OptionBit Broker Review

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OptionBit

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A leading premier Binary options platform, OptionBit have undergone a revamp to provide even better quality services for their traders. Aside from being one of the few binary brokers around to offer digital, touch and range options, they are also one of the first brokers in the industry to incorporate money management features and analytical tools into their trading platform in a holistic manner. Being in the industry since 2020, OptionBit has already established themselves as a reputable and reliable binary broker. In this review, we will look at some of the changes adopted during the recent revamp of the trading platform.

Unlike most binary brokers who prefer to go with the flow by adopting SpotOption’s trading engine as the mainstay of their trading platforms, OptionBit uses TradoLogic’s trading engine as the basis of their trading platform. This is why traders will notice some major differences with OptionBit’s trading platform when compared to others in the binary industry. The first thing that is noticeable is the difference in layout of the trading platform. The other thing that is different about OptionBit’s trading platform is the additional functionalities like the trading management system incorporated into the trading platform.

Unique Features of the Trading Platform

As mentioned earlier, OptionBit’s trading platform is different from most other platforms. For starters, it is possible for traders to close a trade before its expiry with the trading platform. In addition, traders also have the opportunity to extend their trade to the next expiry cycle with the “Extend Now” feature.

There is also the “Autotrade” feature which allows traders to trade based on a long term basis. For example, a winning trade can be automatically reopened in the same direction with the entire amount to compound the trader’s winnings.

However, the most noticeable difference is perhaps the Algobit system incorporated with OptionBit’s trading platform. The system automatically scans the markets and helps to alert traders of any new trends that are forming in the market. This means traders will never have to miss any trading opportunities anymore.

Apart from providing their traders with advanced trading tools, OptionBit also made it a point to support their traders with mobile trading ability. This mean OptionBit’s clients can trade from practically anyway in the world. All they have to do is to download the trading App on to their mobile devices and they are set to go.

Types of Trading Contracts

OptionBit currently offers their clients 5 main types of trading contracts. These include:

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  • 60 Seconds Options
  • Digital Options
  • One touch Options
  • Range Options
  • Touch Options

With OptionBit, the return on investment varies according to type of options traded. On average, returns range from 65% to 81%.

Since their inception, OptionBit have expanded their asset list tremendously. Now traders have a choice of more than 65 underlying assets to trade with.

OptionBit

Broker Name: OptionBit
Platform: Tradologic
Founded: 2020
Bonus: Case Basis
Return/Refund: 70-85%/0%
No. Of Assets: 100+
Regulated: CySEC
Demo Account: No
Minimum Deposit: 250
US Traders: Not Accepted

OptionBit Review

Launched on May 2020, OptionBit was formerly owned by Novox Capital Ltd. which used to be regulated by CySEC. Today, it is under new management. The new company is Top Volume Solutions Limited and provides a fake address: office at Suite 4, 1st Floor, 23 Engineer Lane, providence industrial estate. They claim to be regulated in Gibraltar by the “Gibraltar Securities and Exchange Commission” (does not exist) with the following Company number: 109085. The real Gibraltar regulator is Gibraltar Financial Services Commission that strictly warns against engaging with Top Volume Solutions Limited! The company, Top Volume Solutions, is not regulated by the Cyprus Securities and Exchange Commission (CySEC) nor the Gibraltar FSC. Furthermore, OptionBit.com is also in the French regulator’s (AMF) warning list.

Update March 2020: This brokerage continues to puzzle us: a recent visit showed that OptionBit is owned by Novox Capital Ltd… again. Now there’s no trace of Top Volume Solutions Limited and we don’t know what the story behind this new change is. We cannot confirm if the domain/brokerage was sold back to the initial owners (Novox) or what exactly happened and all this looks like a tangled spider web, with back and forth changes.

What we know is that CySEC’s website lists optionbit.eu as an approved domain of Novox Capital Ltd, which is a regulated Cypriot Investment Firm (CIF) under licence number 224/14 and a listed address at 4 Michael Georgalla Street, 2409 Engomi, Cyprus. A big fine was recently dished out by the Cypriot watchdog but I’ll give you more information about it in the Regulatory Warnings and Announcements section below.

Is OptionBit Scam?

OptionBit certainly posses a scam threat and if you ask me I would look elsewhere. Both the French and Gibraltar financial authorities have issued warnings against dealing with OptionBit and the new owner, Top Volume Solutions Limited that claims to be regulated in Gibraltar. Due to this change of management, OptionBit is no longer regulated by CySEC either. Furthermore, since we did the review, the number of complaints on OptionBit has increased regarding withdrawals, price manipulations and more.

