Best Binary Broker!
Perfect for beginners!
Free Demo Account! Free Trading Education!
Only for experienced traders!
This page contains a detailed review of the ‘OptionBit Binary Options Trading Platform‘.
OptionBit Executive Summary
The welcome bonus is on an initial investment:
Invest $200 – receive 30% bonus
Invest $500 – receive 40% bonus
Invest $1,000 – receive 50% bonus
Since their launch, OptionBit has been recognized internationally as a leading binary options trading platform. Through the addition of assets from world-wide markets and providing unique trading options, a user-friendly platform and outstanding customer support they continue to grow and develop in keeping with traders’ needs and wants.
OptionBit – User Friendly
One of the main appeals of trading binary options is its simplicity. The platform is designed to be quickly understood by new traders who may not have had a previous understanding of the basic concepts of trading binary options. This simplicity is upheld throughout the easy-to-use platform which highlights trading tools, available assets, trading times and also features a glossary of commonly used trading terminology. Should clients have any questions the customer support team will gladly assist in answering them.
OptionBit – Assets & Expiry Times
In order to accommodate their international clientele, OptionBit features dozens of assets including currency pairs, commodities, indices and stock options from the US, European and Asian markets. Trade times range from 15 minutes to 1 month and traders have the option to close a trade early, extend the expiry time of a trade or use the “Auto-trade” option in order to plan a long-term trading strategy which allows traders to capitalize exponentially on market trends.
OptionBit – Customer Service
OptionBit provides personalized customer support to all of their clients. Upon an initial deposit, each client receives a personal account manager who assists them with any questions or inquiries they may have about the platform or their account. Account managers also provide clients with the newest bonus offers and any updates on the platform. Getting in contact with a personal account manager is simple: They can be contacted directly via email, telephone or through the instant messenger that is conveniently located on the OptionBit homepage.
That being said, as a member one will experience firsthand how customer support is a top priority at OptionBit and account managers check-in with clients regularly to see how their trading experience is and to offer assistance should it be needed.
If a client’s personal account manager is unavailable a customer service representative is always available to provide assistance.
OptionBit – Payout Rates
75-81% payouts on any trade that expires in-the-money.
OptionBit – Deposits & Withdrawals
Like the rest of the OptionBit platform the withdrawal process is quick and easy to navigate. In less than one minute and without the assistance of customer support, clients can make a withdrawal request through the “cashier” located in their online OptionBit account. Withdrawals are transferred to clients’ personal bank accounts.
There is no maximum withdrawal amount and the minimum withdrawal is $30. OptionBit offers one free withdrawal every calendar month and each subsequent withdrawal has a $30 fee. No commission is removed from any withdrawals regardless of the amount or date and time of the withdrawal.
Best Binary Broker!
Perfect for beginners!
Free Demo Account! Free Trading Education!
Only for experienced traders!
Deposits are accepted from Visa, Mastercard, Moneybookers, Western Union and Wire Transfer. The minimum deposit for all payment methods is $200. OptionBit offers several different currencies that clients can choose to operate their accounts with; USD, EUR, GBP and RUB. Once a client’s initial deposit has been made in a chosen currency, their account will operate within that currency for all future deposits, withdrawals, bonuses and trading.
OptionBit – Algobit
Trade with Algobit- the analytic tool that will constantly search the portfolio of volatile markets and will alert you upon newly forming trends.
When trading with Algobit, you do not need to have the OptionBit platform open as well- when you sign in, you sign in to your existing account and your trades are executed directly from Algobit. Trading with Algobit provides you with the premium trading experience- the system alerts you about the most volatile trends in the market and allows you to trade easily and calmly.
They are the first Binary Broker to introduced this in the industry
A test performed on their VIP traders proved this to be an increase of 22% profits
It is free to obtain this platform NOW (soon it will require a minimum deposit of $1000.00)
Real time feeds
Available in all languages
Allows for instant deposits
Quick Company Information
Year founded: 2020
Office Location: Cyprus
United States +1.415.3731665
United Kingdom +44.20.31500934
New at OptionBit: 60 Second Trading and Touch Trading.
