|Bonus:||up to %50|
|US Traders Accepted:||Yes|
|No. Of Assests :||70|
|Demo Account :||Yes|
|Deposit Options :||C.C., WireTransfer, MoneyBookers, and more|
|Language :||7. including English, German..|
|Minimum Deposit :||200|
Review Last Updated 2013-05-27 10:12:25
New Update 5/27/2013
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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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.
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 ( $1500).” The quote above is taken from their Terms and Conditions, and means they can force me to receive the bonus and consequently, tie my money to the platform until the required trading volume is reached. Not good!
Here at Bots.com we care about withdrawal, even more then we care about depositing. At OptionBit, the maximum withdrawal for C.C cannot exceed the initial deposit amount (there’s a limit), same as many other brokers.
One thing we liked about OptionBit is the one day 500$ 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 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 14/20
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: 69/100 = 69
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