RedWood Options only went live to the general public in March, 2013; and as one of the newest binary options brokers they have been working to establish themselves in an ever more crowded marketplace. RedWood Options does a lot of things well, and although there is nothing to really distinguish them as a remarkable broker now, there is a lot of potential for RedWoodOptions.com to improve significantly in the future.
Software and Features
The SpotOption engine powers the online platform at the RedWood Options broker site. Using this platform is the perfect choice for a newer broker like RedWoodOptions.com because newbies find it quite easy to use, but it is still powerful enough for experienced traders. A mobile app for Android is also available for on-the-go trading. The website is crisp and clean, albeit somewhat devoid of really useful information. There is a small educational center for new traders with a few videos and an e-book but at the time of our RedWood Options review a free demo account was unfortunately lacking. English live chat is constantly online, and customer service reps are always available by phone.
Option Types Offered
The underlying assets which RedWood Options offers options on are the pretty standard mix of around 60 stocks, commodities, currencies, and world indices. However, all the different SpotOption types of options are supported, including high/low options, 60-second options, one-touch options, the options builder, and the impressive chart-based Open Platform. There, trades can be made straight from the chart and rolled over, doubled up, or sold early. Payouts reach an impressive 81%, with all losing trades refunding 10%, making the Red Wood Options payouts some of the higher ones seen.
Account Types Offered
After opening an account at RedWood Options, it is best to contact them over the phone or through live chat in order to see what kind of RedWood Options bonus you can qualify for. Instead of having a set amount of account levels, each trader is treated individually and offered bonuses and account benefits based on their deposit amounts and trading history with the minimum deposit $200. Credit cards are the most common way to make deposit and withdrawals, although wire transfers are possible for larger amounts of money.
The fact that RedWoodOptions.com has a good amount of information on it and has excellent live chat and telephone support shows that they really are dedicated to building one of the top binary options trading brokers. And although they aren’t there yet, traders can feel comfortable knowing that Red Wood Options will improve while hopefully taking advantage of their higher-than-average returns.