OptionBit Overview

OptionBit
OptionBit
Bonus: up to %50
Options Profability : 70-85%
Rating: 7.3 / 10

Basics

Broker Name: OptionBit
Platform: Tradologic
Founded: 2010
Bonus: up to %50
Return/Refund: 70-85%/1-15%
US Traders Accepted: No
More OptionBit Basic Information

Features

No. Of Assests : 70
Regulated : Yes
Demo Account : Yes
Deposit Options : C.C., WireTransfer, MoneyBookers, and more
Language : 7. including English, German..
Minimum Deposit : 200

Screenshots

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Review Last Updated 2014-03-13 10:10:15

Editor’s Note- Why does OptionBit suck in 50 words

Their main problem is the lack of Out-Of-Money refund which is always an important feature in case of a bad investment. But with OptionBit, if you are wrong about your prediction, you will get back zero, nada. Considering that lately almost all brokers offer refunds, I am really surprised to see that OptionBit doesn’t, even after the website upgrade they recently made.

 

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Why OptionBit doesn’t Suck in 50 Words

OptionBit trading platform, based on the modern technology of TradoLogic, is the best part about OptionBit. I like the simplicity of that platform, and I like the above average returns even better. They recently added the Trader Insight tool to the platform and they improved the overall design of the website. They also have an Advanced Chart feature, powered by Netdania.

 

 

OptionBit Full Review- Beginner’s Luck?

Relatively fresh (Launched on May 2010), OptionBit “Premier Binary Options Trading Platform” offers user-friendly and mildly organized platform. Like most new Binary Options Brokers platforms, OptionBit platform is 100% web based (available on 9 different languages) and do not require any software to be downloaded. OptionBit trades on TradoLogic, and is protected by Godaddy SSL. OptionBit trading platform is based on the most advanced Binary Options trading systems in the industry, equipped with many efficient tools such as Range, Touch and Digital trade or other In-Trade tools like Close Now and Extend options. Overall, it’s fair to say that OptionBit kicked off on the right foot and looking good value for the future. So why does OptionBit Suck? Before the website “facelift”, a trader could only view one asset at a time not to mention the lack of any information about that asset. Navigating between assets was catastrophic but the recent update really makes the trading experience more enjoyable and brings some much needed improvements: you can see multiple charts by clicking on the “Multi” button in the upper right corner of the chart; the strike price information (which was really confusing at first) is now accessible at a glance and the Suggested strike price issue is completely gone. That problem really didn’t add any positive points to OptionBit’s credibility; it even took some off.

 

Unfortunately another issue popped out- the “free” demo isn’t all that free. That issue is especially concerned with beginners since they need the demo in order to learn how to trade. I was shocked to find out that creating a demo account is only available once you deposit the first time. As always, Binary Options that Suck don’t approve a review before registering and creating an account at the reviewed broker’s platform, so I opened an account at OptionBit and asked them to set up a virtual cash account for me. If you search the web you will find out many review sites that mark boldly the fact that OptionBit offers a demo account, and so I did. The problem was that my request was denied, politely. Now I just don’t understand what their problem is. If you already offer me a demo, why should I deposit first? well, i contacted the support and they told me that if thay opened their virtual cash free acount to anyone, they had no time to answer real money trader’s questions fast enough. It made me curious so I looked up other broker and asked them about the availability of free demo account, without depositing first. Most of the brokers gave me the same answers as Optionbit, with a few exceptions. The answers where more or less the same, the only exception was the initial deposit fee. In my opinion the demo should be free always, but I do accept their arrangement. Whether you decide its ok or not it’s up to you. To their favor I’ll say that the minimum deposit is only 100$ which is lower than most other Binary Options Brokers.

 

Is OptionBit Scam?

Another downside for beginners is the lack of Out-Of-Money refund. Out-Of-Money refund, usually between 1-15%, offers you a chance of getting at least some of your money back. For beginners I always recommend choosing a Binary Option Broker that DOESN’T Suck and do offer Out-Of-Monet refund, so that your first traders won’t get the chance to become a total disaster. Before updating our review, we said that OptionBit really needs more time and more experience to become a premier broker. Well, they are certainly taking the right steps in that direction and try to improve in the areas they lack. 

 

Choosing a Binary Options Broker is not easy at all. Much research has to be done and every potential trader has to do his own Cons and Pros list to draw a certain conclusion. OptionBit is still young but already looks good value despite its disadvantages. My final conclusion is that OptionBit should really decide to what direction are they going, and work hard to get there. I don’t think that any broker should aim towards beginners and veteran at the same time, but to specialize in one of those two areas. OptionBit is on its way up, their platform is pretty easy to use, and most important, they are definitely trying to improve. There is no evidence of a scam and so far they are doing a good job.

