|Normalized profit||Up to 81%|
|Trading assets||Stocks, Forex, Commodities, Indices|
|Min. Account size||$ 200|
|Min. Trade size||$ 10|
|Special features||Digital, 60 seconds, Touch, One Touch, Range|
Optionbit, owned and operated by Pretoniria Co., is one of the older binary options firms currently in operation. Like most other binary options brokers, Optionbit operates out of Cyprus. They are one of the larger brokers operating, and this is more than evident in their extensive range of currently 128 assets in their portfolio, one of the largest asset portfolios available among binary options brokers.
This includes an impressive 81 stocks and 22 indices:
- 14 FOREX Currency pairs
- 11 Commodities
- 22 Indices
- 81 stocks in various markets including Nasdaq and the European Markets
Registering an Account
As can be expected, signing up is very easy, requiring only minor details like email and telephone number. Obviously, if you want to actually trade however, you’ll need to deposit some money.
Optionbit uses the Tradologic trading platform. While this platform isn’t as common as some of the other binary options platforms (did anyone say Spotoption?), I’ve found that it’s actually a pretty damn good platform. This is actually a questions that’s been on my mind quite a lot recently. I mean why do so many brokers use Spotoption when there are some really good and original alternatives out there. Anyway, back on topic.
The Optionbit interface is currently available in 9 different languages. The website itself is a soothing blue, with no flashy colors or animations. The graphs themselves are also pretty basic. All of this simplicity adds to the trading experience, as the site is very responsive and fast.
Main Trading Page
The main trading page consists of 5 different trading types, of which we’ll go into more detail later.
While the initial “Classic” page has only one graph and a scrollable list of assets to choose from (much like the Tech Financials platform), one of the nice things about this platform is that you can actually change the layout. Optionbit offers 3 different layouts: Classic, Chart+ and Multi.
The Chart+ layout displays a much larger graph, with a clickable drop down selection box for the assets in question. You can easily choose which trade you want to do using the large Above/Below buttons on the right.
The third layout option is the multi layout. This layout allows you to have 4 smaller graphs and assets on the page simultaneously. This layout should be particularly useful for traders who like to monitor multiple assets and trade them at the same time. Each graph here is completely independent and all of them can be traded simultaneously.Different expiry times can also be chosen for each asset. It’s no Options Builder, but it is a nice thing to have nonetheless.
Putting in a trade is really simple. Just click the direction of the trade you’re interested in, enter the amount you want to trade, and click trade. The asset quote constantly updates, and when you click the trade button, the trade goes in immediately. There is literally zero delay or slippage. The number that was on the screen at the time you clicked the trade button will be the rate that your option is bought in.
One of the nice things about Optionbit is that the minimum trade size is only $10. This is expecially good for inexperienced traders who want to learn the ropes and do some “partice” trades before diving in with larger trade amounts.
While trading with Optionbit, something different that I’ve never seen before with binary options brokers caught my eye: “Auto trader”. I did a little bit of digging around and found this in their FAQ:
Autotrade allows the trader to plan a long-term strategy by having the trade, if it is a winning trade, open again with the entire amount returned as a new position in the same direction for the next expiry time. This type of trading allows traders to capitalize exponentially (up to 2,000%) on market trends.
In theory it might be a good idea sometimes to do this, but I personally would never choose to automatically reenter a trade in the same direction with all my winnings just because I won once. Especially with stocks reaching support and resistance levels, I would prefer to use my own judgement on whether or not to reenter a trade, rather than just rolling the dice and choosing to reenter a trade with no regards to the situation.
Like most binary options brokers, Optionbit offers a variety of support mediums, including email support, telephone support in six languages, and of course live chat support. As always, I gave the live support a shot.
Response was relatively fast, with a 1 minute wait time before I got a rep. Once I did get the rep however, she was much more helpful than I could have hoped for. I asked her a question about their asset list since it seemed to be a bit out of date. Not only did the support rep answer all my questions, but she also offered to send me a jpg file with a full, detailed list of all the assets. I accepted and then had this list in my inbox within a few minutes. Nice job!
As for the additional features, Optionbit offers some good trading tools for those to whom regular binary options are not enough:
Just like it sounds, Optionbit offer 60 second options, otherwise known as “Speed Trading”. All options in this category expire within 60 seconds of being purchased. I personally don’t trade 60 second options, but I know that there are those who specifically look for this option in a broker, which is why I think it is actually becoming more popular and more brokers are offering it. The 60 Second option only allows using the “Multi” layout screen.
RangeRange is similar to what other binary options brokers would call “Boundary” options. The trader simply needs to predict whether the underlying asset will expire inside or outside a given boundary. As opposed to regular binary options, where you only have one variable to predict, with boundary you have two variables, an upper and lower limit. While this may be a bit more difficult, the payouts for in-the-money expiry options are respectably higher than with regular expiries.
Payouts and Commissions
For regular options, Optionbit offers normalized payouts of up to 81%.
The minimum withdrawal amount is $30, and there is of course no maximum, meaning that the maximum is basically your account balance.
Just like all binary brokers, in order to be able to withdraw, you will need to send copy of a photo I.D., front and back copies of your credit card (with the middle numbers on the front and the 3 security numbers on the back blacked out), and a copy of a utility or phone bill clearly showing your name and address. The reason for this is because Optionbit needs to comply with money laundering laws. I personally start sending these documents as soon as I start trading with a broker. That way I know that when I want to withdraw I can do so without any difficulties.
Optionbit offers one free withdrawal per calendar month, with additional withdrawals costing $30. That means however that if you make a withdrawal on the 26th of the month, you will be able to make another free withdrawal already on the 1st of the following month.
Withdrawals usually take up 5-12 business days.
It’s quite clear how Optionbit has managed to stay around for as long as they have. They offer a very stable and reliable trading platform. The Tradologic platform is a nice refreshing change from the oh so popular Spotoption platform. I personally feel that it’s a mix between the good things that Spotoption platforms offer, with some of the nice layout features of Tech Financials’ platforms. Add excellent, friendly and responsive support to the mix, and you’ve got the makings of a highly recommended broker!
Optionbit seems to be a straight up legit binary options broker, and deserves a spot on our top 10 list!
Register for a free demo account with Optionbit:
To start trading Binary Options with Optionbit, visit http://www.optionbit.com
This broker can definitely be recommended!