Not regulated broker
Not regulated broker
OptionBit is a binary options trader which was launched in May 2010. The platform is owned and operated by Global View Limited who have their headquarters in Glasgow, United Kingdom. Before starting this review, we want to tell you that the broker isn’t regulated by CySEC or any international authority. So, it is up to you that whether you want to invest your money on OptionBit or not. There are numerous complaints against the unregulated brokers in the past years that results in people losing a great amount of money. That’s why we suggest you go through this review before making your decision to invest your money or not.
The platform has been around the online trading market for the past seven years, but still, they are pretty far away from their competitors in terms of services and features. The minimum amount needed to deposit on the OptionBit is $260, whereas the maximum transaction allowed on the platform is $ 5,000. On the other hand, the minimum investment in the broker’s platform is $10 and they accept different currencies, including USD, GBP, and EUR. They offer services to different countries across the world, but the traders from the United States aren’t accepted. Along with their website, the platform also offers mobile trading services to their customers. We will go through in detail and give you complete information about the OptionBit. So, read further and make your choice.
OptionBit has utilized the Tradologic software for building their website. This software isn’t popular as the SpotOption and that’s why the majority of traders find it difficult to access. They offer a great range of trading options on their platform that includes digital options, touch/ no touch options, range options and turbo options. They have tried their best to make a user-friendly interface, but the result isn’t satisfying as compared to the other well-known brokers.
The platform is available in more than 10 different languages and doesn’t demand any additional software to download. Recently, they have added the Trader Insight tool to their interface that can help the traders in many different ways. As we have mentioned above, they also offer mobile apps for Android as well as iOS devices that allow the traders to access it anywhere. The applications are free to install and can be downloaded from the Google Play and App Store. The platform offers the choice of more than 60 assets to the traders that include stocks, forex, indices, and forex. Overall, we can say that the trading platform is below average and you might find it difficult to access.
There are four types of trading options available on the platform. We have explained all the options in detail below:
Digital option is one of the most well-known types of binary options trading in the financial world. In this type of trading, you have to determine whether the price of your selected asset will increase or decrease prior to the predetermined expiry date.
One Touch Options
In one touch options type, you have to predict the price of an underlying asset will increase a certain level within the expiry of predetermined time. The popularity of these kinds of trading has increased considerably among the traders in the Forex and commodity market.
Range option is an exotic type of option in which the traders have to determine whether the rate of the underlying asset within the expiry of predetermined time will fall inside or outside a given range. This type of trading options becomes most active when there are sharp movements displayed by the market.
Turbo options work in a similar fashion as the digital options, but there is a big difference between both of them. The turbo options come with the expiry times, i.e. 1,2, or 5 minutes. This type of trading will allow you to trade with the same trend with consecutive and different strike rates.
There are four types of account offered by the platform from which the traders can make a choice according to their preferences and choice. These accounts are named as Mini, Standard, VIP and Diamond account. We have explained all these accounts in detail below:
The first account available on the OptionBit platform is a mini account that requires a deposit of $250. It is the basic type of account that gives the partial access to the majority of the platform’s features. Have a look at some of the top features of a mini account:
- One market review daily
- Account assistance
- Access to advanced charts and some of the webinars
- Up to 30 % loyalty bonus
- Up to 30% welcome bonus
- Trading alerts
The second type of account offered by the OptionBit is a standard account that can be opened by making a deposit of $1,000. The features that come with a standard account is pretty much different from the mini account. Have a look at the main features of a standard account:
- Access to full package of video lessons
- Market review two times in a day
- Five 1 on 1 trading session
- Personal account manager telling general support services
- 1 free monthly withdrawal
- Access to advanced charts and webinars
- Up to 50% welcome bonus
- Up to 75% loyalty bonus
If you are looking to open a VIP account with the platform, then you have to make a deposit of $10,000. Have a look at some of the top features offered by a VIP account:
- Up to 75% welcome bonus
- Up to 100% loyalty account
- Full access to the video lessons and the eBook
- Trading Alerts
- Market review twice in a day
- 2 free monthly withdrawal
- Personal Market Expert
- Complete access to advanced charts and webinars
The Diamond Account can be opened by making a deposit of $50,000, which is way too much as compared to the other brokers. If you want to know about the features of this account, you have to contact their customer representative. It is clearly mentioned on their website that the traders have to contact their representatives for getting access to the diamond account.