 

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OptionBit Complaints

One way of finding more information about a specific binary options broker is searching the broker’s name plus complaint, scam, fraud, etc. Lots of comments are untrue or maybe biased, some might be true. We at Binaryoptionsthatsuck do the research for you. Try it yourself. We were looking for complaints about OptionBit and came up with some interesting information. Some traders complained in a few different forums about a problem with expiry value. Most of them later commented that OptionBit did fix the problem and gave their money back. There were only minor comments regarding withdrawal issues, yet, nothing special.

 

OptionBit Bonus

In the Promotions section, OptionBit informs us that the bonus is 30% for a $200 investment, 40% for an investment of $500 and 50% if you deposit $1000, while the wager is 15 times the deposit. In the FAQ section they inform the trader that bonuses are received when making a minimum deposit of $500 a fact which clearly contradicts the “Promotions” section. However, the problem I see with the Bonus is this: “Furthermore, the Company may, at its sole discretion, credit the Client with up to Thirty five Percent (35%) bonus for each deposit made by the Client up to a maximum of one thousand five Hundred ( $1500).” The quote above is taken from their Terms and Conditions, and means they can force me to receive the bonus and consequently, tie my money to the platform until the required trading volume is reached. Not good!

 

OptionBit Withdrawal

Here at Bots.com we care about withdrawal, even more then we care about depositing. At OptionBit, the maximum withdrawal for C.C cannot exceed the initial deposit amount (there’s a limit), same as many other brokers.

 

OptionBit Extras

One thing we liked about OptionBit is the one day 500$ virtual cash account. Unfortunately, one day is just not enough…An extra feature is the recently added Advanced Chart which we find very useful.

 

 

OptionsBit Ratings

User Friendly 13/20

OptionBit website offers 100% based Tradologic trading platform. The platform isn’t the most user friendly trading experience but nevertheless, the site is nicely organized, clean and switching between asset categories is easy, especially since the recent improvements they did. Another downside is the OptionBit trading tutorial which is unattractive and not easy at all to read.

 

No. of Assets and Expiry time 15/20

Total of 70 assets: 13 currency pairs, 4 commodities, 13 Indices and 40 Stocks available to trade is an average-to-high basket of assets in the Binary Options industry. Overall 70 assets and only half hour to a few hours expiry times is just enough to be considered a variety broker. OptionBit currently offers weekend trading, which makes the overall expiry time a little longer.

 

Commissions, Support and Effective return 15/20

OptionBit do not charge any fees while depositing, and do charge commissions for withdrawal in the first time, or once a month. However, Subsequent withdrawals cost 30$. The OptionBit Effective return adds up to 81%, which is between average to high compared to other Binary Options Brokers, but they do not offer any refund incase of Out-Of-Money. The OptionBit support is available via 4 international numbers in the US, UK, France and Spain, by email, call back request (international and multi-lingual) and the live chat which is extremely effective and answered within very few minutes.

 

Deposit, Payment and Bonus 14/20

Depositing is only available via credit cars or wire transfer or skrill. The minimum deposit is average compared to Binary Options Brokers- 200$ and the minimum trade amount is 10-20$$. OptionBit Bonus adds up to 500$ from the very first deposit, and the investor can purchase options for as much as 5000$ per option which is very competitive in the industry. Payment is available by credit cards.

 

Website Extra’s 13/20

A good extra feature is the Extend and Close now options, which allows investors to extend or close a trade before the expiry time. 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. The best extra feature, added after the website update is the Advanced Chart feature which allows you to actually conduct technical analysis.

 

OptionBit Overall Score  70 + Regualted (+3) = 73/100

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27 Responses to “OptionBit”

  1. Scammed trader says:

    Be very careful with this platform. The data is manipulated and the price offered will jump when you enter a trade. Getting money out also slow tedious and short changed.

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    • warren says:

      I have had an account for a year or more, didn’t make any money, some bad weeks in the stock market I had just thought making a deposit. Well it’s not possible they are always increasing deposit and no having making a deposit once doen’t make a difference. It has gone from $100 to $200 to $500 to now $1000. Get real don’t waste your time with this one.

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  2. Scammed By OptionBit says:

    Please be careful about Optionbit. Everything else seems rosy and well done on their platform as you get started not until they start manipulating your strike values. After trading for two weeks and increasing my balance from $800 invested to over $2000.00 suddenly I started loosing trades. Altogether I lost over $800.00 in a few hours. A closer investigation as to why my strategies were failing, I discovered that OptionBit had targeted my account and started manupulating my strke values. For example, their strike price for a CALL option was way above the current graph level making it extremely difficult to win any trade using any reasonable strategy. This was really heart breaking for me after having worked so hard and for many hours to build my balance with hopes of a cool wothdrawal. Bewarned, repeated follow-ups with support were met with slothful responses. I believe everyone in that outfit knows what is going on. They want you to loose and keep loosing. Yet they want you to keep funding your account. They are no different from pirates…reaping other peoples sweat. It’s a shame. This is broad daylight robbery. I would really stay away from Optionbit. Am loosing heart about binary trading. TOO many scams its hard to know who is real. Thanks Frank for this website it makes a difference. Wish i had found it sooner.