Set up an account at OptionBit now and experience new and faster ways to earn money like never before.
OptionBit was an unlicensed binary options broker, owned by Global View International Services Ltd which is located in Saint Vincent and the Grenadines. Their mailing address is 272 Bath Street, Glasgow G2 4JR, United Kingdom. Their phone number in the United Kingdom is +44 203 807 1341.
Their email address is [email protected] For trader complaints, read this.
OptionBit Platform Review
OptionBit uses the Tradologic binary options trading platform. The platform gives traders Digital Options, Range Options, One Touch Options & 60 Second, 2 minute and 5 minute binary options. Returns on the $EUR/USD is 80%.
They have long term options with expiration times going out a far as 3 month. OptionBit is a popular global broker. Their trading platform is available in English, Russian, Japanese, Arabic, French, Italian, German, Spanish, Portuguese and Svenska.
OptionBit Trading Signals
They are the first binary options broker to create an algorithm software called AlgoBit for traders to use.
The nice part about AlgoBit is that you have the ability to control which assets you are interesting in receiving signals for. You can adjust the settings higher and lower so that you only receive notifications of serious trading alerts. Once you receive a trade alert, you can easily place a trade directly from the software.
Warning: Most trading systems do not make money, see how the scam works here.
If you want to see a real automated trading system look here.
When we review a binary options broker to determine if they are a legitimate broker or a scam broker we look to see. Did a regulator body like CySEC in Cyprus give them a license or do they fall under the MIFId regulatory rules in the European Union (EU)?
OptionBit is not a licensed broker.
When choosing a binary option broker it is always important to check the list of regulated binary option brokers to see if the broker you would like to open an account with is regulated by a government regulatory agency.
Warning from ASIC Australia
“ASIC urges all investors considering trading in binary options to check they are dealing with an entity that holds an Australian financial services licence.”
There a few licensed brokers you can trade with see here.
Are you currently trading binary options with OptionBit? Please share your review in the comment section below.
|No. Of Assets:||100+|
|US Traders:||Not Accepted|
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!
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:
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.
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.
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
Optionbit.com has a consumer rating of 1 stars from 2 reviews indicating that most consumers are generally dissatisfied with their purchases.
“Glad i have all my money back.”
I could not get my winnings from them and they cleared all my trading balance to zero. I have approximately $35000 in my trading account. This people cleared all my money . I have tried to communicate with them on numerous occasion with no success, They stopped responding to my calls. With the help of a financial expert [email protected] financier,com I have been to recover all my money back and it is such a huge relief.
Trading Platform OptionBit
OptionBit’s trading platform offers a wide range of useful resources and tools. It is user friendly and provides a “My Trades” box that indicates open trades.
OptionBit offers a range of advanced trading tools for a successful trading experience. All tools are available when trading currency digital trades only. You will be able to activate and use the trading tools starting five minutes after entering the trade and until 10 minutes before expiry. The trading tools offered are ‘Close’, ‘Extend’, and ‘Auto Trade’.
This broker also offers mobile apps compatible with Android and iOS platforms to enable trading on the go.
OptionBit’s mobile app offers the following features:
- Unlimited access to commodities, currencies, and other markets
- Wide variety of account management tools
- No commissions or hidden fees
- Reliable round the clock support
All the platforms are web-based and there is no need for any download or installation for trading. Your money is safe with this broker as it uses the 128-bit SSL security system (Secure Socket Layer) to protect your funds.
OptionBit offers a dedicated training program to help traders trade successfully. You can opt for training over live chat or phone as per your convenience. The training sessions are 1-on-1, conducted between the trader and the market analyst assigned to his account.
The training sessions include the following topics:
- General introduction to financial markets
- Fundamental analysis
- Technical analysis
- Trading strategies
The training will continue for as long as the trader feels he needs it.
- User-friendly interface
- Reliable multi-lingual support
- The Extend or Close now feature allows you to lock in your profit (close now) or increase your profit by extending the expiry time of your trades.