There are welcome and loyalty bonuses offered by the platform to the traders. However, the bonus percentage depends on the type of account you have. If you have a mini account, then you will get up to 30% welcome and loyalty bonus. On the other hand, the standard account holders will get up to 50 % welcome bonus and up to 75% loyalty bonus.
The VIP account holders will get up to 75% welcome bonus and up to 100% loyalty bonus.
One of the few advantages that you will on this platform is a free demo account that will valid for 30 days. There is no need to deposit any money to get access to a demo account. The traders will get a virtual money of $500 that can be used for the next 30 days.
In our review, we find that it is the best feature available on the platform. With a demo account, you can get access to all the services that are available in the real accounts. Even though the demo account isn’t up to the level of the ones offered by the well-known brokers, but it is still acceptable.
As mentioned above, the Optionbit offer mobile apps for both the Android and iOS devices. These mobile apps will allow you to trade at the comfort of your place. The platform’s mobile apps work in the same way as their website. However, it is slow and takes lots of time to load. Moreover, you will find these applications too old fashioned as compared to the present day technology.
Nowadays, the mobile apps have become one of the most effective ways to promote the business and that’s why the Optionbit need to understand that if they are looking the gain some benefits from the mobile apps. The mobile trading has offered lots of advantages to the trading business and if you are looking for a wonderful trading app in the form of Optionbit’s mobile apps. You will be disappointed with the mobile apps of the platform.
There is a range of deposit methods available on the platform through which you can add money to your account. It consists of credit/ debit card, bank wire transfer, Pay Safe Card, Yandex, Qiwi, Skrill, Webmoney, and Neteller. All the deposits through the credit or debit card can show instantly in your accounts, whereas it takes the time to add money through wire bank transfer depending on your bank.
From our experience, we can say that the credit or debit card is the best option to deposit your money on OptionBit. The minimum for the first deposit is $200, whereas the maximum limit is $5,000.
When it comes to withdrawal, the platform offers very fewer options to the trader. You have to choose between the wire transfer, Skrill, Qiwi, and wire bank transfer. Before making a withdrawal request, you have to send the certain documents that will be asked by the customer representative team of the Optionbit.
According to the customer reviews, the best option to withdraw your money from your account on the platform is a credit card and wire bank transfer. The minimum amount that can be withdrawn on the platform is $30. They charge a fee of $30 for every withdrawal. However, the mini and standard account holders get one withdrawal free of cost every month, whereas the VIP account holders get two withdrawals free per month. It takes 5-7 business days to transfer money to your account after making a withdrawal request.
We have checked their website in the best possible manner but couldn’t find any detail about whether OptionBit organizes the tournament for the traders or not. However, we think that they don’t organize these types of things for the traders that might disappoint our readers who enjoy taking part in these types of tournaments. If you are one of the, then you have to look for other brokers.
There are many different educational tools offered by the platform to train their traders. However, the majority of these tools can be accessed by the top-tier account holders and basic account holders have to satisfy with fewer options.
A basic account holder gets access to a basic package of video lessons, some assistance from a personal account manager, trading alerts and access to webinars and advanced graphs. On the other hand, the standard account holders get a full package of video lessons, two market reviews daily, trading sessions with a personal account manager and access to all the webinars.
The VIP account holders get the most out of all the educational tools that include unlimited trading sessions, trading alerts and full video lesson package along with all the educational tools of the other two accounts. They should think about adding some extra features in the basic account so that newbies can utilize them to learn about the platform.
There are three types of options available on the platform through which you can contact the platform’s customer representative team. It consists of live chat, email and call back. We have a very bad experience with their live chat team who even doesn’t have adequate knowledge about the OptionBit platform. They should train their representatives in a professional manner so that they can solve the trader’s problem.
They don’t reply to our email even after three business days that shows their low professionalism against solving the customer’s issues. OptionBit has to improve the level of their customer care service if they are looking to attract the traders towards their platform.
Our team is extremely disappointed with the services and features offered by the OptionBit trading platform. First of all, it is an unregulated platform that puts the trader’s money at risk. Secondly, there is nothing special in their website that can force the traders to invest money on their platform. There are many better brokers that offer much better services to their clients
We strongly suggest you to avoid investing your hard earned money on the OptionBit if you don’t want to be disappointed in the near future.