The FSC says this about Top Volume Solutions: “The FSC has received information about websites operated in the name of these companies*, for which the company secretary has resigned and also filed a ‘Notice that the company does not have authority to use the address it has registered’ at Companies House. References are made on these websites to the companies’ former registered office addresses in Gibraltar, as if this was where the websites were operating from. The FSC has received complaints from customers, where they describe having been unable to withdraw funds placed into trading accounts operated by these websites or otherwise experienced difficulties when attempting to obtain monies owed to them. None of these companies are or were regulated by the FSC, nor licensed under the Financial Services (Markets in Financial Instruments) Act 2006, to carry on investment business in or from within Gibraltar.” *Company = Top Volume Solutions and a few others.

Please read more here below, under “OptionBit Complaints” on how to proceed in case you are already involved with OptionBit.

Update March 2020: The new change of owning company makes things even shadier and makes us trust them even less. Now the brokerage changed hands again and is owned by the previous company Novox Capital Ltd. So as far as we know, OptionBit was owned by Novox, Capital then by Top Volume Solutions and now by Novox Capital again. Be extra careful if dealing with this brokerage but maybe it’s better to stay away completely.

As far as web traffic is concerned, OptionBit is having troubles: during the last 6 months, their highest visit count (on optionbit.eu) was 55K (in October 2020), which is very thin, considering that the big brokerages easily surpass the 1 million mark. Ever more worrying is that in January 2020, they only had a little over 10K visits, which is almost a sign of a brokerage’s “last breath”. Not sure what’s happening, but it can’t be good. The website optionbit.com is doing better, with over 100K visits in January 2020.

As a special note, I have to warn against OptionDot (optiondot.com) because this brokerage shows the name OptionBit all over their website. I have no idea what type of relation the two websites have, but both are a bad choice if you ask me.

Editor’s Note – Why does OptionBit Suck in 50 Words?

OptionBit sucks because they went from being a CySEC regulated broker to an unregulated broker with new ownership. They were acting unfavourably towards their clients even under the CySEC regulation and are now fully unauthorized. What’s even more alarming is the fact that the new company claims to be regulated in Gibraltar and that’s an outright lie!

Update March 2020: OptionBit is again under the ownership of the previous company and thus regulated by the CySEC. But all this back and forth business covered in uncertainty makes them suck even more. Why did they change from Novox to Top Volume Solutions and then back? I don’t know, but this lack of information and transparency sucks big time.

Why OptionBit doesn’t Suck?

Despite a few interesting platform features and decent candlestick charts, they are operating illegally and therefore, there are no good reasons for why you should trade with this broker. What good is a nice looking trading platform and website if you can’t even withdraw?

Should I Open an Account with OptionBit?

Like most new Binary Options Brokers platforms, OptionBit platform is 100% web based (available on 9 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. Update March 2020: OptionBit offers Advanced Charts powered by TradingView.

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! Update March 2020: They’ve introduced a new account called Diamond, which requires a minimum investment of 50,000$. We recommend you stay away from such an account or better yet, from this brokerage.

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 software as they usually just blow the account. Based on what we have found (see Is OptionBit a scam & OptionBit Complaints below) we can be certain the Algobit is another method for wiping trader’s accounts.

You can trade Binary Options, Short Term, One Touch and Range on the platform and the asset’s index is pretty good, offering 90 assets. You can select a refund in advance on expired options or 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. But the biggest disadvantages are the serious complaints that have increased and because of the warnings issued by FSC and AMF, we now know which way OptionBit has decided to go – the wrong way. Better to avoid this broker!

OptionBit Complaints

Apparently, OptionBit 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. However, more has come to our attention as of December 2020.

There are serious complaints regarding price manipulations where people have recorded evidence of their trades. You don’t have to go far to find these complaints, just scroll down and check out our comment section here below. A couple Google searches will also lead you to hundreds of further complaints on OptionBit. In many cases the account managers have either placed losing trades or manipulated customers to execute losing trades when they have requested for a withdrawal. This is a typical technique scam brokers use to avoid paying out. Extremely delayed withdrawals are a common practice too but the soon as you start doing “well” the payouts stop coming and price manipulation becomes a fact.

More complaints on OptionBit other than in our own comment section can be found here:
Tradecomplaint.com
Complaintsboard.com
BinaryOptionsEdge.com
BinaryOptionsPost.com

Update March 2020: Complaints about OptionBit are flooding the Internet, ranging from unauthorised deposits (money is taken from clients’ CC and sent to their binary account) to price manipulation and to unauthorised trades done by OptionBit representatives on clients’ accounts. On one of the largest forums for complaints and much more (forexpeacearmy.com), OptionBit was given a “Guilty” verdict on a case opened by a client (Source: FPA Moraks vs. OptionBit). Over the years, ForexPeaceArmy’s Court has become a very well respected venue and a Guilty verdict there is kind of a big deal, which just goes to show that our reticence about this brokerage is not unfounded.

