OptionBit might not be a regulated binary options broker, but it does have one of the very best binary options products in the market. Traders will find the broker to be reliable and professional in their approach, but the company can indeed improve their services to match the industry standards.
OptionBit Trading Overview
A broker is a vital link between a trader and the markets, and even if binary options trading does not involve sending orders directly to the global liquidity pool, it does involve the basic concept of buying and selling. Binary options trading allows traders to take advantage of the short-term or long-term fluctuations in price without investing in the underlying asset. Therefore, binary options brokers play a significant role in ensuring that traders are offered the best opportunities to enjoy a consistent trading environment.
OptionBit has been around for a few years and can be considered as one of the oldest binary options trading companies in the industry. Even though the concept of binary options has been around since the dawn of the financial markets, modern day binary options trading, as we know it, has been around only for a few years. Therefore, OptionBit has evolved with all the changes that were witnessed in the market, but we take a closer look at how OptionBit provides its trading services and platforms to its clients.
OptionBit Broker Regulation & Company Headquarters
OptionBit is a binary options broker that has changed hands quite a few times throughout its history. OptionBit was initially launched in 2010 as a binary options brokerage, but the company has seen a few changes in its administration over the years. At one point, OptionBit was even regulated by the CySEC of Cyprus. As of late, OptionBit is owned and operated by Global View International Services Ltd., a company incorporated in St. Vincent & the Grenadines. St. Vincent & the Grenadines (SVG) is an established tax haven that promotes itself as a business-friendly nation that does not have any strict regulatory framework for financial companies.
SVG is an incredibly attractive investment destination for binary options brokers, and the country has witnessed an increased influx of financial companies over the past decade. Aside from its registration in SVG, OptionBit has also based its headquarters in the UK, but it should be mentioned that the company does not have any regulatory clearances from the Financial Conduct Authority (FCA) of the UK to indulge in any financial services. Regardless, OptionBit claims to offer its services to traders throughout the world without any limitations, and unlike its counterparts, the broker does cater to traders from the US and other regulated jurisdictions.
Even if we are apprehensive about the broker’s claims of offering its services to regulated jurisdictions, we do believe that its UK presence does give it a fair amount of credibility in the market where binary options brokers are petrified of disclosing their actual physical address to their traders. The St. Vincent & the Grenadines authorities are also working towards improving their regulatory conditions, in an attempt to ward off the negative reputation built up by fraudulent companies operating out of SVG. Therefore, we do expect OptionBit to abide by most of the international laws and guidelines that apply to the safe and honest operation of binary options brokers.
OptionBit Assets & Fees For Trading Of Underlying Instruments
It is vital for binary options brokers to offer the convenience of choosing from a wide variety of tradable instruments. Some brokers refrain from providing uninterrupted access to the global financial markets, but in the case of OptionBit, we are happy to report that the broker offers a choice of more than 200 instruments. As an OptionBit trader, you are given the opportunity to access underlying instruments from all over the world, and can even enjoy zero spread trading that is completely devoid of any hidden fees.
Traditionally, binary options brokers receive two price quotes for a single underlying instrument, which are known as the bid and ask prices. The difference between the bid and ask prices is referred to as the spread, and the spread can play a significant role in determining the outcome of a trade. However, at OptionBit, the broker has done away with the spreads, which results in a single price that is streamed from the most reliable quotes provider. To give you a better idea of all the assets that are available for trading at OptionBit, we have compiled the same for your reference:
