OptionBit is a binary option broker incorporated by DC Digital Processing 2 LTD in Cyprus. OptionBit was launched in March of 2010 and was the 3rd brand to operate on the Tradologic trading platform.
OptionBit Review Summary
Payout % 81%
Minimum Deposit $200
US Friendly Yes
Demo Account Yes
Bonus 30% - 50%
Currencies USD, EUR, GBP,
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No. Assets 70
Asset Classes Stocks, Currencies, Commodities, Indices
Trading Features Standard, One Touch, Range
Software Platform TradoLogic
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Customer Service: Although Live Chat is not 24 hour, it was responsive on the different times of day that I utilized it. The support phone line was extremely responsive and informative.
Deposit/Withdrawal: Deposited with credit card and was able to activate right away. Withdrawal was completed within their suggested time frame.
Trading/Execution: Execution was satisfactory. Charts are clear, but don’t provide multiple clickable price points.
Features: Had a nice selection of features including touch, range, extend, close and auto trade.
UPDATE: OptionBit has added 60 Second Binary Options. For details Click Here.
Particular items which stand out are as follows:
- Low minimum account requirement of $200.
- Low minimum trade requirement of $10.
- Free Demo Trading Account.
- Extend and Close features to help limit risk.
To open an account with OptionBit click here.
Assets Available to trade: Assortment of Stocks, Currencies, Commodities and Indices
Currencies Accepted for Deposit: USD ($), EUR (€), GBP (£)
Minimum Deposit Amount: 200USD or 200EUR, 200 BP
Minimum Trade Amount: $10
Deposit Methods: Visa, Mastercard, MobeyBookers, WebMoney, Wire Transfer.
Withdrawal Time Frame: Up to 24 to process request. Another 5-12 business days to receive funds for regular accounts 3-5 business days for VIP accounts.
Support: Live Chat Mon- Fri 7AM – 9PM GMT, Customer Phone support for France, US, UK, Spain, Italy, Russia, Germany.
Demo Account: Free demo trading account with $500 (fake money) available after registering for an account until 12 AM of that day. Do not need to fund account before using demo.
Bonus Structure: Offers Deposit bonus: 30% for $200, 40% for $500, 50% for $1000.
Trading and Features:
Upon opening the OptionBit home page you are presented sign in/sign up page with a stock ticker, live chat box and other information about the broker. After logging into account you are taken to the trading screen.
From the trading screen you can select from 3 Binary Options trading features: Digital, Touch, Range. Trader can select asset choices either from the dropdown menu or by clicking on one of the asset tabs: Curreny, Indices, Stocks, Commodities. The Favorites tab lists your recent trading assets.
Digital trading is standard Call/Put options. When you select a Call or Put option, the order box is displayed.
Clicking on Auto Trade allows you to automatically select the same trading conditions for the next expiration time.
In this case two consecutive trades are selected in you are successfull with the first trade the total amount of $181 is rolled over into a new trade at the next expiration allowing a total payout of 327.61 if you are successful on both trades.
The open positions window is displayed when you execute a trade.
For a fee you can add time to the trade.
You can close a trade early at a special offer price.
Trader can choose whether an asset will Touch a higher price by the expiration time or a lower price by the expiration time. Once asset trades at the given strike price trader profits. If time expires before asset reaches the strike price trader loses investment.
Trader can choose whether an asset will be trading inside or outside of a given price range at the expiration time.
OptionBit Range Trading Screen
To further explore the OptionBit trading platform or to open an account click here.