Optionbit Review

Overview

Optionbit is another great binary options broker. Since 2010 they have been registered in Cyprus and operate under regulation by the CySEC. Optionbit has become already popular in the UK and France as one reliable and competitive broker. In a nutshell, Optionbit is focused more on shorter term trades and is tailored to the needs of the high frequency trader and the typical day trader. Minimum trade size is just $10 and minimum deposit is $200. They offer a very honest deposit bonus up to 100% and they have some unique features that are ideal for day trading.

Trading Platform

Their trading platform is very user friendly. They offer all the basic types of binary options such as range, touch, one touch, etc. They also have these rather unique features so that you can trade even down to the minute binary options, such as the possibility to extend expiry when the trade is a loser but you believe you still have a chance to end up in the money. This flexibility of being able to extend your open losing trade and roll it over to the next expiry period is really useful to day traders! Of course, it comes at a small premium cost, but as any day trader will tell you, if your timing is off by say 5 minutes and you currently have a losing trade on your hands you can simply roll it over at very small additional cost. If your judgment proves correct in the next 5 minute interval, being a binary option, it will end up in the money and achieve that 81% return! On top of that, they offer algorithm based trading signals which can be useful to beginner traders!

Safety of Clients' Funds & Regulation

Optionbit is regulated within the EU by the CySEC in Cyprus, this means that clients' funds are always safe and the company is legitimate. They used to accept US clients but due to ever changing regulations by the CFTC in the US this is no longer the case. It's not a complete ban of US traders just yet, but it certainly applies to most US states. US traders should contact Optionbit regarding this matter and enquire about their specific state. Optionbit follows strict anti money laundering procedures regarding withdrawals. Clients who deposit funds via credit card or other electronic method will have to match this deposit with an equal withdrawal back to the same method of payment, before they can withdraw larger unlimited amounts via bank wire transfer. The deposit bonus policy requires clients to trade options worth 10 times the bonus money before they can withdraw it; this is a necessary measure in order to prevent bonus abuse while allowing legitimate clients to benefit with up to 100% deposit bonus.

Deposits & Withdrawals

Optionbit offers a wide range of deposit options and it's very reliable with withdrawals. There is however a $30 fee on bank wire transfers, which does not encourage small frequent withdrawals but rather few large ones. Winning traders do withdraw their profits once in a while, usually once a month the most, but this $30 fee is worth paying for such reliable service. Remember there are traders who make $1000s per day with Optionbit and they get their winnings without any issues. Their customer service is excellent and will gladly guide you when making your first deposit or withdrawal so that you choose the most beneficial method.

Specials

Among the most interesting features of Optionbit is Algobit, an in-house developed algorithm that constantly scans the financial markets. Algobit locates newly forming trends and signals the trader when the time is right to enter a trade. You can find more info about Algobit here. You can request to open a demo account to test Algobit signals before trading with real money.

Our Verdict

Optionbit offers a set of powerful trading tools tailored to the needs of short term traders; they offer demo accounts, generous deposit bonuses and all the support a beginner trader will ask, including free trading signals! But their underlying services can meet the demands of professional day traders just as well. Their trade extension option allows the experienced day trader to dramatically cut losses by rolling losing trades onto the next expiry period, as well as closing early trades that become partially profitable for a split second. This hugely shifts the odds on the trader's side!

On the downside, they don't offer refunds on losing trades, but bear in mind they offer 81% payout on such short term options. Usually brokers who offer refunds on losing trades also offer less than 81% payout on winning trades. Their range of assets is also limited at the moment, but still growing and already covers the basic markets of currencies stocks and commodities that most traders need. They are open to clients' requests for introducing new assets in the near future.

Short term trading is very interesting and generally speaking it offers more opportunities to well prepared traders and even the ability to create risk-less trade scenarios by combining the instruments of Optionbit together with those of another broker. Remember the flexibility to close early a trade at partial profit, or extend the expiry on a losing trade that will become profitable in the next 5-10 minutes, it doesn't sound like a free lunch, but it can be! Short term trading does create short lived risk-less opportunities due to the inertia of the markets. One just has to know how to set up the trade, combine 2 binary brokers and watch out for volatility in the markets. And this cannot be achieved without the flexibility and reliability of Optionbit.

Trade with Optionbit

Optionbit

    Website: www.optionbit.com

    Headquarters: Cyprus

    Year founded: 2010

    Regulated: CySEC

    Accepts US traders: NO

    Platform: Tradologic

    Minimum Deposit: $200

    Minimum Trade: $10

    Maximum Trade: $5.000

    Deposit Bonus: up to 100%

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