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  3. Han from Holland says:

    Think they are scam, read the story above. He is right, they manupulate the entry course for a trade. Made a fake account to check those entries and then you got a complete other entryprice, that’s suspicious, so absolute a scam.

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  4. StratocasterMan says:

    Initially, I was happy with them except for the noted items in the review I completely agree with. I myself have not paid that much attention to the strike and closing prices that much but started to feel something may be a bit crooked feeling today actually.

    Thanks for the HEADS UP guys! I appreciate it. Now I will see if I can get my money out! This is very disheartening because I felt like they could have gone places.

    Successful Trading To You All!

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  5. Jimmy says:

    Another rip-off to avoid is VIP BINARY. Same format and they call you all the time trying to get you to invest 1000. I lost 1500 dollars from these places. I dont think I will seek this way of making money again!!

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  6. Susan Baldwin says:

    Hi.I have questions regarding OptionBit. As a (total) beginner, it seems simpler. But what are the implications of it not being regulated? And did I understand your description of withdrawing money to mean that with a $100 deposit, I could only withdraw any profits in $100 increments, with a $30 fee for each withdrawal after the first one per month? Thanks!

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  7. Joanne says:

    Have been trading with Optionbit for 4 weeks now, I am a total newbie. I consider myself to be a patient person, I was doing well made a profit of 500 pounds so decided to request a withdraw,thats when things changed, it became difficult for me to trade without making every trade a loss. Thought I would chat to someone about this asking about why there was such a big difference with rates/prices, operator answered my questions with questions i.e well what to you think is the problem or why don’t you tell me whats wrong. I feel this person either did not understand me or was being just down right horrible. I explained in detail what was happening but operator was not very nice, I logged off and am hoping I get my money back, as a newbie it was not a nice experience I will be looking elsewhere for another broker. PS Did not lose any money just found it impossible to trade anymore without every trade being a loss.

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  8. Matt says:

    Was anyone able to withdraw their profits from Optionbit? They definitely are a big scam. When I started making a decent profit, they started altering my strike values. I created a different account just to check and it was fine. Strike values were normal. I talked with support and they said that they have informed the Technical Services Team and asked me to wait, but I know this wont be solved. I made a withdrawal of all my profits. I hope it comes soon. So was anyone able to withdraw their profits successfully? I’m a little worried that they will never give me the money.

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    • MikeOscar says:

      Have you been paid to date? The withdrawals, did they go through?

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  9. jose says:

    I started with Optiobit with 100 euros, after reached 200 I started to loose. I spoke to my account manager and he told me to invest 400 euros more and he would teach me then. When I got 220 euros in my account I started to loose, several times for these spreads that most brokers do. I couldnt explain how I was loosing my trades with the price of the currencies being as I predicted before. Please beginner do not start with OptionBit. Do not make the same mistake as me.

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  10. waqas says:

    i researched hours and hours,burnt my oil,finally i come up with the conclusion donot spend your money.take a chill pill.Big frauds

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  11. Tenovee says:

    BO Capital and OptionBit are the same total Scam, Con Artist!!

    They refused withdrawal of my profit and my initial deposit too!! I blamed myself for not doing enough research, It is sicking I tell you; ones you deposit your money into their account you will never get it back!!!

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  12. RAFIK ALOUANE says:

    I TOTALLY AGREE WITH THE REVIEW FROM OTHER TRADERS. THE RATES ARE MANIPULATED IT SAYS “OUR RATE ” THEREFORE ITS NOT YOUR STRIKE ITS THE RATE THEY WANT YOU TO BUY . THEIR RATE IS AT LEAST 20 PIPS ABOVE OR BELLOW THE CURRENT PRICE OF THE MARKET(REUTER) NEEDLESS TO SAY THEY WANT YOU TO LOSE AND WANT YOU TO PUT MORE MONEY AND HARASSING YOU WITH BONUSES.WHEN I FOUND OUT THAT BIG SCAM I TRIED TO WITHDRAW MY MONEY AND THEY ARE DOING THE BEST THEY CAN TO KEEP IT AS LONG AS POSSIBLE FOR THEMSELVES . ITS BEEN OVER A MONTH NOW … I DONT RECOMMEND THIS BROKER FOR ANY TRADER…STAY AWAY FROM THEM . RAFIK FROM FRANCE

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  13. vernetta says:

    I made two successful trades on optionbit, but I only received $7.50 return on my $10 investment, and on my $25 investment I only made $18.75 on this investment.
    I’m going to cash out of this scam program, and look for an ethical business site. Thanks binaryoptionsthatsuck.com for the review on this company. I wish I had seen this earlier before I deposited my money, and they wouldn’t take a $100 deposit, even though they said they would.

