OptionBit is a European Union regulated and licensed binary options broker. It’s at this moment one of the largest and oldest binary brokers and is also one of the very first binary companies to acquire a legit online trading license.
Read this OptionBit review in order to find out more about the services offered by this binary options broker.
Platform and Software
OptionBit runs on the software developed by the company named Tradologic, which is a premium developer of online trading tools. The main feature and characteristic of the Tradologic software is the fact that it’s very simple to use and to understand.
The Tradologic software is perhaps the simplest binary options trading platform available on the market. Everything is straightforward and easy to understand. Now, while this is definitely something of great value to newcomers, it might be a little bit boring for experts.
I personally don’t necessarily like the Tradologic software because for me personally it’s too simplistic. But then again, I’ve been trading binary options for 3 years now. For newcomers, this software however is perfect and it’s highly recommended to start out with a broker that uses Tradologic technology.
One of the greatest features of the platform is that it has integrated candlestick charts as shown on the screenshot below. Candlesticks are used for technical analysis and in order to discover trends and patterns. These are one of the most widely used strategies in binary options.
No other binary options trading software has these charts directly integrated into their platform, basically meaning that if you want to use candlestick charts at most brokers you would have to use third party tools and applications.
Available Binary Options Types
OptionBit offers most of the existing binary option types available. Classic high/low options are by the broker called “digital options”. The broker also offers a special type of options called “Turbo Options”, which essentially are options with very short expiration times, such as 30 and 60 seconds.
The broker is also offering touch options. These are options where you will have to predict of the value of an asset will reach a certain value during a certain time frame. And finally, the broker also offers range options, where you will have to predict if the value of an asset will remain between ranges of two values.
OptionBit offers a limited selection of long-term binary options as well. These options are contracts with very long expiration times, such as several days or months. Unfortunately, the selection of these options isn’t that large.
OptionBit offers a significant selection of assets. This especially comes in handy in case of long-term options, which in my opinion are the easiest to predict and win in the whole binary options business.
Forex pairs: AUD/USD, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/NOK, USD/RUB & USD/SEK.
Stocks: ALLIANZ, AMAZON, APPLE, BAIDU, BAYER, BMW, BOEING, BP, CHEVRON, CITIGROUP, COCA COLA, DANONE, DEUTSCHE TELEKOM, DISNEY, EBAY, EXXON MOBILE, FACEBOOK, FRANCE TELECOM, GAZPROM, GENERAL ELECTRIC, GOOGLE, HONDA, HSBC, INTEL, KONAMI, MCDONALDS, MICROSOFT, MITSUBISHI, MORGAN STANLEY, NIKE, RENAULT, REPSOL, SIEMENS, SONY, TELEFONICA, TOTAL, TOYOTA, VIVENDI & VODAFONE.
Indices: AEX-25, BEL-20, BOVESPA, CAC FUT, DAX FUT, FTSE 100 FUT, IBEX, NASDAQ, NASDAQ FUTURE, NIKKEI 225, S&P FUT, SPI 200 FUTURE & TOPIX 500.
Commodities: COPPER, CRUDE, GOLD & SILVER.
OptionBit has a unique system of payout rates because it combines payouts with rebates on losing trades. On winning trades you will usually receive payout rates of around 80% and on losing trades you can receive rebates of up to even 20%.
Each time you open a binary options contract you will have the chance to decide your own payout rate and rebate. The larger the payout rate the lower your rebate will be and vice versa. Rebate essentially means cash-back on losing trades.
In case of Touch and Range options your payout rate can go as high as even 120%.
Bonuses and Promotions
At OptionBit you can receive various bonuses depending on the deposit you have made. For example, if you deposit between $250 and $999 you will receive a bonus of 30% on your deposit. For a deposit between $1,000 and $9,999 you will receive a bonus of 50%. Above $10,000 you will get a bonus of 75%.
Please note that the bonus will not be added automatically into your account. You will have to contact your account manager to get the bonus (in case he won’t contact you first).
Also, keep in mind that accepting a bonus will lock your bonus and deposit in and you won’t be allowed to make a withdrawal until certain trading volume conditions are met. This rule exists in order to avoid bonus fraud (i.e. people who just register to get the bonus and then withdraw it).
So, if you are a newcomer and aren’t yet sure if you will continue trading at OptionBit, then I recommend you do not accept a bonus. You can ask for a bonus later once you have tested OptionBit and decided you want to stick around.
Deposits and Withdrawals
You can deposit and withdrawal money with a large number of payment processors and tools at OptionBit. The most popular tools of these kind are credit cards, wire transfer, Skrill, Neteller and some other ewallets.
Withdrawals are usually being processed by the broker within 7 days of them being requested. Make sure you understand the broker’s bonus clearing requirements in order to avoid withdrawal problems. Like explained above, if you are a trading low volumes or a beginner, then you probably should not accept a bonus; this way you will never have any withdrawal problems.
Binary Options License
OptionBit is a fully legal and licensed binary options broker in the European Union. The broker is licensed by CySEC in Cyprus. The CySEC regulator requires the broker to follow a set of rules and regulations that are enforced and mandatory over all of the European Union.
These regulations and rules require the broker to be transparent about its business, separate trader deposits from active funds and offer insurance to traders in case the broker goes bankrupt.
These rules are in accordance with European Union online trading laws and regulations.
Conclusions: Why OptionBit Might Not be a Good Broker
There aren’t that many reasons why OptionBit might be a bad broker. One of the things however that I don’t like is the fact that it offers a limited number of long-term binary options. However, considering that these types of options are relatively new, I can imagine the broker adding more of them in the future.
Conclusions: Why OptionBit is a Good Broker
OptionBit is one of the few brokers that offer rebates as well (money back on losing trade). More so, these rebates can go as high as 20%. Most other brokers either do not offer such deals at all or offer a maximum of 10% only.
OptionBit also runs on a simple software that has integrated candlestick charts with is a huge plus, as that way traders do not have to use third party charting software and tools.
If you want to find out more about OptionBit then you can do so by going directly to the broker’s website here.
You can also go here for more binary options broker reviews and guides.