Optionbit is a binary options broker that strives to provide innovative developments for their traders to stay at the forefront of the binary market. They offer shorter trades for higher returns and some of the industry-leading educational and support opportunities for both new and experienced traders.
Features unique to Optionbit include the Autotrader feature that can allow traders to exercise options consecutively, allowing them to profit from long-term trends in an automated manner. Software Algobit is another bespoke product from Optionbit that can provide binary options signals to traders. They also recently released a series of tournaments where traders can deepen their skills against other traders for cash prizes.
Here are the key details regarding the Option Bit;
- Demo Account – Yes
- Minimum Deposit – £200
- Minimum trade – £10
- Signal Service – Yes
- Bonus details – 100%.
- Mobile Application – Yes. Android and iOS cater for.
Exchanges
Optionbit operates a very intuitive trading platform – or ‘Traderoom ‘. Everything is laid out in a clear way, so whether a trader completely new to binary options, or an experienced veteran, trading is simple.
The types binary options need to be selected via the menu bar along the top of the trade area (each is covered in more detail in the ‘Trade Choice’ section below).
The next choice for traders is to choose the asset they want to trade. This can be simplified by using the filters just below the options option – “All” will show a huge list of all available assets, while the remaining tabs (“Money”) Currencies, Commodities, Indices and Stocks) will filter assets only for those that fall into the relevant category. The actual asset list is displayed on the left side. Traders can simply click on the desired asset and the rest of the trading area will update to reflect the information for that asset. The list of assets can be scrolled up and down and can also be reordered. Traders can list assets by name, by expiration time, or by payout.
The default Traderoom screen displays a trade ‘window’. However, traders have the ability to choose the ‘Multi’ view, which will allow them to trade more than one asset at a time.
Once an asset has been selected, the trading area displays the information required for trading. At the top is a countdown – this indicates when a trade must be placed, otherwise a trader would need to wait for a later expiration time.
In the center of the screen are the trading buttons. They are clearly marked and the strike price (labelled ‘ Our Price ‘) is displayed between the buttons. Just to the right is a trader’s sentiment bar, illustrating which direction the asset is currently thinking price is going.
The last element of the exchange is the price chart, just to the right of the trading buttons. These are complete configurations and are far more flexible than the charts found at rival brokers. Along the top are tabs that give traders a choice of chart type – Line , Candles , or Area . Beneath these tabs are ‘zoom in’ options that allow traders to look at charts over longer time frames. The options bit also offers traders a number of Advanced Charts ‘ options (pictured) – these can be found just below the trading room screen. They open in a separate window (so that freelance traders can easily switch back to the trading screen). They provide a large variety of technical analysis tools and details.
Below the trading area is the ‘Open Trades’ window. This will list all open transactions, with relevant details for each. It can also be used to view historical (closed) trades or to check progress in any tournament the trader may be participating in. Here is a ticker News roll , updated with relevant headlines throughout the day. Finally, there is a menu for additional functions that offer optional Bits, including an Advanced Histogram button.
This is a very comprehensive trading area and one that gets a lot of positive feedback from traders.
Trader Selection
The option bit offers the following binary options;
- Digital – Traditional high/low binary.
- Range – Whether the asset price will end up in or out of range, preset ‘high’ and ‘low’ levels.
- Touch – Whether the trade ‘touches’ the preset price. The option will end up ‘in the money’ as soon as the price is touched – usually there will be a ‘High’ touch value and a ‘Low’ touch value.
- The payouts for these trades will typically be larger than traditional High/Low options, due to the higher price move required to complete ‘in the money’.
- Turbo – Like a ‘digital’ transaction but for a very short time period (from 30 seconds to 5 minutes).
This is a fairly ‘complete’ set of binary options trading types that cater to all popular trading styles.
In terms of assets, Optionbit offers options on forex, commodities, and select stocks and indices. Optionbit’s main strength tends to be trading currencies . Far behind Forex, which offers more popular commodities and indices, but Forex has the deepest market range, followed by a good list of stocks. The range of trade types, combined with the strong asset list, means that traders have a wide range of trading choices.
Mobile application
OptionBit offers a mobile application on both Android (2.3 and above) and iOS (version 7.0 and above). The app has been thoughtfully developed – especially the charts have been given the same level of attention as throughout the site.
A full range of binary options and assets are available through the mobile app, as well as a full suite of account management options. The app is responsive and well laid out – some time and effort went into the design, which is not always the case with some other mobile trading platforms. The reviews so far have come back positive, which supports our feeling that Options Bit has put together a very useful mobile app that provides what traders want and need. (iOS screenshot)
Payout
OptionBit usually offers maximum profit 85% for options. This rate can vary depending on the asset and the expiry time. The ‘Touch’ binary option will usually pay a bit more, due to the larger price change required to complete the ‘in the money’. Payout 220% for Touch options is normal. This is an area where Options Bit continues to improve and progress in recent months has been so good they are now extremely competitive in terms of payouts.
Deposit and Withdrawal Options
OptionBit offers a wide range of deposit and withdrawal options. The main deposit method will be via debit or credit card, but also available a complete list of “electronic payment” options is available, from Skrill and Neteller to WebMoney and Yandex . There is no fee for deposits, but the current minimum deposit is £200 with OptionBit.
Due to money laundering guidelines, withdrawals can only be made once traders have fully verified their accounts. This involves additional evidence of identification steps including;
- Recent utility bill as proof of address
- Copy of the front and back of the credit card (if applicable)
- ID (e.g. passport)
These steps are common across all brokers, but can be a source of frustration for traders who are not aware of them before a withdrawal is required. It would be wise to complete these checks as soon as possible after account opening – this minimizes any delays and reduces the possibility of disputes. Withdrawals are one of the biggest causes of complaints among merchants, and payment delays due to verification certainly contribute the most to those problems – so the advice is to complete the verification. as soon
the better.
One withdrawal a month is free at Option Bit, further withdrawals will incur a $30 (£17) fee. Withdrawals made via credit card can only be paid in the same amount as was deposited on that card – additional funds will need to be withdrawn by bank transfer. WebMoney and Yanex deposits cannot be withdrawn via the same method, so any withdrawals need to go through the bank. The options bit clearly explains all their deposit and withdrawal details on their FAQspage (available in the ‘ Help ‘ section at the bottom of the page) – not all brokers both make things clear, so Options Bit must be commended for making all options clear to potential traders.
Other features
OptionBit can provide the following features and benefits:
- Algobit – Algobit locates new trends forming and signals traders when the time is right to enter a trade. It is an Optionbit-specific product, and is written in-house.
- Options Bit Engine – Bit Options provides facilities for ‘close’, ‘expand’ and ‘Auto’ traders.
- These options offer traders greater flexibility and also the option of automating some or all of their trading.
- Mobile Platform – The Optionbit app allows traders to manage their accounts and manage their trades and portfolios on the go.
- Email Alerts – Traders can set up email trading alerts directly to their inbox
- Advanced Charts – Charts at Option Bit is a real strength now, with charts provided by third parties specializing in detailed, feature-rich charts. Traders who are considering using technical analysis to make their trading options should definitely consider investigating the charting tools at Bit Options.
Options Bit represents a good full circle binary options broker, offering depth of trade and asset types, as well as some unique features such as AlgoBit services and advanced charts. High. The company also runs tournaments, which are popular with traders, and offers a powerful mobile app. So they are a broker that offers across the board – especially now that the payouts are more competitive.
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