OptionBit is a binary option trading platform that allows you to trade assets in a variety of financial markets including currencies, commodities, stocks, and indices. This company was founded in 2010 and is currently located in Cyprus. According to their web site, Optionbit was designed to be easy enough to use for novice traders looking to earn a second income, but also powerful enough to satisfy the needs of experienced traders. In this review of Optionbit, I’m going to explain all the features of this platform as well as the pros and cons.
The OptionBit platform was created and designed using technology from a company known as Tradologic. Tradologic creates the technology behind many of the top binary option platforms, and is the preferred choice for most traders. OptionBit requires only a minimum deposit of $200 to open an account, and has a minimum trade value of just $10. And to the delight of many traders, Optionbit.com also offers clients a free demo account to test their platform with virtual money.
Trade Types Offered
- Digital - Predict whether an asset’s price will rise or fall.
- Touch - Determine if the asset will touch above or below a starting point by the expiry time.
- One-Touch – Determine if the asset will touch or not touch a predetermined price point before the expiry time.
- Range - Decide if an asset will stay inside a predetermined price-range or not.
- 60 Seconds - Trade in a fast-paced environment with expiry times of 60 seconds, 2 minutes, or 5 minutes.
OptionBit offers several different risk management tools that help you maximize your profits while minimizing your losses.
Close Now - Close now is a feature that allows you to close a trade before the expiry time is reached. This tool can serve 2 different purposes. (1) If you have a strong position on a trade, but aren’t sure if it will remain until the expiry time is reached, you can sell your option and lock-in your profit. (2) If your trade has a losing position, you can sell your option before the expiry time and earn back a percentage of your initial investment. This is an essential feature that can help you greatly manage your risk.
Extend – This tool gives you the ability to extend an option’s expiry time during the trade to the next available expiry time. This feature is best used when you see that your prediction is taking longer to realize. So if your trade is holding a losing position, you can extend the expiry time in hopes of the market taking a positive turn into the direction you originally predicted. This basically allows you to potentially turn a losing trade into a winning trade.
The Assets Traded
OptionBit offers 13 different currencies to be traded, as well as 4 different commodities, 13 different indices and more than 39 stocks. Indeed, some binary options brokers offer more than this, but the assets available with OptionBit are sufficient. They offer a great balance because they offer the major assets, rather than everything that exists. Furthermore, if you feel a specific asset is missing, you are encouraged to tell the team about this and OptionBit may consider adding it.
OptionBit prides itself on operating in many different languages and their customer service can hence be reached by nearly anybody in the world. Support is available through telephone, email and live chat. There are telephone numbers in seven different countries to minimize telephone costs for their customers. Their response times are second to none, which demonstrates the commitment they have to excellent customer service.
Video Demonstration of OptionBit
There’s a lot to like about the OptionBit platform, and here’s a brief run-down of some of the things we like most:
- They have features to extend your trade or close it early in order to maximize your profits or minimize your losses.
- OptionBit has a mobile application so you can trade binary options right from your smart phone.
- USA clients are accepted.
- There is a free demo account available upon request.
- Free trading signals are provided to clients using their Algobit algorithm.
- OptionBit doesn’t have as many assets as other binary option brokers. However, if you have a specific asset that you would like to be able to trade, you can make them a request.
- They don’t offer refund percentages on losing trades. However, other brokers that do offer return percentages tend to give lower payouts. So not a huge deal.
Overall, I would feel confident in recommending Optionbit to anyone that’s just getting started with binary options or advanced traders that are simply looking for a better platform to trade with. Optionbit has all the features you’d expect from a binary option broker, and even some additional features that many other platforms lack. All the reviews and feedback from people that have tried this platform have been mostly positive, and we predict that Optionbit will soon be a major player in the binary options industry as it becomes more and more popular.