OptionBit Review
| Broker | OptionBit |
|---|---|
| US Traders Accepted | |
| Company Name | Global View International Services Ltd |
| Headquarters | Saint Vincent and the Grenadines; 272 Bath Street, Glasgow G2 4JR, United Kingdom |
| Regulation | No |
| Bonus Type | Match bonus |
| Bonus Size | $500 |
| Max Payout | 81% |
| Out-of-Money Reward | 0% |
| Trading Platform | TradoLogic |
| Deposit Options | Credit/debit cards, Western Union, Skrill and bank transfer |
| Deposit Currencies | US Dollar, Euro, and Pound Sterling |
| Minimum Deposit | $200 |
| Minimum Trade | $10 |
| Maximum Trade | $5,000 |
| Online Since | 2010 |
| Trading Instruments | Currencies, indices,bonds, commodities and stocks |
| Number of Trading Instruments | 33 |
| Binary Option Types | Digital, Touch, Range |
| Customer Support Types | Online chat and phone support (Monday-Friday 7:00AM to 9:00PM, GMT) |
| Education Offered | Binary eCourse, Binary Tutorial, Free e-book on binary trading |
| Tools Offered | Take Profit, Stop Loss & Roll Over |
| Commission | The first withdrawal per calendar month is free, with subsequent withdrawals costing $30. |
| Languages | English, Romanian, Dutch, Spanish, Turkish, French, Portuguese, Italian, Russian, Arabic, Korean, Japanese |
| Demo Account | Free one-time one-day demo account on request |
OptionBit offers more than 30 financial instruments for trading. However with OptionBit, traders from the US can trade in stocks only. Incorporated in Saint Vincent and the Grenadines, the binary options broker has an offices in the United Kingdom. They support several European languages besides Arabic, Japanese and Korean languages. The company was founded in 2010 and they offer payouts of up to 81%. They offer an in-the money reward of 75-81% but there is no out-of-money reward and it simply means loss for the trader.
OptionBit is not a regulated brokerage company. The company provides trading platform and tools to help support its registered traders. They provide a Demo Account with single day validity with free account registration. However, for activation of a demo account, the registered user will have to make a request. One can fund their account with a minimum amount of $200 only. And they have different funding modes such as MasterCard, Visa, Western Union, Skrill and bank transfers. Moreover, they offer attractive bonuses for depositing the account for the first time.
Trading Choices
The majority of the brokers offering binary options claim to provide a number of trading choices to its registered users, whereas OptionBit has a small collection of 33 assets. Many traders may not find a suitable trading option with OptionBit because of their limited number of assets. Availability of a wide range of assets brings in more traders to a company, as they get a number of choices. However, for European traders the Bund Bond offered by the company can be an appealing instrument. This German bond is greatly popular in the European asset market. However, they don’t have any asset from South East Asia and the Middle East, besides offering language support for the people of these regions. They however offer a range of currency pairs for trading and this perhaps makes them a profit-making broker.
Reliability
OptionBit is not a regulated company and at the same time, the trading platform offered by them is less commonly used in the industry. These two are the important factors that can make any trader to raise a question about their durability. The live chart support endeavors to make all trading trouble-free and there is hardly any delay in order confirmation.
Technical Analysis
OptionBit is again not a great company when it comes to provide technical analysis and tools to its traders. Traders need best charting and real-time market reports to help assess the market movements appropriately. OptionBit’s tools are not very smart and intuitive to help the traders. Many brokers today provide historical data and multi-directional larger charts whereas OptionBit provides tiny charts that can hardly help a trader to anticipate about the market. OptionBit should think supplying free charts and better tools to its traders so that they can ensure larger profits in the market.
Simplicity of Use
OptionBit has a simple user interface that anyone can easily understand and can start real trading very quickly. The interface is rather plain and clutter-free. The design endeavors to provide a simple navigation feature. However, the feature concerning customization of alerts is missing. Neither a trader can define a set of preferable assets to get alerts related to them. However, the money deposit and withdrawal options are quite simple.
Learning & Support
They also claim to offer learning resources in terms of Binary eCourse and Binary Tutorial, but which are not as exhaustive as needed to be to make understand everything about binary options trading. Registered users however can download a free e-book on Binary Trading to help develop a better insight of binary trading. The site also has a Quick Guide video tutorial that takes one through the journey to the binary trade. A FAQ page and live chat support are also there to help the users.
Conclusion
The best thing is that their minimum deposit is $200 only, which is very low initial investment for entering the binary options market and can be a preferable choice for the small investors. However, the trading platform offered by them is not used commonly in the industry. This may keep pro traders away from them. Moreover, they offer a limited number of options, which an expert trader may find again a less attractive aspect. And above all, they are not regulated by any organization or body and this limitation can keep many trading aspirants away from OptionBit.
I found this platform very slow and when I was using their turbo option, more often than not, there was a problem placing the trade.