Editor’s Verdict
Overview
Review
Headquarters | Cyprus |
|---|---|
Year Established | 2010 |
Execution Type(s) | Binary Options |
Minimum Deposit | $200 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
OptionBit is a binary options operator that is owned by Global View International Services Ltd which is incorporated in St. Vincent and the Grenadines. OptionBit trades currencies, commodities including gold and silver, stocks and indices.
Accounts
There are three trading accounts to choose from through the OptionBit VIP program.
The Mini account can be opened with a deposit of $250 and traders receive a welcome 30% bonus and a 30% loyalty bonus on their initial funds. The Standard account has a $1000 minimum deposit and a 50% bonus is awarded. The loyalty bonus for this account is 75%. Anyone with $10,000 can open a VIP account, receive a welcome bonus of %75 and a 100% loyalty bonus.
All account holders receive a free ebook, 1 on 1 trading and a host of other benefits.
A Diamond account is offered for $50,000 or more; additional information is provided through direct contact with OptionBit’s management.
OptionBit demo is available and enables amateurs to trade with virtual cash before they make real trades, however, it’s only available after the initial deposit.
Features
A good feature at OptionBit is the Extend and Close Now options, which allows investors to extend or close a trade before the expiry time. The extend tool enables traders to prolong an open option until the next expiry time when the prediction will take longer to realize. Extending a trade comes with a minimal fee that is deducted from the trader’s balance upon extending the order. If the extended option closes at a loss, the investment amount will be deducted from the trader’s balance over and above the fee previously paid. An option can only be extended once.
The ‘close’ tool enables traders to close a losing option for a certain fee. They are charged a fee but will not lose their entire investment. The close tool also enables them to close a winning trade and secure the profit.
Additional features are the Advanced Chart feature which allows traders to actually conduct technical analysis and the AutoTrader feature. The auto trade tool gives traders the opportunity to plan a longer-term trading strategy as this tool re-opens winning trades. For example, if a long term upwards trend for the EURUSD is spotted and the trader wishes to auto trade it, he/she will be asked to choose between 2,3,4 or 5 consecutive trades. Once the first trade wins, the next one will be opened for the same asset and in the same direction for the amount of the previous trade (Investment + profit) and so on. Thus the initial investment is secured once the first trade wins.
With Algobit software, traders can trade either manually by following signals that it generates or simply letting the software do the trading on its own.
Education
Through their educational programs, traders can learn everything they need to know before starting to trade.
OptionBit’s training program takes place over live chat or over the phone, whatever is more convenient for the traders. The training sessions are 1-on-1, conducted solely between the trader and the market analyst assigned to his account. They are designed to include 5 lessons discussing the following topics: General introduction to financial markets, Technical analysis, Fundamental analysis, Indicators and Trading strategies. The training continues for as long as the trader feels it is needed.
Their extensive collection of virtual videos provide instruction on the basics of binary option trading, more advanced trading techniques, and tips on how to improve trading abilities in order to trade successfully.
OptionBit VOD Library
Daily news items scroll up on the landing page. I was surprised to see that market analysis of any kind was not posted.
An economic calendar is provided with weekly events and a glossary covers most financial terms and topics.
The FAQ section is quite extensive and covers many areas for both new traders and those with binary option trading experience.
Bonuses/Promotions
Besides the welcome bonus, traders receive up to 100% in loyalty bonuses. Bonuses given by OptionBit are non-redeemable and profits cannot be withdrawn from an ‘active’ bonus for which the trader hasn’t yet completed the trading requirements.
At the time of this review, a new Tournament was being promoted. Hundreds of traders from around the world compete for the top prize based on the amount of their trading volume.
Deposits/Withdrawals
Deposits to funds at OptionBit can be made via credit cards, wire transfer and a host of payment plans such as Skrill, Neteller, Webmoney, Qiwi and others.
The minimum amount to be deposited is $200; the maximum transaction is $5000.
Withdrawals can be made at any time but with most of the methods was used for the deposit, the withdrawn funds are sent directly to a bank account.
There are no fees involved with making a deposit to your OptionBit account. One withdrawal a month is free of charge while any sequential withdrawals carry a $30 fee.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 245 |
Website Languages |
Traders can contact an OptionBit representative around the clock via online chat, email, phone, or by leaving a message on an online form. Telephone support is offered in nine different languages.
Conclusion
It is always refreshing to see a binary options broker that offers a choice of different trading accounts and OptionBit’s accounts seem to cater to traders with all levels of trading experience. The trading tools and choice of options are attractive but I would have liked to see some additional educational material.
Features
There are many online binary options brokers in the market today. However, there are only a few that offer both the “Extend” or “Close now” features as well as “Autotrading” and “Algobit” software, on their trading platform. These in addition to the other unique features offered at OptionBit make it an attractive choice for both new traders and those with years of experience under their belt. The website could be enhanced with additional up-to-date material such as news reports and news analysis but this doesn’t seem to detract from the other features.
Platforms
Proprietary
The OptionBit trading platform, based on the modern technology of TradoLogic, is simple and regulated. They recently added the Trader Insight tool to the platform.
OptionBit Trading Platform
The platform is user-friendly and is organized. Like most new Binary Options Brokers platforms, OptionBit platform is 100% web based (available on 10 different languages) and does not require any software to be downloaded. It is equipped with many efficient tools such as Range, Touch and Digital trade or other In-Trade tools like Close Now and Extend options. You can see multiple charts at the same time by clicking on the “Multi” button in the upper right corner of the chart.
Mobile
The mobile version of the OptionBit platform allows traders to trade anywhere, anytime. They can execute new trades and manage their account with unlimited access to all assets and a wide range of account management tools. There are no o hidden fees or commissions and around the clock support is available.
OptionBit Mobile Platform
Trading Platform
Automated Trading | |
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Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |