RBOptions (Inactive) Review
RBOptions have been shut down. The review below is presented for the archiving purposes.
RBoptions is an unregulated binary options broker located in the Marshall Islands and operated by a company called Zulutoys Limited. They have been in business since 2013, and list two awards from that year at the bottom of their page, though neither include an awarding agency, which immediately calls their validity into question. Additionally, there is a Yahoo! Finance quote right next to them, stating, “RBoptions has invested heavily on financial diversity with analysts and brokers hailing from all areas of the financial world to provide its clientele a comprehensive trading experience.” Looking up this quote, it is impossible to trace it back to a source article on Yahoo!, so this does not inspire confidence. Nonetheless, let’s take a closer look at what RBoptions has to offer.
Four Account Tiers
You can trade on RBoptions from anywhere in the world, except the United States. When you sign up, you can choose from one of four different account tiers: Silver, Gold, Broker, or VIP. The minimum deposit is $250, and you can deposit in Euro, USD Dollar, or British Pound using your credit or debit card, wire transfer, or Skrill. The more money you deposit, the more benefits you can enjoy. At the upper levels there are match bonuses up to 150% (which is actually suspiciously high), as well as up to $10,000 in “RBO Rewards,” which are apparently free Apple electronics.
Going by nothing but the features listed here, RBoptions looks like an exciting broker. At the upper account tiers, you get same day withdrawal approvals, a dedicated broker there to help you 24 hours a day, 7 days a week, and free trading signals. There are also 1-on-1 trading lessons, free monthly webinars, and VIP membership training services. All of this sounds great in theory, though the free educational section also eats into my confidence. One nice feature listed here for all accounts is a demo account. There are no limitations on this account, though you do need to deposit money to use it—which may be a bad idea all around (more on that in a little bit).
What about withdrawals? Withdrawal terms appear to be simple and reasonable on the surface. You get up to two free withdrawals per month, and then you need to pay a $30 processing fee for subsequent withdrawals. This is on par with standard withdrawal terms for other binary options brokers I have researched and reviewed.
Trading on RBoptions
Trading on RBoptions initially looks exciting as well. If the company seemed more trustworthy, it would be easy to recommend them on this basis alone. There are 71 different currencies, commodities, stocks, and indices to trade, and you can trade as little as $5 or as much as $10,000. This is actually one of the few brokers I have encountered which allows you to trade so little on all their option types, not simply on 60 Second options. This would be fantastic if you had a small account and needed to conserve your bankroll.
There are also a number of different trade types, including High/Low, Pairs, Long Term, 60 Seconds, One Touch, FX/CFD, and “Spot Follow.” Spot Follow is copy trading, built right into the system so you can execute copy trades with a single click instead of doing it manually. Though the site doesn’t state this explicitly, they do appear to offer early close, double up, and rollover to help you control your trades on their SpotOption platform.
Surprisingly Limited Resources
As I mentioned earlier, at first glance, this broker is offering a great deal in terms of education and support. But when I went to have a look at the free resources they provide, I was not very impressed. There is an eBook, video courses, how-to articles, and a section entitled “Trading Analysis Methods.” This last section I feel illustrates the deficiencies of this broker. You would think from a section title like this that you would get a comprehensive resource here, but what you actually get is an incredibly short document which discusses several basic elements of analysis—many which even non-investors are familiar with. You will learn next to nothing by reading this resource, which leads me to suspect that the rest of them are equally unhelpful.
I did get on the live chat feature to see if I could talk to a customer service agent about my questions. The line was answered promptly, and a reasonably friendly (although not too intelligent) agent did answer the majority of my questions. While this would seem like a good thing, further research revealed that this company does not have a great reputation, and neither does their customer service team. There are a number of different complaints on Ripoff Report. Apparently the bonus terms make withdrawals complicated, and unless you meet the turnover requirement, you are unlikely ever to get your initial deposit back. This is a common issue with binary options brokers, but it is not a ubiquitous one, and it can be avoided by trading with regulated companies.
Conclusion: Stay Away
All in all, I am not impressed by RBoptions and feel they are a rather dubious broker. They have some good features and some nice ideas; I like the copy trading built right into the trading platform, and the $5 minimum for trades is friendly and accessible. The fact that they include a demo account is also great. But none of this is particularly positive in light of the fact that they have complaints (which they have in no way publicly addressed), and they list accolades they probably never received. Their free trading resources are deceptive; they are not nearly as comprehensive as they look, which makes me question the resources they claim to provide to upper tier account holders. Until more information surfaces on RBoptions, I feel the best course of action at this point in time is to stay away. There are better brokers out there.