OptionBit is a trading site which seems to generate a fair bit of controversy
-Or at least it did in the past. The site has some nice features, which make it look somewhat appealing, but there have also been complaints in the past. In this review, I am going to share both the good and bad with you so you can make up your own mind about whether or not to trade here. Please note that the site does not accept traders from the USA, Canada, France, or Belgium.
OptionBit Company Information
Currently, OptionBit is operated by Global View Ltd, which has an address listed in Glasgow in the United Kingdom. But this is an area where confusion is rampant. Apparently over the years since its foundation, OptionBit has changed hands (or at least company names) quite a bit, including a lot of back-and-forth between “Novox Capital Ltd” and “Top Volume Solutions Ltd.”
There have been complaints about both Novox Capital Ltd and Top Volume Solutions Ltd in the past. CySEC fined Novox Capital Ltd in 2016, and in 2014, the Gibraltar Financial Services Commission (GFSC) reportedly put out a warning against Top Volume Solutions Ltd.
Neither of those company names are listed now. It is hard to say whether these are all names for the same business or whether the site really does keep changing hands. Either way, I would advocate caution if you are thinking of registering here.
What Makes Trading at OptionBit Different
OptionBit provides substantial resources to traders, including a large number of educational materials as well as advanced charts, trade alerts, and other useful trading tools. All of these resources can help you find your feet as a trader.
Indices: NASDAQ, CNX NIFTY, TADAWUL, ABU DHABI GENERAL, DUBAI GENERAL, MDAX, RTS INDEX, MICEX,TAIEX, TOPIX 500, HANG SENG 40, SHANGHAI COMPOSITE, SHANGHAI SHENZHEN CSI 300 INDEX.
Stocks: ALIBABA, AMAZON, APPLE, BAIDU, BANK OF AMERICA, BOEING, CATERPILLAR, CISCO, CITIGROUP, COCA COLA CO, DISNEY, EBAY, EXXON MOBIL, FACEBOOK, FERRARI, FITBIT, GENERAL ELECTRIC, GOOGLE, HOME DEPOT, IBM, INTEL, JPMORGAN, LENDINGCLUB, LINE CORP, MASTERCARD, MCDONALD’S, MICROSOFT, MORGAN STANLEY, NETFLIX, PEPSICO, SNAPCHAT, TESLA MOTORS, TWITTER, BHARTI AIRTEL, DLF LIMITED, IDFC LTD, RELIANCE INDUSTRIES, TATA CONSULTANCY, COAL INDIA, INFOSYS, STATE BANK OF INDIA, ABB LTD, ROCHE, UBS,ALLIANZ, BAYER AG, BMW, COMMERZBANK, DEUTSCHE TELEKOM, LUFTHANSA, SIEMENS, VOLKSWAGEN, DEUTSCHE BANK, ADIDAS, DAIMLER, SAP, INFINEON TECHNOLOGIES, THYSSENKRUPP, BEIERSDORF, BHP BILLITON, BP, HSBC, AVIVA, RBS, VODAFONE GROUP, BRITISH SKY BROADCASTING, RANDGOLD RESOURCES, GAZPROM, LUKOIL, SBERBANK, SEVERSTAL, NORILSK NICKEL, ROSNEFT, VTB BANK, ACER,HTC, TAIWAN CEMENT, TAIWAN MOBILE, DELTA ELECTRONICS, KONAMI, SONY, CHIPOTLE MEXICAN GRILL, GOPRO, STARBUCKS, TRIP ADVISOR, PAYPAL, EXPEDIA, PFIZER, LOCKHEED MARTIN, T-MOBILE, QUALCOMM INCORPORATED, GLENCORE, METRO BANK, BARRATT DEVELOPMENTS, TAYLOR WIMPEY, PERSIMMON, BERKELEY GROUP HOLDINGS, BARCLAYS PLC, GENERAL MOTORS, COUNTRYWIDE, FOXTONS GROUP, TELFORD HOMES, ITV, CINEWORLD GROUP, SHIRE, DIXONS CARPHONE, TARGET CORPORATION, AIG, GOLDMAN SACHS GROUP, JOHNSON & JOHNSON, NOBLE ENERGY, PROCTER & GAMBLE CO, PNC FINANCIAL SERVICES GROUP, WAL-MART STORES, UNICREDIT,LUXOTTICA, MEDIASET.
Futures: SPI 200 FUTURE, DOW JONES FUTURE, S&P FUTURE, NASDAQ 100 FUTURE, BOVESPA, DAX FUTURE, FTSE MIB FUTURE.