OptionBit Regulatory Warnings and Announcements

15.02.2020: CySEC announced that on 05/12/2020 imposed a fine of 175,000 Euro on Novox Capital Ltd (which is the current owner of OptionBit). The biggest portion of the fine (70,000 Euro) was given for providing investment advice and portfolio management services without having the appropriate authorization. The CySEC also noted that Novox Capital failed to act fairly and in the best interest of their clients. Source: CySEC Board Decision.

In the Promotions section, OptionBit informs us that the bonus is 30% for a $200 investment, 50% for an investment of $1000 and 75% if you deposit $10 000, while the wager is 30 times the deposit.

Update March 2020: According to their Promotions page, for a $200 deposit you will receive a 30% bonus, for a $500 deposit the bonus is 40% and finally for a $1,000 deposit you will receive a 50% bonus. According to their Accounts page, they now feature a Welcome Bonus and a Loyalty Bonus but no other info is provided here. According to their Terms and Conditions, they do not offer any type of bonuses. If this is confusing to you, then you are not alone because it’s confusing to me as well. However, they state that some benefits may be offered, in line with CySEC’s circular C168.

OptionBit Withdrawal

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. 2020 Edit: Withdrawals are dilatory and can at times take over a month. If you are doing well with your trading, expect your withdrawal days to be over.

Update March 2020: Only one withdrawal per month is free and VIP account holders now benefit from speedy withdrawals that take 3-5 working days, not the usual 7. However, given all the problems mentioned so far in this review, we believe that withdrawals may take much longer than that.

OptionBit Ratings

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 9 languages.

No. of Assets and Expiry time 16/20

Total of 100+ assets: 28 currency pairs, 9 commodities, 23 Indices and 128 stocks. The fastest expiry is 60 seconds as Super Turbo (15 and 30 seconds) is not available anymore.

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!!

Update March 2020: Only one monthly withdrawal is free and the rest carry a fee of $30. Their Live Chat is not available. I tried to contact them in the middle of a working day (GMT time) and all I got was a message to email them.

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- 250$ 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%.

Update March 2020: They’ve introduced new methods for deposits/withdrawals, among which: Webmoney, Yandex and Qiwi. OptionBit does not offer any bonus according to their T&C’s but according to the website they do. The turnover is not specified anywhere.

Website Extra’s 10/20

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.There are two new recent features added to the platform. Dynamic Payout; where traders can in advance select their profit-to-loss ratio from 0% up to 20% with 5% increments. And finally, Super Turbo; trade within 15, 30 and 45 seconds expiries.

Update March 2020: The following features are now gone or sent to a dark corner where I couldn’t find them: Demo account, AlgoBit, Dynamic Payout and Super Turbo.

OptionBit Overall Score + Regulated +3 = 73/100

a Complete Guide for Binary Options Trading

UPDATE (12.01.2020):

We have found out that OptionBit is closed.

We recommend choosing one of our top binary option brokers instead:

$200 91% $10 92% $250 89% $250 90% All brokers >>

Try also Binary Option Robot if you are looking for automated binary trading.

Old Review:

Lately, we have been receiving a lot of questions about this new broker, OptionBit. As such, we have decided to review them and were rather pleasantly surprised by what we found. Read our review below for our full opinion!

Basic information:

Online since: 2020
Jurisdiction: Cypros
Software: Tradologic
Max Returns: 88%
Bonus: 100%
Minimum Deposit: $200
Minimum Investment: $10
Maximum Investment: $500
Currencies: USD, EUR, GBP
Mobile: Yes
Countries: All but United States

– It is a site with a very user-friendly platform
– Excellent Demo account available
– Low minimum trading requirements

– No choice of bonuses that have trading requirements

Binary Minery Rating:

OptionBit Special Features

The only unique features they have are from their trading platform itself, which offers 3 trading tools: Close, Extend, and AutoTrade. The Close feature allows a trader to close their trade prior to expiry date for a minimal trade, without risking his or her entire investment. Traders can utilize this feature on a winning trade as well. This tool is similar to ‘Stop Loss’ or ‘Take Profit’ orders that can be found when doing forex trading. The Extend feature allows a trader to extend a losing trade until the next expiry time, again for a minimal cost. This gives traders the options to potentially turn losing trades into winning ones via such an extension. Finally, the AutoTrade feature allows traders to follow an ongoing trend for a set amount of trades. When this feature is utilized, the system will automatically reinvest in the same trade, provided it was a winning one; the first losing trade will cancel the AutoTrade. Hence, this feature allows traders to efficiently capitalize on their own winning trends without risking their initial investment.