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  14. Mike says:

    XPMarkets is another scam. They wait until your account balance approaches 200% of your initial deposit and start adding 20pip spreads to your entry strike prices, putting you initially 0.0002 out-of-the-money on all your trades.

    Their Terms and Conditions also make it so that you cannot recover your initial deposit without reaching 10x that amount in your account.

    I filed a credit card dispute to recover my deposit, but I will never be able to recover my profits, and neither will you.

    Stay away from XPMarkets, and beware of brokers on the Tradologic platform – that seems to be what all these brokers have in common.

    Spread the word!

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  15. faisal says:

    brother plz tell me im going to invest in binary is it scam brother

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  16. Mirosaty says:

    Hello, I am a beginner. I want to know something about optionbit. My questions are: What is an Optionbit? Why does optionbit provide us a lot of money? How does Optionbit make money for us? How much I can earn from Optionbit if I deposit only $100? How can I withdraw money from Optionbit? Can I become a loser? Please tell all the questions above. Thanks

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  17. fanis says:

    I was going to put 500 euros in option bit until I read your comments and I do not know what to do, there’s some companies that are safe to play binary options and what is this

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  18. Dawid says:

    I havent´t earned soo much with Optionbit but I turned 110 euro in 245 euro and got my Money. All People here write, that Optionbit is scam but I got all my Money back to my Bank Account and now I am in 24option.com Broker.

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  19. jerry says:

    I have an account with OptionBit and on two separate occassions witnessed that I was in the money at the expiration and even indicated by their system the profit, but the profit was never credited to my account. When I checked the my trades column it indicated the trade as a lost. I emailed OptionBit Support and requested and explanation and credit of the profit but never received a reply from them. I am very disappointed in OptionBit and will find another broker.

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  20. fert says:

    That’s enough for me. I was almost ready to make my first deposit with OptioBit but now I cancel my decision.
    The question is: is there a good Binary Option Trader?

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  21. vagner says:

    Eu posso dizer que me escapei deste fraudador option bit, ao ler estes comentários que
    valeram muitos dias de suor.
    obrigado a todos…

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  22. Steve says:

    Lots of grief but after I eventually traded the limit required by the bonus that I didn’t get (very long story but don’t go for the bonus) I was able to withdraw the 200% profit (on my deposit) that I’d made – not without jumping lots of hurdles though. Platform is good and when the assets are available, I have no problems with execution. What really gets me is assets not being available to trade when I want to. I have a very high probability way of making good profit, a few days of the month, only to find I can’t trade what I want to when I log in. Support tell me the market is too volatile when the market is really going sideways in a tight range. I’ve also seen spreads on range-trades vary between one account and another – why should that be???? I don’t trust them at all but, at least for the time-being (and after about 14 months of having an account with them), will continue trading with reservations, when they allow me to … I’m only trading their money now, so have nothing to lose but my time. I’ve certainly had no problems with winning trades not being paid out, if when the win was only by a pip, so all credit to them for that.

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  23. sho says:

    Thanks guys. Your reviews helped me a lot. I nearly stepped into the black hole. However, never open an account with topoption either. Even though they say that they are regulated, they are nothing but bunch of scams. My first 10 trades were successful with them making over hundred in 60sec trades. I’m an experience broker therefore I’ve got many spread betting accounts.so while I was trading with topoption, at the same time logged into my etx capital account to check if they provide me with real time price. For first 10 trades it was all fine.no hide n seek. So I have won 10 out of 10. Then suddenly I see two different pricing. My etx capital account shows one price and their platform shows another.which was frustrating so I stopped trading and withdrawn all my money back. After that incident I was looking for a different broker so landed here. After many researches on YouTube and Google. Thanks to you guys. You guys have saved me. Really appreciate that

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  24. ivan says:

    it sucks to redraw your money after 50 emails i got nothing my money is gone

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  25. Tony says:

    That totally happened to me a number of times, too! I didn’t realize why it was happening, but now I’m starting to think what some of the others here have been saying…that they are scam artists, even if most of their business is legit. Also, MANY times when attempting a trade I’ll receive the following message: “Your trade cannot be executed at this time. Please try again later.” What! But I want to trade…NOW! I talked to a rep about this and they explained that, due to market volatility some trades wouldn’t go through. They said they would ask one of the technicians to look into it, but I’ve yet to hear anything back from anyone. All I know is that trading on OptionBit can be very frustrating! You LOSE trades you saw yourself win (I’ve witnessed at least 4 trades I finished Green and In The Money on, only to see the balance in my account go DOWN and the closing history on my account show losses instead of wins), and you often can’t place a trade exactly WHEN you want to.

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