more people involved into trading. The app itself works fine and CopyOp’s support team are pretty great, too. After registering an account quickly I got a phone call and it was something that I thought added a personal touch, and something that people looking to spend lots of money on investing and such should get as standard.
Ratings
- Speed (4/5) – Getting started with CopyOp is pretty straightforward and doesn’t take very long at all.
- Theme (4/5) – It’s not the best looking Android app out there, but it’s fairly well laid out and everything is easy to understand and follow, too.
- Features (4/5) – Obviously, something like CopyOp is only for those that know the risks, but as a service to get started in the world of trading, this offers low risk and more importantly the ability to learn and improve, too.
- Overall (4/5) – I might not be the Wolf of Wall Street just yet, but that’s more down to CopyOp being a responsible and low risk way of trading than anything else. A great way of getting started, this is something a lot of people should find fairly simple to get started with.
Pros
- Doesn’t take long at all to get started and the introductory steps are well worth looking into.
- Great customer support from CopyOp makes this an easy option to get involved with long term.
- ROI is clearly shown to people that might have their reservations about spending their hard-earned cash on options or indices.
- Social part of the app is well thought out and will allow new traders to take their time and perhaps reduce the risk of losing a lot of money upfront.
Cons
- Demo account with a small amount of money for people to get used to would help them be better prepared for live trading.
- User interface could be a little more colorful and a little less daunting.
CopyOp has a lot going for it, regardless of whether or not you’re someone that’s just starting out or someone familiar with the world of stocks and shares. What makes CopyOp so appealing is that new users can see what others have been successful in and this keeps the whole market going forward, rather than going backwards. It’s easy to see what you might lose or gain from any sort of investment, and there’s some quality options out there that, if played right, can result in some decent returns.