OptionBit Review

OptionBit are owned and incorporated by Global View Ltd, who operate out of Suite 305, Griffith Corporate CentreSuite, PO Box 1510, Beachmont, Kingstown in Saint Vincent and The Grenadines. This parent company has a secondary base out of 272 Bath Street, Glasgow, G2 4JR, Scotland. Since the broker’s launch in 2010, Global View Ltd have ensured that OptionBit abides by the strictest trading laws applicable to these regions. Yet whilst they are committed to preventing fraud and prioritising their trader’s needs, the company continue to act offshore, and are presently unregulated. As such, they are welcoming to traders from MOST REGIONS, but cannot offer accounts to US residents.

OptionBit offers a dynamic trading system that operates high quality technology, with a diverse selection of trading tools and features to suit a wide range of trading styles. They offer a strong asset folder, well matched to the various contracts on offer through the platform. At the same time, the interface of OptionBit’s platform is easy to navigate and not at all saturated with information. Traders are invited to be as ambitious or modest as they like with their positions, opting to secure a return of up to 20% on an unsuccessful turnout in exchange for a lower payout percentage if preferred. Timeframes of 1 minute up to 1 month are a possibility, and payouts can stretch up to 85% on standard contracts.

This is a broker that knows what modern traders expect from a platform and strive to provide only the best environment for the realization of these ambitions.

Trading Platform & Features

The OptionBit platform is provided for by Tradologic – an excellent competitor to the SpotOption platform often favoured by binary options brokers. Nevertheless, there are similarities and it is strategically presented in a familiar, user-friendly format. Along the top are four trading feature tabs: Range, Touch, Turbo and Digital. When applied, these change the nature of the option contracts. Digital options are technically traditional binary options and allow for positions to be taken out on all the listed instruments (according to market availability). This is the most flexible setting available for binary trade as it allows for the use of the Close and Extend tools, and adjustments to the Payout / Return ratio of 5 – 20%. Turbo options start with expiries from 1 to 5 minutes. Touch options allow for expiry in the money upon the asset touching a predetermined boundary within the set timeframe. Range is considered an exotic contract option wherein profit is registered if you correctly predict the underlying asset’s end rate (either inside or outside the range depending on your settings) within the given expiry time. Touch and Range contracts have a maximum expiry of 1 hour, Digital options can be set for end of month.

Once you have chosen a trading feature, you will be shown the range of assets available for that setting as a list on the left. OptionBit offers an impressive list of instruments to trade on, including popular stocks, global commodities, futures and major currencies. The accompanying chart is defaulted to a line setting, but can be altered to Candlestick or Area view, with timeframes of 1 minute up to 1 day for analysis. You can further customise your terminal by switching to Multiview, which allows you to oversee four charts at one time.

Trading tools are an integral part of the trader experience on this platform. OptionBit offers several interesting additions in order to tip the balance in your favour, or lower your overall exposure to volatile markets.

• CLOSE – Taking inspirations from Forex ‘stops’, OptionBit gives you the chance to close your position early in order to lower your losses or secure a winning trade. A fee is charged for this service but you will profit up to 30% if in the money and receive 0 – 80% of your initial investment back if out of the money. Digital currency assets only.

• EXTEND – The extend tool does exactly that, it extends your position to the next expiry time in order for to give your prediction a better chance to realize. This can only be applied once to each position. A small fee will again be deducted for the use of this tool. Digital currency assets only.

• AUTOTRADE – This tool enables you to create a long term strategy. Should you spot a long term trend, you can apply the autotrade tool which will in turn re-open winning trades, repeating the same position (amount and direction) to continue on winning streak for you.

Along the top of your terminal you will see a tab for Social. This will provide a drop down that takes you to the Leader Board for a social trading experience. The Leader Board provides a high ranking list of OptionBit traders according to their Hit Rate and considers this factor against their overall number of trades, plus their fanbase. You can choose to arrange this list according to asset category. From this point, you can copy a trader, mirroring their trade decisions. When setting up a contract, you can choose to follow them for 1 day up to 1 month, or even forever. Invest $10 to $4,000 and then set your risk and take profit limits to minimise your exposure should they make a wrong move. OptionBit provides a guide to social trading on their VOD page.

 
The main platform is accessible through online login, and is available in iOS or Android formatted apps for use on mobile devices. AlgoBit is a separate platform that can be accessed with the same login details.

Account Options & Payout

Signing up with OptionBit is free, but to trade live you will need to deposit a minimum of $250, setting your account to run in USD, EUR or GBP.

Traders will be capable of qualifying for three live account packages beyond this point. Each of these is made up of varying benefits, but all include the necessary elements to see you trading independently and with success.

Live Account Packages

• MINI: Mini Account holders will have access to advanced charts, webinars, trading alerts and an eBook as standard. They will also be entitled to 1 free withdrawal per month, 1 daily market review per day, access to basic video lessons and given account assistance.

• STANDARD: Standard Account traders will see an improvement in the quality of their general support services and will be given access to the full package of video lessons. Market reviews will be sent to you twice a day and traders will be eligible for 5 free 1-on-1 trading sessions.

• VIP: In order to support their VIP clients, OptionBit is offering an expert level account manager, 2 free withdrawals per month and unlimited 1-on-1 trading sessions.

