|No. Of Assests :||70|
|Demo Account :||Yes|
|Minimum Deposit :||200|
|US Traders :||Not Accepted|
|Read Users Reviews|
Review Last Updated 2015-08-23 09:26:09
Editor’s Note – Why does OptionBit Suck in 50 Words
My main problem with OptionBit is that unfortunately, for several weeks, all my attempts of reading their “Terms & Conditions” has been in vain. No matter which browser I chose, I could not open the T & C. Their support said they were working on the problem and that it would be solved within 24 hours. Still, weeks later, I cannot access the T & C. A silly attempt of avoiding to show them to new customers or just an issue with the website, who knows? Whatever it is, it’s no first time it happened to me with OptionBit. Update August 2015: Finally their terms and Conditions page can be easily accessed. If you are having trouble with it, let us know because it could mean it has something to do with local settings.
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Why OptionBit doesn’t Suck
OptionBit trading platform, based on the modern technology of TradoLogic, is the best part about OptionBit. I like the simplicity of that platform, and that they are regulated. 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. From the looks of it, they are still trying to improve by offering VIP accounts and the Algobit. They did fix the T&C problem but took them an “eternity” to do so, therefore there is not much more to say than that they are an average broker.
OptionBit Full Review – Long Timer
Launched on May 2010, OptionBit “Premier Binary Options Trading Platform” offers user-friendly and mildly organized platform. The website is owned and operated by Novox Capital Ltd., registration number HE29218 and registered address at 60, Regaena Street, 3rd Floor, 1010 Nicosia, Cyprus. The company is regulated by the Cyprus Securities and Exchange Commission (CySEC) since 04/02/2014, under license number 224/14. The company registration number is 292182. 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. 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. You can see multiple charts by clicking on the “Multi” button in the upper right corner of the chart.
OptionBit offers a variety of VIP accounts each with different services and perks. The best perk here is the 2 free withdrawals per month but the deposit amount of 10 000$ is way too high. There are other brokers that offer completely free withdrawals with much smaller deposits and even higher returns!
Not long ago, OptionBit introduced Algobit which is a software that enables you to trade manually or you can let the Algobit follow the signals it produces. I am not a big fan of robots and softwares as they usually just blow the account. Whether Algobit is any good remains to be seen.
You can trade Binary Options, Short Term, One Touch and Range on the platform and the asset’s index is pretty good, offering 69 assets. Instead of offering a refund on expired options you get to prolong your expiry by using the ‘Extend’ tool or close your position before it expires by using the ‘Close’ tool. The AutoTrade is a new feature that makes it easier for you to execute continuous trades in a trending market. This feature uses the winning Martingale system which is actually a good thing since it will only invest the winning sum each time it reopens a new trade. The trades will stop if a trade results in a loss.
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 still has its disadvantages. My final conclusion is that OptionBit should really decide to what direction are they going, and work hard to get there.
Is OptionBit Scam?
OptionBit is probably not a scam but if you ask me I would look elsewhere. I wouldn’t like depositing with a broker that after almost a month still has not managed to put a simple file containing their Terms & Conditions on their website. Of course this could be an issue with their website that they are indeed trying to fix and their support was kind enough to e-mail me their T & C. Still, I think such a major issue should be taken care of immediately. Luckily, OptionBit is regulated so if there is anything fishy about them you can always complain to CySEC.
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OptionBit is probably not a scam but if you ask me I would look elsewhere. Now their Terms and Conditions are accessible but I don’t understand why the page wasn’t working before and for such a long time. Luckily, OptionBit is regulated so if there is anything fishy about them you can always complain to CySEC. To go directly to the CySEC complaint’s page, follow this link.
Apparently, it seems they can and will close your account if they don’t like your trading. Binary options brokers don’t really like traders who win and recently there have been a few complaints about this matter in our Comments section below. We are not sure what is considered abusive trading by OptionBit and what are the exact conditions that can get your account closed.
In the Promotions section, OptionBit informs us that the bonus is 30% for a $250 investment, 50% for an investment of $1000 and 75% if you deposit $10 000, while the wager is 20 times the deposit. In the FAQ section they inform the trader that the minimum deposit is of $200, a fact which clearly contradicts the “Promotions” section which clearly says it is $250. Too lazy to update their facts or are they unable to view their own terms and conditions themselves?
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 claims that a withdrawal should only take 7 business days if all of the required documents are sent and verified. Every account gets one free withdrawal per month. VIP (10K+) gets two free withdrawals per month. Any other withdrawals cost $30.
One thing we liked about OptionBit is the one day 500$ virtual cash account. Unfortunately, one day is just not enough…An extra feature is the recently added Advanced Chart which we find very useful.
User Friendly 16/20
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. Site is available in 10 languages.
No. of Assets and Expiry time 16/20
Total of 69 assets: 13 currency pairs, 4 commodities, 13 Indices and 39 Stocks available to trade is an average-to-high basket of assets in the Binary Options industry. Overall 69 assets, short term and 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 14/20
The OptionBit Effective return adds up to 80%, which is between average to high compared to other Binary Options Brokers, but they do not offer any refund in case 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.
Although they are quick to answer, the live chat is only available from 8:00 AM to 6:00 PM Monday to Friday. Also, at the moment of writing this review, they still haven’t solved the T & C issue as they promised. I never got to read it and if you can’t read it either, you should find another broker because knowing what you are signing up on is very important!!
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. The bonus is up to 75%.
Website Extra’s 14/20
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. Their newest feature is the AutoTrader and the Algobit software. With Algobit you can trade either manually by following signals that it generates or simply letting the software itself trade for you.
OptionBit Overall Score 74 + Regualted (+3) = 77/100
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