OptionBit Demo Account
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A demo account is often offered by other binary options, and it allows traders to gain real trading experience without having to risk any real money. This is achieved by assigning a select amount of ‘virtual money’ to each demo account. Typically, brokers who offer this feature limit the amount of virtual money allotted to each demo account, usually according to the various account tiers. For example, an account tier that requires $500 in deposits to open may only receive a demo account with $500 in virtual funds, while an account tier that requires $5,000 in deposits may receive a commensurately larger demo account. In the majority of cases, brokers only offer demo accounts after a customer has opened an account and deposited funds with them; in this manner, a demo account works more like a ‘bonus feature’ as opposed to a ‘free trial’.
For such a nice bonus feature, you would think that more binary options brokers would offer a demo account to its customers, which would increase their trading skills as well as allow the broker to benefit from higher positive customer perception. However, only a tiny minority of brokers offers this feature. And the explanation is simple: trading with virtual money has nothing to do with a real-time experience. It is proven that traders behave differently when they trade with their own money. So many brokers do not find it useful to provide a demo version.
However, whether it educational or not is up to traders to decide. So far there is no better solution for learning to trade binary options without losing actual money. Because of this, OptionBit offers a free 30 days demo account. It does not require any commitment, not even a deposit.
OptionBit 30 Days Demo Account
As we have elaborated in our other review on this broker, OptionBit is owned Global View International Services Ltd incorporated in Saint Vincent, which was a licensed Cyprus Investment Firm (“CIF”) under the regulatory authority of the Cyprus Securities and Exchange Commission (“CySEC”). Despite some changes, until this time OptionBit still offers a free 30 days demo account, which was available to all registered customers (note that registration does not mean opening an account, hence it does not cost anything).
Since OptionBit changed hands to Global View International Services Ltd incorporated in Saint Vincent, it seems that they considered not offering this feature. But as there are no other alternatives, users are still able to take advantage of this. It’s a great opportunity to test all the same features that will be offered after opening a real account and to practice trading binary options.
OptionBit utilizes the Tradologic platform, a web-based trading platform that also offers mobile functionality for both Android and iOS operating systems. Compared to more popular platforms out there such as SpotOption, Tradologic is much less sophisticated with comparatively far fewer features. For example, they only offer five types of binary options and are missing some of the newer types of binary options offered on other platforms, such as the super high return / risk ladder option (with payouts as high as 1500% in some cases). They also do not have the popular ‘Social Trading’ feature, which most platforms have, that allow a trader to automatically replicate the trades made by another trader.
OptionBit does offer a few nice special features on its platform, however, namely the Close, Extend, and AutoTrade tool. The Close feature works much like a ‘Take Profit’ or ‘Stop Loss’ on other trading platforms; basically, traders can, for a small fee, close out trades, both in the money and out of the money, prior to the expiry time. The ‘Extend’ tool is the opposite of the ‘Close’ tool; it allows traders to shift the expiry time of a losing trade to the next one (for a minimal fee of course). And finally, the ‘AutoTrade’ tool gives traders the option of automatic reinvestment in a previous winning trade, basically allowing them to automatically continue a winning streak. The first losing trade ends the streak and the tool as well.
Feature-wise, Tradologic’s platform is quite similar to most of its competition such as SpotOption, has a user-friendly interface and has many different things offer to its user. Both Tradologic and SpotOption are very popular white label trading platform software used by most binary options brokers today.
While analyzing OptionBit and deciding whether or not it’s a suitable choice for trading, their bonus policy was one thing that impressed us the most. While we note that the number of their bonuses is much smaller compared to their competitors, with a maximum bonus amount of only $10,000, this is barely an issue in our view. As a matter of fact, we actually assess OptionBit’s bonus policy as superior compared to most of the industry, particularly from a customer-centric perspective.
Most binary options brokers have a requirement that prior to being able to make any withdrawals from an account that has received a bonus, including the trader’s own deposits, the trader must meet a certain minimum trading volume, usually set at a multiplier of 20 to 60x of the total amount in the account, being both the deposits and the bonus. We view this practice as highly unfavorable to the customer and despite it being a standard practice in the industry; it is not something that we support.
OptionBit’s bonus policy is superior in two ways; first, its multiplier is set at 30x and applies only to the bonus amount and not the total account amount, which would translate to a much lower minimum trading volume. Second, it allows traders to make withdrawals prior to satisfying the requirement, with no extra penalties other than forfeiting the bonus and any subsequent profits arising from said bonus. This is, in our assessment, a much fairer practice, and we believe that the application of such a practice across the entire binary options broking industry would go a long way toward improving the sometimes sordid reputation of the industry.
Trade With OptionBit For $200
The minimum deposit amount for OptionBit is $200, which is quite low compared to its competition. The majority of binary options brokers set their minimum deposit amount at $250. In this area, OptionBit enjoys a slight advantage over the majority of the industry.
All things considered, we can easily recommend trading with OptionBit. While OptionBit does have a few negatives, its bonus withdrawal policy, its wide variety of asset indices available to trade, and its low minimum deposit amount make up for those, making quite an appealing binary options broker. This is why we always recommend giving new brokers a chance, of course, after carefully examining them and analyzing whether or not they are a good match for you personally.
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