• DIAMOND: To be a Diamond Account holder you will need to deposit at least $50,000 into your account. This prestigious title is supported by benefits determined at the discretion of your personal account manager. You must speak directly with them for further details.

The requirements necessary to open the Standard and VIP will be advised by your account manager upon registration. Ahead of trading live, you can also request a demo from your manager, who will set up its limitations accordingly and to their discretion.

Minimum trade entry for OptionBit is $10. Comparatively this is middle ground, but well-balanced when you consider the trading tools on offer to help lower your risks. Payouts are not only variable according to instrument and contract type (between 60 and 80%), but can be customised up to 20% for a return on an unsuccessful investment (Digital Options only).

Banking Options

OptionBit have ensured that payment processing is easily accessible by their international clientele, by adding a long list of eWallet, bank card and online wire providers to their deposit / withdrawal options. You may choose to move your funds in EUR, USD or GBP. Processing times with OptionBit are frustrating, however with careful planning, this shouldn’t inhibit your experience of their services.

Deposits

Registering with OptionBit is free, but to open a live trading account you must deposit between $250 – $5,000. To do this you will need to locate the Cashier tab from within the platform, select your desired banking provider / method and then process the payment through an SSL secured page. Your options for money management include payment through Visa, MasterCard, Maestro, Diners Club Card, Skrill, uKash, American Express, QIWI, Neteller, Yandex, WebMoney or PaySafe Cards. You can also make direct bank / wire transfers. There is no fee for this service and processing times vary according to the individual provider.

Withdrawals

Withdrawals return your profits to you through the same means as your deposit. The only exception is credit card banking, which sees a figure up to the amount of your initial deposit returned to the card, after which the surplus is credited directly to your bank account. There is a minimum withdrawal stipulation of $30. The first withdrawal of each calendar month is free but subsequent requests will be charged at a rate of $30 per transaction. Further fees may apply depending on the provider’s T&Cs.

Requests are processed by the financial department within 24 hours, however you won’t see your account credited for a further 5 to 12 working days, or 3 to 5 working days if you hold VIP status. With comparative banking timescales for the industry trending at 3 – 5 working days, OptionBit could aim to improve this aspect of its services.

With security a top priority of the company, you will need to provide some documentation in order to validate your account. Upon deposit you will be prompted to submit a copy of a utility bill, passport and a copy of your bank card. We recommend completing this process ahead of requesting a withdrawal as it will speed up the entire process.

Education Resources & Support

We were pleased to see that OptionBit has provided plenty of online guidance to accompany their professional platform and advanced trading tools. On the website you will want to check out their extensive FAQs page for a breakdown of many key products and services. In a bar along the bottom of each OptionBit page, you will also notice blue links to an eBook, VOD, Economic Calendar and Advanced Charts. The eBook reads much like a high school textbook guide; with 54 pages of illustrated chapters breaking each fundamental element of trading psychology, strategy, history and analysis down into bite size chunks, with exercises to complete at the end of each section. Within the VOD page you will find further links to advanced binary eBooks that go deeper into the core aspects of binary options trading and feature hypothetical examples for context. Other educational resources are stored here in the library too, such as introductory videos, an in-depth course (plus an advanced version that includes the application of financial tools) and summaries of the contract types and general products on offer through OptionBit (such as CFDs, Commodities, Futures and Stocks). You will also see a guide to Social Trading listed here for those of you who are considering the benefits of semi-automatic trades.

Aside from self directed educational facilities, OptionBit provides assistance through their online live chat service and assigns each new client a personal account manager. The live chat box is easily accessible through a pop out tab on each webpage. The service is maintained in English or Japanese and aims to run throughout trading hours in order to provide quick assistance. Personally, our experience of this feature was mediocre; our chat was picked up by an agent after 15 minutes had passed by and the assistant was unable to provide us with basic information. However, knowing that OptionBid has dedicated a lot of time to the development of its educational facilities, we gave them the benefit of the doubt and requested a Call Back through the button on the same pop out tab. Unfortunately we received no call and when dialling our UK helpline and found the number out of service. An email request was also left unanswered.

So, we must conclude that whilst OptionBit has made every effort to provide excellent educational resources, and other overall services, they’ve shot themselves in the foot with personalised support. Nevertheless, we appreciate that many brokers do not take tourists seriously and so it likely that they focus their support resources on clients who have invested in their business or are clearly prepared to.

Why Trade at OptionBit?

OptionBit offers a platform and educational resources that are excellently edited and rich with versatile content. Their trading tools and features work together to provide varied, exciting opportunities to their clients, as well as providing options for lowering risk and cancelling undesirable trades. Users can also benefit from the variable Payout / Return ratio – adjusting their contract to reflect an insured amount of their initial investment should they land out of the money.

Outside of the platform, their advanced auto-trade tool AlgoBit is accessible under the same account details and can provide expertly calculated alerts from relevant market movements and analysis. New and advanced traders can benefit from many of OptionBit’s products and will find the broker’s educational materials no less impressive. Their library is stocked with plenty of eBooks, guides, videos and courses, to assist and provide an ideal learning program for every level of trader.

However, in the light of OptionBit’s many achievements, withdrawal processing times have room for improvement and their customer service team are evasive. Taking into consideration these essential factors, we are happy to recommend OptionBit and but award them 3 out of 5 stars for their services.