While not exactly a special feature, we would like to highlight OptionBit’s bonus withdrawal policy. It is a typical practice for binary options brokers to restrict withdrawals on accounts that have been credited with bonuses until a stipulated minimum trading volume (usually defined as a multiplier of account deposits plus bonuses, with the multiplier usually being in the 20x – 60x range) is met. While common, we look negatively upon this type of policy. However, in OptionBit’s case, they stand out because the multiplier is applied to the bonus amount only, and moreover is only set at 30x, meaning that OptionBit’s minimum trading volume would likely be much lower on an absolute basis compared to most other brokers. Further, traders can withdraw their account funds prior to meeting this minimum trading volume; OptionBit will simply remove the bonus amount (and any subsequent profits). This is much more permissible compared to the standard industry policy, which typically locks in a trader’s deposits as well. Another thing we like is that OptionBit state explicitly in their terms and conditions that a trader is free to reject any bonus offered.

OptionBit Trading Software

OptionBit uses the TradoLogic trading platform, which while relatively unknown compared to more popular platforms such as SpotOption, is more than adequate for the job. The platform is entirely web-based but is also available for mobile for both iOS and Android. Under this platform, OptionBit offers five types of binary options: digital, one touch, touch/no touch, range, and turbo. Digital is the standard high/low option, while one touch options are more exotic although returns can range from 260% – 550%. Touch/No Touch options are a slight variation of one touch options (option expires as soon as the asset reaches strike price, even if before expiry time) while range options is based on an asset’s price being within a given range (while touch op`tions depend on an asset’s price ‘touching’ a selected price). Finally, turbo options are similar to digital options except that their expiry times are 1, 2, or 5 minutes.

As for the list of assets available to trade, OptionBit currently offers 130 different stocks, 28 different currency pairs, 9 different commodities, and 23 different indices. On an overall basis, we positively note that the large number of stocks it has available to trade, which far exceeds that of most of its competitors.

OptionBit Support Information

In terms of support options available, OptionBit currently has phone support options (8 different countries), live chat, email, and web form. One thing we noticed is that while support is available 24 hours; it is only available 6 days a week. This ranks it under most of its competition, which typically offer 24/7 support.

OptionBit Banking and Company Information

OptionBit offers a very wide variety of deposit and withdrawal options, accepting Visa and MasterCard, as well as numerous payment service providers such as Neteller, Skrill, Webmoney, PaySafeCards, Yandex, GoCash, POLi, and Qiwi. We note however, that they do not mention wire transfers on their website. The minimum deposit amount is $200 which is below the industry average of $250. Traders are also allowed one free withdrawal monthly, with each subsequent withdrawal being charged a $30 processing fee. This is quite unusual as most brokers only charge withdrawal fees for wire transfers only.

Optionbit Review

Summary

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 2020 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.

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.

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.

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.

OptionBit Verdict

  • 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.

CONs

  • 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.

Option Bit Binary Option Platform Review

Both experienced traders and beginner traders have been raving about OptionBit, and our OptionBit review found that following their recent website redevelopment, there is a lot to rave about. Previously, OptionBit.com had been a fairly average trader, but now they have moved to the next level by offering a wonderful trading platform and powerful tools such as their Algobit signals service.

Software and Features

The download-free, online trading platform at Option Bit is backed by TradoLogic software, which is some of the most powerful in the industry. The interface is remarkably easy to use and the charts and trading tools, including the advanced charts backed by Netdania are a wonderful addition. Mobile trading is supported by apps for both Apple and Android. For new traders, there are plenty of videos and training resources to learn the ins and outs of trading, as well as a demo account. Disappointingly, the demo account is only available to customers who first make a deposit at OptionBit. A recent addition is the Algobit signals service which allows traders with larger accounts to partially automate their account based on various signals. Customer service is available 24/7 and is extremely helpful and friendly.

Option Types Offered

The standard litany of underlying asset classes such as commodities, stocks, indices, and currencies are all available at OptionBit, with more than 70 assets on offer. The TradoLogic software allows for not only high/low trades, but also for 60-second trades, touch trades, and range trades. Traders can also monitor open positions and close them early or extend them to increase profits. Payouts are pretty average, with highs of 81%. One downside is that there are no returns offered on losing trades, whatsoever.

Account Types Offered

A minimum deposit of $200 is all it takes to get set up with an account at OptionBit, although it takes $250 to get the Mini account which has a 30% OptionBit bonus and limited extra features. For traders who deposit $1,000, the Standard account comes with a 50% bonus and added features such as individual trading lessons. At $10, 000, the Platinum account has all the bells and whistles, including a 100% bonus and personal account manager. Deposits can be made in a variety of ways, including via credit card, wire transfer, Neteller, and Skrill.

Conclusion

Every binary options broker has a few flaws, and Option Bit’s lack of returns on losing trades as well as their relatively high initial deposit could be improved upon. However, even with these flaws, OptionBit is one of the best binary options brokers to be launched in the past few years and traders would be doing themselves a disservice not to give OptionBit a look.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Broker!
    Perfect for beginners!
    Free Demo Account! Free Trading Education!

  • Binomo
    Binomo

    Only for experienced traders!

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