|Bonus:||up to %30|
|US Traders Accepted:||Yes|
|No. Of Assests :||37|
|Demo Account :||Yes|
|Deposit Options :||C.C., WireTransfer, MoneyBookers, and more|
|Language :||12. including English, German..|
|Minimum Deposit :||200|
Review Last Updated 2012-11-04 12:45:30
Editor’s Note- Why does OptionBit suck in 50 words
Overall, OptionBit are refreshingly new and full of good intentions. From the bright side, OptionBit support is qualitative, they offer low minimum deposit and minimum trade buy-in with great bonus; however, OptionBit lacks variety and information about assets which makes trading harder and less diversified. Furthermore, OptionBit don’t have Out-Of-Money refund which is always an important feature in case of bad investment. I think OptionBit needs more time to upgrade itself, meanwhile, Binary Options that Suck team will continue to monitor closely.
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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.
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 in 12 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? More ways to trade is always fun, but what about trading tools and accessibility? A trader can only view one asset at a time not to mention the lack of any information about the asset, Navigating between assets is catastrophic and finally, the information about the striking price is confusing. The first issue I noticed about OptionBit was the inconvenient trading area. Navigating between assets could be extremely frustrating sometimes as only one asset can be displayed at once. Another problem widely discussed on Binary Option that Suck Scam section is the difference between the striking values displayed in the chart and the real suggested striking price by OptionBit. Although OptionBit show their Suggested striking price next to chart, it is seriously confusing and disturbing. That issue really doesn’t add any positive points to OptionBit credibility; it might even take some off. Unfortunately, not only OptionBit lost many points because of the striking price issue, and issue had 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 1-5%, 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. 2. Veterans- Briefly, OptionBit don’t offer enough assets to trade (only 37), the interference is too simple, they lack payment methods (Only C.C) and finally there are just not enough trading tools (although they claim to have more). To summarize it all, what seem like disadvantages to experienced traders, may seem like an advantage to beginners, and the other way around. OptionBit really needs more time and more experience to become a premier broker. 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 very easy and friendly to use, and if they make a few minor changes, they will become good beginners Binary Option Broker.
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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.
The good and the bad about OptionBit bonus is its high value- starting from 500$, while the wager is 10 times the deposit. Think about it.
Here at Bots.com we care about withdrawal, even more then we care about depositing. At OptionBit, the maximum withdrawal for C.C cannot exceed the initial deposit amount (there’s a limit), same as many other brokers.
One thing we liked about OptionBit is the one day 500$ virtual cash account. Unfortunately, one day is just not enough…
Since 2010. Trading Assets- 51 trading assets. Minimum Deposit -100$. Payment- Credit cards, wire transfer. Options Profitability- 70%-85%. Out of money option refund- 0-10%. Platform: Tradologic. Languages- 12 different languages including English, German, Spanish. Demo- Yes
User Friendly 11/20
OptionBit website offer 100% based Tradologic trading platform. The platform isn’t the most user friendly trading experience since only one asset could be viewed at once. Nevertheless, the site is nicely organized and clean and switching between asset categories is easy. Another downside is the OptionBit trading tutorial which is unattractive and not easy at all to read.
No. of Assets and Expiry time 13/20
Total of 51 assets: 11 currency pairs (Forex), 4 commodities, 10 Indices and 26 Stocks available to trade is an average low amount of assets in the Binary Options industry. Overall 51 assets and only half hour to a few hour’s expiry times is just enough to be considered a variety broker. OptionBit currently offer weekend trading, which makes the overall expiry time a little longer.
Commissions, Support and Effective return 15/20
OptionBit do not charge any fees while depositing, and do charge commissions for withdrawal in the first time, or once a month. However, Subsequent withdrawals cost 30$. 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 and account can only be held in US$, however, the minimum deposit is average compared to Binary Options Brokers- 200$ 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 12/20
OptionBit offers the regular features, such as the 3 trading types available- Regular (Above/Below), Touch (Hit the exact value) and Range (in Between values). Additionally, OptionBit also gives you a-glance summery of what other traders are doing in regard to the selected assets. Another good extra feature is the Extend and Close now options, which allows investors to extend or close option before or after closing times. Finally, 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.
Overall Score: 65/100 = 65
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