Forex Currency Pairs: EUR/USD, AUD/USD, USD/RUB, USD/NOK, USD/SEK, GBP/USD, USD/CHF, USD/CAD, EUR/GBP, USD/JPY, EUR/JPY, GBP/JPY, NZD/USD, USD/TRY, BITCOIN/USD, LITECOIN/USD, BITCOIN/EUR, LITECOIN/BITCOIN, LITECOIN/EUR, DASH/BITCOIN, DASH/USD, DASH/EUR, DASH/LITECOIN, DASH/ETHEREUM, ETHEREUM/BITCOIN, ETHEREUM/USD, ETHEREUM/EUR, ETHEREUM/LITECOIN, NAMECOIN/BITCOIN, NAMECOIN/USD, NOVACOIN/BITCOIN, NOVACOIN/USD, PEERCOIN/BITCOIN, PEERCOIN/USD, AUD/JPY, EUR/AUD, GBP/AUD, GBP/TRY, TRY/JPY, AUD/NZD, CAD/JPY, EUR/CAD, GBP/CAD, AUD/CAD, AUD/CHF, CHF/JPY, GBP/CHF, USD/ZAR, EUR/CHF
Commodities: PLATINUM, SUGAR, SILVER, COPPER, CRUDE, GOLD, COFFEE, BRENT, GOLD/USD, SILVER/USD
Indices: NASDAQ, CNX NIFTY, TADAWUL, ABU DHABI GENERAL, DUBAI GENERAL, MDAX, TAIEX, TOPIX 500, HANG SENG 40, SHANGHAI COMPOSITE, SHANGHAI SHENZHEN CSI 300 INDEX
Stocks: ALIBABA, AMAZON, APPLE, BAIDU, BANK OF AMERICA, BOEING, CATERPILLAR, CISCO, CITIGROUP, COCA COLA CO, DISNEY, EBAY, EXXON MOBIL, FACEBOOK, FERRARI, FITBIT, GENERAL ELECTRIC, GOOGLE, HOME DEPOT, IBM, INTEL, JPMORGAN, LENDINGCLUB, LINE CORP, MASTERCARD, MCDONALD’S, MICROSOFT, MORGAN STANLEY, NETFLIX, PEPSICO, SNAPCHAT, TESLA MOTORS, TWITTER, BHARTI AIRTEL, DLF LIMITED, IDFC LTD, RELIANCE INDUSTRIES, TATA CONSULTANCY, COAL INDIA, INFOSYS, STATE BANK OF INDIA, ABB LTD, ROCHE, UBS, ALLIANZ, BAYER AG, BMW, COMMERZBANK, DEUTSCHE TELEKOM, LUFTHANSA, SIEMENS, VOLKSWAGEN, DEUTSCHE BANK, ADIDAS, DAIMLER, SAP, INFINEON TECHNOLOGIES, THYSSENKRUPP, BEIERSDORF, BHP BILLITON, BP, HSBC, AVIVA, RBS, VODAFONE GROUP, BRITISH SKY BROADCASTING, RANDGOLD RESOURCES, ACER, HTC, TAIWAN CEMENT, TAIWAN MOBILE, DELTA ELECTRONICS, KONAMI, SONY, CHIPOTLE MEXICAN GRILL, GOPRO, STARBUCKS, TRIP ADVISOR, PAYPAL, EXPEDIA, PFIZER, LOCKHEED MARTIN, T-MOBILE, QUALCOMM INCORPORATED, GLENCORE, METRO BANK, BARRATT DEVELOPMENTS, TAYLOR WIMPEY, PERSIMMON, BERKELEY GROUP HOLDINGS, BARCLAYS PLC, GENERAL MOTORS, COUNTRYWIDE, FOXTONS GROUP, TELFORD HOMES, ITV, CINEWORLD GROUP, SHIRE, DIXONS CARPHONE, TARGET CORPORATION, AIG, GOLDMAN SACHS GROUP, JOHNSON & JOHNSON, NOBLE ENERGY, PROCTER & GAMBLE CO, PNC FINANCIAL SERVICES GROUP, WAL-MART STORES, UNICREDIT, LUXOTTICA, MEDIASET
Futures: SPI 200 FUTURE, DOW JONES FUTURE, S&P FUTURE, NASDAQ 100 FUTURE, BOVESPA, DAX FUTURE, FTSE MIB FUTURE.
OptionBit Payouts On Binary Options
OptionBit has predominantly offered four different types of binary options products. Traders can choose from the classic high/low option, also known as a Digital option, the Turbo option, the Touch option, and the Range option. The returns start from 60% for the digital options and can go all the way up to 220% for Touch options. However, to compare the payouts offered by OptionBit against the industry standards, we will take a look at the more traditional high/low option. The broker provides a maximum of 80% ROI for in-the-money trades, but the average figure is close to 65%. In comparison, the average industry payout is 85%, and traders are even offered up to 95% returns per trade at other competing brokerages.
The company also enables its users to earn refunds for its out-of-the-money trades, which guarantees up to 20% returns at the expense of a reduction in the payout. Traders have the convenience of choosing a refund anywhere from 5% to 20%, and the payout is determined by the refund as chosen by the trader. The refund feature is only offered for Digital options, as all other options result in either a fixed profit or an entire loss of investment. The touch options ROI at 220% is also considerably lower than the payouts offered by other brokers that may reach up to 500% for in-the-money trades.
OptionBit requires its clients to invest a minimum of $10 per trade, while the maximum investment is set at $3000. The minimum investment is slightly higher than the traditional investment of $1 at other brokers, while the highest limit of $3000 is higher than the $1500 set by other companies. Traders have the option of extending their options before the expiry times, and can also close their options at early profit or loss by paying a nominal fee. The broker has provided all the information about modifying trades and the costs incurred for every option through its trading platform.
OptionBit Trading Interface
OptionBit has certainly brought some interesting aspects of trading into its trading platforms and has developed unique tools that provide added flexibility to trading. The broker provides a modified version of the TradeLogic binary options trading platform as the standard trading terminal, and the platform is designed as a standalone web trader interface for all binary options trading needs. The OptionBit platform has a convenient trading layout that provides all the information at an easy glance, which makes it easier for traders to get accustomed to the trading platform.