- Autotrading allows you to automatically roll over your profitable positions. You can use this feature to benefit from a momentum without being glued to the screen.
- No live demo account for testing
- No money back for out-of-the-money trades
Platform type: Tradologic
Platform Languages: English, Spanish, German, French, Russian, Japanese, Italian, Turkish, Arabic
OS Compatibility: Mac OS, iOS, Windows, Android
Streaming News Feed: Yes
Email Alerts: Yes
Mobile Alerts: Yes
Company information OptionBit
Located in: Cyprus
Founded in: 2009
Accepts US Clients: No
Phone number: 0044 (0) 203 150 0934
Email: [email protected]
Account Options OptionBit
Minimum Deposit: $200
Payouts Percentage: 81%
Deposit Options: Webmoney, Credit Card, Debit Card, Bank Wire Transfer, Moneybookers
Withdrawal Options: Webmoney, Credit Card, Bank Wire Transfer
Payout Ratios: OptionBit allows you to earn a payout of up to 400% on your investment.
Available Assets OptionBit
Oil, Gold, Indices, Stocks, Commodities
What Support Does This Vendor Offer?
- live support
Customer Support Languages: English, Spanish, German, French, Russian, Italian
Customer Service Hours: OptionBit provides 24-hour customer support.
Place Trades Over the Phone?: No
OptionBit Trade types
OptionBit offers the following trade types: one touch, autotrader, and classic. The broker’s Tradologic trading platform includes the following trading types: regular above/below binary options, touch trading and range, as well as “extend” and “close now” features. Option types offered on the website are digital, one touch, touch/no touch, range, and turbo.
OptionBit Trade accounts
OptionBit offers four types of trading accounts:
- Minimum deposit is $200
- Welcome bonus up to 30%, loyalty bonus up to 30%
- eBook on binary options trading and trading with OptionBit
- Personal trading analyst
- Free trading alerts
- Daily market review
- Account manager
- Training materials like financial charts and webinars
- One free monthly withdrawal
- Minimum deposit is $1000
- Welcome bonus up to 50%, loyalty bonus up to 100%
- All features of Mini Account, plus:
- Soft copies of digital lessons
- Market reviews twice daily
- One on one trading sessions up to 5 times every day
- Minimum deposit is $10,000
- Welcome bonus up to 75%, loyalty bonus up to 100%
- All features of Standard Account, plus:
- Two free withdrawals per month
- Unlimited one on one trading sessions
- Market expert to handle your account personally
- Minimum deposit is $50,000+
- Contact the broker for information
OptionBit Position In Our Categories
Position of OptionBit in our main categories:
OptionBit is one of the top 20 Binary Options Brokers products
If you are interested in OptionBit it might also be a good idea to check out other subcategories of Binary Options Brokers listed in our base of B2B software reviews.
It’s important to note that virtually no service in the Binary Options Brokers category is an ideal solution that can meet all the goals of various investors. It may be a good idea to read a few OptionBit reviews first as some solutions might actually dominate exclusively in a specific geography or situation or be created with a really specific customer in mind. Others might operate with an idea of being simple and intuitive and therefore lack complex functions welcomed by more experienced users. You can also come across services that cater to a broad group of users and offer a complex feature base, but that in most cases comes at a more expensive price of such a solution. Ensure you’re aware of your requirements so that you choose a service that offers exactly the features you search for.
We realize that when you make a decision to buy Binary Options Brokers it’s important not only to see how experts evaluate it in their reviews, but also to find out if the real people and companies that buy it are actually satisfied with the product. That’s why we’ve created our behavior-based Customer Satisfaction Algorithm™ that gathers customer reviews, comments and OptionBit reviews across a wide range of social media sites. The data is then presented in an easy to digest form showing how many people had positive and negative experience with OptionBit. With that information at hand you should be equipped to make an informed buying decision that you won’t regret.
Best Binary Broker!
Perfect for beginners!
Free Demo Account! Free Trading Education!
Only for experienced traders!