The binary option market is relatively young, having become legal in only 2008. With new brokers appearing weekly, it is nice to be able to find a successful broker that has been around for a few years, OptionBit.com being one of the few in that category. The firm was founded in 2009 and opened its doors for business in Cyprus in 2010. They have already developed a reputation for quality service, innovation, and for being a broker that keeps things simple and straightforward. First off, the website can be viewed in nearly a dozen different languages, an indication of their growth across the globe, and they are one of the first that offered a complete product set of classic call/put, one-touch, touch/no-touch, range, and turbo type option possibilities, all under one roof.
Flexibility is another benefit, as well. Close and Extend features allow for various strategy changes in mid-stream, and their unique auto-trader function permits you to roll over your gains automatically, based on selections you control. Missing a trend will not haunt your trading experience with OptionBit, since their auto function is basically an automated version of the popular Roll-Over feature found at most other brokers. Another innovation is “AlgoBit”, an in-house developed set of algorithms that can alert you of opportunities as they form up in the marketplace during a trading session. These alerts are not a guarantee, but they do offer guidance and support in preparing your trading strategy. Education and support materials are also in excess, and customer service representatives receive high marks in testimonials and independent reviews.
OptionBit has decided over the years that it is better to offer higher returns on all assets, rather than the occasional high payoff percentage that can be touted for marketing purposes. As a result, you may find more payoffs at the 81% level than with other brokers, but the firm has also elected not to pay rebates on errant trades. Simplicity is the goal, the reason why the company endorses and utilizes the popular “TradoLogic” trading platform for binary options. You will not find any complaints about withdrawal requests, as your first request each month is free. At the end of the day, it is true that experience does make a difference, and with OptionBit as your binary option broker, it will definitely show. Unfortunately, U.S. clients are not accepted at this time.
Features at OptionBit
The distinguishing features listed by OptionBit.com website are as follows:
- OptionBit has been a leader and industry innovator for over five years, since its founding in 2009 and its entry into the market in 2010;
- In compliance with stricter CySEC financial service regulations;
- Client deposits segregated for safety;
- Nearly seventy asset choices have been selected, based on global popularity over time, for your trading pleasure (Currency Pairs = 13; Commodities = 4; Indices = 13; Equities = 39);
- Payouts range from 70% to 81%, with averages leaning toward the top end;
- Broadest array of option choices from classic high/low, one-touch, touch/no-touch, range, and turbo;
- Auto-trader allows for programmed roll over of profits when a trend is anticipated, based on terms defined by the trader;
- Flexibility is enhanced with Close, Extend, Auto-trader, and AlgoBit, a unique systems of alerts that foretells a trading opportunity;
- Popular “TradoLogic” binary option trading platform offers ease of use in a familiar format, standard in the industry;
- Customer service is available 24X7 in seven languages – website in 11 languages;
- Training and support materials are extensive, with 21 VOD (Videos on Demand) and more, all offered in their learning academy;
- Promotions and bonus programs offered – check the website for details;
- Standard accounts include welcome bonuses from 30% to 50%, depending on deposit amount, while VIP account status receives special escalating benefits;
- Broad array of deposit and withdrawal methods supported;
- U.S. clients are not accepted.
The management team at OptionBit has elected to go with the highly popular, web-based “TradoLogic” binary option-trading platform. No complicated downloads are necessary. Mobile apps are also available. If you can access the Internet, then you can trade with OptionBit. All sessions are also encrypted with the most up-to-date 128-bit SSL technology to prevent hackers from spoiling your day and to keep all data private.
Deposits and Withdrawals
Deposits can be handled through wire transfers, credit and debit cards, MoneyBookers (Skrill), Click And Buy, and Webmoney, with newer local and e-wallet options being added over time. Withdrawal requests are handled rapidly, as long as the internationally mandated ID information is on file. Your first withdrawal for the month is free, and you will not find complaints about withdrawal delays for this broker, as with many others.
The firm prides itself on the quality of customer support that has only gotten better over the years. Live chat, email, and direct phone lines will put you in contact quickly on a 24X7 basis and in at least seven languages. The website can be reformatted into nearly a dozen languages. As for education and support, you will be hard pressed to final similar materials to this degree from any other broker. A large library of video tutorials supplements an ample training program that starts with the basics and ends with instructions for advanced trading strategies. AlgoBit is also a free alert system.
OptionBit – Conclusion
Experience is worth something in today’s high-paced world of binary options. If you truly want to benefit from a broker that continually improves its offerings and is a leader in innovative thinking, then OptionBit may be the broker that you have been searching for. OptionBit did not survive the past few years of crisis and become one of the larger brokers in the industry by sheer luck. They have earned their clientele and reputation over the years through hard work and creative effort, and these attributes are clearly evident to newcomers to their system.
Forextraders' Broker of the Month
ForexTime (FXTM) is an award-winning platform that certainly has the feeling of being set up by people who know what they are doing. The firm demonstrates an understanding of what helps traders make better returns, and its success can be measured by the fact that it's doubled the number of clients it supports in recent years. The fact that the broker has grown to have more than two million accounts suggests it is getting things right for clients.