On top of the regular trading dashboard, users can also access the proprietary AlgoBit trading interface, which is a proprietary signals system developed by OptionBit from the ground up. The AlgoBit is available for all users of the OptionBit services and is indeed a great way of improving the trading results through professional assistance. Both interfaces work very well together and indeed provides an excellent trading platform for all OptionBit traders.
OptionBit Mobile Trading
OptionBit is available for download on the Google Play Store, and the App Store, which makes it convenient for traders to install the OptionBit mobile apps on their iOS or Android equipped smartphones and tablets. The OptionBit apps for mobile have all the required features to keep traders satisfied, and it is indeed easy and convenient to access the markets through OptionBit mobile trading platform. There aren’t any major issues to report as far as the performance and reliability are concerned.
OptionBit Minimum/Maximum Deposits & Funding Methods
OptionBit has a minimum deposit requirement of $250, while the broker accepts unlimited deposits. We don’t have any reasons to complain here, as the minimum deposit for most binary options brokers is indeed $250. However, there are exceptions to this case, as some brokers may be able to offer trading accounts for as little as $1. Funding an account is easy, as the broker supports online and offline payments through credit/debit cards, Skrill, UKash, QIWI Wallet, and bank wire transfer. All financial transactions are transmitted through secure online channels and are protected by the latest encryption technologies, which ensure safety against phishing and financial malpractices.
The company has specified a minimum withdrawal limit of $30 and does not impose any other limitations on withdrawals. Of course, withdrawals will only be processed once the trader sends in all the verifying documents and transacts the required volume to meet the bonus terms and conditions. Although the company handles all deposits instantly without any fees of transactions, withdrawals may be subjected to nominal costs as per the withdrawal method, and may also involve additional delays.
OptionBit Bonuses & VIP Programs
OptionBit offers up to 100% bonus for its clients, but the actual bonus amount may vary according to the investments. OptionBit does not offer a straightforward bonus scheme for its deposits, which means that traders can expect anywhere from 20% to 100% bonus on their deposits. There are three account options available for traders, which have varying levels of account benefits. The Mini and Standard account holders receive 30% and 50% bonuses, respectively, while gaining access to training sessions, one free withdrawal per month, and personal account managers. The company also offers a VIP account option for its account holders, which receives all the privileges such as higher bonus, better trading conditions, priority withdrawals, unlimited one-on-one training, and instant support from market experts. There is another high-end account known as the Diamond account, which requires an initial investment of $50,000, but receives more personal assistance and is usually reserved for high net-worth individuals.
OptionBit Demo Account Trading
OptionBit will not offer any demo account unless you ask for it. Even though the demo account is a stripped down version of the actual trading platform, traders will not be able to correctly analyse the actual performance and reliability of the trading platform. Instead of a free demo account, OptionBit has offered an open trade room, where traders can get a real-time walkthrough of the platform without signing up. The walkthrough interface allows users to experiment with different options and browse through the numerous products, but the platform falls short of actual trading. Brokers are responsible for offering a free demo account to its users, and we do recommend OptionBit to provide such an option in the near future.
OptionBit Customer Service Channels
Contacting the OptionBit customer support department is a convenient and reliable affair, as the broker offers multiple channels for communicating with its clients. OptionBit has offered the regular live chat feature for all traders, while there is also the option of a web contact form, phone number, and a callback request feature. The broker also encourages its clients and other traders to interact with the company through its social networking platforms, mainly through Facebook and Twitter. We are pretty impressed with the OptionBit customer service department and are satisfied with the overall professional attitude displayed by the company.
OptionBit Trading Resources & Training
OptionBit is similar in its approach towards trader training, as the company has created an extensive training program that is divided into different levels to cater to the various categories of account holders. The broker offers advanced charting options, webinars, personal account manager, one-on-one trading sessions, daily market review, video lessons, and eBooks for traders to gather comprehensive information about the binary options market. The company only offers its training materials to verified clients and is not readily available for regular website visitors.
- Excellent choice of underlying financial instruments & binary options products.
- Ability to modify trades and earn refunds for losing trades.
- Reliable trading platform.
- Good bonus structure for all traders.
- Immaculate customer service through different customer support channels.
- No free demo account for traders.
- No regulatory information or license despite UK presence.
- Payouts are not as high as other binary options brokers.
How To Register For An OptionBit Account?
Users can register for a trading account using an email address, and the broker does not ask for any other documents or payment information. You can begin trading by funding your account through any of the accepted payment methods.
What Is The Minimum Deposit Requirement?
Traders should deposit a minimum of $250 for a trading account.
Is OptionBit A Scam?
No, OptionBit is not a scam broker.
How Many Instruments Does The Broker Offer?
OptionBit offers more than 200 assets from the global financial markets.