OptionBit Broker Review

UPDATE (12.01.2017):

We have found out that OptionBit is closed.

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

 
Min. Deposit
Max. Returns
  
Option Robot$20091%Open Free AccountRead Review
IQ Option$1092%Open Free AccountRead Review
24Option$25089%Open Free AccountRead Review
Finpari$25090%Open Free AccountRead Review
All brokers >>

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

Old Review:

OptionBit LogoLately, 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: 2011
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

Pros:

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

Cons:

– No choice of  bonuses that have trading requirements

Binary Minery Rating:

4-stars

Start trading

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.

OptionBit Screenshot

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.

Additional information

Customer Service: Live Chat / Email: support@optionbit.com
Languages: English, Spanish, French, German, Italian, Swedish, Russian, Japanese, Portuguese
Trading Options: High / Low, One Touch, Boundary, Touch Options
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 15 sec, 30 sec, 60 sec, 2min, 15 min, 30 min, 1 hr, 24h, 24 hr+, 150 days
Deposits and Withdrawals: Visa, Mastercard, Amex, Bank Wire, Skrill Moneybookers, WebMoney, Paysafe Card
Withdrawal Time: 2-3 days
Demo account: Yes

Start trading

Related articles:

References/Further Reading:

  1. Globalization, Institutions, and Regional Development in Europe (Ash Amin)
  2. Economic Development Through Bureaucratic Corruption (Nathaniel Naff)
  3. Foreign Assistance and Economic Development (Hollis Chenery)
  4. Financial Structure and Economic Growth: A Cross-country Comparison (Asli Kunt)
  5. A Theory of Economic Development (Gustav Ranis)
  6. Natural resources, education, and economic development (Thorvaldur Gylfason)
  7. THE ECONOMIC DEVELOPMENT OF LATIN AMERICA
  8. The Economic Role of Political Institutions: Market-Preserving Federalism (Barry Weingast)
  9. Financial Development and Economic Growth in Underdeveloped Countries (Hugh Patrick)
  10. Tropics, germs, and crops: how endowments influence economic development (William Easterly)
  11. Geography and Economic Development (John Gallup)
  12. Patterns of development, 1950-1970 (Burnley Cherey)
  13. World without end: economics, environment, and sustainable development (Warford Pearce)
  14. Financial Aspects of Economic Development (John Gurley)
  15. An Institutionalist Perspective on Regional Economic Development (Ash Amin)
  16. Economic Development and Environmental Quality: An Econometric Analysis (Nemat Shafik)
  17. The O-Ring Theory of Economic Development (Michael Kremer)
  18. Leading issues in economic development. Studies in international poverty (G. Meier)
  19. Global production networks and the analysis of economic development (Jeffrey Henderson)
  20. The Role of Agriculture in Economic Development (Bruce Johnston)
Binary Minery Review: OptionBit: 4 stars.