Both experienced traders and beginner traders have been raving about OptionBit, and our OptionBit review found that following their recent website redevelopment, there is a lot to rave about. Previously, OptionBit.com had been a fairly average trader, but now they have moved to the next level by offering a wonderful trading platform and powerful tools such as their Algobit signals service.
Software and Features
The download-free, online trading platform at Option Bit is backed by TradoLogic software, which is some of the most powerful in the industry. The interface is remarkably easy to use and the charts and trading tools, including the advanced charts backed by Netdania are a wonderful addition. Mobile trading is supported by apps for both Apple and Android. For new traders, there are plenty of videos and training resources to learn the ins and outs of trading, as well as a demo account. Disappointingly, the demo account is only available to customers who first make a deposit at OptionBit. A recent addition is the Algobit signals service which allows traders with larger accounts to partially automate their account based on various signals. Customer service is available 24/7 and is extremely helpful and friendly.
Option Types Offered
The standard litany of underlying asset classes such as commodities, stocks, indices, and currencies are all available at OptionBit, with more than 70 assets on offer. The TradoLogic software allows for not only high/low trades, but also for 60-second trades, touch trades, and range trades. Traders can also monitor open positions and close them early or extend them to increase profits. Payouts are pretty average, with highs of 81%. One downside is that there are no returns offered on losing trades, whatsoever.
Account Types Offered
A minimum deposit of $200 is all it takes to get set up with an account at OptionBit, although it takes $250 to get the Mini account which has a 30% OptionBit bonus and limited extra features. For traders who deposit $1,000, the Standard account comes with a 50% bonus and added features such as individual trading lessons. At $10, 000, the Platinum account has all the bells and whistles, including a 100% bonus and personal account manager. Deposits can be made in a variety of ways, including via credit card, wire transfer, Neteller, and Skrill.
Every binary options broker has a few flaws, and Option Bit’s lack of returns on losing trades as well as their relatively high initial deposit could be improved upon. However, even with these flaws, OptionBit is one of the best binary options brokers to be launched in the past few years and traders would be doing themselves a disservice not to give OptionBit a look.