No currencies or commodities are listed in the asset index.
Does OptionBit Offer Bonuses?
Yes! When you open your account, you get a welcome bonus (as high as 75%). There are also loyalty bonuses offered, up to 100%. This is great, because most binary options websites do not offer repeat bonuses.
OptionBit Trading Accounts
There are four tiers of accounts you can open:
- Mini: Welcome bonus up to 30%, loyalty bonus up to 30%
- Standard: Welcome bonus up to 50%, loyalty bonus up to 75%
- VIP: Welcome bonus up to 75%, loyalty bonus up to 100%
- Diamond account: This account tier is reserved for those depositing $50,000+. You are told to call customer service for more info.
OptionBit seems to have neglected to tell traders how much they need to deposit at each level. But with the Mini account, you get an eBook, video lessons, trade alerts, daily market reviews, a personal account manager, advanced charts, webinars, and one free monthly withdrawal. That is pretty great at a starting level.
At the Standard tier, you get more video lessons (the full package), twice daily market reviews, and up to 5 one-on-one training sessions. You also get all the benefits included at the Mini level. VIP traders get those same benefits along with 2 free monthly withdrawals and unlimited one-on-one trading sessions. They get faster withdrawals as well.
Mobile Trading on OptionBit
Mobile trading apps are available for iOS and Android systems so that you can trade on your smartphone or tablet.
OptionBit Deposits and Withdrawals
OptionBit accepts many methods for deposits and withdrawals, including: credit or debit card, QIWI, Neteller, Skrill, WebMoney, Yandex and paysafecard. You can even pay using someone else’s card, so long as you can provide documentation proving that your transaction was authorized.
Withdrawals cost $30 each after you use up your free one each month. This is annoying, considering that withdrawals are fee-free on many other binary sites.
OptionBit Trading Platform
OptionBit uses the Tradologic trading platform. A few other brokers use this platform as well, though it is not as popular as SpotOption. While it looks a bit different from what you may be used to, it is not hard to use. Different types of options are listed along the top with assets on the left. Your chart is on the right. In the center, you can view the payout percentages and fill in your trade ticket.
There are two things I really like here. One is that the payouts are quite high, even for standard High/Low options—I am seeing numbers like 176%. Contrast that with the 75-80% common elsewhere. The other is that along with High/Low, Turbo and Touch trades, Range trades are offered. You can use these to make money in flat market conditions where traditional trading is next to impossible.
Customer Support on OptionBit
This was fail. There is a web form, and there are meant to be phone numbers, but they aren’t actually listed. There is a live chat—supposedly. When I checked, it said English support was offline, but Japanese support was available. So I tried to initiate a chat in Japanese, and nobody ever answered.
Trading Features and Resources on OptionBit
- You can use Extend and Early Close up to 10 minutes before the expiry time. The downside however is that both carry a fee.
- There is a somewhat odd feature called “Autotrade.” It isn’t what it sounds like—it is a tool for optionally automatically re-entering winning trades right after they end. Think of it more like a trailing stop.
OptionBit has some great features, and in some ways is actually unique among binary options brokers (thanks to features like “Autotrade”). But they also have their downsides, especially where reputation is concerned. So at this point, I urge caution.
- The minimum deposit is just $260. The minimum trade is $10.
- Extend, Early Close, and Autotrade help you manage trades.
- Payouts are quite high compared to competitors.
- Several trade types are available, including Range.
- Many deposit and withdrawal methods are accepted.
- The site is generous with resources and tools, even at the lowest account tier.
- Customer service was absent.
- The site has a somewhat dodgy reputation, which is confirmed by the actions taken by regulators, not just by rumor.
- There are $30 fees for withdrawals.
- No currencies or commodities to trade
- Is OptionBit a scam?
I cannot confidently answer this question in either direction. The site’s history calls its credibility into question, but the currently company listed is not the same as the ones that warnings and fines were issued against, so it may be that the new incarnation of the site is better. Be cautious.
- How do you open an account on OptionBit?
Just check the right-hand side of the screen and fill in your information in the form you find there, and you are all set.
- Does OptionBit take USA traders?
Conclusion: Use Caution with OptionBit
I cannot say for certain whether OptionBit is a good broker. Personally, I find the absent customer service and dodgy history to be reasons to avoid this site. On the other hand, I can see the appeal of their features. So I can only tell you to use your own judgment, and if you do decide to trade with OptionBit, do so with caution.